)21&7,211(0(17'(%$6(
|
|
5(/
|
|
| &$5 '9'9&'&'03 3/$<(5 :,7+ 03(* |
|
| 0,& |
|
| 92/ |
| |
3$,5 | 723 | 5'0 | |
| 537 | ||
|
|
| |
|
| 92/ | |
|
| ,17 |
,5
5(7
7$$)
08
37<
6(/
%1'
$ | 3 6 | ,' ,6 | 3 |
|
|
| $8; ,1 |
|
|
|
|
| 02' |
|
|
|
|
|
|
|
|
| |
|
%287215(/
$SSX\H]VXUOHERXWRQ5(/SRXUGpWDFKHUODIDoDGHDPRYLEOH
%877210LVHVRXVWHQVLRQKRUVWHQVLRQ02'
$SSX\H]VXUFHERXWRQSRXUDOOXPHUO¶DSSDUHLODSSX\H]HWPDLQWHQH]OHHQYLURQVHFRQGHVSRXUpWHLQGUHO¶DSSDUHLO
(QPRGHOHFWXUHYRXVSRXYH]DSSX\H]GHVVXVSRXUVpOHFWLRQQHUXQPRGHG¶HQWUpHHQDSSX\DQWVXFFHVVLYHPHQW
$8;,1!5$',2!',6&!%7086,&
6LYRXVrWHVHQPRGHGHOHFWXUH86%HWTXHYRXVYRXOH]VpOHFWLRQQHUOHPRGH',648(DSSX\H]VXUOHERXWRQ6723
HWHQVXLWHVXUOHERXWRQ*272
%2872192/92/ 6(/
$SSX\H]OpJqUHPHQWVXUOHERXWRQ6(/SRXUEDVFXOHUGXPHQXVRQDXPHQXLPDJH$SSX\H]VXUOHERXWRQ6(/j
SOXVLHXUVUHSULVHVSRXUVpOHFWLRQQHUOHVpOpPHQWVGXPHQXWHOTXHOHYROXPHOHVDLJXsVODEDODQFHOHIDGHUOD
FRXOHXUODOXPLQRVLWpOHFRQWUDVWHHWODWHLQWH
7RXUQH]HQVXLWHOHERXWRQ92/SRXUUpJOHUOHPRGHVpOHFWLRQQp
/DYDOHXUFRUUHVSRQGDQWHV¶DIILFKHUDjO¶pFUDQ
6LOHPRGHQ¶DSDVpWpUpJOpSHQGDQWSOXVLHXUVVHFRQGHVO¶pFUDQUHWRXUQHHQUDGLRQRUPDORXHQDIILFKDJH&'
9ROXPH %DVV 7UHEOH%DODQFH )DGHU%OXHWRRWK
7LQW &RQWUDVW %ULJKW &RORU %* &RORU
%28721%$1'(
(QPRGH5$',2DSSX\H]VXUOHERXWRQ%$1'GHODIDoDGHRXGHODWpOpFRPPDQGHSRXUVpOHFWLRQQHUODEDQGHUDGLR
VRXKDLWpHHWOHQRPGHODEDQGHVpOHFWLRQQpHV¶DIILFKHUDVXUOH7)7$SSX\H]VXUFHWWHWRXFKHSRXUFKDQJHUOHVEDQGHV
FRPPHFLGHVVRXV
)00:
'DQVOHPHQX%OXHWRRWKYRXVSRXYH]DSSX\HUVXUFHERXWRQSRXUXWLOLVHUODIRQFWLRQ%OXHWRRWKYHXLOOH]YRXVUpIpUHUj
ODSDJH
%287217$$)
)RQFWLRQ7$,QIRUPDWLRQV5RXWLqUHV5'6XQLTXHPHQW (QPRGH5$',2 /RUVTXHYRXVWRXUQH]OpJqUHPHQWOHERXWRQ6(/YHUV7$$)7$RQRIIHVWDFWLYp(QPRGHUDGLRVXUEDQGH)0OD IRQFWLRQUHFKHUFKHG¶XQHVWDWLRQDYHFLQIRUPDWLRQVURXWLqUHVHVWDXWRPDWLTXHPHQWPLVHHQPDUFKH7$6((. 6LXQHVWDWLRQDYHFLQIRUPDWLRQVURXWLqUHVHVWUpJOpH73V¶DIILFKH (QPRGH'LVTXHODOHFWXUHHVWLQWHUURPSXHHWODUDGLRHVWUpJOpHVXUO¶LQIRUPDWLRQURXWLqUH75$)),&V¶DIILFKH /HYROXPHHVWDXJPHQWpDXWRPDWLTXHPHQWSRXUUpJOHUOHYROXPHPLQLPXPGHVLQIRUPDWLRQVURXWLqUHV$SUqVO¶DQQRQFH ODUDGLRVHUHPHWDXPRGHSUpFpGHQW
$)>)UpTXHQFHV$OWHUQDWLYHV@
/RUVTXHYRXVWRXUQH]OHERXWRQ6HOYHUV7$$)SHQGDQWSOXVGHVHFRQGHV$)RQRIIV¶DFWLYH $)RII/HPRGH$)HVWpWHLQWDSSX\H]jQRXYHDXVXU$)HWPDLQWHQH]ODWRXFKHHQIRQFpH $)RQ/HPRGH$)HVWDOOXPpODUDGLRYpULILHODIRUFHGXVLJQDOHQFRQWLQX6LODIUpTXHQFHDOWHUQDWLYHHVWSOXVIRUWHTXHOD IUpTXHQFHUpJOpHODUDGLRVHPHWVXUODIUpTXHQFHDOWHUQDWLYHHW1(:)5(48(1&<V¶DIILFKHjO¶pFUDQSHQGDQWVHFRQGHV $)FOLJQRWH/HPRGH$)HVWVpOHFWLRQQpPDLVDXFXQHLQIRUPDWLRQ5'6Q¶HVWHQFRUHUHoXH $SSX\H]VXUOHERXWRQ6(/HWPDLQWHQH]OHHQIRQFpSRXUDFFpGHUj 5(*215(*2))3,087(3,6281'$)2))$)21