,'pilqlwlrqv: DT DQ Dyhflhq$Psquh$Thq&Rxorpe
,'pilqlwlrqv: DT DQ Dyhflhq$Psquh$Thq&Rxorpe
,'pilqlwlrqv: DT DQ Dyhflhq$Psquh$Thq&Rxorpe
&+$3,75(/2,6*(1(5$/(6
'$16/$3352;,0$7,21'(6
5(*,0(648$6,
67$7,211$,5(6
$),&+(60(7+2'(6
,'pILQLWLRQV
/H FRXUDQW pOHFWULTXH FRUUHVSRQG j XQ GpSODFHPHQW GHQVHPEOH GH SRUWHXUV GH
FKDUJH SDU FRQYHQWLRQ OH VHQV GX FRXUDQW HVW OH VHQV GH GpSODFHPHQW GHV
SRUWHXUV GH FKDUJH SRVLWLYH 2Q OH FDUDFWpULVH SDU VRQ LQWHQVLWp L j WUDYHUV XQH
VXUIDFH6TXLHVWpJDOHjODFKDUJHWRWDOHWUDYHUVDQW6SDUXQLWpGHWHPSVFHVWj
dq
GLUHOHGpELWGHFKDUJHVjWUDYHUV6L DYHFLHQ$PSqUH$THQ&RXORPE
dt
&HWWHQVHFRQGHV
/DWHQVLRQpOHFWULTXH8$%HQWUHGHX[SRLQWV$HW%GXQFLUFXLWHVWODGLIIpUHQFHGH
SRWHQWLHOHQWUH$HW%8$% 9$9%&HVWXQHJUDQGHXUDOJpEULTXHHOOHSHXWrWUH
SRVLWLYHRXQpJDWLYH
/DPDVVHVLJQDOV\PEROHHVWXQHUpIpUHQFHGHSRWHQWLHOSRXUXQFLUFXLW
GRQQp&HSRWHQWLHOQ
HVWSDVQpFHVVDLUHPHQWFRQVWDQWGDQVOHWHPSV
/DPDVVHFDUFDVVHV\PEROHHVWUHOLpHjODWHUUHVRQSRWHQWLHOHVWFRQVWDQW
HWVDYDOHXUpJDOHj9
,OH[LVWHGHX[W\SHVGHVRXUFHVLGpDOLVpHV
OHV VRXUFHV OLpHV RX GpSHQGDQWHV XQH VRXUFH GH WHQVLRQ UHVSHFWLYHPHQW GH
FRXUDQWOLpHHVWXQHVRXUFHGHWHQVLRQUHVSHFWLYHPHQWGHFRXUDQWGRQWODIRUFH
pOHFWURPRWULFHIHPUHVSHFWLYHPHQWOHFRXUDQWpOHFWURPRWHXUFHPDXQHYDOHXU
IRQFWLRQ GXQH JUDQGHXU pOHFWULTXH WHQVLRQ RX FRXUDQW DVVRFLpH j XQ DXWUH
pOpPHQWGXFLUFXLW
OHV VRXUFHV OLEUHV RX QRQ OLpHV RX LQGpSHQGDQWHV RX SDUIDLWHV
6 &KDSLWUH,/2,6*(1(5$/(6'$16/$546
e
(OOH PDLQWLHQW HQWUH VHV ERUQHV /D IHP H HVW
XQH WHQVLRQ H LQGpSHQGDQWH GH ODWHQVLRQDX[
OLQWHQVLWp L GX FRXUDQW TXL OD i ERUQHV GH OD
WUDYHUVH VRXUFH GH
6RXUFH i WHQVLRQ TXDQG
GH FHOOHFL QH
WHQVLRQ /RUVTXH H FHWWH VRXUFH
GpELWH DXFXQ
SDUIDLWH e pTXLYDXW j XQ LQWHUUXSWHXU
FRXUDQW
IHUPp RX ILO FRXUWFLUFXLW
GROHWUDLWKRUL]RQWDOGDQV
u FHV\PEROH
,,$SSUR[LPDWLRQGHVUpJLPHVTXDVLVWDWLRQQDLUHV
RXTXDVLSHUPDQHQWV$546
&RPPHOHVRQHWODOXPLqUHOHVLQWHQVLWpVHWOHVWHQVLRQVVRQWGHVJUDQGHXUVTXLVH
SURSDJHQWGDQVOHVFRQGXFWHXUVDYHFXQHYLWHVVHILQLHY$LQVLLOQ
HVWSOXVSRVVLEOH
GHSDUOHUGLQWHQVLWpLWjXQLQVWDQWGRQQpWGDQVXQFLUFXLWPrPHGDQVXQFLUFXLW
VDQV GpULYDWLRQ FDU VD YDOHXU GpSHQG GX SRLQW R QRXV O
pYDOXRQV /H WHPSV GH
SURSDJDWLRQGHOLQWHQVLWpGDQVXQFLUFXLWGHORQJXHXU l HVW l 6LOHVWHPSV
v
LQWHUYHQDQW GDQV O
pWXGH GX FLUFXLW SpULRGH WHPSV GH PRQWpH GX VLJQDO WHPSV
&KDSLWUH,/2,6*(1(5$/(6'$16/$546 7
G
DFTXLVLWLRQ GHV PHVXUHV VRQW JUDQGV GHYDQW DORUV OHV SKpQRPqQHV GH
SURSDJDWLRQVRQWQpJOLJHDEOHV2QHIIHFWXHGDQVFHFDVODSSUR[LPDWLRQGHVUpJLPHV
TXDVLVWDWLRQQDLUHVRXTXDVLSHUPDQHQWVQRWpHV$546RX$543
'RPDLQH GH YDOLGLWp GH O
$546 SRXU OHV LQWHQVLWpV HW OHV WHQVLRQV RQ SHXW
GpILQLU XQH ORQJXHXU GRQGH WHOOH TXH Y7 DYHF Y OD YLWHVVH GH SURSDJDWLRQ
YPVHW7ODSpULRGH2QHVWGDQVO
$546TXDQG7!!VRLW7!! l VRLW
v
Y7!! l VRLW!! l VRLWORUVTXHOHVGLPHQVLRQVGXFLUFXLWVRQWIDLEOHVGHYDQW
5HPDUTXH FRPPH v DYHF I OD IUpTXHQFH LO IDXW TXH OHV IUpTXHQFHV UHVWHQW
f
IDLEOHVSRXUrWUHGDQVO$546
,,,/RLV
/RL GHV EUDQFKHV GDQV O
$546 OLQWHQVLWp HVW OD PrPHHQWRXWSRLQWGXQFLUFXLW
VDQVGpULYDWLRQ
8Q QXG HVW XQ SRLQW G
LQWHUFRQQH[LRQ G
DX PRLQV WURLV ILOV pOHFWULTXHV 2Q OH
UHSUpVHQWHSDUXQSRLQW
2Q DSSHOOH GLS{OH WRXW V\VWqPH pOHFWULTXH UHOLp j OH[WpULHXU SDU GHX[ ERUQHV
H[HPSOHUpVLVWRUJpQpUDWHXUILO
8QH EUDQFKH HVW FRQVWLWXpH SDU XQ HQVHPEOH GH GLS{OHV PRQWpV HQ VpULH HQWUH
GHX[ QXGV 'HX[ GLS{OHV VRQW HQ VpULH TXDQG LOV RQW XQH ERUQH FRPPXQH HW
ORUVTXLOVVRQWWUDYHUVpVSDUOHPrPHFRXUDQW
8QHPDLOOHHVWXQHQVHPEOHGHEUDQFKHVIRUPDQWXQFRQWRXUIHUPpTXHO
RQSHXW
SDUFRXULUHQQHSDVVDQWTX
XQHIRLVSDUFKDTXHQXGLQWHUPpGLDLUH
/HVGHX[ORLVGH.LUFKRII
/RLGHVQXGVODVRPPHGHVLQWHQVLWpVGHVFRXUDQWVDUULYDQWjXQQXGHVW
pJDOHjFHOOHGHVLQWHQVLWpVGHVFRXUDQWVHQUHSDUWDQW
R
8 &KDSLWUH,/2,6*(1(5$/(6'$16/$546
/RLGDGGLWLYLWpGHVWHQVLRQVX$% X$&X&%
0pWKRGHDSSOLFDWLRQVGHVORLVGH.LUFKKRII
'pWHUPLQHUOHQRPEUH1GHQXGVGXFLUFXLWHWOHQRPEUH%GHEUDQFKHV
'pWHUPLQHU OH QRPEUH 1L GLQWHQVLWp QpFHVVDLUH SRXU UpVRXGUH OH SUREOqPH
VDFKDQWTXLOHVWpJDOj%1
E
([HPSOHWRXVOHVUpVLVWRUVRQWSRXUYDOHXU5 i1
i2 B M3 i3
A C
1 QRHXGV$%&HW' i2+i1 M1 i2 -i3 M2 i1 +i3
% $&$%%&&'%'$'
D
1L
3ODFHU 1L LQWHQVLWpV VXU OH VFKpPD pFULUH VXU OH VFKpPD OHV H[SUHVVLRQV GHV
DXWUHV LQWHQVLWpV HQ XWLOLVDQW OD ORL GHV QXGV VL RQ FKHUFKH OLQWHQVLWp FLUFXODQW
GDQVXQGLS{OHSUpFLVFKRLVLUFHWWHLQWHQVLWpSDUPLOHV1LLQWHQVLWpVDLQVLHOOHVHUD
H[SULPpHOHSOXVVLPSOHPHQWSRVVLEOH
([HPSOHRQFKHUFKHOLQWHQVLWpGXFRXUDQWGpOLYUpSDUOHJpQpUDWHXU
2QYDQRPPHULFHFRXUDQWFHTXLHVWPLHX[TXHGHOH[SULPHUHQIRQFWLRQGHL
HWLFHTXLREOLJHUDLWjGpWHUPLQHUFHVGHX[FRXUDQWVSRXUUpSRQGUHjODTXHVWLRQSRVpH
2QQRPPHLOLQWHQVLWpGXFRXUDQWFLUFXODQWGDQVODEUDQFKH$%HWLFHOOHGDQV%&
2QpFULWGLUHFWHPHQWVXUOHVFKpPDOHVH[SUHVVLRQVGHVDXWUHVLQWHQVLWpVHQXWLOLVDQW
ODORLGHVQXGVDLQVLOHFRXUDQWDOODQWGH%YHUV'GDQVODEUDQFKH%'HVWLL
,GHQWLILHU QRPPHU HW RULHQWHU OHV PDLOOHV FKRLVLVVH] ORULHQWDWLRQ TXH YRXV
YRXOH]
([HPSOH00HW0
&KDSLWUH,/2,6*(1(5$/(6'$16/$546 9
([HPSOHORLVGHVPDLOOHV
GDQV05L5LL
GDQV05L5LL
GDQV0(5L5L
6H UDPHQHU j XQ V\VWqPH R ORQ RUGRQQH RQ SODFH OHV XQV HQ GHVVRXV GHV
DXWUHVOHVWHUPHVHQIRQFWLRQGHOHXUQRPGDQVWRXWHVOHVpTXDWLRQV
([HPSOH
5L5L
5L5L
5L5L (
5pVRXGUHFHV\VWqPHSDUFRPELQDLVRQOLQpDLUHRXSDUVXEVWLWXWLRQ
([HPSOHRQQRWH>D@GLPHQVLRQGHD>L@
[E ]= [RI ]=[I ]= A
[R] [R]
9pULILHUTXHORQDELHQUpSRQGXDX[DWWHQWHVGHOH[DPLQDWHXUGpWHUPLQDWLRQGH
OLQFRQQXHVRXKDLWpHH[SUHVVLRQHQIRQFWLRQGHVSDUDPqWUHVGHPDQGpHV
([HPSOHRQDELHQGpWHUPLQpOHFRXUDQWGpOLYUpSDUOHJpQpUDWHXU
%(;(5&,&(6
,/RLVGH3RXLOOHW
(QRQFpD
'pPRQVWUDWLRQ GH OD ORL GH 3RXLOOHW VpULH TXHVWLRQ GH FRXUV GpWHUPLQHU
OLQWHQVLWp L GX FRXUDQW HQ IRQFWLRQ GHV SDUDPqWUHV GX FLUFXLW *pQpUDOLVHU FH
UpVXOWDWjXQFLUFXLWIRUPpGHJpQpUDWHXUVGHWHQVLRQGHIHPHNHWGHUpVLVWDQFH
LQWHUQHUNHWGDXWUHVUpVLVWRUVGHUpVLVWDQFHpTXLYDOHQWH5DVVRFLpVHQVpULH
e1 e2 e3
r1 r2 r3
i
R
5pVROXWLRQD
'DSUqVODORLGDGGLWLYLWpGHVWHQVLRQVHWODORLG2KPHHH LUUU5
e k k
'RL HHHUUU5(QJpQpUDOLVDQWL k
DYHF k VLHNHVW
R + r k
k
GDQVOHVHQVGHLHWVLQRQ
(QRQFpE
'pPRQVWUDWLRQ GH OD ORL GH 3RXLOOHW SDUDOOqOH TXHVWLRQ GH FRXUV GpWHUPLQHU OD
WHQVLRQXDX[ERUQHVGH5HQIRQFWLRQGHVSDUDPqWUHVGXFLUFXLW*pQpUDOLVHUFH
UpVXOWDWjXQFLUFXLWIRUPpGHJpQpUDWHXUVGHWHQVLRQGHIHPHNHWGHUpVLVWDQFH
LQWHUQHUNSODFpVHQGpULYDWLRQDYHFODUpVLVWDQFH5
i i1 i2 i3
e2
e1 e3
R
u
r1 r2 r3
&KDSLWUH,/2,6*(1(5$/(6'$16/$546 11
5pVROXWLRQE
'DSUqVODORLG2KPX 5LDWWHQWLRQDX[VHQVGHXHWL
'HSOXVGDSUqVODORLGHQXGVL LLL$LQVLX 5LLL
2U GDSUqV OD ORL G2KP DSSOLTXpH UHVSHFWLYHPHQW DX[ UpVLVWRUV U U HW U
u e1 u +e2 u e3
L L HWL DWWHQWLRQGDQVODORLG2KPFHVWODWHQVLRQDX[
r 1 r 2 r 3
ERUQHVGXUpVLVWRUTXLLQWHUYLHQW
u e1 u +e2 u e3
$LQVLX 5 X5 1 + 1 + 1 ) 5 e1 e2 + e3)
r 1 r 2 r 3 r r r
1 2 3 r r r
1 2 3
e 1
X
kr k k
k
DYHF N VL HN HW XVRQWGHPrPHVHQVHWVLQRQ2QYpULILH
1+ 1
R r k k
OKRPRJpQpLWpGXUpVXOWDW
,,$SSOLFDWLRQVGHVORLVGH.LUFKKRII
(QRQFpD
2QFRQVLGqUHOHFLUFXLWVXLYDQW
e2
R
R R
e3
R
e
1
'pWHUPLQHUOH[SUHVVLRQOLWWpUDOHGHOLQWHQVLWpGXFRXUDQWGpELWpSDUOHJpQpUDWHXU
GHIHPH
12 &KDSLWUH,/2,6*(1(5$/(6'$16/$546
5pVROXWLRQD
2QDSSOLTXHODPpWKRGH
1RPEUHGHQXGVGXFLUFXLW1 QRPEUHGHEUDQFKHV%
1RPEUH1LGLQWHQVLWpQpFHVVDLUHSRXUUpVRXGUHOHSUREOqPH1L %1
2QSODFH1LLQWHQVLWpVVXUOHVFKpPDLLHWLHWRQDSSOLTXHODORLGHVQXGVSRXU
H[SULPHUOHVLQWHQVLWpVGDQVOHVEUDQFKHVUHVWDQWHVHQIRQFWLRQGHLLHWL
i1 e3
e2
'DSUqVODORLGHVPDLOOHV R i2
GDQV0H5L M2
R R
GDQV05LH5LL
M3
GDQV0H5L5LL
2QVHUDPqQHjXQV\VWqPH i-i1 i-i2
-i2+i1 R
5L H e1
5L5L H M1
i
5L5L H
1RXVFKHUFKRQVOLQWHQVLWpGXFRXUDQWGpELWpSDUOHJpQpUDWHXUGHIHPHFHVWj
r1
E2
R2 r2
R1