Download Magazine municipal n°86 - Guilherand

Transcript
GuilherandGranges
Guilherand-Granges
Le mag
magazine municipal n°86
www.guilherand-granges.fr
A la une de ce numéro
L’Embellissement et la restructuration
de l’avenue de la République
Biodiversité
Sécurité
Festivités
A mi-mandat
Guilherand-Granges, MA VILLE
Carte
découverte
Valable une fois
par mois
2IV^QMZ
.µ^ZQMZ
5IZ[
)^ZQT
5IQ
2]QV
2]QTTM\
)WÆ\
;MX\MUJZM
7K\WJZM
6W^MUJZM
,µKMUJZM
)]JMZOMLM[+IVIZL[
Sur présentation du magazine
1 menu à 28 euros consommé
= 1 menu à 28 euros offert*
565 avenue de la République
Guilherand-Granges
*Uniquement sur réservation, hors jours de fêtes et
soirées à thèmes, dans la limite des places disponibles.
POMPES FUNÈBRES - MARBRERIE - CHAMBRE FUNÉRAIRE
Sarl Edmond VABRES Père et Fils
24 h/24 - 7 j/7 - www.vabres-edmond.fr
Organisation complète des funérailles.
Démarches et formalités.
Prévoyance obsèques.
Articles funéraires.
Transport avant et après mise en bière toutes distances (France et étranger).
Siège social : GUILHERAND-GRANGES
Chambre funéraire : 302, rue Marc-Seguin
07500 Guilherand-Granges
Tél. 04 75 40 84 06 - Fax 04 75 40 39 58
SAINT-PÉRAY
78, rue de la République
07130 St Péray
Tél. 04 75 40 35 92 - Fax 04 75 80 28 61
N° d’habilitation 2003.07.30
N° d’habilitation 2003.07.28
TOURNON
2, route de Lamastre
07300 Tournon-sur-Rhône
Tél./Fax 04 75 08 60 57
ASSURANCES
&267(5(<
7pO
)D[
[email protected]
264, av. Sadi-Carnot
“Le Sadi-Carnot” - BP 304
07503 GUILHERAND-GRANGES cedex
­YRWUHVHUYLFHGHSXLVSOXVGHDQVVXUODSODFHJUDQJHRLVH
­YRWUHVHUYLFHGHSXLVSOXVGHDQVVXUODSODFHJUDQJHRLVH
Vente véhicules
neufs
age
et
Dépannage • Remorqu
occasions
h/24 • 7jours/7
• 24
Tél. 04 75 44 52 55
SARL
Garage PHILIPPE
650, rue André-Malraux
07500 Guilherand-Granges
ORIAS n° 07 000268
ORIAS n° 07 026650
X
LH
Q
WK
0D &R
'
VH $51
$ 8'
LOO
0DLUH
HU
Up
JLRQDO
0DGDPH0DGHPRLVHOOH0RQVLHXU
&KHUV*XLOKHUDQGDLV*UDQJHRLV
TXL IDoRQQHQW FH FOLPDW VRFLDO
VL VSpFLÀTXH j *XLOKHUDQG
*UDQJHV
!"#
$%
&
'(
"
)"#
!
*+
$,
,
+ .
)
%
!/
HQWUH QRXV WRXV j WUDYHUV
OHV QRPEUHXVHV DQLPDWLRQV 0DWKLHX'DUQDXG
9RWUH0DLUH
&HW DPpQDJHPHQW HVW Qp GH OD
FRQFHUWDWLRQ TXH QRXV DYRQV PLVH
HQ SODFH DYHF OHV FRPPHUoDQWV HW
OHV UHSUpVHQWDQWV GHV GLIIpUHQWV
XVDJHUV,OFRQVWLWXHUDXQHYpULWDEOH
SOXVYDOXH SRXU QRWUH YLOOH HW WRXV
UHQIRUFHU QRV VHUYLFHV j OD VHVKDELWDQWV
SRSXODWLRQ
-H VXLV WUqV DWWDFKp j FHWWH
VRXWHQLUO·HPSORLHWO·pFRQRPLH GpPDUFKH FDU O·DFWLRQ Q·D GH VHQV
TXHVLHOOHHVWjO·pFRXWHGXWHUUDLQ
PDvWULVHUOHEXGJHWFRPPXQDO
HWTX·HOOHQHODLVVHSHUVRQQHVXUOH
RX HQFRUH WLVVHU GHV OLHQV ERUGGXFKHPLQ
&H PDJ YRXV UHQG FRPSWH XQH
QRXYHOOH IRLV GHV QRPEUHXVHV
LQLWLDWLYHV TXH QRXV HQJDJHRQV DX
TXRWLGLHQSRXU
SUpVHUYHUYRWUHFDGUHGHYLH
&·HVW DXVVL HQ FH PRLV GH PDL TXH
GpEXWH OH FKDQWLHU GH O·DYHQXH
GH OD 5pSXEOLTXH SRLQW IRUW GHV
HQJDJHPHQWVGXPDQGDW'·LFLO·pWp
XQ JLUDWRLUH VHUD GRQF FRQVWUXLW DX
EDV GX 3RQW 0LVWUDO LO SHUPHWWUD
GH PLHX[ UHGLVWULEXHU OHV ÁX[ GH
FLUFXODWLRQ HW GqV VHSWHPEUH OHV
WUDYDX[ VH SRUWHURQW VXU OD SRUWLRQ
©$FWLRQVªFHPRWjOXLVHXOUpVXPH GH YRLH VLWXpH HQWUH OH SRQW HW OH
G·DLOOHXUVSDUIDLWHPHQWELHQO·HVSULW FDUUHIRXUGHVUXHV$OH[DQGUH'XPDV
HW&UXVVRO
TXLDQLPHOD0XQLFLSDOLWp
9RLOjDQVTXHYRXVP·DYH]WpPRLJQp
YRWUH FRQÀDQFH HQ FKRLVLVVDQW GH
P·pOLUH FRPPH PDLUH 'qV ORUV
MH PH VXLV HQJDJp j UHVSHFWHU OH
SURJUDPPHTXHMHYRXVDLSUpVHQWp
(QFHWWHDQQpHjPLSDUFRXUV
HQ TXHOTXH VRUWH M·DL GpFLGp DYHF
O·pTXLSHPXQLFLSDOHGHIDLUHOHSRLQW
VXU WRXV OHV SURMHWVTXH QRXVDYRQV
GpMj FRQGXLWV SRXU *XLOKHUDQG
*UDQJHV 8Q FDKLHU FHQWUDO DX VHLQ
GHFHPDJD]LQHUHWUDFHQRVDFWLRQV
0
1
2
1
'LUHFWLRQGHODSXEOLFDWLRQ-DQ\5LIIDUG'pFODUDWLRQGHSXEOLFDWLRQQƒ/5pGDFWLRQHQFKHI6WpSKDQLH'LQWUH5pGDFWLRQ6WpSKDQLH'LQWUHHW6DQG\6DLQW&LHUJHDYHFOD
SDUWLFLSDWLRQGH/ROD7HUUDVVRQ*UDSKLVPH6WpSKDQLH'LQWUHHW6DQG\6DLQW&LHUJH3KRWRV%HUQDUG3RX]HW-R&DQWRQ1DWKDOLH)DEUHVHUYLFHVPXQLFLSDX[HWDVVRFLDWLRQV
7LUDJHH[HPSODLUHV'LVWULEXWLRQ'LVWULEDO,PSUHVVLRQ,PSUHVVLRQV0RGHUQHV,PSULP·YHUW,PSULPpVXUSDSLHULVVXGHIRUrWVJpUpHVGXUDEOHPHQW
&RQFHSWLRQFDKLHUFHQWUDO©%LODQGHPLPDQGDWª$QJpOLTXH9LDO$JHQFH%DVGH&DVVH
*XLOKHUDQG*UDQJHVPDYLOOH
3 'HVPLOOLHUVGHFDGHDX[UpFROWpVGDQVOHFDGUHGH
OD)RQWDLQHDX[MRXHWVRUJDQLVpHSDU)UDQFH%OHX
6DORQG
H
O·(EpQLVWH
UL
H
3RVHGHODSUHPLqUHSLHUUH
GXEkWLPHQWGH
OD&KDPEUHGHV0pWLHUV
qPH1HWWR\DJHFLWR\HQ
GHV%RUGVGX5K{QH
3OXVGHSHUVRQQHVSUpVHQWHV
DX[YRHX[GX0DLUHjODSRSXODWLRQ
$PELDQFHFRORUpHHWIHVWLYH
DX&DUQDYDOGHVpFROHV
H1HWWR\DJHFLWR\HQGHV
%RUGVGX5K{QH
7RXUQRLGHSDGGRFNSROR
RUJDQLVpSDUOHV3RQH\VG·(ROH
HWOHV&DYDOLHUVGH&UXVVRO
,QDXJXUDWLRQGXFKDPS
©WXOLSHV
FRQWUHOHFDQFHUª
S
XULU RXUX
Q
&R
SU
F
LQ
H
6RLUpHFDEDUHWRUJDQLVpH
SDUOH&RPLWpGHV)rWHV
3 2SpUDWLRQ©-REVG·pWpª
SRXUOHVDQV
6XFFqVSRXUOHVMRXUVGH
&KDVVHDX[RHXIVGH3kTXHV
LFLGDQVOHEHDFKSDUF
&RQFRXUVGHVGpFRUDWLRQV
HWLOOXPLQDWLRQVGH1RsO
4
/DQDWXUH
IDLWELHQVRQWUDYDLO
­*XLOKHUDQG*UDQJHVOHGpYHORSSHPHQWGXUDEOHQ·HVWSDVTX·XQFRQFHSW(QFHSULQWHPSVDYHFOH
GpEXWGHVSODQWDWLRQVODYLOOHV·HQJDJHHQIDYHXUGHODUpGXFWLRQGHVSHVWLFLGHVGDQVOHUHVSHFWGHVD
FKDUWHpFRFLWR\HQQHFIPDJ/HVHUYLFHPXQLFLSDOGHVHVSDFHVYHUWVDGpMjIRUWHPHQWOLPLWpOH
UHFRXUVDX[SURGXLWVSK\WRVDQLWDLUHVHWGHV]RQHVQRQWUDLWpHVH[LVWHQWGDQVQRWUHFRPPXQHQRWDPPHQW
VXUODPDMHXUHSDUWLHGHODSURPHQDGHGHVEHUJHVGX5K{QH/DUpGXFWLRQGHVWUDLWHPHQWVFKLPLTXHV
V·LQVFULWELHQV€UHQOLHQDYHFODSURWHFWLRQGHODELRGLYHUVLWp&·HVWGDQVFHVRXFLTXHODYLOOHDFUppVRQ
UXFKHUSpGDJRJLTXHHQHWTX·HOOHYLHQWG·LQVWDOOHUGHVVLWHVGHSUpVHUYDWLRQSRXULQVHFWHVXWLOHV
THYJOt H\_ ÅL\YZ L[ H\_ WSHU[LZ
KLZILYNLZK\9OUL
(9
:0
2:;
5
!8QGLDJQRVWLFpQHUJpWLTXH
HW GHV DPpOLRUDWLRQV GDQV
OHVEkWLPHQWVPXQLFLSDX[
!7RXMRXUVSOXVGH©%LRªjOD
FDQWLQH
1
#1
30<;
(
5
6
7
:H]PLa]V\ZX\LSLZWLYJLVYLPSSLZ
Kt[Y\PZLU[ SLZ W\JLYVUZ X\L SLZ
ZJHYHItLZ THUNLU[ LZJHYNV[Z L[
SPTHJLZ L[ X\L SLZ JVJJPULSSLZ ZL
YtNHSLU[ KL JVJOLUPSSLZ & ;V\[LZ
JLZ WL[P[LZ Iv[LZ WL\]LU[ KVUJ
ZL Z\IZ[P[\LY H\_ SPTHJPKLZ L[
PUZLJ[PJPKLZ X\L UV\Z ZVTTLZ
WHYMVPZ[LU[tZK»\[PSPZLY
­ 3LZ WLZ[PJPKLZ ZVU[ KLZ WVPZVUZ
WV\Y SLZ ZVSZ L[ WV\Y SLZ PUZLJ[LZ
WVSSPUPZH[L\YZJVTTLSLZHILPSSLZ
3H UH[\YL MHP[ NtUtYHSLTLU[ IPLU
SLZJOVZLZ+LUVTIYL\_PUZLJ[LZ
ZVU[ \[PSLZ L[ WL\]LU[ KL]LUPY KL
]YHPZHSSPtZWV\YSLZJ\S[\YLZL[SLZ
QHYKPUZ3LZSHPZZLYHNPYWLYTL[KL
YtK\PYL ZLUZPISLTLU[ SL YLJV\YZ
H\_WYVK\P[ZWO`[VZHUP[HPYLZ*»LZ[
\ULH\[YLTHUPuYLKLMHPYL0SMH\[
WHYHPSSL\YZHJJLW[LYX\LSLZNHaVUZ
ZVPLU[\UWL\TVPUZWHYMHP[Z5V\Z
VYPLU[VUZ H\ZZP UVZ JOVP_ ]LYZ
KLZ WSHU[LZ TLSSPMuYLZ WV\Y UVZ
THZZPMZHÄUKLUV\YYPYSLZPUZLJ[LZ
X\P HZZ\YLU[ SH WVSSPUPZH[PVU 3LZ
ZP[LZ KL WYtZLY]H[PVU X\L UV\Z
H]VUZ PTWSHU[tZ VMMYLU[ \U Nz[L
n [V\Z JLZ PUZLJ[LZ KVU[ SL YSL
LZ[ LZZLU[PLS n S»tX\PSPIYL KL
UV[YL LU]PYVUULTLU[ ® L_WSPX\L
-SVYLUJL *OHWZHS HKQVPU[L H\
Kt]LSVWWLTLU[K\YHISL
8
3H]PSSLTL[nKPZWVZP[PVU\UJHYUL[
WYH[PX\L tKP[t WHY S»HZZVJPH[PVU
­ QHYKPUPLYZ KL -YHUJL ® X\L SL
THPYL H ZV\OHP[t JVU]PLY H\
!'HVIRUPDWLRQVGXSHUVRQQHO
FRPPXQDO j O·pFRFRQGXLWH
SRXU FRQVRPPHU PRLQV GH
FDUEXUDQW
!/DPLVHjGLVSRVLWLRQG·XQ
JXLGH GHV ERQQHV SUDWLTXHV
SRXUOLPLWHUO·XWLOLVDWLRQGHV
SHVWLFLGHV
! 'HV EDFV GH UpFXSpUDWLRQ
GHV SLOHV XVDJpHV GDQV OHV
pFROHV HW OHV EkWLPHQWV
FRPPXQDX[
! /D FROOHFWH GHV WH[WLOHV
XVDJpV GDQV OHV EDFV
pFRWH[WLOH
!/DSURPRWLRQGXWULVpOHFWLI
GHVGpFKHWV
!
'HV
DFWLRQV
pFR
FLWR\HQQHV QHWWR\DJH GHV
EHUJHV GX 5K{QH DFWLRQV
HQ FROODERUDWLRQ DYHF OD
PpGLDWKqTXHRXOHVpFROHV
*XLOKHUDQG*UDQJHVPDYLOOH
­YRXV
GHMRXHU
,
(W SXLV YRXV SRXYH] YRXV DXVVL FUpHU
YRWUH SURSUH VLWH HQWRPRSKLOH F·HVW OH
QRP VFLHQWLÀTXH TXH O·RQ GRQQH j FHV
VLWHV SOXV FRPPXQpPHQW DSSHOpV K{WHOV
RX JvWHV j LQVHFWHV 9RXV SRXUUH] DLQVL
DFFXHLOOLUSUqVGHYRVSODQWDWLRQVWRXVOHV
LQVHFWHVXWLOHVDXMDUGLQ
(J[\LSSLTLU[ KL\_ KL JLZ ZP[LZ VU[ t[t
PUZ[HSStZ S»\U Z\Y SLZ ILYNLZ K\ 9OUL
L[ S»H\[YL n J[t KL SH TtKPH[OuX\L \U
L KL]YHP[ WYLUKYL WSHJL KHUZ SL WHYJ
*SLTLUJLH\
*OHJ\U KLZ JVTWHY[PTLU[Z KL JLZ QVSPLZ
WL[P[LZ JHIHULZ YtHSPZtLZ n WHY[PY KL
TH[tYPH\_ KL YtJ\WtYH[PVU WHY SL ZLY]PJL
KLZ LZWHJLZ ]LY[Z JVTWVY[L KLZ TH[tYPH\_
MH]VYHISLZnS»OHIP[H[KLKPMMtYLU[ZPUZLJ[LZ
)HTIV\Z [\PSLZ WHPSSLZ YVZLH\_
JVUZ[P[\LU[H\ZZPKLZLZWHJLZ[YuZKtJVYH[PMZ
=
.
0>
7
*XLOKHUDQG*UDQJHVPDYLOOH
)
8QHLQIRSOXVG\QDPLTXH
:HE79PRGHG·HPSORL
'HSXLVOHGpEXWGHO·DQQpHODYLOOHYRXVSURSRVHGHGpFRXYULUWRXWH
VRQDFWXDOLWpHQYLGpRVXUZZZJXLOKHUDQGJUDQJHVWY(QWUHSULVHV
DVVRFLDWLRQVYLHORFDOHGpYHORSSHPHQWHWSHUVSHFWLYHVG·DYHQLU
pYpQHPHQWV VSRUWLIV RX FXOWXUHOV WRXV OHV VXMHWV VRQW DERUGpV
SRXUYRXVIDLUHSDUWDJHUO·LQIRGHPDQLqUHFODLUHHWG\QDPLTXH
3 0>
3L7SHU3VJHSK»<YIHUPZTL73<
3HUV\]LSSL*VTT\UH\[tKL
*VTT\ULZ9OUL*Y\ZZVS
3L[YH]HPSKLSH*VTTPZZPVU
HJJLZZPIPSP[t
3LZ]HJHUJLZH\JLU[YLKLSVPZPYZ
3HWHY[PJPWH[PVUKLSHNYLLU
[LHTH\YHSS`L4VU[L*HYSV
3HMVU[HPULH\_QV\L[ZH]LJSL
JOHU[L\Y.YtNVPYL
3LWYVNYHTTLJ\S[\YLS
WYPU[LTWZt[t
3L3HIVYH[VPYLK»HUHS`ZL
TtKPJHSLZ9L`UPLY*VZ[Ha
0TWYLZZPVUZ4VKLYULZ
3LNHYHNL.L[L7L\NLV[
SLZ YLWVY[HNLZ KL THUPuYL
PUKP]PK\LSSL HWYuZ SH ÄU K\
YLWVY[HNL JSPX\La Z\Y SL IV\[VU
HJJ\LPS LU OH\[ n KYVP[L K\ ZP[L
WV\YYL]LUPYnSHWHNLK»HJJ\LPS
3
@2 $
7
4
9RXV DYH] UDWp GHV UHSRUWDJHV
YRXV VRXKDLWH] OHV YRLU RX OHV
UHYRLU"3DVGHSUREOqPHDFFpGH]
GLUHFWHPHQW j OD UXEULTXH © OHV
UHSRUWDJHV SDU WKqPH ª HW
YLVLRQQH] O·XQ GHV UHSRUWDJHV
UpDOLVpV GHSXLV MDQYLHU 9RLFL
OHV VXMHWV TXH QRXV DYRQV GpMj
WUDLWpVSRXUYRXV
42:P]V\ZJOVPZPZZLaKL]PZPVUULY
+LZ HUUVUJLZ Z\Y -HJLIVVR Z\Y
5V\]LSSLZ L[ Z\Y SLZ WHUULH\_
K»PUMVYTH[PVUZ S\TPUL\_ ]V\Z
PUKPX\LU[SHZVY[PLKLJLTHNHaPUL
K»PUMVZ[tSt]PZtLZZ\Y0U[LYUL[X\»PS
LZ[H\ZZPWVZZPISLKL]PZ\HSPZLYZV\Z
MVYTLKLYLWVY[HNLPUKP]PK\LS
/0@
; @
C >7
?. (
5
5
5V[YL ]PSSL Z\IP[ \U THUX\L KL
nSH
KtIP[0U[LYUL[X\PU\P[WHYMVPZnSH
IVUULYtJLW[PVUKL]V[YL1V\YUHS
UHS
La!
[tSt]PZtKHUZJLJHZ]V\ZWV\]La!
2=PZPVUULYSL1;LUZtSLJ[PVUUHU[
HU[
]P
SLZ YLWVY[HNLZ KL THUPuYL PUKP]P
K\LSSLKuZSHWHNLK»HJJ\LPS
2*SPX\LYZ\YSLIV\[VU­WH\ZL®
L ®
L[SHPZZLYJOHYNLYSH]PKtVH]HU[KL
KL
YLWYLUKYL]V[YLSLJ[\YL
*XLOKHUDQG*UDQJHVPDYLOOH
UDQG*UDQJHVPDYLOOH
/DFHOOXOHHPSORL
H[SpULHQFHVUpXVVLHV
/D FHOOXOH HPSORL RUJDQLVDLW UpFHPPHQW O·RSpUDWLRQ -REV G·pWp HQ SDUWHQDULDW DYHF OD PLVVLRQ
ORFDOHHWOD0-&MHXQHVGHjDQVRQWDLQVLpWpUHoXVLQGLYLGXHOOHPHQWSDUOHVDJHQWV
GH OD FHOOXOH PXQLFLSDOH 2EMHFWLI UHFXHLOOLU OHV SURÀOV OHV GLVSRQLELOLWpV HW ELHQ V€U FRQQDvWUH
ODPRELOLWpGHFHVMHXQHVSRXUPLHX[OHVSRVLWLRQQHUVXUOHVHPSORLVOHVSOXVDGpTXDWV'DQVVRQ
HVFDUFHOOHHPSORLVVDLVRQQLHUVjSRXUYRLU0DLVELHQDXGHOjGHVVHXOVMREVG·pWpFHVHUYLFH
PXQLFLSDODQLPpSDU)ORUHQFH*RUGR±XYUHDXVVLHQIDYHXUGHVLWXDWLRQVG·HPSORLSOXVSpUHQQHV
1RXVDYRQVUHFXHLOOLOHVWpPRLJQDJHVGHSHUVRQQHVDXMRXUG·KXLHQSRVWHJUkFHjODFHOOXOHHPSORL
­3HWYLTPuYLMVPZX\LQ»HPLU[LUK\
WHYSLY KL SH JLSS\SL LTWSVP
J»t[HP[ H\_ ]VL\_ K\ THPYL hH
T»H PU[LYWLSSt JHY QL ZV\OHP[HPZ
t]VS\LY WYVMLZZPVUULSSLTLU[ ± JL TVTLU[
Sn 1»t[HPZ JVTW[HISL n [LTWZ WHY[PLS KHUZ \UL
WL[P[L LU[YLWYPZL +HUZ S»PKtHS Q»H]HPZ LU]PL KL
[YH]HPSSLYKH]HU[HNLL[ZPWVZZPISL\UWL\TVPUZ
SVPU1»HPKVUJWYPZJVU[HJ[H]LJ-SVYLUJL.VYKV
LUTHYZWV\YYLJOLYJOLY\UWVZ[LLU*+0n
[LTWZ JVTWSL[ 5L\M TVPZ ZL ZVU[ tJV\StZ
L[ QL UL T»` H[[LUKHPZ WS\Z ]YHPTLU[ SVYZX\L
SH JLSS\SL LTWSVP T»H HWWLStL LU KtJLTIYL
WV\Y TL WYVWVZLY \U WVZ[L KHUZ \UL NYHUKL
LU[YLWYPZL KL S»HNNSVTtYH[PVU 1»HP HSVYZ WHZZt
WS\ZPL\YZLU[YL[PLUZL[Z\PZTHPU[LUHU[LUWVZ[L
LU*+01LT»tWHUV\PZWSLPULTLU[JHYSL[YH]HPS
LZ[nSHMVPZ[YuZPU[tYLZZHU[L[]HYPt1»HPItUtÄJPt
K»\UL MVYTH[PVU 1L [YH]HPSSL H\ ZLPU K»\UL
tX\PWL1LZ\PZ[YuZOL\YL\ZL®
C;4
%
­1L[YH]HPSSHPZLUPU[tYPTKHUZ
SL ZLJYt[HYPH[ [LY[PHPYL KLW\PZ
WS\ZPL\YZHUUtLZ1»HP[V\QV\YZ
IPLU[YH]HPSStH]LJKLZJVU[YH[Z
WS\[[SVUNZTHPZQLJOLYJOHPZnTLWVZLY*»LZ[
S»\ULKLTLZJVUUHPZZHUJLZX\PT»HPUMVYTtL
KLS»L_PZ[LUJLKLSHJLSS\SLLTWSVP,UQ\PU
Q»HP HPUZP WYPZ JVU[HJ[ H]LJ -SVYLUJL .VYKV
H]LJ X\P Q»HP L\ \U JVU[HJ[ [YuZ JOHSL\YL\_
9HWPKLTLU[WYVWVZP[PVUZT»VU[t[tMHP[LZL[
S»\ULH[YuZ]P[LKtIV\JOtZ\Y\ULU[YL[PLU±
S»PZZ\LKLJLWYLTPLYYLUKLa]V\ZSL+PYLJ[L\Y
T»H KP[ ­ ± KLTHPU ® *»LZ[ JVTTL sH X\L
Q»HP JVTTLUJt [YuZ [YuZ ]P[L +LW\PZ QL Z\PZ
[V\QV\YZKHUZJL[[LLU[YLWYPZLX\PLZ[LUWSLPUL
L_WHUZPVUL[TVUWVZ[LHTvTLW\t]VS\LYJHY
QL[YH]HPSSLKtZVYTHPZH]LJ\ULJVSSuN\LL[Z\PZ
YLZWVUZHISLKLS»HJJ\LPSn[LTWZJVTWSL[7V\Y
TVP J»LZ[ \UL L_WtYPLUJL [YuZ Yt\ZZPL X\L QL
YLJVTTHUKL]P]LTLU[®
µµ
µµ
µµ
E 0G
;4
(2>
?2.=
(
8
­ 7V\Y JOHX\L VMMYL KVU[ UV\Z H]VUZ JVUUHPZZHUJL SL I\[ U»LZ[ WHZ KL
WVZP[PVUULY WLYZVUULZ THPZ KL WYVWVZLY SLZ V\ WLYZVUULZ X\P VU[
]YHPTLU[SLWYVÄSX\PJVYYLZWVUK6UUL]L\[WHZMHPYLKLKts\ZL[S»PKtLLZ[
KLMHPYLNHNULYK\[LTWZH\_LU[YLWYPZLZ®
D
D
,:
?.=. 8
­*»LZ[KPMÄJPSLKLYLJOLYJOLY\ULTWSVPHJ[\LSSLTLU[0JPUV\ZLZZH`VUZKL
TL[[YLSLZNLUZnS»HPZLKL]HSVYPZLYSL\YZH[V\[Z5V\ZWYLUVUZSL[LTWZKL
YLJL]VPYSLZNLUZKLSLZtJV\[LYKLJVTWYLUKYLSL\YZTV[P]H[PVUZ8\HUKVUSLZYLsVP[TvTLZPVUU»H
WHZ[V\[KLZ\P[L\ULWYVWVZP[PVUUV\ZSLZZ\P]VUZSLZYHWWLSVUZYtN\SPuYLTLU[ULZLYHP[JLX\LWV\Y
ZH]VPYZ»PSZYLJOLYJOLU[[V\QV\YZ\ULTWSVP5V\ZLZZH`VUZK»v[YL[V\QV\YZKHUZ\ULK`UHTPX\LWVZP[P]L
:»PSZVU[ILZVPUK»\UJVUZLPSV\K»\UZV\[PLUK\THPYLUV\ZZVTTLZSn®
*XLOKHUDQG*UDQJHVPDYLOOH
"#
7RXVOHVWUDYDX[
HI'3"I3J'"K3M
M3%/"3
M/3
M%3:3
+HUZSLZV\JPK»HTtSPVYLYSHZtJ\YP[tL[K»PUJP[LYSLZ]tOPJ\SLZnYHSLU[PY
KLZWSH[LH\_[YH]LYZHU[ZWS\ZJVTT\UtTLU[HWWLStZKVZK»oULZVU[t[t
PUZ[HSStZKHUZWS\ZPL\YZWVPU[ZKLSH]PSSL!Y\L@V\YP.HNHYPULL[H]LU\L
KL7YV]LUJL+»H\[YLZZ\P]YVU[Y\L*OHYJV[L[Y\L(UKYt4HSYH\_
3L 9HKHY PUMVYTH[PM [V\YUL [V\QV\YZ KHUZ SH ]PSSL 0S LZ[ PUZ[HSSt Z\Y
KPMMtYLU[LZHY[uYLZJPYJ\SHU[LZHÄUK»HSLY[LYSLZH\[VTVIPSPZ[LZZ\YSL\Y
]P[LZZLTHPZH\ZZPKLYLJ\LPSSPYKLZZ[H[PZ[PX\LZZ\YSLZ]P[LZZLZTV`LUULZ
WYH[PX\tLZ :P SLZ YLSL]tZ LMMLJ[\tZ TL[[LU[ LU t]PKLUJL [YVW K»L_JuZ
KLZ HTtUHNLTLU[Z KL ]VPYPL WL\]LU[ v[YL YtHSPZtZ JVTTL JL M\[
KLYUPuYLTLU[SLJHZY\L@V\YP.HNHYPUL
3L*OLTPUKLSH*[LWS\ZJVUU\ZV\ZSLUVTKL­=HSK»LUMLY®MHP[SL
SPLULU[YLSLX\HY[PLYKLZ-YL`KPuYLZZP[\tZ\YUV[YLJVTT\ULLUSPTP[L
KL:V`VUZL[SLZOH\[L\YZKL:V`VUZL[;V\SH\K*LS\PJPMLYHS»VIQL[KL
[YH]H\_K»tSHYNPZZLTLU[L[KLYtMLJ[PVUKL]VPYPLnWHY[PYK\TVPZTHP
*L[[L]VPLZLYHKVUJMLYTtLnSHJPYJ\SH[PVULU[YLSL*OLTPUK\*YVZKL
4LYSHUZP[\tZ\Y:V`VUZL[SH9+WV\Y\ULK\YtLKLnTVPZ*LZ
[YH]H\_ZLYVU[WPSV[tZWHYSH**9*L[Z»tSu]LU[nL\YVZ;;*
M3I%'N%'N
M%C%3"/OJ'P3
3LZ[YH]H\_KLTPZLLUZtWHYH[PMKLZLH\_WS\]PHSLZL[KLZLH\_\ZtLZY\LZ
3HTHY[PUL L[ /tSuUL )V\JOLY ZVU[ [LYTPUtZ HPUZP X\L S»LUMV\PZZLTLU[
KLZYtZLH\_;tStJVT3HJOH\ZZtLHtNHSLTLU[t[t[V[HSLTLU[YLMHP[L
(\[V[HSL\YVZ;;*VU[t[tJVUZHJYtZnJL[HTtUHNLTLU[
MG3IG%3%",/J'J7
+LUVTIYL\ZLZPU[LY]LU[PVUZZ\YSLZIYHUJOLTLU[ZK»LH\WV[HISLVU[t[t
LMMLJ[\tLZKHUZSLZLJ[L\Y7HZ[L\Y9tW\ISPX\LLU]\LKLSHWYtWHYH[PVU
K\NYHUKJOHU[PLYK»HTtUHNLTLU[X\PKtI\[LYH[YuZWYVJOHPULTLU[
*VTT\UH\[tKLJVTT\ULZ9OUL*Y\ZZVS
!
*XLOKHUDQG*UDQJHVPDYLOOH
H%%/C/"M
9\L(UH[VSL-YHUJL!\ULYLWYPZLK\YtZLH\K»LH\_\ZtLZHt[tLMMLJ[\tL
SLZ JVUK\P[LZ VU[ t[t LUMV\PLZ WS\Z WYVMVUKtTLU[ LU ]\L KL YLQVPUKYL
S»PTWHZZL KLZ .LUv[Z Vƒ \U WYVISuTL KL WLU[L L[ K»tJV\SLTLU[ H]HP[
t[tKt[LJ[t
M%+/'EG3J+/;3'G33'3
":I/I3%E:%'"%IEJ/E/
3LZ LUYVItZ ZVU[ YtHSPZtZ V\ LU JV\YZ K»HJOu]LTLU[ 3LZ WPt[VUZ WV\YYVU[ HPUZP ItUtÄJPLY KL [YV[[VPYZ
JVUMVY[HISLZL[HJJLZZPISLZ;V\ZJLZHTtUHNLTLU[Z
VU[t[t]PZtZLUHTVU[WHYSHJVTTPZZPVUHJJLZZPIPSP[t
WV\Y NHYHU[PY \U tNHS HJJuZ n [V\[LZ SLZ WLYZVUULZ
n TVIPSP[t YtK\P[L G·LQIRV VXU OD FRPPLVVLRQ
DFFHVVLELOLWp VXU ZZZJXLOKHUDQGJUDQJHVWY SXLV
WDSHUDFFHVVLELOLWpGDQVOHPRGXOH©UHFKHUFKHUª
MP%/"3E%+/'E
G3J+/"%P+I
9HWWLSVUZ SLZ WYPUJPWH\_ WVPU[Z KL
JL YtHTtUHNLTLU[ ! YtMLJ[PVU KLZ
YtZLH\_ K»HZZHPUPZZLTLU[ YtMLJ[PVU
K\[HWPZKL]VPYPLLUMV\PZZLTLU[KLZ
YtZLH\_ HtYPLUZ UV\]LS tJSHPYHNL
W\ISPJ WSHJLZ KL Z[H[PVUULTLU[
Z\WWStTLU[HPYLZ ZtJ\YPZH[PVU
WHY WSH[LH\_ [YH]LYZHU[Z [YV[[VPYZ
YtHTtUHNtZ\ULILSSLYtHSPZH[PVU
H",/7M
HPC/C/"GI"J/M
"#
HQ"C/""J:C/"M
M3G3E"3%+%'N%':RC/%P%/EGJ3"7
3LJOHU[PLYZ\ZWLUK\Z\P[Ln\UYLJV\YZKtWVZtWHY\U]VPZPU]HYLWYLUKYL
0SHMHSS\H[[LUKYLWS\ZKLHUZWV\YX\LSL[YPI\UHSHKTPUPZ[YH[PMZ[H[\LL[
WLYTL[[L SH YLWYPZL KLZ [YH]H\_ <UL L_WLY[PZL [LJOUPX\L ZVY[L K»t[H[ KLZ
SPL\_LZ[LUJV\YZSLJOHU[PLYZLYHYLSHUJtWYVJOHPULTLU[
MG%3J%",
(]LU\L :HKP*HYUV[ S»HUJPLU 04, H t[t KtTVSP 0S SHPZZLYH WSHJL n THPZVUUL[[LZKLn TX\PZLYVU[JVUZ[Y\P[LZZLSVU\UJHOPLYKLZJOHYNLZ
WYLUHU[ LU JVTW[L SLZ UVYTLZ LU]PYVUULTLU[HSLZ ,SSLZ JVUZ[P[\LYVU[ \U
WHYJKLSVNLTLU[ZnSV`LYZWSHMVUUtZZLSVUSL]VSL[ZVJPHSKLSH3VP:JLSSPLY
ME/J'+%GJ'3%J%"J/
3LIo[PTLU[X\PHIYP[LSLJLU[YLKLSVPZPYZ*VZLW)LH\SPL\ItUtÄJPLYHK»\UL
L_[LUZPVU KL T ]LYZ S»HYYPuYL WLYTL[[HU[ SH JYtH[PVU KL UV\]LH\_
LZWHJLZKLZ[PUtZnHJJ\LPSSPYSLZHZZVJPH[PVUZ7HYHSSuSLTLU[S»HUJPLUSVNLTLU[
K\NHYKPLUZLYHYtHNLUJtWV\YVMMYPY\ULZWHJLHKTPUPZ[YH[PMWS\ZJVUMVY[HISLn
SHZ[Y\J[\YL4VU[HU[KLZ[YH]H\_!L\YVZ5VYTL;/7,
M/"3C'"2%'
+L SH MYHzJOL\Y KHUZ S»t[t WV\Y SLZ WL[P[Z K\ JLU[YL T\S[PHJJ\LPS NYoJL
n SH JSPTH[PZH[PVU X\P ZLYH PUZ[HSStL H]HU[ S»t[t KHUZ SL Io[PTLU[ <U
PU]LZ[PZZLTLU[X\P[LUHP[nJVL\YnSH4\UPJPWHSP[t
0UZ[P[\[4tKPJViK\JH[PM
*XLOKHUDQG*UDQJHVPDYLOOH
*
%
PDLOHUHQGH]YRXV
GXEpQpYRODWVSRUWLI
­O·RFFDVLRQGHVHVDQVO·2IÀFH0XQLFLSDOGHV6SRUWVRUJDQLVH
XQH MRXUQpH GpGLpH DX EpQpYRODW VSRUWLI DYHF OH FRQFRXUV GX
VHUYLFHPXQLFLSDOGHVVSRUWV/HVPHPEUHVG·DVVRFLDWLRQVPDLV
DXVVLWRXVOHV*XLOKHUDQGDLV*UDQJHRLVVRQWFRQYLpVjO·$JRUDSRXU
UHFXHLOOLU GHV LQIRUPDWLRQV HW SURÀWHU GHV DQLPDWLRQV SUpYXHV
O·DSUqVPLGL $QGUp &RTXHOHW ORQJWHPSV EpQpYROH DX VHLQ GHV
FOXEV GH IRRWEDOO HW GH UXJE\ DGMRLQW DX VSRUW HW SUpVLGHQW GH
O·206GHSXLVSOXVGHDQVQRXVHQGLWSOXV
µµ
G@2 J== C 8
%
.;JC
%.6
T 228
*!*; 9 3LZ JVUMtYLUJLZ L[ [HISLZ
6 YVUKLZ WYVWVZtLZ KHUZ SH
(U TH[PUtL PU[tYLZZLYVU[ Z\Y[V\[ SLZ
ZWVY[PMZ L[ SLZ KPYPNLHU[Z
ItUt]VSLZ
K»HZZVJPH[PVUZ THPZ S»HJJuZ LZ[
8
SPIYL n [V\Z 5V\Z ZVTTLZ H\ZZP
$
V\]LY[Z H\_ HZZVJPH[PVUZ L[ W\ISPJZ
]LUHU[ KLZ ]PSSLZ ]VPZPULZ 3»HWYuZ
TPKP S\P ZLYH S\KPX\L L[ JVU]P]PHS
H]LJ \U WHYJV\YZ K\ JVL\Y KLZ
KtTVUZ[YH[PVUZKLIHZRL[OHUKPZWVY[
V\LUJVYL\UTH[JOK»L_OPIP[PVUKL
MVV[IHSS HTtYPJHPU WYVWVZt WHY SLZ
:OHYRZ KL =HSLUJL L[ IPLU Z„Y \U
]tYP[HISLZWLJ[HJSLKL)4?
2
(8
:V\]LU[ VU LU[YL KHUZ \UL
HZZVJPH[PVU WV\Y KVUULY \U
JV\W KL THPU JHY ZVU LUMHU[ `
LZ[ SPJLUJPt 7\PZ SH ­ J\S[\YL K\
ItUt]VSH[ ® ZL TL[ LU WSHJL L[
3»64:LZ[\ULHZZVJPH[PVUSVP X\P YLNYV\WL JS\IZ ZWVY[PMZ L[
KVUJ KL UVTIYL\_ ItUt]VSLZ HUZ J»LZ[ \U ILS oNL X\L WL\
K»64: VU[ H[[LPU[ LU +YTL
(YKuJOL *»LZ[ SH WYL\]L K\
[YuZIVUMVUJ[PVUULTLU[KLUV[YL
Z[Y\J[\YL ,U LMML[ UVZ TLTIYLZ
ZVU[ [YuZ PU]LZ[PZ ! [V\[ SL TVUKL
LZ[ WYtZLU[ H\_ Yt\UPVUZ WV\Y
Z»L_WYPTLY 6U LZ[ [V\QV\YZ KHUZ
SH YLJOLYJOL K\ JVTWYVTPZ HÄU
K»v[YL [V\Z K»HJJVYK WV\Y ]V[LY
SLZKtJPZPVUZnS»\UHUPTP[t,UMHP[
n S»64: VU V\ISPL ZVU t[PX\L[[L
WVSP[PX\L L[ S»HZZVJPH[PVU K»Vƒ VU
]PLU[HÄUKLYLWYtZLU[LYH\TPL\_
S»LZWYP[ZWVY[PMKLSHJVTT\UL
?8
µµ
D
UUU
5V\ZH]PVUZLU]PLKLJtStIYLYSLZ
HUZKLS»6MÄJL4\UPJPWHSKLZ
:WVY[ZL[UV\Zt[PVUZWHYHPSSL\YZ
ZVSSPJP[tZ KLW\PZ SVUN[LTWZ
WHY SLZ HZZVJPH[PVUZ Z\Y KLZ
X\LZ[PVUZ K»HKTPUPZ[YH[PVU KL
Z\I]LU[PVUZ L[J 0S UV\Z H KVUJ
ZLTISt WLY[PULU[ KL MHPYL KL
S»HUUP]LYZHPYL KL S»64: \UL
NYHUKL THUPMLZ[H[PVU HIVYKHU[
SL X\V[PKPLU L[ SLZ ILZVPUZ KLZ
HZZVJPH[PVUZ*»LZ[H]LJLSSLZX\L
UV\Z H]VUZ JOVPZP SLZ [OuTLZ KL
SHQV\YUtL,[UV\Z[LUPVUZH\ZZPn
YLTLYJPLYSLZUVTIYL\_ItUt]VSLZ
WV\Y SL\Y PU]LZ[PZZLTLU[ X\P LZ[
[YuZ PTWVY[HU[ WV\Y SH ]PL KL SH
JVTT\UL
VU ÄUP[ WHY YLZ[LY KL UVTIYL\ZLZ
HUUtLZ 7LYZVUULSSLTLU[ Q»HP MHP[
K\MVV[L[K\Y\NI`L[SLZItUt]VSLZ
X\LQ»HPJ[V`tZSVYZX\LQ»t[HPZWS\Z
QL\UL T»VU[ [LSSLTLU[ HWWVY[t L[
HWWYPZX\LQ»HPnTVU[V\YL\LU]PL
KLYLWYLUKYLSLÅHTILH\
:V\[LUPYSLZHJ[PVUZKLZHZZVJPH[PVUZ
ZWVY[P]LZ JVVYKVUULY SH WYH[PX\L
KLS»tK\JH[PVUWO`ZPX\LL[ZWVY[P]L
WYVWVZLY H\ JVUZLPS T\UPJPWHS
SLZ
Z\I]LU[PVUZ
Z\ZJLW[PISLZ
K»v[YL H[[YPI\tLZ H\_ HZZVJPH[PVUZ
ZWVY[P]LZVYNHUPZLYKLZt]tULTLU[Z
JVTTL SL MVY\T KLZ HZZVJPH[PVUZ
L[LUÄUJVTT\UPX\LYL[]HSVYPZLY
SLZWYVQL[ZHZZVJPH[PMZ
6
8
9RXVUHFHYUH]SURFKDLQHPHQW
OHSURJUDPPHGpWDLOOpGDQV
YRVERvWHVDX[OHWWUHV
*XLOKHUDQG*UDQJHVPDYLOOH
&
&DSVXUO·,WDOLHSRXUODVLJQDWXUH
G·XQQRXYHDXMXPHODJH
/H MXPHODJH RIIUH XQH RXYHUWXUH VXU O·(XURSH HW O·DPLWLp HQWUH OHV SHXSOHV SDUWLFXOLqUHPHQW
HQULFKLVVDQWHVSRXUOHVSRSXODWLRQVDXSUHPLHUUDQJGHVTXHOVOHVSOXVMHXQHVELHQV€U*XLOKHUDQG
*UDQJHVDQRXpGHVOLHQVWUqVIRUWVDYHFODYLOOHGH%DG6RGHQ6DOPQVWHUYRLFLWRXWMXVWHDQV
&HWWHUHODWLRQHVWHQWUHWHQXHG·DQQpHHQDQQpHjWUDYHUVOHVWHPSVIRUWVTXLU\WKPHQWODYLHGH
QRV YLOOHV HW DX[TXHOV FKDFXQ SDUWLFLSH (Q HOOH D SDUDOOqOHPHQW FRPPHQFp j WLVVHU OHV
SUpPLFHVG·XQQRXYHDXMXPHODJHDYHFODYLOOHGH&DVDOPDJJLRUH&·HVWXQpFKDQJHGHFODVVHVHQWUH
OHVpOqYHVGX&ROOqJH&KDUOHVGH*DXOOHHWGHVRQpTXLYDOHQWFDVDOLO·,QVWLWXWR'LRWWLTXLDLQLWLp
FHSDFWHIRUPDOLVpWRXWUpFHPPHQWOHDYULOSDUXQMXPHODJHRIÀFLHO
LUH]YPS­6UZLU[X\LSLZ
JVTT\UH\[tZ tK\JH[P]LZ VU[
JL ZV\JP KL SH YLUJVU[YL [HU[ H\
UP]LH\SPUN\PZ[PX\LX\LKLS»HTP[Pt
LU[YL SLZ LUMHU[Z L[ S»,\YVWL
WHZZL H\ZZP WHY Sn ® L_WSPX\L
1LHU*SH\KL 9VTHUL[ WYLTPLY
HKQVPU[L[7YtZPKLU[K\*VTP[tKL
Q\TLSHNL
3
@2$7
==
6
C :0
2:
, >
6
67
*HZHSTHNNPVYL LZ[ \UL ]PSSL
P[HSPLUUL ZP[\tL LU 3VTIHYKPL
UVUSVPUKL7HYTLKHUZSHWYV]PUJL
KL *YtTVUL ,SSL JVTW[L WYuZ
KL OHIP[HU[Z *SH\KPV
:PSSH LU LZ[ SL THPYL (JJVStL
H\ 7 JVTTL UV[YL ]PSSL H\
9OUL
UV\Z
WHY[HNLVUZ
\UL J\S[\YL Å\]PHSL 5V[YL
Q\TLSSL P[HSPLUUL LZ[ KV[tL
K»\U WH[YPTVPUL [YuZ YPJOL
9VTHU[PX\L WHY KtÄUP[PVU
*HZHSTHNNPVYLLZ[HUJYtLKHUZSH
UH[\YLS»HY[L[S»HYJOP[LJ[\YL*»LZ[
\ULLZ[Ou[LH]LJX\P.\PSOLYHUK
.YHUNLZ LZ[ OL\YL\ZL K»H]VPY
JVUJS\JLWHJ[LKLQ\TLSHNLX\P
ZLYH ZHUZ U\S KV\[L ZV\YJL KL
KtJV\]LY[LZ K»LZ[PTL T\[\LSSL
L[KLYtQV\PZZHUJLZMLZ[P]LZ
;V\[HJVTTLUJtH]LJ\USHUJLY
KL IHSSVUZ WHY[P KL :V`VUZ
L[ HYYP]t WHY OHZHYK Q\ZX\»n
:WPUHKLZJV KL]LU\L KLW\PZ ZH
Q\TLSSL:WPUHKLZJVt[HU[]VPZPUL
KL *HZHSTHNNPVYL X\P t[HP[ KV[tL
K»\U JVSSuNL ! S»0UZ[P[\[V +PV[[P H
[YuZ ]P[L JOLYJOt n JVU[HJ[LY ZVU
OVTVSVN\L MYHUsHPZ J»LZ[nKPYL
SL *VSSuNL *OHYSLZ KL .H\SSL KL
.\PSOLYHUK.YHUNLZ +L ÄS LU
HPN\PSSL \U HWWHYPLTLU[ L\ SPL\
LU[YLSLZJSHZZLZKLLL[KLL(
WHY[PYKLSH]PSSLHTHUPMLZ[t
SH ]VSVU[t K»HJJ\LPSSPY SLZ
LUZLPNUHU[ZL[SLZLUMHU[ZLUTHPYPL
H\ JV\YZ KL KP]LYZLZ YtJLW[PVUZ
L[ \U WYLTPLY WHJ[L K»HTP[Pt H
t[t ZPNUt H]HU[ K»LUNHNLY \U
]tYP[HISL ZLYTLU[ KL Q\TLSHNL
3»HUUtLWYVJOHPULLUQ\PU
V\ Q\PSSL[ .\PSOLYHUK
.YHUNLZHJJ\LPSSLYHnZVU
[V\Y \UL KtStNH[PVU KL
UVZ HTPZ P[HSPLUZ WV\Y SH
ZPNUH[\YL KL S»HJ[L KL JL
ZLYTLU[KLQ\TLSHNL
+ .@
@
&7
'HV VpDQFHV G·LQLWLDWLRQ j
O·DOOHPDQG HW j O·LWDOLHQ VRQW
SURSRVpHV DX[ DGXOWHV HW VRQW
DQLPpHV SDU 5HJLQD 9R\HU GH
ODQJXH PDWHUQHOOH DOOHPDQGH
HW&KULVWLDQH'RUQHSURIHVVHXU
G·LWDOLHQUHWUDLWpH8QFRXUV
GH ©WFKDWFKHª SRXU OHV SOXV
DJXHUULVjO·LWDOLHQDpJDOHPHQW
OLHXFKDTXHVHPDLQH
'pEXWDQWVRXLQLWLpVYRXVDYH]
HQYLH GH GpFRXYULU G·DXWUHV
ODQJXHV HW G·DXWUHV FXOWXUHV
G·HQWUHWHQLU YRWUH SUDWLTXH
OLQJXLVWLTXH"$OOH]\G·LQIRV
DXSUqV GH -RVHWWH 0DOOHW
DX
6UHWWLSSLSLZOHIP[HU[ZKL*HZHSTHNNPVYLSLZ*HZHSPZ
*XLOKHUDQG*UDQJHVPDYLOOH
'(
8QQRXYHDX3/8
SRXUG\QDPLVHUODYLOOH
8Q 3ODQ /RFDO G·8UEDQLVPH HVW DFWXHOOHPHQW HQ FRXUV G·pWXGH
6RQ EXW DFFRPSDJQHU DX PLHX[ OH GpYHORSSHPHQW GH QRWUH
WHUULWRLUH8QHpWDSHORJLTXHDSUqVODYDOLGDWLRQUpFHQWHGX335,
3ODQGH3UpYHQWLRQGHV5LVTXHVG·,QRQGDWLRQSDUOHVVHUYLFHVGH
O·(WDWF·HVWGRQFWRXWQDWXUHOOHPHQWTXHOHVVHUYLFHVFRPPXQDX[
WUDYDLOOHQWDXMRXUG·KXLVXUFHWWHQRXYHOOHUpSDUWLWLRQGXWHUULWRLUH
'qVFHWDXWRPQHOH3ODQ/RFDOG·8UEDQLVPH3/8UHPSODFHUDOH
3ODQG·2FFXSDWLRQGHV6ROV326DFWXHOOHPHQWHQYLJXHXU
G'
...8
!4X·HVWFHTX·XQ3ODQ/RFDO
G·8UEDQLVPH3/8"
<U 73< LZ[ \U YuNSLTLU[
X\P Kt[LYTPUL SH ]VJH[PVU KLZ
KPMMtYLU[Z ZLJ[L\YZ L[ [LYYHPUZ
JVTT\UH\_*»LZ[H\ZZP\UV\[PSKL
WYVZWLJ[P]LWYt]\WV\YHU[PJPWLYSL
Kt]LSVWWLTLU[KLSHJVTT\ULLU
MVUJ[PVUKLZLZLUQL\_M\[\YZ
!4X·HVWFHTXLHVW
UpJOHPHQWpSDUOH3/8"
3L73<KtÄUP[SLKYVP[nJVUZ[Y\PYL
SLZ OH\[L\YZ SLZ THYNLZ KL YLJ\S
LU[YLSLZJVUZ[Y\J[PVUZSHOH\[L\Y
KLZ JS[\YLZ S»PU[tNYH[PVU KLZ
LZWHJLZ]LY[Z
!4XHOOHUpSDUWLWLRQGX
WHUULWRLUHGHVVLQHWLO"
3»OHIP[H[YLWYtZLU[LYHKLSH
Z\YMHJLKLSHJVTT\ULSLZaVULZ
KLZ[PUtLZnS»HJ[P]P[ttJVUVTPX\L
JVUZ[P[\LYVU[ KLZ [LYYHPUZ
KL SH Z\YMHJL JVTT\UHSL
ZLYH JSHZZtL LU aVUL UH[\YLSSL L[
LU aVUL HNYPJVSL *L X\P
MHP[ X\L KL SH JVTT\UL
YLZ[LYHn\YIHUPZLY
!4XHOVVRQWOHVHQMHX[OLpVDX
3/8"
(JJVTWHNULYSLMYHUJOPZZLTLU[
K\ WHZZHNL ZV\[LYYHPU KL SH ]VPL
MLYYtL
-H]VYPZLY SL Kt]LSVWWLTLU[
tJVUVTPX\L KL SH ]PSSL
WV\Y]V`L\YK»LTWSVPZ
7YtZLY]LY UV[YL IPVKP]LYZP[t
L[ UVZ LZWHJLZ ]LY[Z H]LJ SH
JVUZ[P[\[PVUK»\UWtYPWOtYPX\L]LY[
7Yt]VPY \U [YHJt WV\Y YLSPLY SL
WVU[KLZ3ULZn\UM\[\YLWVU[
H\5VYKKLS»HNNSVTtYH[PVU
!/HSOXVGX3/8
3»H\NTLU[H[PVU K\ *VLMÄJPLU[
K»6JJ\WH[PVU K\ :VS *6: L[
KVUJ KLZ Z\YMHJLZ n JVUZ[Y\PYL
Z\Y S»LUZLTISL KLZ [LYYHPUZ ZP[\tZ
KHUZSH]PSSL
!/HVSURFKDLQHVpWDSHVGH
O·DGRSWLRQGX3/8
3L 73< H t[t HYYv[t H\ *VUZLPS
4\UPJPWHSK\ H]YPS0SMLYHS»VIQL[
K»\UL LUX\v[L HKTPUPZ[YH[P]L
K»\ULK\YtLKLTVPZnSHX\LSSL
ZLYVU[ HZZVJPtZ SLZ JOHTIYLZ
JVUZ\SHPYLZ SLZ ZLY]PJLZ KL
S»,[H[ SLZ JVTT\ULZ ]VPZPULZ
SLZ VYNHUPZTLZ YLZWVUZHISLZ K\
:JOtTHKL*VOtYLUJL;LYYP[VYPHSL
:*6; S»VYNHUPZTL JOHYNt KLZ
[YHUZWVY[Z W\ISPJZ L[J ± WHY[PY
KL ZLW[LTIYL \U JVTTPZZHPYL
LUX\v[L\Y JVUK\PYH \UL LUX\v[L
W\ISPX\L WV\Y YLJ\LPSSPY WLUKHU[
\UTVPZSLZH]PZKL[V\[LWLYZVUUL
JVUJLYUtL WHY SL WYVQL[ KL 73<
3L 73< ZLYH LUZ\P[L HKVW[t
KtÄUP[P]LTLU[ WHY SL *VUZLPS
4\UPJPWHSLUÄUK»HUUtL
G'T
C (
'(7
*XLOKHUDQG*UDQJHVPDYLOOH
'(
P<5
7
D
0#;
6##
µµ
­ 3L 73< ]H VMMYPY\UUV\]LS
LZZVY H\ Kt]LSVWWLTLU[
tJVUVTPX\L KHUZ SH aVUL
KP[L KLZ *YVPZPuYLZ n S»LU[YtL
KL ]PSSL ZP[\tL H\ UP]LH\ K\
7VU[KLZ3ULZOLJ[HYLZKL
[LYYHPUZJVTT\UH\_]VU[v[YL
HPUZP KtKPtZ n S»PTWSHU[H[PVU
K»LU[YLWYPZLZ KHUZ JL ZLJ[L\Y
H]LJ SH ]VSVU[t KL NtUtYLY
KL UV\]LH\_ LTWSVPZ L[ KL
JVUMVY[LY SL Kt]LSVWWLTLU[
tJVUVTPX\LZ\YUV[YL[LYYP[VPYL
5V[YL 73< Z»PUZJYP[ H\ZZP
KHUZ SLZ WYtJVUPZH[PVUZ K\
.YLULSSLKLS»LU]PYVUULTLU[
.\PSOLYHUK.YHUNLZH[V\QV\YZ
L\SH]VSVU[tKLWYtZLY]LYZLZ
LZWHJLZ ]LY[Z SH WYVTLUHKL
KLZ ILYNLZ K\ 9OUL Vƒ
IPVKP]LYZP[t
L[
WPt[VUZ
J`JSPZ[LZ YVSSLYZ MHTPSSLZ ZL
J[VPLU[ OHYTVUPL\ZLTLU[
.YoJL n UV[YL UV\]LH\
73< UV\Z KL]YPVUZ HSSLY
LUJVYL WS\Z SVPU LU JYtHU[
\U WtYPWOtYPX\L ]LY[ J»LZ[
n KPYL \U JPYJ\P[ KtKPt H\_
TVKLZ KL KtWSHJLTLU[Z
KV\_X\PMLYHSL[V\YKLUV[YL
JVTT\UL LU YLSPHU[ IPLU Z„Y
SLZ ILYNLZ K\ 9OUL 3L 73<
KtMLUKYHSHX\HSP[tKL]PLX\P
LZ[ZPJOuYLH\_.\PSOLYHUKHPZ
.YHUNLVPZ®
$ÀQGHFRQVHUYHUXQHTXDOLWpHVWKpWLTXHHWYpJpWDOHDXVHLQGH
ODFRPPXQHLOH[LVWHGHSXLVWRXMRXUVXQHUpJOHPHQWDWLRQHQ
PDWLqUHG·XUEDQLVPHTXLUpJLWHWRUJDQLVHOHVFO{WXUHVHWKDLHV
GHQRVKDELWDWLRQV(QHIIHWODPDQLqUHGRQWVRQWDJHQFpHV
OHVFO{WXUHVFRQWULEXHGLUHFWHPHQWjO·HPEHOOLVVHPHQWGHQRV
TXDUWLHUVHWGHQRWUHFDGUHGHYLH$XVVLQRXVYRXVUDSSHORQV
O·HVVHQWLHOGHFHUqJOHPHQWHQTXHOTXHVSRLQWV
2/HVFO{WXUHVHQIDoDGHGHYRLHSXEOLTXHRXSULYpHGHYURQW
rWUHYpJpWDOHVHWRXFRQVWLWXpHVG·XQPXUEDKXWGHFP
PD[LPXP VXUPRQWp G·XQ JULOODJH ÀQ G·XQH JULOOH RX G·XQ
GLVSRVLWLIjFODLUHYRLH/·HQVHPEOHQHGHYUDSDVGpSDVVHUP
HWGHYUDrWUHDJUpPHQWpSDUGHODYpJpWDWLRQ
2/HV GLVSRVLWLIV j FODLUHYRLH VH FDUDFWpULVHURQW SDU GHV
HVSDFHVDOWHUQpVG·DXPLQLPXPGHYLGHHWGHSOHLQV
/HVHVSDFHVYLGHVVHURQWG·XQHODUJHXUPLQLPDOHGHFP
/HV FO{WXUHV GHYURQW IDLUH O·REMHW G·XQ HQWUHWLHQ UpJXOLHU
7RXW DXWUH GLVSRVLWLI HVW VWULFWHPHQW LQWHUGLW VXU OHV YRLHV
SXEOLTXHVRXSULYpHV
4 2/HVSODQWDWLRQVQHGpSDVVDQWSDVPGHKDXWGHYURQW
rWUH HIIHFWXpHV j XQH GLVWDQFH PLQLPDOH GH FP GH OD
OLPLWHVpSDUDWULFHHWjXQHGLVWDQFHGHPPLQLPXPGHOD
OLPLWHGHSURSULpWpSRXUOHVDUEUHVGHVWLQpVjGpSDVVHUP
S
GHKDXWHXU
# 7
MC(
ME =9
2
C# 7
MG
2
M2
MC 0
*XLOKHUDQG*UDQJHVPDYLOOH
4
µµ
"
&&5&XQHFRPPXQDXWp
GHFRPPXQHVpODUJLH
'HSXLVOHHUMDQYLHUOD&RPPXQDXWpGH&RPPXQHV5K{QH
&UXVVROFRPSWHGHQRXYHOOHVFRPPXQHVGDQVVRQJLURQ'pVRUPDLV
pWHQGXHVXUO·HQVHPEOHGXWHUULWRLUHGXFDQWRQGH6DLQW3pUD\
HOOHDIÀUPHQRWUHLGHQWLWpDUGpFKRLVHDXVHLQGHO·DJJORPpUDWLRQ
YDOHQWLQRLVHHWYDSHUPHWWUHGHGpYHORSSHUGHQRXYHDX[SURMHWV
DYHFXQVHXOREMHFWLISODFHUO·LQWpUrWGHVDSRSXODWLRQDXFRHXU
GHVHVSUpRFFXSDWLRQV
LU[YL[PLU ` JVTWYPZ UL[[V`HNL KL
SH]VPYPLK»PU[tYv[JVTT\UH\[HPYL
*VUZ[Y\J[PVU HTtUHNLTLU[
LU[YL[PLU
L[
NLZ[PVU
KLZ
tX\PWLTLU[Z J\S[\YLSZ L[ ZWVY[PMZ
K»PU[tYv[JVTT\UH\[HPYL
V:0
2:UUU
*VUJYu[LTLU[ n .\PSOLYHUK
.YHUNLZ SH JYtH[PVU KL JL[[L
Z\WLYJVTT\UH\[tKLJVTT\ULZ
9OUL*Y\ZZVS ZL [YHK\P[ WHY
SL IHZJ\SLTLU[ KL SH WPZJPUL
L[ KL SH TtKPH[OuX\L KHUZ
SH NLZ[PVU PU[LYJVTT\UHSL
*LZ tX\PWLTLU[Z T\UPJPWH\_
MYtX\LU[tZ WHY KL UVTIYL\_
OHIP[HU[Z KLZ ]PSSLZ ]VPZPULZ
H]HPLU[ ]VJH[PVU n ZLY]PY \U
[LYYP[VPYL WS\Z SHYNL *»LZ[ JOVZL
MHP[L H]LJ n SH JSt KL UV\]LH\_
H]HU[HNLZ ! IHPZZLZ KLZ JV„[Z
L[ HTtSPVYH[PVU K\ ZLY]PJL 3H
WPZJPUL ZLYH WYVJOHPULTLU[
HNYHUKPL L[ SLZ [HYPMZ KL SH
TtKPH[OuX\LZVU[LUIHPZZLYPLU
X\LKLZIVUULZUV\]LSSLZ
3H *VTT\UH\[t KL JVTT\UULZ
9OUL*Y\ZZVSLZ[JVTWVZtLKL!
*VYUHZ
:HPU[7tYH`
.\PSOLYHUK.YHUNLZ
:V`VUZ *OH[LH\IV\YN
;V\SH\K
% *VTT\ULZ KtQn HKOtYLU[LZ
nSH**9*
(SIV\ZZPuYL )VMMYLZ
*OHTWPZ :[:`S]LZ[YL
:[9VTHPUKL3LYWZ
% (UJPLUULZ JVTT\ULZ K\ 7H`Z
KL*Y\ZZVS
3
,SSLZ ZL WYtZLU[LU[ ZV\Z KL\_
MVYTLZ!
% 3LZ JVTWt[LUJLZ VISPNH[VPYLZ
[LSSLZ X\L S»HTtUHNLTLU[ KL
S»LZWHJL JVTT\UH\[HPYL L[ SL
Kt]LSVWWLTLU[tJVUVTPX\L
% 3LZ JVTWt[LUJLZ VW[PVUULSSLZ
WHYTPSLZX\LSSLZ!
7YV[LJ[PVU L[ TPZL LU ]HSL\Y KL
S»LU]PYVUULTLU[
7VSP[PX\L K\ SVNLTLU[ ZVJPHS
K»PU[tYv[ JVTT\UH\[HPYL L[ K\
JHKYLKL]PL
*YtH[PVU HTtUHNLTLU[ L[
30<
!PE
$)$$:0
2:
"5$)4)4
*XLOKHUDQG*UDQJHVPDYLOOH
"#
$YHQXHGHOD5pSXEOLTXH
/HJUDQGFKDQWLHUGHO·DQQpH
µµ
D
C
#8
3LZ [YH]H\_ ZL KtYV\SLYVU[ LU NYHUKLZ WHY[PLZ <U NPYH[VPYL ZLYH
KHUZ \U WYLTPLY [LTWZ JYtt H\
IHZK\7VU[4PZ[YHS0SKL]YHP[v[YL
HJOL]tK\YHU[S»t[t&HVRQWLOHVW
YUDLGHVWUDYDX[G·HQYHUJXUH
PDLVM·DLVRXKDLWpTXHODYRLH
UHVWHRXYHUWHjODFLUFXODWLRQ
$LQVLGqVOHGpEXWGXFKDQWLHU
QRXV PHWWURQV HQ SODFH XQ
JLUDWRLUH GH WUDQVLWLRQ SRXU
DVVXUHU QRQ VHXOHPHQW O·DFFqV
VXU 5pSXEOLTXH PDLV DXVVL
VXU 6DGL&DUQRW ,UZ\P[L LU
ZLW[LTIYL UV\Z WYt]V`VUZ KL
YtHSPZLY SLZ HTtUHNLTLU[Z Z\Y
SH WVY[PVU KL ]VPYPL ZP[\tL LU[YL
SL WVU[ L[ SH QVUJ[PVU KLZ Y\LZ
(SL_HUKYL +\THZ L[ *Y\ZZVS 3LZ
[YH]H\_ ZL MLYVU[ WHY [YVUsVUZ
WV\YX\LSL[YHÄJZVP[THPU[LU\
L[ tJV\[LY SL\YZ WYtVJJ\WH[PVUZ
5V\Z H]VUZ H\ZZP JVUZ\S[t SLZ
HZZVJPH[PVUZ JVTTL 9V\SVUZ LU
=PSSL n =tSV L[ IPLU Z„Y =HSLUJL
9VTHUZ +tWSHJLTLU[Z WV\Y
X\L SLZ TVKLZ KL KtWSHJLTLU[Z
KV\_HPLU[[V\[LSL\YWSHJL,UÄU
SH JVTTPZZPVU HJJLZZPIPSP[t H
tNHSLTLU[t[tHZZVJPtLH\WYVQL[
(PUZPQLWL\_HMÄYTLYX\L[V\[SL
TVUKLHt[tLU[LUK\1LZ\PZÄLY
K»H]VPY[YH]HPSStKHUZJL[LZWYP[KL
JVUJLY[H[PVU
3 (.5
3OXVGHVWDWLRQQHPHQW
µµ
/·DYHQXH GH OD 5pSXEOLTXH FRQQDvW FKDTXH MRXU XQ WUDÀF
SDUWLFXOLqUHPHQW LQWHQVH YpKLFXOHV IUpTXHQWHQW HQ HIIHW
TXRWLGLHQQHPHQWFHWWHDUWqUHTXLIDLWOHOLHQHQWUHOH3RQW0LVWUDO
HW OH FDQWRQ GH 6DLQW3pUD\ HQ GHVVHUYDQW GH QRPEUHXVHV ]RQHV
FRPPHUoDQWHVGHQRWUHFRPPXQH$[HFLUFXODQWPDLVDXVVLSRUWH
G·HQWUpHGHODYLOOHFHWWHYRLULHPpULWDLWG·rWUHUHFRQVLGpUpH&·HVW
FKRVHIDLWHjWUDYHUVOHSURMHWG·DPpQDJHPHQWTXHOD0XQLFLSDOLWp
DVRXKDLWpPHWWUHHQSODFHHWGRQWOHVWUDYDX[GpEXWHQWWRXWMXVWH
8Q TXDUWLHU FRPPHUoDQW
UHYDORULVp
S»H]LU\L KL SH 9tW\ISPX\L LZ[
\U H_L Z[Y\J[\YHU[ *»LZ[ WV\Y
HPUZP KPYL JVTTL \UL JVSVUUL
]LY[tIYHSL WV\Y UV[YL JVTT\UL
,SSL KLZZLY[ H\QV\YK»O\P KLZ
OHIP[H[PVUZ KLZ X\HY[PLYZ KL ]PL
JVTTLYsHU[Z +LTHPU WS\Z
LUJVYL LSSL WLYTL[[YH KL YHSSPLY
[V\Z SLZ Å\_ WYV]LUHU[ H\ZZP K\
Z\K NYoJL n SH SPHPZVU KPYLJ[L
X\»VMMYPYHSLNPYH[VPYLH]LJS»H]LU\L
:HKP*HYUV[ ,UÄU QL [LUHPZ n
YLKVUULY ZLZ SL[[YLZ KL UVISLZZL
n JL[[L LU[YtL KL ]PSSL ]tYP[HISL
]P[YPULWV\YUV[YLJVTT\UL
8Q PHLOOHXU FDGHQFHPHQW
SRXUOHEXV
?
8
8Q pFODLUDJH UpQRYp HW SOXV
pFRQRPH
,[ IPLU PS ` LU H ILH\JV\W 3H
WYPUJPWHSL K»LU[YL LSSLZ J»LZ[
X\L Q»HP ZV\OHP[t WYLUKYL LU
JVTW[L[V\ZSLZILZVPUZL_WYPTtZ
WHY SLZ KPMMtYLU[Z YP]LYHPUZ
L[ \ZHNLYZ KL S»H]LU\L KL SH
? 6# 9tW\ISPX\L *»LZ[ WV\YX\VP Q»HP
YLUJVU[Yt n WS\ZPL\YZ YLWYPZLZ SLZ
08
7V\Y SLZ .\PSOLYHUKHPZ.YHUNLVPZ JVTTLYsHU[Z WV\Y SL\Y L_WVZLY
L[WV\Y[V\ZJL\_X\PS»LTWY\U[LU[ SLZ KPMMtYLU[LZ t[HWLZ K\ WYVQL[
'HVFRUUHVSRQGDQFHVIDFLOLWpHV
HQWUH OHV OLJQHV HW DUUrWV
%RWWHWHW6DGL&DUQRW
8QH PHLOOHXUH ÁXLGLWp GX
WUDÀFJUkFHjGHVOLJQHVGHEXV
GpGLpHV
3OXVGHVpFXULWpJUkFHjGHV
SODWHDX[ WUDYHUVDQWV HW j XQ
WUDLWHPHQW YLVXHO GH OD YRLULH
IDYRULVDQW OH UDOHQWLVVHPHQW
GHVYpKLFXOHV
8QH PHLOOHXUH DFFHVVLELOLWp
SRXUOHVSLpWRQV
8QWUDLWHPHQWSD\VDJHUSOXV
DWWUD\DQW
'HVHVSDFHVF\FODEOHVVpFXULVpV
/·HQIRXLVVHPHQWGHVUpVHDX[
DpULHQV
8QDFFqVGLUHFWGDQVOHVVHQV
DYHFO·DYHQXH6DGL&DUQRW
*XLOKHUDQG*UDQJHVPDYLOOH
)
/·DFWXFRPPHUFHVHWHQWUHSULVHV
0==
$SUqV SOXVLHXUV DQQpHV G·H[SpULHQFH GDQV OH GRPDLQH GH OD FRLIIXUH 6ROqQH HW -XOLH
RQW GpFLGp GH VH ODQFHU HW G·RXYULU LO \ D PDLQWHQDQW XQ DQ OHXU SURSUH VDORQ VXU
*XLOKHUDQG*UDQJHV&·HVWGRQFGDQVXQXQLYHUVWRXWGHURVHHWGHQRLUTX·HOOHVRIIUHQW
DX[SHWLWVFRPPHDX[JUDQGVGHQRPEUHXVHVSUHVWDWLRQVFRXSHVFRXOHXUVEUXVKLQJV
PqFKHVH[WHQVLRQVOHWRXWUpDOLVpDYHFGHVSURGXLWVELRORJLTXHV&HVSURIHVVLRQQHOOHV
SURSRVHQW pJDOHPHQW WRXWHV OHV QRXYHOOHV WHQGDQFHV FRPPH OH OLVVDJH EUpVLOLHQ TXL
GpIULVHUD HW VRLJQHUD HQ SURIRQGHXU YRV FKHYHX[ JUkFH j XQ DSSRUW GH NpUDWLQH
3UpVHQWHVDXVDORQGXPDULDJHO·DQGHUQLHUHOOHVYRXVSUpSDUHURQWpJDOHPHQWSRXUFH
JUDQGMRXUJUkFHjXQHVSpFLDOLVDWLRQGDQVOHVFKLJQRQVPDLVDXVVLDYHFXQHVpDQFHGH
PDTXLOODJHUXH$QGUp0DOUDX[²7pO+RUDLUHV/XQDX9HQ!
KjK6DP!KjK3RVVLELOLWpGHUHQGH]YRXVHQQRFWXUQHVXUGHPDQGH
5HWURXYH]pJDOHPHQWYRVFRLIIHXVHVVXU)DFHERRN6KRQDVDORQGHFRLIIXUH
&:X>+
' 11::7
/HJDUDJH*HWH3HXJHRWHVWXQHHQWUHSULVHIDPLOLDOHTXLV·HVWLQVWDOOpHj*XLOKHUDQG
*UDQJHVGDQVOD]RQHGHV6DYLQHVHQ/·pWDEOLVVHPHQWHVWGLULJpSDU)ORUHQFH
*HWH3UDO\ TXL D SULV OD VXFFHVVLRQ GH VRQ SqUH HQ ,O HPSORLH VDODULpV HW
SURSRVHXQODUJHpYHQWDLOGHVHUYLFHVYHQWHHQWUHWLHQUpSDUDWLRQHWFDUURVVHULH
WRXWHVPDUTXHV3RXUUpSRQGUHDXPLHX[DX[DWWHQWHVGHVFOLHQWVOHJDUDJHYLHQW
WRXWMXVWHG·RXYULUXQSDUFYpKLFXOHVG·RFFDVLRQDXVHLQGHVDFRQFHVVLRQ8QHVSDFH
LGpDOSRXUGpQLFKHUODSHUOHUDUHGHVYRLWXUHVUpFHQWHVWUqVELHQHQWUHWHQXHVHW
DXIDLEOHNLORPpWUDJH/·DXWUHDFWXDOLWpSRXUOHJDUDJHF·HVWDXVVLODVRUWLHGHOD
1·KpVLWH] SDV DOOH] O·HVVD\HU *DUDJH *HWH ² UXH 0DUF 6HJXLQ ²
ZZZJDUDJHJHWHFRP 5HWURXYH] DXVVL XQ UHSRUWDJH
YLGpRFRQVDFUpDXJDUDJH*HWHVXUQRWUHVLWHZZZJXLOKHUDQGJUDQJHVWY
,:2GW
W
<DQQLFN/LEHUJHDXQHVHXOHGHYLVH©$PpOLRUHUOHFRQIRUWTXRWLGLHQGHVKDELWDQWV
WRXW HQ IDYRULVDQW OH GpYHORSSHPHQW GXUDEOH ª &·HVW SRXU FHWWH UDLVRQ TX·LO D
GpFLGpLO\DWRXWMXVWHXQDQGHFUpHUVRQHQWUHSULVH(FR\DQDÀQGHSURSRVHUXQ
VHUYLFH GH FRRUGLQDWLRQ GH WUDYDX[ G·LQWpULHXU HW G·LQVWDOODWLRQ G·pTXLSHPHQWV j
pQHUJLHSRVLWLYHFRPPHGHVSDQQHDX[VRODLUHVGHVSRPSHVjFKDOHXURXHQFRUHGHOD
JpRWKHUPLH3RXUDOOHUSOXVORLQGDQVFHWWHGpPDUFKHFHWLQJpQLHX[JXLOKHUDQGDLV
JUDQJHRLV D pJDOHPHQW LPDJLQp XQ DSSDUHLO TXL SHUPHW G·pFUDVHU OHV ERXWHLOOHV
/·(FRSUHVV·DODSDUWLFXODULWpG·pFUDVHUQ·LPSRUWHTXHOFRQWHQDQWPrPHOHVERvWHVGH
FRQVHUYHGDQVOHVHQVGHODODUJHXU$SUqVDYRLUEUHYHWpHWFRPPHUFLDOLVpFHSURGXLW
<DQQLFN/LEHUJHVRXKDLWHOHSRSXODULVHUDÀQGHUpGXLUHO·HQVHPEOHGXYROXPHGHV
GpFKHWVGHODYLOOH3RXUG·LQIRVZZZHFR\DQFRPRX
RY(
5$$$. 6
7
%ULFRUDPDHVWXQHHQVHLJQHKLVWRULTXHGDQVODYLOOH(QHIIHWDYHFSOXVGHDQQpHV
G·H[LVWHQFHHWHPSOR\pVDXVHUYLFHGHVEULFROHXUVHWGHVDPDWHXUVGHGpFRUDWLRQ
LQWpULHXUH O·HQVHLJQH SURSRVH XQH RIIUH WUqV GLYHUVLÀpH j WRXV OHV KDELWDQWV GH OD
YLOOH HW GHV FRPPXQHV DYRLVLQDQWHV ­ O·DSSURFKH GH O·pWp RXWUH WRXV OHV SURGXLWV
GH EULFRODJH HW GH GpFR OH PDJDVLQ YRXV LQYLWH j GpFRXYULU XQ HVSDFH MDUGLQ ELHQ
IRXUQL $X PHQX GX SULQWHPSV HW GH O·pWp EDUEHFXHV HW PRELOLHUV GH MDUGLQ ELHQ
V€U PDLV DXVVL WRQGHXVHV j JD]RQ HW PDWpULDX[ SRXU UpDOLVHU YRV WHUUDVVHV HW WRXV
YRVDPpQDJHPHQWVH[WpULHXUV7RXWHO·pTXLSHGH%ULFRUDPDV·HVWLQYHVWLHDÀQTXHOH
SXEOLFWURXYHOHVGHUQLqUHVWHQGDQFHVSRXUHPEHOOLUVRQFKH]VRL9RXV\WURXYHUH]OHV
FRQVHLOVGHVYHQGHXUVHWFKHIVGHUD\RQVH[SpULPHQWpVTXLVDXURQWELHQYRXVRULHQWHU
%ULFRUDPD²UXH+HQUL'XQDQW'pFRXYUH]O·pTXLSH
GH%ULFRUDPDVXUQRWUHVLWHZZZJXLOKHUDQGJUDQJHVWY
&; (
W
*XLOKHUDQG*UDQJHVPDYLOOH
5LVTXHVHW6pFXULWp
O·DIIDLUHGHWRXV
7RXV OHV WHUULWRLUHV VRQW FRQFHUQpV SDU GHV ULVTXHV VSpFLÀTXHV
­ *XLOKHUDQG*UDQJHV VHORQ OHV VHFWHXUV XQ FHUWDLQ QRPEUH GH
ULVTXHVRQWpWpLGHQWLÀpVSDUOHVVHUYLFHVGHO·(WDW,OV·DJLWGXULVTXH
G·LQRQGDWLRQGHVULVTXHVFOLPDWLTXHVGXULVTXHGHIHXGHIRUrWGH
PRXYHPHQWGHWHUUDLQGXULVTXHVLVPLTXHGXULVTXHGHWUDQVSRUWGH
PDWLqUHVGDQJHUHXVHVHWGXULVTXHGHUXSWXUHGHEDUUDJH
-HJL n JLZ KHUNLYZ WV[LU[PLSZ SH
]PSSLHZV\OHP[tTL[[YLLUµ\]YL\U
KPZWVZP[PMKLWYt]LU[PVUL[K»HJ[PVU
LU JHZ K»PUJPKLU[ THQL\Y *»LZ[
4PJOLS 4PLU]PSSL tS\ KtStN\t n
SH ZtJ\YP[t X\P H t[t JOHYNt WHY
SL THPYL KL YtHSPZLY JL X\»VU
HWWLSSL \U +0*904 ! +VJ\TLU[
K»0UMVYTH[PVU *VTT\UHS Z\Y SLZ
9PZX\LZ 4HQL\YZ *L MHZJPJ\SL
H WV\Y ]VJH[PVU K»PUMVYTLY SLZ
OHIP[HU[Z KLZ YPZX\LZ UH[\YLSZ
L[ [LJOUVSVNPX\LZ X\P SLZ
JVUJLYULU[ L[ KLZ TLZ\YLZ KL
WYt]LU[PVU KL WYV[LJ[PVU L[ KL
ZH\]LNHYKLWYt]\LZ
5V[YL+0*904ZLYH[tStJOHYNLHISL
Z\Y SL ZP[L 0U[LYUL[ ^^^
N\PSOLYHUKNYHUNLZMY n WHY[PY K\
THP L[ JVUZ\S[HISL LU THPYPL
<U L_WVZt WS\Z Z`U[Ot[PX\L K\
+0*904 ZLYH KP]\SN\t KHUZ SL
WYVJOHPUTHNHaPULT\UPJPWHS
%
3LZtS\ZVU[tNHSLTLU[KtJPKtKL
JVUJL]VPY\U7SHU*VTT\UHSKL
:H\]LNHYKL 7*: 0S Z»HNP[ K»\U
WSHUKt[HPSStKL[V\[LZSLZHJ[PVUZ
X\L SH JVTT\UL KL]YH LUNHNLY
LU JHZ KL JYPZL +HUZ \U [LS
JVU[L_[L SL YSL KL S»PUMVYTH[PVU
;tStJVT
WHNLZ
ISHUJOLZ
LZ[t]PKLTTLU[LZZLU[PLS
L[ QH\ULZ ItUtÄJPLU[ KL JL
*»LZ[ WV\YX\VP UV[YL ]PSSL Z»LZ[ ZLY]PJL NYH[\P[ ZHUZ MHPYL KL
KV[tL K»\U Z`Z[uTL K»HSLY[L L[ KtTHYJOL WHY[PJ\SPuYL :P ]V\Z
K»PUMVYTH[PVU H\[VTH[PZt *L v[LZPUZJYP[ZLU­SPZ[LYV\NL®L[V\
KPZWVZP[PMWLYTL[K»H]LY[PY[V\[LSH WVZZtKLa \U [tStWOVUL WVY[HISL
WVW\SH[PVU LU JHZ K»t]tULTLU[ ]VPYL\UMH_V\LUJVYL\ULHKYLZZL
L_JLW[PVUULS LU TVPUZ KL THPS UV\Z ]V\Z YLTLYJPVUZ KL
TPU\[LZ L[ KL JVTT\UPX\LY SLZ IPLU]V\SVPYJVTWSt[LYSLJV\WVU
JVUZPNULZKLZtJ\YP[tHWWYVWYPtLZ JPKLZZV\ZL[S»HKYLZZLYLU4HPYPLn
S»H[[LU[PVUKLSH7VSPJL4\UPJPWHSL
(\ZZP
HÄU
KL
MH]VYPZLY
HÄU KL WV\]VPY ]V\Z H\ZZP v[YL
\UL [YHUZTPZZPVU K»PUMVYTH[PVU
WYt]LU\Z [YuZ YHWPKLTLU[ LU JHZ
LMÄJHJL UV\Z ]V\Z PU]P[VUZ n
KLUtJLZZP[t*LZYLUZLPNULTLU[Z
UV\Z [YHUZTL[[YL [V\[LZ ]VZ
YLZ[LYVU[ IPLU Z„Y Z[YPJ[LTLU[
JVVYKVUUtLZ[tStWOVUPX\LZ
JVUÄKLU[PLSZ 7HY SH Z\P[L PS UL
([[LU[PVU HJ[\LSSLTLU[ ZL\SLZ
MH\KYH WHZ V\ISPLY KL UV\Z MHPYL
SLZ WLYZVUULZ PUZJYP[LZ Z\Y
WHY[ KL [V\[ JOHUNLTLU[ KL ]VZ
S»HUU\HPYL W\ISPJ KL -YHUJL
JVVYKVUUtLZ
+8175517*#+6'<8175+05%4+4'Ê%'&+5215+6+()4#67+6X01758175+08+6105Ê4'/2.+4
%'%17210'6Ê.'4'61740'4'0/#+4+'Ê.#66'06+10&'.#1.+%'70+%+2#.'T
1/'624Ï01/UTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT
&4'55'UTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT
TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT
#7614+5'.#8+..'&'7+.*'4#0&g4#0)'5Ê76+.+5'4/10U
9
&w&'(+:'UTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTw&'(#:UTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT
7
w&'2146#$.'UTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT/#+.UTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT
#
2174/#.'46'4'6/+0(14/'4&76;2'&'&#0)'4'6&'5%105+)0'5&'5Ï%74+6ÏÊ57+84''0%#5&'4+537'/#,'74574
.#%1//70'&'7+.*'4#0&g4#0)'5T
+)0#674'U
) ,16&5,37,21*5$78,7(
6\VWHPHGdDSSHOHQPDVVH
'
=
K
8QEXGJHWPDvWULVp
TXLQ·RXEOLHSHUVRQQQH
/H EXGJHW D pWp YRWp
OH DYULO GHUQLHU SDU OH
&RQVHLO0XQLFLSDO6RQPRQWDQW
WRWDO
LQYHVWLVVHPHQW
HW
IRQFWLRQQHPHQW
FRQIRQGXV
V·pOqYH j HXURV
,O V·LQVFULW GDQV OD OLJQpH GHV
REMHFWLIV GX PDQGDW HW GDQV
OD FRQWLQXLWp GHV SUpFpGHQWV
H[HUFLFHV
G W ;
2
(
U
$$
;Z8
46
5
3H WYtZLY]H[PVU KL UV[YL
LU]PYVUULTLU[
3»LTILSSPZZLTLU[ KL UV[YL
JHKYL KL ]PL H]LJ UV[HTTLU[
S»HTtUHNLTLU[WOHYLKLS»H]LU\L
KLSH9tW\ISPX\LJMWHNL
3»LU[YL[PLU L[ S»HTtSPVYH[PVU KLZ
tX\PWLTLU[ZW\ISPJZJVTT\UH\_
WHYTP SLZX\LSZ S»L_[LUZPVU KL SH
)LH\SPL\JMWHNL *VTTL [V\QV\YZ SH 4\UPJPWHSP[t
L[ SLZ HNLU[Z JVTT\UH\_
Z»H[[HJOLYVU[ n YLUKYL \U
ZLY]PJL W\ISPJ KL X\HSP[t H\_
.\PSOLYHUKHPZ.YHUNLVPZ
L[
n J\S[P]LY \U JHKYL KL ]PL
OHYTVUPL\_ L[ ZtJ\YPZt [V\[ LU
THz[YPZHU[UVZKtWLUZLZ
$$;
Z8
G5
*»LZ[
SL
WYLTPLY
I\KNL[
tSHIVYt KLW\PZ SLZ [YHUZMLY[Z KL
JVTWt[LUJLZ SPtZ n SH M\ZPVU KL
SH **9* L[ KL SH *VTT\UH\[t
KL *VTT\ULZ K\ 7H`Z KL
*Y\ZZVS ,U LMML[ KLW\PZ SL LY
QHU]PLY KLYUPLY SH WPZJPUL L[ SH
TtKPH[OuX\L ZVU[ KL]LU\LZ KLZ
ZLY]PJLZ PU[LYJVTT\UH\_ *LZ
JOHUNLTLU[ZPTWHJ[LU[SLI\KNL[
SLZ IPSSL[[LYPLZ U»LU[YLU[
WS\Z KHUZ SH SPNUL KLZ YLJL[[LZ
HSVYZX\LSHTHZZLZHSHYPHSLKLJLZ
t[HISPZZLTLU[ZHIHZJ\StKHUZSL
NPYVUKLSH**9*JMWHNL
!
*XLOKHUDQG*UDQJHVPDYLOOH
+
J/C'/G%
/J'+%'"I[
/D 0XQLFLSDOLWp YRXV SURSRVH GH UHFHYRLU
SDU HPDLO RX VPV XQ PHVVDJH G·DOHUWH
FRQFHUQDQW OH VROGH GH YRWUH FRPSWH
IDPLOOH 6L YRXV rWHV LQWpUHVVpV SDU FH
VHUYLFHFRQWDFWH]OD5pJLH0XQLFLSDOHVLWXpH
DXUH]GHFKDXVVpHGHODPDLULHSDUWpOpSKRQHDX
RXSDUHPDLOFOLFN#JXLOKHUDQGJUDQJHVIU
$%/EC%3%:7
5REHUW -RYLQHOOL HW -HDQLQH -RYLQHOOL
QpH %HOD\ RQW IrWp FH PDUGL DYULO
OHXUV DQV GH PDULDJH j OD PDLVRQ
GH UHWUDLWH 2USpD /HV 7DPDULV R LOV
UpVLGHQW ­ UHVSHFWLYHPHQW HW DQV
5REHUW HW -HDQLQH VRQW HQ SOHLQH IRUPH /HXUV GHX[ ÀOV
OHXUV SHWLWVHQIDQWV HW GHX[ GH OHXUV DUULqUHSHWLWHVÀOOHV
DYDLHQW IDLW OH GpSODFHPHQW GHSXLV OH VXG GH OD )UDQFH
DÀQ G·rWUH SUpVHQWV SRXU FpOpEUHU OHV QRFHV GH SODWLQH GX
FRXSOH 8Q PRPHQW GH IrWH DXTXHO V·HVW pJDOHPHQW MRLQW
-HDQ&ODXGH 5RPDQHW 3UHPLHU $GMRLQW TXL D WHQX j OHXU
VRXKDLWHUGHORQJXHVDQQpHVGHERQKHXU
,J3%/%3E5'/"JJ/
V:'P3%/E2:3%/:7
/H EDWWHXU )ORULDQ &HOODUG UpVLGDQW j
*XLOKHUDQG*UDQJHV VRUWLUD OH 0DL
SURFKDLQ VRQ SUHPLHU '9' OLYH DYHF OH
JURXSH©/HV7RRQ·VªTX·LODUHMRLQWLO\D
PDLQHQDQWWURLVDQV,QWLWXOp©6WDUVGHVFKDPSV
DXWKpkWUHGHODYLOOHªFH'9'DpWpWRXUQpORUVGXFRQFHUW
H[FHSWLRQQHO GXJURXSHDX WKpkWUH OH 5K{QH GH %RXUJOqV
9DOHQFH 9RXV WURXYHUH] VXU FHWWH YLGpR PRUFHDX[ OLYH
GRQW GHX[ LQpGLWV H[WUDLWV GX SURFKDLQ DOEXP 3RXU SOXV
G·LQIRUPDWLRQVZZZOHVWRRQVFRP
J/%"'3E&'"
0 $OEHUW 5RXGLHU FRQFLOLDWHXU GH MXVWLFH
UHoRLW O·HQVHPEOH GHV KDELWDQWV GX FDQWRQ
GH 6DLQW3pUD\ HQ PDLULH GH *XLOKHUDQG
*UDQJHV WRXV OHV H PHUFUHGL GH FKDTXH
PRLV GH K j K VDQV UHQGH]YRXV &H
SURIHVVLRQQHODSRXUPLVVLRQGHUpVRXGUHjO·DPLDEOH
OHVOLWLJHVTXLFRQFHUQHQWSDUWLFXOLHUVRXHQWUHSULVHV
'HSXLVOHPRLVGH-DQYLHU0XULHO6HDXYH
2OLYLpULVLqJHDX&RQVHLO0XQLFLSDOGDQV
OH JURXSH G·RSSRVLWLRQ (OOH UHPSODFH
%UXQR &RXORQ GpPLVVLRQQDLUH SRXU
UDLVRQGHPXWDWLRQSURIHVVLRQQHOOH
/3G"J/J%3
/HV LQVFULSWLRQV GDQV OHV JURXSHV
VFRODLUHVFRPPXQDX[VRQWjHIIHFWXHU
DXSUqVGXVHUYLFHGHVDIIDLUHVVFRODLUHV
VLWXp DX UH]GHFKDXVVpH GH OD PDLULH
$WWHQWLRQ HOOHV FRQFHUQHQW VHXOHPHQW
OHV HQIDQWV TXL IHURQW OHXU HQWUpH HQ UH DQQpH GX
F\FOH PDWHUQHOOH RX pOpPHQWDLUH OH 6HSWHPEUH
/HIRUPXODLUHGHGHPDQGHG·LQVFULSWLRQHVWj
UHWLUHUDXSUqVG·,VDEHOOH$XEHUWHQFKDUJHGXVHUYLFH
VFRODLUH HQ YRXV PXQLVVDQW GX OLYUHW GH IDPLOOH
G·XQH FDUWH G·LGHQWLWp RX G·XQH FRSLH G·DFWH GH
QDLVVDQFHHWG·XQMXVWLÀFDWLIGHGRPLFLOH$SUqVFHWWH
pWDSHO·LQVFULSWLRQGHYUDrWUHFRQÀUPpHDXSUqVGX
'LUHFWHXURXGHOD'LUHFWULFHG·pFROHHQSUpVHQWDQW
OHVPrPHVSLqFHVDLQVLTXHOHFDUQHWGHYDFFLQDWLRQ
HW OH FDV pFKpDQW OH FHUWLÀFDW GH UDGLDWLRQ /HV
SDUHQWV VRXKDLWDQW XQH GpURJDWLRQ GH FDQWLQH RX
G·DIIHFWLRQGRLYHQWVROOLFLWHUXQUHQGH]YRXVDXSUqV
G·$QQLH3H\UDFKRQ&RQVHLOOqUHPXQLFLSDOHGpOpJXpH
DX[DIIDLUHVVFRODLUHV,QIRUPDWLRQVDX
RXLVDEHOOHDXEHUW#JXLOKHUDQGJUDQJHVIU
3+"P/?'
%LHQYHQXHjeULF/HQRLUHW(PLOLH
/DSDL[TXLRQWUHMRLQWOHVVHUYLFHV
WHFKQLTXHV GH OD PDLULH DX PRLV
GH )pYULHU eULF /HQRLU UHPSODFH
0HUU\O 'XUDQG DX SRVWH GH 'LUHFWHXU
GHV 6HUYLFHV 7HFKQLTXHV $UULYDQW GX 3pDJH GH
5RXVVLOORQ R LO H[HUoDLW OHV PrPHV IRQFWLRQV FH
SDVVLRQQpGHYpORDFKRLVL*XLOKHUDQG*UDQJHVSRXU
VHUDSSURFKHUGHVHVSURFKHVHWSURÀWHUGXFDGUHGH
YLHDJUpDEOHGHQRWUHYLOOHePLOLH/DSDL[WUDYDLOODLW
TXDQW j HOOH j &KDWHDXQHXIVXU,VqUH DYDQW GH
UHMRLQGUH *XLOKHUDQG*UDQJHV HQ WDQW
TXHUHVSRQVDEOHGHO·XUEDQLVPH&HWWH
QRXYHOOHIRQFWLRQOXLSHUPHWG·pODUJLU
VHVFRQQDLVVDQFHVGDQVXQHVWUXFWXUH
SOXV LPSRUWDQWH (OOH UHPSODFH DLQVL
<DQQ%ULVVDUW
*XLOKHUDQG*UDQJHVPDYLOOH
*
,
'HVIRUPDWLRQVj%DF
VXUQRWUHFRPPXQH
,OH[LVWHj*XLOKHUDQG*UDQJHVXQ&HQWUHGH)RUPDWLRQGHV$SSUHQWLV&)$DLQVLTX·XQ&XUVXVGH
)RUPDWLRQ$GDSWpDX[DGXOWHVHW3URIHVVLRQQHOV&)$3GDQVOHVGRPDLQHVGHODSKDUPDFLHHWGHOD
GLpWpWLTXH,QVWDOOpVUXHGH1DUYLNGHUULqUHO·$JRUDGDQVXQEkWLPHQWTX·LOVSDUWDJHQWDYHFOHV
V\QGLFDWVGHVSKDUPDFLHQVGHOD'U{PHHWGHO·$UGqFKHO·pWDEOLVVHPHQWDFFXHLOOHFKDTXHDQQpH
SUqVGHpOqYHV1RXVDYRQVUHQFRQWUpOHVDSSUHQWLVHWpWXGLDQWVGHFHVIRUPDWLRQV%$&
SURSRVpHVVXUODFRPPXQHDÀQGHFRQQDvWUHOHXUVPRWLYDWLRQVHWG·HQVDYRLUXQSHXSOXVVXUOHV
SURJUDPPHVHWDSSUHQWLVVDJHVGLVSHQVpV9RLFLOHXUVWpPRLJQDJHV
µµ
GYC%3"R;)
"E.
$SUqVXQ%DF6HWXQSDUFRXUVSURIHVVLRQQHOXQSHXDYDQFp3LHUULFNDFKRLVLGH
UHSUHQGUHVHVpWXGHVDXVHLQGX%76GLpWpWLTXHSURSRVpSDUOH&)$3KDUPDFLHGH
*XLOKHUDQG*UDQJHV­(\QV\YK»O\PWHZTHSKL);:KPt[t[PX\LL_PZ[LU[UV[HTTLU[
LU 9OUL(SWLZ 4VU JOVP_ Z»LZ[ UH[\YLSSLTLU[ VYPLU[t Z\Y JLS\P KL .\PSOLYHUK
.YHUNLZJHYPSLZ[WS\ZLUSPLUH]LJSLWHYHTtKPJHS6U`Z\P[KLZJV\YZKLWO`ZPVSVNPL
K»HUH[VTPLTHPZH\ZZPZ\YSLZPU[tYHJ[PVUZTtKPJHTLU[L\ZLZ*LSHJVYYLZWVUKIPLU
n TVU VIQLJ[PM KL [YH]HPSSLY WS\Z [HYK KHUZ SL KVTHPUL KL SH KPt[t[PX\L ZWVY[P]L L[
K»PU[tNYLYSLTPSPL\OVZWP[HSPLY®
%
W&%?'";
?=G=E2.
,VVXH GH OD SURPRWLRQ GX %UHYHW GH 3UpSDUDWHXU HQ SKDUPDFLH$XGUH\
D VRXKDLWp DYHF VRQ HPSOR\HXU DFWXHO pODUJLU OH FKDPS GH VHV FRPSpWHQFHV
SURIHVVLRQQHOOHVHQDSSURIRQGLVVDQWXQHIDFHWWHGXPpWLHUHQSOHLQHH[SDQVLRQ
ODGHUPRFRVPpWLTXH­6UHIVYKLSLZWH[OVSVNPLZKLSHWLH\SHNHStUPX\LJ»LZ[n
KPYL[V\[JLX\PJVTWVZLSLZJYuTLZL[tT\SZPVUZLUJVZTt[VSVNPLK\TLYJOHUKPZPUN
*»LZ[[YuZLUYPJOPZZHU[L[JLZLYH\U]YHPWS\ZWV\YTVPL[TVULTWSV`L\Y®
µµ
C%J';
G G0
7LWXODLUHG·XQ%DF/HWG·XQ'(8*GH/DQJXHV(WUDQJqUHV$SSOLTXpHV0DJDOLV·pWDLW
RULHQWpHHQ/($DORUVTXHVRQSURMHWLQLWLDOpWDLWSRXUWDQWGHWUDYDLOOHUGDQVXQH
SKDUPDFLH8QHRULHQWDWLRQLPSRVVLEOHDORUV4XHOTXHVDQQpHVSOXVWDUGVRQ
UrYHHVWUHGHYHQXSRVVLEOH­1»HPYt\ZZPn[YV\]LY\UJVU[YH[K»HWWYLU[PZZHNLKHUZ
\ULWOHYTHJPLL[Q»HPt[tHJJLW[tLKHUZSLJ\YZ\ZK\)77OHYTHJPL1LZ\PZKVUJ
LU HS[LYUHUJL 3L WYVNYHTTL LZ[ [YuZ KLUZL THPZ sH ]H\[ SL JV\W 5V\Z ZVTTLZ
ZL\SLTLU[WHYJSHZZLL[SLZWYVMLZZL\YZZVU[[YuZPTWSPX\tZ®
,%
G0
$;/Y$)$$:0
2:
" 05$))2,#5$)4*
&RXUULHOFIDSKDUP#ZDQDGRRIUZZZFIDSKDUPDFLHGURPHDUGHFKHFRP
'LUHFWHXU-HDQ0DUF/R]DQR
$
*XLOKHUDQG*UDQJHVPDYLOOH
1RXYHOOH9DJXH
XQHUpVLGHQFHSRXUpWXGLDQWV
3DV WRXMRXUV IDFLOH GH VH ORJHU ORUVTX·RQ HVW pWXGLDQW 6DYLH]YRXV TX·j *XLOKHUDQG*UDQJHV XQH
UpVLGHQFH WRXW FRQIRUW SURSRVH ORJHPHQWV WRXW pTXLSpV GH j P SRXU OHV VWDJLDLUHV HW
pWXGLDQWV"&HWpWDEOLVVHPHQWJpUpSDUOD0XWXDOLWp)UDQoDLVHRIIUHGHVSUHVWDWLRQVWRXWFRQIRUWZLÀ
VDOOHGHPXVFXODWLRQEXDQGHULHVDOOHGHWUDYDLODYHFSKRWRFRSLHXVH0DLVSOXVTX·XQVLPSOHSDUFGH
ORJHPHQWVORFDWLIVODUpVLGHQFH1RXYHOOH9DJXHHVWDXVVLXQHVSDFHGHYLHDFFXHLOODQWRFKDFXQDVD
SODFHHWSHXWEpQpÀFLHUGXVRXWLHQGHO·pTXLSHJHVWLRQQDLUHGHODUpVLGHQFHFRPSRVpHGH'DYLG5R\HU
JDUGLHQHWGH/DXULH9DOHWWHVHFUpWDLUHFRRUGLQDWULFH6RXULUHJHQWLOOHVVHHWVHUYLDELOLWpVRQWOHORWGH
FHVSLOLHUVGH1RXYHOOHYDJXH5HQFRQWUHDYHFOHVORFDWDLUHVGHFHWWHV\PSDWKLTXHUpVLGHQFH
0
J;$
I
"%G
,C;*
I
( ­ hH MHP[ \U HU L[ KLTP
X\L Q»OHIP[L SH 9tZPKLUJL
(\WHYH]HU[
Q»t[HPZ
LU
PU[LYUH[ 4H MHTPSSL H ]tJ\
SVUN[LTWZ n .\PSOLYHUK
.YHUNLZ H]HU[ KL WHY[PY
OHIP[LYWS\ZH\Z\K1»t[HPZ[YuZ
H[[HJOtL n JL[[L ]PSSL Vƒ Q»HP
t[tLUJS\IZWVY[PMWLUKHU[KL
UVTIYL\ZLZ HUUtLZ Q»H]HPZ
LU]PL KL YL]LUPY ` ]P]YL 0JP
SLZSVJH\_ZVU[[YuZHNYtHISLZ
0S`H\ULZHSSLKLZWVY[ZVU
LZ[nWHZKL[V\[L[S»tX\PWL
X\LMVYTL+H]PKL[3H\YPLLZ[
[YuZZ`TWH[OPX\L+uZX\»VU
H \U ZV\JP PSZ PU[LY]PLUULU[
YHWPKLTLU[ 6U UL ZL ZLU[
WHZZL\S3»LU]PYVUULTLU[LZ[
[YuZYHZZ\YHU[®
­ 1»HP LTTtUHNt KHUZ SH
YtZPKLUJL HSVYZ X\L QL U»H]HPZ
X\L HUZ 4LZ WHYLU[Z ZVU[
JVTTLYsHU[Z KHUZ \UL ]PSSL K\
Z\K KL SH -YHUJL L[ HWYuZ H]VPY
]tJ\TVULUMHUJLn.\PSOLYHUK
.YHUNLZ Q»HP ZV\OHP[t YLZ[LY
PJP WV\Y UL WHZ TL JV\WLY KL
S»LU]PYVUULTLU[ HZZVJPH[PM X\P
t[HP[ SL TPLU KLW\PZ [V\[ QL\UL
1»HP TVU PUKtWLUKHUJL J»LZ[
\ULYtZPKLUJLJHSTLL[WYH[PX\L
3LN`TUHZLS»H\[VtJVSLSLZI\Z
L[SLZJVTTLYJLZZVU[[V\[WYuZ
\U YtLS H]HU[HNL 3LZ SVNLTLU[Z
VMMYLU[ ILH\JV\W KL WYLZ[H[PVUZ
L[[V\[LZ[JVTWYPZKHUZSLSV`LY
6U H WL\ KL JOHYNLZ *»LZ[
PU[tYLZZHU[®
/,J
!5pVLGHQFHLQDXJXUpHHQ
CW;
I
­ 1»HP LTTtUHNt PJP PS `
H WL\ THPZ QL JVUUHPZ SH
YtZPKLUJL KLW\PZ WS\Z K»\U
HU JHY \UL KL TLZ HTPLZ
` SVNLHP[ 1»H]HPZ LU]PL
K»PUKtWLUKHUJL sH T»H
WHY\HKHW[tnTLZLU]PLZL[
n TLZ ILZVPUZ 3H YtZPKLUJL
LZ[IPLUKLZZLY]PLWHYSLI\Z
1LWYH[PX\LH\ZZPSLOHUKIHSS
H]LJ S»(TPJHSL 3H{X\L H\
JLU[YL VTUPZWVY[Z L[ J»LZ[
Q\Z[L n J[t (\QV\YK»O\P QL
Z\PZ[YuZJVU[LU[LQLJVU[PU\L
n MHPYL K\ ZWVY[ QL Z\PZ LU
JVSVJH[PVUL[QLItUtÄJPLKLZ
(73®
µµ
µµ
! ORJHPHQWV GLVSRQLEOHV HW FRQYHQWLRQQpV $3/ VWXGLRVGHPORXpVDXSUL[GHHXURV&&RXVWXGLRV
GHPFRORFDWLRQSRVVLEOHSRXUHXURV&&
!/HVFKDUJHVLQFOXHQWO·HDXOHFKDXIIDJHO·pOHFWULFLWp
OH:LÀOD7D[HG·+DELWDWLRQSDUNLQJVDFFqVjODVDOOH
GHVSRUWEXDQGHULH
*XLOKHUDQG*UDQJHVPDYLOOH
,
9RVSURFKDLQVUHQGH]YRXV
P
"%'N
G%/"
,
N
'
'
%
I
3
C%
3
"3
%
/HV2UFKHVWUDOHV
YRXVSURSRVHQWGH
GpFRXYULUjO·$JRUDGX
DXPDLODPXVLTXHVRXV
WRXWHVVHVIRUPHV
/H&RPLWp
PXQLFLSDOGHVIrWHVYRXV
FRQYLHGLPDQFKHPDLjODH
pGLWLRQGXPDUFKpDX[SODQWHV­
FHWWHRFFDVLRQODSURPHQDGHGHVERUGV
GX5K{QHVHPHWjO·KHXUHGHODERWDQLTXH
HWGHO·KRUWLFXOWXUH3pSLQLpULVWHV
KRUWLFXOWHXUVDUERULFXOWHXUVHWPDUDvFKHUV
VRQWUpXQLVSRXUYRXVSURSRVHU
GLYHUVHVYDULpWpVGHSODQWHV
HWGHÁHXUV&·HVW
O·RFFDVLRQGHGpFRUHU
YRVMDUGLQVEDOFRQV
WHUUDVVHVHW
LQWpULHXUV
J3P
0HUFUHGLK!/HVpOqYHVGHO·pFROHGH
PXVLTXHHWOHVHQIDQWVGHVpFROHVDFFRPSDJQHQWOD
%DWXFDGD©75,%$/$7$0ªGH5RPDQV
9HQGUHGLK!2UFKHVWUHGH0RQWpOLPDU©0LVWUDO
jODFOpªPXVLTXHVFODVVLTXHYDULpWpMD]]
6DPHGLK!©9R\DJHHQ,WDOLHª
DYHFOHVpOqYHVGHO·(FROHGH0XVLTXH
'LPDQFKHK!©2UFKHVWUH
G·+DUPRQLHªGH6DLQW3pUD\HW
©2UFKHVWUH6\PSKRQLTXHª
GH&KDEHXLO
E
%
,
/HH)HVWLYDO
G·2UJXHVGH%DUEDULHDXUD
OLHXVXUODSURPHQDGHGHV
EHUJHVGX5K{QHO·DSUqVPLGLGX
VDPHGLPDLHWWRXWHODMRXUQpH
GXGLPDQFKH8QHFHQWDLQHGHMRXHXUV
G·RUJXHVIUDQoDLVHWpWUDQJHUVYRXVHQWUDvQHURQW
HWDVVXUHURQWOHVSHFWDFOH/HVHQIDQWVVHURQW
HX[DXVVLVpGXLWVSDUFHVLQVWUXPHQWVHQFKDQWHXUV
DYHFOHVSHFWDFOHPXVLFDOHWOHPDQqJHjYpORVGH
%DE·VOHFORZQ(QSDUDOOqOHHWSRXUUDMRXWHUHQFRUH
GXFKDUPHjFHMR\HX[UHQGH]YRXVWRXVOHV
SHLQWUHVVDQVH[FHSWLRQDPDWHXUVGpEXWDQWV
HWFRQÀUPpVVRQWLQYLWpVj
SHLQGUHVXUOHVERUGVGX
5K{QH$QLPDWLRQ
JUDWXLWHRXYHUWH
jWRXV
GE
" +%
E%3%
J3:'
3
E
%7
/
/HEHDFK
SDUFGHODYLOOH
VLWXpDX6WDGHGHV
FRPEHVYRXVDFFXHLOOHjQRXYHDXFHW
pWpDYHFO·RSpUDWLRQ©/HVSLHGVGDQV
OHVDEOHª'HQRPEUHXVHVDQLPDWLRQV
VRQWSUpYXHVGXMXLQDXMXLOOHW
FRQVWUXFWLRQGHFKkWHDX[GHVDEOHWRXUQRL
GHVRFFHUGHEHDFKYROOH\RXHQFRUH
SDWDXJHRLUH/HEHDFKSDUFHVW
HQDFFqVOLEUHOHUHVWHGH
O·DQQpHHWGHO·pWp
Q·KpVLWH]SDVjHQ
SURÀWHU
*XLOKHUDQG*UDQJHVPDYLOOH
/
C%+
/
HW-XLQOH
PRQGHPpGLpYDO
VHUDXQHQRXYHOOH
IRLVjODIrWHVXUOH
VLWHGH&UXVVRO9HQH]
UHPRQWHUOHWHPSVJUkFHDX[
QRPEUHXVHVDQLPDWLRQVSUpYXHV
SUpVHQWDWLRQGHODYLHTXRWLGLHQQHGHO·pSRTXH
HQWUDvQHPHQWVHWFRPEDWVGHFKHYDOLHUV
IDXFRQQHULHpTXHVWUHIDUFHVPpGLpYDOHV
EDODGHVjGRVG·kQHVRXHQFRUHMHX[
PpGLpYDX[(QVRLUpHSODFHjOD
PXVLTXHVXUODVFqQHGXWKpkWUHGH
YHUGXUHDYHFOHFRQFHUWHWOH
VSHFWDFOHVRQHWOXPLqUH
'X DX -XLQ 0D YLOOH HQ
IrWH HVW GH UHWRXU 9RLFL XQ
DYDQWJR€W GH FH TXH YRXV
UpVHUYHFHWWHHpGLWLRQ
/XQGL!120$6/$%$1'$
5HQRXRQV DYHF OD VDOVD HW OH
PHUHQJXH HQ SDVVDQW SDU OH
FKDFKDHWODUXPEDDYHFOHV
PXVLFLHQVGH©1RPDVOD%DQGD
ª TXL YRXV IHURQW YR\DJHU DX
FRHXUGHVU\WKPHVODWLQRV
'3 / "
J
C%
3
1RXYHDX
j*XLOKHUDQG
*UDQJHVXQPDUFKp
QRFWXUQHDUWLVDQDODXUDOLHX
OHYHQGUHGLHU-XLOOHWGHKj
K3URÀWH]GHFHWWHVRLUpHG·pWpSRXU
YRXVEDODGHUVXUOHVEHUJHVGX5K{QH
WRXWHQGpFRXYUDQWOHVSURGXLWVGXWHUURLU
HWGHO·DUWLVDQDWORFDO8QpYpQHPHQW
jQHSDVPDQTXHURXQHVRL[DQWDLQH
G·H[SRVDQWVVHURQWSUpVHQWVVXUOD
SURPHQDGHSRXUXQPDUFKpKDXW
HQFRXOHXUVHWHQVHQWHXUV
I
P
7
%/
?
JG 3
%
/
%/
'
G
3I
6\PEROH
"
'
GHFRQYLYLDOLWpHW
0DUGL!6+(/7$
&HV PXVLFLHQV SDVVLRQQpV
YRXVIHURQWGpFRXYULUODPXVLTXH
LUODQGDLVHPpODQJHGHWUDGLWLRQ
HWGHPRGHUQLWp
/H
MXLOOHW
jKOHFHQWUH
RPQLVSRUWVDFFXHLOOHUD
O·RUFKHVWUHHWOHFKRHXU
$UWHPXVDLQVLTXHVROLVWHVSRXU
ODWUqVEHOOHRHXYUHGH*HRUJHV
%L]HW&$50(1(QWUpH½
$YHF©/HV0XVLFDOHVGH6R\RQV
HQEDOODGHª
GHSDUWDJHOHEDQTXHW
UpSXEOLFDLQDXUDOLHXOH
-XLOOHW&·HVWO·RFFDVLRQSRXU
OHV*XLOKHUDQGDLV*UDQJHRLVGH
SURÀWHUG·XQUHSDVIHVWLIVXUOD
SURPHQDGHGHVEHUJHVGX5K{QH
$XSURJUDPPHpYLGHPPHQWXQ
UHSDVGHTXDOLWpPDLVpJDOHPHQW
GHVDQLPDWLRQVXQHWRPEROD
HWGHODPXVLTXH,QIRVSUL[
HWPRGDOLWpVGHUpVHUYDWLRQV
YRXVSDUYLHQGURQW
SURFKDLQHPHQW
LQIRVPXVLFDOHV
VR\RQVIU
7
"
\
,
0HUFUHGL!&,($5,672%8//(
,OVDYDLHQWIDLWULUHWRXWHODSODFH
GHV0XVHVO·DQGHUQLHUDYHFOHXU
FDUDYDQH ,OV SUpVHQWHQW FHWWH
DQQpH OHXU GHUQLHU VSHFWDFOH
GU{OH HW PDJLTXH DXWRXU G·XQ
DTXDULXP
-HXGL!/(6%5(7216'(/·(67
&H WULR PXVLFDO SDUWDJHUD DYHF
YRXV VRQ pQHUJLH GpERUGDQWH
JUkFH j XQ UpSHUWRLUH LQÁXHQFp
SDU OHV PXVLTXHV W]LJDQHV
J\SVLHPDQRXFKHPDLVDXVVLSDU
OHMD]]HWOHEOXHV
9HQGUHGL!(192/',675$772
&KRUpJUDSKLHV
LPSUREDEOHV
FRXSV G·pFODWV HW FRXSV GH
WKpkWUH VRQW OHV LQJUpGLHQWV
GX ©/DF GHV &\JQHVª UHYLVLWp
SDU FHWWH FRPSDJQLH LWDOLHQQH
'U{OHjFRXSV€U
@2
7
7
3'J
/
,\
"
/HV
6DPHGL ! &O{WXUH GH FHWWH
VHPDLQH IHVWLYH HQ PXVLTXH HW
HQ VXUSULVHV 5HQGH]YRXV GqV
KVXUOHSDUYLVGHODPDLULHHW
ODSODFHGHV0XVHV
*XLOKHUDQG*UDQJHVPD
YLOOH
4
: .
8QLRQG·DFWLRQPXQLFLSDOH
/H GHUQLHU &RQVHLO 0XQLFLSDO TXL V·HVW WHQX OH PDLULHVXUO·HQVHPEOHGHVSULQFLSDX[pOpPHQWVGX
DYULOGHUQLHUDYDLWFRPPHSULQFLSDOSRLQWjO·RUGUH 3/8
GXMRXUOHYRWHGXSURMHWGH3ODQ/RFDOG·8UEDQLVPH
'HX[UpXQLRQVSXEOLTXHVRQWHXOLHXOHVIpYULHU
/D 0XQLFLSDOLWp WUDYDLOOH GHSXLV SOXV G·XQ DQ j HWPDUVGHUQLHUVSRXUSUpVHQWHUOHSURMHWHWHQ
VRQ pODERUDWLRQ JUkFH QRWDPPHQW j O·LQYHVWLVVH
GpEDWWUHUHOD\pHVSDUOHVSDQQHDX[G·DIÀFKDJH
PHQWLPSRUWDQWGHOD&RPPLVVLRQXUEDQLVPHGDQV 8Q UHSRUWDJH VXU OH PDJD]LQH PXQLFLSDO
ODTXHOOH VLqJH OHV UHSUpVHQWDQWV GH OD PDMRULWp pOHFWURQLTXH GX PDUV D pWp UpDOLVp DLQVL
HW GH O·RSSRVLWLRQ $LQVL GHSXLV OH GpEXW GH TXHVXUOHVLWHLQWHUQHWGHODYLOOHVXU**79HWGDQV
O·DQQpH OH 3/8 D IDLW O·REMHW G·XQH ODUJH FRQFHU
ODSUHVVHORFDOH«
WDWLRQHWG·LQIRUPDWLRQVDXSUqVGHV*XLOKHUDQGDLV
*UDQJHRLV DX WUDYHUV GHV PXOWLSOHV VXSSRUWV GH /H 3/8 TXL D pWp DUUrWp ORUV GH FHWWH VpDQFH GX
FRPPXQLFDWLRQ
&RQVHLO0XQLFLSDOGHVVLQHUDOHVFRQWRXUVGHFHTXH
/HGRVVLHUpWDLWGLVSRQLEOHSRXUFRQVXOWDWLRQHQ
VHUDQRWUHYLOOHGDQVOHVGL[jTXLQ]HDQQpHVjYHQLU
PDLULH
8QH H[SRVLWLRQ V·HVW WHQXH GDQV OH KDOO GH OD
,QYHQWRQV
HQVHPEOH
QRWUHYLOOH
/D FRPPXQH GH *XLOKHUDQG*UDQJHV D HQJDJp OD GXUpH GH O·pODERUDWLRQ GX SURMHW OHV KDELWDQWV
SURFpGXUHG·pODERUDWLRQGX3ODQ/RFDOG·8UEDQLVPH OHV DVVRFLDWLRQV ORFDOHV HW OHV DXWUHV SHUVRQQHV
3/8 3RXU UDSSHO OH 3/8 HVW OH SULQFLSDO FRQFHUQpHV&HGRFXPHQWHVWGRQFG·LPSRUWDQFHHW
GRFXPHQW G·XUEDQLVPH GH SODQLÀFDWLRQ DX QLYHDX HQJDJH OD FRPPXQH SRXU SOXVLHXUV DQQpHV 0rPH
FRPPXQDO/H3/8HVWUpJLSDUOHVGLVSRVLWLRQVGX VLQRXVQHVRPPHVSDVHQWUpVGDQVODFRPPXQDXWp
FRGHGHO·XUEDQLVPH/DORLG·HQJDJHPHQWQDWLRQDO G·DJJORPpUDWLRQ GH 9DOHQFH QRXV VRXKDLWRQV TXH
SRXUO·HQYLURQQHPHQWRX©*UHQHOOH,,ªGXMXLOOHW OH 3/8 GH QRWUH FRPPXQH LQWqJUH OHV SURMHWV GH
DPRGLÀpSOXVLHXUVDVSHFWVGX3/8SULVHHQ O·DJJORPpUDWLRQ/DSUHPLqUHSKDVHVHWHUPLQH/H
FRPSWH G·XQ UpVHDX G·HVSDFHV YHUWV RULHQWDWLRQV SURMHWGX3/8YDrWUHVRXPLVjHQTXrWHSXEOLTXH
G·DPpQDJHPHQWHWGHSURJUDPPDWLRQ3URJUDPPH 1RXV LQYLWRQV WRXV OHV *XLOKHUDQGDLV*UDQJHRLV j
/RFDOGHO·KDELWDW3/+YRLUH3ODQGH'pSODFHPHQW VXLYUHDYHFDWWHQWLRQODSURFpGXUH
8UEDLQ 3'8 LQWpJUp GDQV FHOOHVFL 3DU DLOOHXUV 1·KpVLWH]SDVjQRXVFRQVXOWHURXQRXVFRPPXQLTXHU
OD /RL LPSRVH TXH OH &RQVHLO 0XQLFLSDO GpOLEqUH YRVVRXKDLWVHWDWWHQWHV
VXU OHV REMHFWLIV SRXUVXLYLV HW VXU OHV PRGDOLWpV
G·XQH FRQFHUWDWLRQ DVVRFLDQW SHQGDQW WRXWH OD
*XLOKHUDQG*UDQJHVPDYLOOH
2
UUU
/RULV&+$5,27
/HwOD5('21
0DUJRW9,$//(
9DOHQWLQ0$1(9$/
=Rp7+20$6
+XJR6,7$5=
7RQ\9,'$/
0DQRQ-28$11,*27
$QWRLQH5,&+$8'
7LPpR6&+$$)
,QD\D1$))$+
1RDP325&(/
3DEOR9,(,5$'265(,6*$55,'2
(GHQ<2'(5
1RODQ&285%<'83217
$VVLD/$)'$,/
7RP$1'5e
5RELQ6$48(5
.\DQQ7,66(5$1'
0DWKHR&$%$1(6
/pQ\3,1(//,7(58(/
3DXO(ORL'$51$8'
-XOLHWWH'5,',)$85,(
0DULH%/$&+(
$QGUpDV/$5,&&+,87$
2OLYLD&5(63,1
$QLD5,))$5'
&DRLPKH&$66,'<
&KORp%(575$1'
-XOLHWWH*$5'(
0\D&257,$/
/pR9,'(/$,1(
1DWKDQ*$//,(1
UUU
-XOLHQ3LHUUH7,66(5$1'HW,VD6\QWLD$92021*2*2
,JQDFLR$5&(2&$%$//(52HW/\GLH28$7$+
.UUU
$QGUp&217(
*pUDUG0,&+(/GLW%$521
0DXULFH%$5,'21
5DRXO'8021
'DQLHO(6&2)),(5
)DQQ\0(5/(71pH92,5,1
3LHUUH0$51$6621
-HDQ+(00(/(5
7KpRGRUH3527,Ë5(
$UPDQGH7$9(51,(5
1pH%2520e(
5DEDK%(11285
*HRUJHV3+,/,33(
)HUQDQGH*$51,(51pH9,&$7
2GHWWH*8$5,126
1pH&203$*1<
-RVpSKLQH02,1'527
1pH7+2,=(7
*HQHYLqYH6$8=211pH%2,66<
*DVWRQ0$527
0DULHOOH&28/(7
-HDQ3DXO528,7
6X]DQH52%,11pH3$6&$/
/DXUHQW%(57+(7
3DXOHWWH5,&+$5'
1pH%$55$/21
-HDQQH$*5(67,1pH*$63$52
0DUFHO*5$1*(
-HDQQH$//,(51pH%/$1&
0DUJXHULWH-285'$1
1pH/e9È48(
6LPRQH(672851pH&+$5(,5(
-HDQ%(</21
$QGUpH0$<2/1pH528;
,UqQH*21,11pH%/(7721
5RJHU%(57+211,(5
-HDQQH/(6&/$&+(
1pH%287+(5
5HQp/$%$',(
$QGUp0(81,(5
/\GLD5,281pH-$1.2:6.,
/RXLV=$&+(5
%HUQDUG328/(7
5HQpH)5,2/1pH3,1(7
)DQQ\7$33$521pH%$5%$528;
$QWRLQH%27(//$
*XLOKHUDQG*UDQJHVPDYLOOH
)
%
7RXWSRXUVRUWLU
j*XLOKHUDQG*UDQJHV
C%
6$0(',0$,
(*&',6&29(57285
)HVWLYDOGHMHXQHVWDOHQWV
WKpkWUHHWPXVLTXHDYHF
QRWDPPHQWODSDUWLFLSDWLRQ
GH%HGURRP5RFNHW+H
PHWW/HVIRQGVGHFHWWH
VRLUpHVHURQWUHYHUVpVDX
6HFRXUV3RSXODLUHK
$JRUD(QWUpHHX
URVVXUSODFHHXURVHQ
SUpYHQWH,QIRVDXSUqVGH
O·(*&DX
',0$1&+(0$,
0$5&+e$8;3/$17(6
(7$8;)/(856
3pSLQLpULVWHVKRUWLFXO
WHXUVDUERULFXOWHXUV
PDUDvFKHUV«VRQWUpXQLVVXU
ODSURPHQDGHGHVERUGVGX
5K{QH
'HKjK%RUGVGX
5K{QH
0(5&5(',0$,
(1-2<(1*/,6+
$WHOLHUVGHFRQYHUVDWLRQ
HQODQJXHDQJODLVHSRXUOHV
pOqYHVGHHH'HK
jK0pGLDWKqTXH
*UDWXLWVXULQVFULSWLRQ
'8$80$,
/(625&+(675$/(6
!0HUFUHGLPDLjK
5HQFRQWUHV%DWWXFDGDVHW
3HUFXVVLRQV
!9HQGUHGLPDLjK
2UFKHVWUH©0LVWUDOjODFOpª
GH0RQWpOLPDU
!6DPHGLPDLjK
©9R\DJHHQ,WDOLHªVSHFWDFOH
GHO·pFROHGHPXVLTXH
!'LPDQFKHPDLjK
2UFKHVWUHG·+DUPRQLHGH
6DLQW3pUD\HW2UFKHVWUH
6\PSKRQLTXHGH&KDEHXLO
$JRUD(QWUpHJUDWXLWH
,QIRVDX
6$0(',0$,
&21&(57$9(&6$1'5,1($0$/<
&KDQVRQIUDQoDLVHVXUOH
WKqPHGHODPDWHUQLWp
'pFRXYHUWH&'·LFL
K0pGLDWKqTXH
(QWUpHOLEUH
6$0(',0$,
67$*('('$16()2/.
DYHF3HUULQH3ULYDV
'HKjK0-&
7DULI½½DGKpUHQWV
0-&
',0$1&+(0$,
/$1&(0(17'8&21&2856
3+2726©=220685/$9,//(
'(*8,/+(5$1'*5$1*(6ª
3DUWLFLSH]jODHpGLWLRQGH
FHFRQFRXUVSKRWRVHQHQ
YR\DQWYRVFOLFKpVMXVTX·DX
DR€WVXUOHVLWH
ZZZLGFDUWHFRP
]RRPVXUODYLOOH3DUWLFLSDWLRQ
JUDWXLWH3OXVG·LQIRVVXUOH
VLWH,QWHUQHWGXFRQFRXUV
/DUHPLVHGHVSUL[DX[JD
JQDQWVDXUDOLHXOHVHSW
DX)RUXPGHVDVVRFLDWLRQV
/81',0$,
©$*,5287(ª
5,648(5287,(5(76(1,256
8QDSUqVPLGLSRXUDERUGHU
HQWRXWHGpFRQWUDFWLRQOD
VLJQDOLVDWLRQOHVUqJOHV
GHFRQGXLWHOHFRGHGH
ODURXWHHWODVDQWpKj
K$JRUD(QWUpHOLEUH
,QVFULSWLRQVHWLQIRV81$
$UGqFKH
0(5&5(',0$,
/·$67898"
3URMHFWLRQGHÀOPV
G·DQLPDWLRQVSRXU
OHVDQVHWK0p
GLDWKqTXH(QWUpHOLEUH
'8/81',
$86$0(',0$,
(;326&,(1&(6'5Ñ0($5'Ë&+(
8QPRPHQWIHVWLI
G·pFKDQJHVGHUHQFRQWUHV
HWG·DQLPDWLRQVHQWUH
MHXQHVGHjDQV
VFLHQWLÀTXHVSURIHVVLRQQHOV
HWJUDQGSXEOLF9LVLWH
JUDWXLWHHWRXYHUWHj
WRXV'HKjK
,QIRV$UFKHGHV0pWLHUV
DX
-(8',0$,
6$0(',0$,
62,5e(*8,7$5(
-2851e('8%e1e92/$7
&RQIpUHQFHWDEOHVURQGHV
GHVWLQpHVDX[DVVRFLDWLRQV
GpPRQVWUDWLRQVVSRUWLYHV
'HKjK&HQWUH
2PQLVSRUWV
,QIRVDX
6$0(',0$,
63(&7$&/(
'$16(6)86,2175,%$/(
5HSUpVHQWDWLRQGHVpOqYHV
GpPRQVWUDWLRQVSURMHFWLRQV
HWFK0-&
6$0(',0$,
/(6=·,03526'(/$7e/e
K/D%HDXOLHX
5pVHUYDWLRQVIRUWHPHQW
FRQVHLOOpHV
RXUHVD#OHVDUWVFHQHIU
/81',0$,
352-(&7,21'8),/0©6(9(51ª
&HWWHVXLWHGXÀOP©1RV
HQIDQWVQRXVDFFXVHURQWª
VHUDVXLYLHG·XQpFKDQJH
DYHFVRQUpDOLVDWHXU
-HDQ3DXO-DXGK
&LQpPD$JRUD
-(8',0$,
)2580685/(60e7,(56'(
9(17(­'20,&,/(
2UJDQLVpSDUOH3{OH(PSORL
HQSDUWHQDULDWDYHFOD
&HOOXOH(PSORL
'HKjK$JRUD
,QIRV
$9286'(/,5(
(FRXWH]HWSDUWLFLSH]
jODVRLUpHOHFWXUH
DQLPpHSDUOD&LH
0LUOLWRRQVVXUOHWKqPH
GHODFRUUHVSRQGDQFH
K7RXWSXEOLFjSDUWLU
GHDQV0pGLDWKqTXH
9(1'5(',0$,
&RQFHUWGHVpOqYHV
SURMHFWLRQVHWVXUSULVHV
K0-&
6$0(',0$,
&21&(57
©/<2135$<)25-$3$1ª
&RQFHUWGHPXVLFLHQV
MDSRQDLV7RXVOHVEpQp
ÀFHVVHURQWUHYHUVpVjOD
&URL[5RXJH)UDQoDLVHHW
-DSRQDLVHDXSURÀWGHV
VLQLVWUpVGXVpLVPHGX
PDUVK$XGLWRULXPGH
O·eFROHGH0XVLTXH/LEUH
SDUWLFLSDWLRQ
&'/
0(5&5(',(5-8,1
/·$678/8"
/HFWXUHG·KLVWRLUHVjK
SRXUOHVDQVHWjK
SRXUOHVDQVHW
0pGLDWKqTXH(QWUpHOLEUH
0(5&5(',-8,1
5$//<('(6&Ñ7(69,9$52,6(6
5DQGRQQpHF\FORWRXULVWH
DYHFSOXVLHXUVSDUFRXUVGH
jNP'pSDUWGqV
KGX6WDGH0LVWUDO,QIRV
&\FORWRXULVWHVJUDQJHRLVDX
0(5&5(',-8,1
(1-2<(1*/,6+
$WHOLHUVGHFRQYHUVDWLRQ
HQODQJXHDQJODLVHSRXUOHV
pOqYHVGHHH'HK
jK0pGLDWKqTXH
*UDWXLWVXULQVFULSWLRQ
*XLOKHUDQG*UDQJHVPDYLOOH
%
7RXWSRXUVRUWLU
j*XLOKHUDQG*UDQJHV
9(1'5(',-8,1
/(©ª
'(/·e&2/('(086,48(
$XGLWLRQVHQVRORGXR
K$XGLWRULXPGHO·eFROH
GH0XVLTXH(QWUpHOLEUH
9(1'5(',-8,1
*$/$'(/$'$16(
6SHFWDFOHGHÀQG·DQQpHGH
WRXWHVOHVDVVRFLDWLRQVGH
GDQVHGHODFRPPXQH
K(QWUpHOLEUH$JRUD
6$0(',-8,1
0$7&+'·,03527+eÇ75$/(
3RXUFO{WXUHUOHXUVDLVRQ
OHV$UW6FqQHUHoRLYHQWOD
IRXJXHXVHpTXLSHGH
0DUVDQQHGDQVXQPDWFK
G·LPSURDUELWUpSDUXQ
FKDPSLRQK$JRUD
,QIRVDXRX
UHVD#OHVDUWVFHQHIU
'8$8-8,1
0$9,//((1)È7(
8QHVHPDLQHGHVRLUpHV
IHVWLYHVHQSOHLQDLUVXU
ODSODFHGHVPXVHV
&RQFHUWVJUDWXLWVWRXV
OHVVRLUVjK8QÀQDOH[
SORVLIOHVDPHGLVRLUVXUOD
SODFHGHVFRQWLQHQWVDYHF
XQFRQFHUWHWXQVSHFWDFOH
VRQHWOXPLqUH
,QIRV
6$0(',-8,1
%$778&$'$66&2/$,5(6
'pDPEXODWLRQjSDUWLUGH
KGHO·pFROHGHPXVLTXH
MXVTX·jODSODFHGHVPXVHV
6$0(',-8,1
086,48(&/$66,48(
&RQFHUWDYHFO·2UFKHVWUH
6\PSKRQLTXH'pSDUWH
PHQWDOGHO·$UGqFKHHW
O·2UFKHVWUHGHV3UDWLTXHV
$PDWHXUVGH9DOHQFH
PXVLFLHQVHWFKRULVWHV
K*UDWXLW6WH7KpUqVH
*$/$'(/$'$16(
'(/·$0,&$/(/$Î48(
'HKjK%RUGVGX
5K{QH
K(QWUpHOLEUH$JRUD
3{OH(PSORLHQSDUWHQDULDW
DYHFOD&HOOXOH(PSORL
'HKjK$JRUD
,QIRV
0(5&5(',-8,1
9(1'5(',-8,1
DYHF©%HGURRP5RFNª
K$XGLWRULXPGHO·eFROH
GH0XVLTXH*UDWXLW
0(5&5(',-8,1
/·$67898"
3URMHFWLRQGHÀOPV
G·DQLPDWLRQVSRXUOHV
DQVK0pGLDWKqTXH
9(1'5(',-8,1
6+2:,0352©),1'·$11e(ª
DYHFOHVpOqYHVGXSHWLW
FRQVHUYDWRLUHG·$QQH/DXUH
©/HVLPSURYLVLEOHVª
K0-&(QWUpH
OLEUHVDXFKDSHDX
6$0(',-8,1
67$*('('$16($)5,&$,1(
DQLPpSDU0RUNDQH
'HKjK&HQWUHRP
QLVSRUWV$GKpUHQWV½
SRXUOHVDXWUHV½
,QIRV2&*
',0$1&+(-8,1
*$/$'(/·2/<03,&
&/8%*5$1*(2,6
6XUOHWKqPHGHV©'HVVLQV
DQLPpVªGqVK(QWUpH
½&HQWUHRPQLVSRUWV
'8-8,1$8-8,//(7
/(63,('6'$16/(6$%/(
/(©ª
'(/·e&2/('(086,48(
$XGLWLRQVHQVRORGXRWULR
K(QWUpHOLEUH$XGLWR
ULXPGHO·eFROHGH0XVLTXH
6$0(',
(7',0$1&+(-8,1
&58662/(1)È7(
'qVKDQLPDWLRQV
PpGLpYDOHVSRXUWRXWHOD
IDPLOOH­KSODFHj
ODPXVLTXHVXUODVFqQHGX
WKpkWUHGHYHUGXUHDYHFOH
FRQFHUWGXJURXSH©/D
7DOYHUDªPXVLTXHRFFL
WDQH­KVSHFWDFOH
VRQHWOXPLqUHSRXUXQH
VRLUpHKDXWHHQFRXOHXUV
%XYHWWHHWUHVWDXUDWLRQ
VXUSODFH7DULIVSLpWRQV
½JUDWXLWGHDQV
6XSSOpPHQWQDYHWWH½
,QIRV
RX
2UJDQLVpSDUOHVYLOOHV
GHOD&RPPXQDXWpGH
&RPPXQHV5K{QH&UXVVRO
/81',-8,1
-HX[FKkWHDX[GHVDEOH
WRXUQRLVWUDQVDWV«XQ
PRLVG·DFWLYLWpVSRXUWRXV
VXUOHWHUUDLQGHEHDFK
3URJUDPPHRUJDQLVpSDU
OHVHUYLFHGHVVSRUWVGH
ODYLOOH7HUUDLQGHEHDFK
6WDGHVXG,QIRVj
O·HVSDFHPXQLFLSDO5pP\
5RXUH
$8',7,216©3,7&+281(ª
-(8',-8,1
0$5&+e12&7851(
)2580,17(5,06(1,256
(QSUpVHQFHG·DJHQFHV
G·LQWpULPGX%DVVLQTXL
SURSRVHURQWGHVSRVWHVDX[
VHQLRUV2UJDQLVpSDUOH
$XGLWLRQVGHVFODVVHV
G·pYHLOFKRUDOHG·HQIDQWV
HWRUFKHVWUHMXQLRUGH
O·pFROHGHPXVLTXH
K$XGLWRULXP
(QWUpHOLEUH
&'"
9(1'5(',(5-8,//(7
5HWURXYH]SURGXLWVGXWHU
URLUHWGHYRWUHUpJLRQHW
GHQRPEUHX[SHWLWVFUpD
WHXUVjO·RFFDVLRQGHFH
SUHPLHUPDUFKpQRFWXUQH
9(1'5(',(5-8,//(7
&21&(57©086,&·$7(6,ª
6$0(',-8,//(7
&21&(57
©/(63(7,7(625(,//(6ª
DYHF©%RWWOHQH[Wª
©33..+.ªHWXQJURXSH
ODXUpDWGHV©2UHLOOHVGX
UHQDUGªK$XGLWRULXP
½,QIRVSHWLWHV
RUHLOOHVGXUHQDUG#JPDLO
FRP
',0$1&+(-8,//(7
%$148(75e38%/,&$,1
/D0XQLFLSDOLWpRUJDQLVHXQ
UHSDVIHVWLIRXYHUWjWRXV
,QIRVSUL[HWPRGDOLWpVGH
UpVHUYDWLRQVYRXVSDUYLHQ
GURQWSURFKDLQHPHQW
6$0(',-8,//(7
0$5&+e$*5,&2/(
3URSRVpSDUOD)'6($
EHUJHVGX5K{QHGHKj
K
0(5&5(',-8,//(7
)(8'·$57,),&((7%$/3238/$,5(
'(/$)È7(1$7,21$/(
K6WDGH0LVWUDO
6$0(',-8,//(7
&21&(57©&$50(1ª
6SHFWDFOHU\WKPpSDUGHV
H[WUDLWVGHO·2SpUDGH
&DUPHQGH*HRUJHV%L]HW
2UJDQLVpSDUO·DVVRFLDWLRQ
©/HV0XVLFDOHVGH6R\RQVª
K&HQWUH2PQLVSRUWV
(QWUpHHXURVWDULI
UpGXLWSRXUOHVpWXGLDQWVPL
QLPDVRFLDX[PRLQVGHDQV
HWJUDWXLWSRXUOHVPRLQVGH
DQV,QIRVHWUpVHUYDWLRQV
*XLOKHUDQG*UDQJHVPDYLOOH
2/
9RVQXPpURVXWLOHV
%:J3%]
,T^
H]LU\L.*SLTLUJLH\
%'+,3%/%
*OLTPUKLZ4\SL[Z6\]LY[LK\S\UKP
H\ZHTLKPKLOnOL[KLOnOMLYTL[\YLSLTHYKP
-V`LY7H\S.tHSH]LU\L.*SLTLUJLH\
H]LU\L.*SLTLUJLH\
%%E2%
9E
I:%"PJ?'522"0>
*LU[YL/LYTuZY\L**VSVTI
IJEC'?'
CE,
*SVZ)LUVz[9\L7PLYYL*\YPL
7YLZI`[uYL! Y\L)HY[OtSLT`9V\_
(]LJ\UWYv[YLYtZPKLU[(JJ\LPSHZZ\YtWHYSLZSH{JZSLTHYKP
L[SL]LUKYLKPKLOn O
%%'']
^
I:3I,J3CI
(]LU\L.*SLTLUJLH\
,UMHU[Z!SLTLYJYLKP OnOOnO
(KVZ!K\S\UKPH\]LUKYLKPOnOZH\MTLYJYLKP
OnO
7YLZI`[uYL!H].*SLTLUJLH\
%,]%=^
HSStLK\QHU]PLY +\S\UKPH\]LUKYLKP!OnOZHUZPU[LYY\W[PVU
:HTLKP! On OZHUZPU[LYY\W[PVU
Y\L4VU[NVSÄLY
(ZZPZ[HU[LZVJPHSLSLS\UKPKLOnO
(NLU[HKTPUPZ[YH[PMSLS\UKPKLOnOL[SLTLYJYLKP
KLOnO
%]%^
*LU[YL/LYTuZY\L**VSVTI
+\S\UKPH\]LUKYLKP! OnOL[OnO
/"3C'"2%']=^
Y\L(UH[VSL-YHUJL
+\S\UKPH\]LUKYLKPKLOnOL[KLOnO
HJJ\LPSVJJHZPVUULS+LOnOLUHJJ\LPSYtN\SPLY
/"3CIEJ2GRPJ2GIE%:J:?'
Y\L7PLYYL*\YPL
/"3CIEJ2J%
H]LU\L1LHU4V\SPU
/"3JC/GJ3"
H]LU\L.*SLTLUJLH\
/?'G%"'3
)V\SL]HYK*OHYSLZKL.H\SSL
JK:P%3E:%'
Y\L(UKYt4HSYH\_
JC"IC'/G%E,\"
(NVYHH]LU\L.*SLTLUJLH\
9tWVUKL\YJPUtTH!
JCC%3%"EGJ2
7V\YSLZQVPUKYLJVTWVZLaSL
(]LU\L.*SLTLUJLH\WYV_4HPYPL
6\]LY[OOQV\YZZ\Y
G%C]%
^
Y\L4VU[NVSÄLY
+\S\UKPH\QL\KPKLOnO
3L]LUKYLKPKLOnO
/VYHPYLZTVKPÄHISLZK\YHU[SHWtYPVKLLZ[P]HSL
3%C]3^
!
EIP""3
I:G3J""%/"+%/:I?'
7HZ[L\Y(*V\Y[PHS!H].*SLTLUJLH\
G%C'/G%3ICR23J'3
3IE/C%3J'"
H]LU\L.*SLTLUJLH\
PEJE%3EKP2"33++%3J
9tKHJ[PVUYLKHJ[PVU'OLIKVHYKLJOLMY
%GJ"
Y\L4VU[NVSÄLY
+\S\UKPH\1L\KP!OnOL[OnO
=LUKYLKP! OnO:HTLKP!OnO
C%3
(JJ\LPS,[H[*P]PS!-H_!
:LY]PJLZ[LJOUPX\LZ!
)7.\PSOLYHUK.YHUNLZ*LKL_
+\S\UKPH\]LUKYLKP!OnOLUJVU[PU\
:HTLKP! OnOWLYTHULUJLt[H[JP]PSWV\YSLZ
KtJSHYH[PVUZKLUHPZZHUJLZL[KtJuZ
;V\[LZSLZPUMVZLUSPNULZ\Y!^^^N\PSOLYHUKNYHUNLZMY
CIE%"PK?'C'/G%
Y\L*OYPZ[VWOL*VSVTI
/VYHPYLZ!THYKPKLOn OTLYJYLKPKLOnOQL\KP
KLOnO]LUKYLKPKLOn OL[ZHTLKPKLOn
O SL TLYJYLKP ! MLYTL[\YL KL O n O LU WtYPVKL KL
]HJHUJLZZJVSHPYLZ
J,,E"J'3CE'G%RE3'J
H]LU\LKLSH9tW\ISPX\L:HPU[7tYH`
;tS!-H_!
J,,C'/G%EGJ3"]JC^
J,,C'/G%'"'3]JC^
,ZWHJLT\UPJPWHS9tT`9V\YL
G/C'/G%
8\HPK\9OUL
/VYHPYLZ K»V\]LY[\YL ! S\UKP L[ ]LUKYLKP KL O n O
TLYJYLKPKLOn OZHTLKPKLOnOKPTHUJOL
KL OnO
7LYTHULUJLZLUTHPYPL
GJCG32!O]9 (^
E%'GP/II3I] ^
3%%"%/"C%"3/
4TL+VTPUPX\L7LYYPU!
4)LYUHYK7V\aL[!
4@VOHU)HSSVYLZWVY[! 3+E%'N]+^
;tSJLU[YLKLZLJV\YZ! Y\L(UH[VSL-YHUJL
:HPU[7tYH`
*XLOKHUDQG*UDQJHVPDYLOOH
Gaz
ERNT
Renseignements
Devis gratuit
Intervention 7j/7
Rapport sous 24 h
Amiante
Plomb
Termites
Loi Carrez
Loi Boutin
(Superficie pour la vente)
(Superficie pour la location)
POUR VENTE & LOCATION
Julien TTHEARD
Ju
Electricité
Zone Pôle 2000
12 rue le Grand Mail - 07130 Saint Péray
Etat des lieux
Normes d'habitabilité
04 75 59 31 49 - 06 25 30 74 96
(Prêts 0%)
[email protected]
Diagnostic d’accessibilité aux handicapés
VENTE • LOCATION • GESTION
La garantie des loyers impayés
situé au rond-point face à Auchan
07500 Guilherand-Granges
04 75 78 33 23
www.cremillieux-immo.fr
Plus de 13 ans d’expérience sur Guilherand-Granges
GARAGE DE PROVENCE
416, rue Jean-Moulin - 07500 GUILHERAND-GRANGES - Tél. 04 75 80 00 94
Tous travaux mécanique et carrosserie / Véhicules neufs et occasions
Spécialiste
RENAULT SPORT
Essais
de tous
véhicules
de la gamme
RENAULT
M305867001250 - Création PARUVENDU
DPE
/LHXGHUHSRVRXGHG©WHQWHGHUHQFRQWUHRXGÖ©FKDQJH
FU©RQVXQLQW©ULHXUTXLYRXVUHVVHPEOH
*U¢FH GHJUDQGHVPDUTXHVGHPRELOLHUKDXWGHJDPPH
VW\OHRXFRQWHPSRUDLQVWDQGDUGRXVXUPHVXUH
LQYHQWH]YRWUHWHQGDQFH
Entreprise familiale à votre service depuis 40 ans sur la commune de Guilherand-Granges,
conseil en aménagement et en décoration, nous sommes là pour vous !
D É C O R AT E U R C O N S E I L
1449, av. Sadi-Carnot - 07500 GUILHERAND-GRANGES
Tél. 04 75 44 46 54 - E-mail : [email protected]
ZZZPHXEOHVFKDORQFRP