Professional Documents
Culture Documents
Thermo 1
Thermo 1
&RXUVGH7KHUPRG\QDPLTXHQ
&RORQQHGHJDXFKH GLVFRXUVIDLWDX[pOqYHVSDVIRUFpPHQWpFULWDXWDEOHDX
&RORQQHGHGURLWH LOOXVWUDWLRQVGXSURSRVGHODFRORQQHGHJDXFKHpFULWHVDXWDEOHDXRXPRQWUpHVVXUWUDQVSDUHQWV
7HPSpUDWXUHHWFKDOHXU
3UpUHTXLV WHPSpUDWXUHG
XQFRUSV
$UHWHQLU
O
H[SUHVVLRQGHODFKDOHXUODWHQWH4/ HWGHODFKDOHXUWKHUPLTXH4
1RWLRQGHFKDOHXU 1RWLRQGHFKDOHXU
4z 7
0HWWRQV pJDOHPHQW XQ PRUFHDX GH PpWDO FKDXG GDQV XQ 4z
z7
EDLQ G
HDX JODFH 7 & /H PpWDO V
HVW UHIURLGLW LO D /D FKDOHXU 4 D VLPSOHPHQW IDLW IRQGUH OD JODFH VDQV
GRQFFpGp4PDLV ODWHPSpUDWXUHGXEDLQTXLDUHoX4 FKDQJHUODWHPSpUDWXUH7GXEDLQ
UHVWHj&4FpGpHSDUOHPpWDODVLPSOHPHQWIDLWIRQGUH
XQSHXSOXVGHJODFH FHQ
HVWSDVSDUFHTX
XQFRUSVLFL
OH EDLQ UHoRLW GH OD FKDOHXU TXHVD WHPSpUDWXUH DXJPHQWH &KDOHXU JUDQGHXUSK\VLTXHGRQFPHVXUDEOH
FKDOHXUHWWHPSpUDWXUHVRQWJUDQGHXUVGLIIpUHQWHV
0 NJGH 0 NJGH
&XLYUHj7| &XLYUHj7|
&KDOHXU JUDQGHXU SK\VLTXH GRQF &
&
PHVXUDEOH
1RXV DYRQV YX GDQV O
H[SpULHQFH SUpFpGHQWH TXH OD
FKDOHXUIDLVDLWIRQGUHODJODFHVDQVSRXUDXWDQWDXJPHQWHU
ODWHPSpUDWXUHGXEDLQ
2Q SHXW LPDJLQHU XQH H[SpULHQFH TXL QRXV SHUPHW GH
FRQQDvWUH OD TXDQWLWp GH FKDOHXU TX
DEVRUEH OD JODFH HW
GRQFFHOOHTXHGpJDJHXQFRUSV9RLUòSDJHGHGURLWH
GHFHVH[SpULHQFHVRQHQGpGXLWTXH JG
HDX JG
HDX
HW 4v
v0
4SURSRUWLRQQHOj04 N u 0DYHFN &WH
4SURSRUWLRQQHOj'74 N u '7DYHFN &WH
4OLpHDXFRUSV
0 NJGH 0 NJGH
&XLYUHj7 VRXIUHj7|
&HOD VH UpVXPHSDUOD UHODWLRQ 4 0&'7 TXLGpILQLWOD
| & &
FDSDFLWpFDORULILTXH&GXFRUSV3RXUGRQQHUXQHXQLWpj
&HWFRPSDUHUOHVGLIIpUHQWVFRUSVRQGpILQLW4 NFDO
SRXUpFKDXIIHUNJG
HDXGH&j&
JG
HDX JG
HDX
HW 4v v '7 HW 4OLpHDXFRUSV
SDJH
%760DLQWHQDQFH FKDRX\#DFQDQF\PHW]IU
&RXUVGH7KHUPRG\QDPLTXHQ
5HPDUTXH XQ FRUSV QH SRVVqGH SDV XQH TXDQWLWp GH &HVH[SpULHQFHVSHUPHWWHQWG
pFULUHTXH
FKDOHXU GpWHUPLQpH FRQWUDLUHPHQW j OD WHPSpUDWXUH ,O
SHUG RX JDJQHGH OD FKDOHXU RX TXDQWLWpGHFKDOHXU HQ 4 0&'7
IRQFWLRQ GHV FRUSV DYHF OHVTXHOV LO HQWUH HQ FRQWDFW HW HQ >NFDO@ >.@
IRQFWLRQ GX W\SH G
H[SpULHQFH PHQpH RQ GLUD SOXW{W
WUDQVIRUPDWLRQ >NJ@ >NFDONJ.@
([SpULHQFH GH -RXOH YRLU ò SDJH GH GURLWH OD PDVVH ([SpULHQFH GH -RXOH OD PDVVH WRPEH HW pFKDXIIH
WRPEH HW pOqYH OD WHPSpUDWXUH GH O
HDX LO \ D HX DSSRUW O
HDX WUDYDLO :HWFKDOHXU4VRQWGHPrPHQDWXUH
G
pQHUJLH VRXV IRUPH GH IURWWHPHQW WUDYDLO GHV IRUFHV GH
IURWWHPHQW HW QRQ GLUHFWHPHQW VRXV IRUPH GH FKDOHXU
&KDOHXUHWWUDYDLOSURYRTXHQWGRQFOHPrPHHIIHWDSSDUHQW
O
pOpYDWLRQ GH WHPSpUDWXUH F
HVW SRXUTXRL RQ FRQVLGqUH
TXH OD FKDOHXU HVW pJDOHPHQW XQH pQHUJLH RQ O
DSSHOOH '7
pQHUJLH WKHUPLTXH 2Q SUpIqUH GRQFGRQQHUj OD FKDOHXU
4 OD PrPH XQLWp TXH OH WUDYDLO OH MRXOH >-@ 3XLVTXH OD
FKDOHXUHVWILQDOHPHQWXQHIRUPHG
pQHUJLHLOIDXWFRQYHUWLU
OHV NLORFDORULHV HQ MRXOHV OD UHODWLRQ 4>NFDO@ 0&'7 0
GHYLHQW4>-@ 0-&'7DYHF-ODFRQVWDQWHGHFRQYHUVLRQ & P
NFDOo -RXOH
/
H[SpULHQFH GH -RXOH SHUPHW GH WURXYHU - OH WUDYDLO GHV
IRUFHV GH IURWWHPHQW HVW pJDO j PJK HW SURYRTXH K
O
pFKDXIIHPHQW GH '7 RU SRXU pFKDXIIHU GH '7 O
HDX LO
IDXGUDLW DSSRUWHU OD FKDOHXU 4 0&'7 u -
/
pFKDXIIHPHQWGDXWUDYDLOHVWOHPrPHVL4 :F
HVWj
GLUH VL 0&'7u- PJK 2Q HQ GpGXLW OD YDOHXU GH OD
FRQVWDQWHGHFRQYHUVLRQ- PJK0&'7/
H[SpULHQFH
QRXVPRQWUHTXH-| -NFDO : PJK >-@
4 0&'7 >NFDO@ PrPH'7 :HW4RQWOHVPrPHVHIIHWV
3DUGpILQLWLRQHWFRPPH&GpSHQGGHODWHPSpUDWXUHRQD
IL[pODYDOHXUGH -- -NFDO 4 HW : VRQW GH PrPH QDWXUH RQ OHXU GRQQH OD PrPH
2QDGRQF4>-@ 0&'7 0&
'7-RXOHDYHF&
XQLWpOHMRXOH,OIDXWDORUVFRQYHUWLU4HQ-RXOHJUkFHjOD
-& & TXL V
H[SULPH HQ >-NJ.@ 2Q SHXW GRQF FRQVWDQWHGHFRQYHUVLRQ-
pJDOHPHQW pFULUH 4 : 0&'7u - PJK - PJK0&'7
4 0&'7 /
H[SpULHQFHPRQWUHTXH-| -NFDO
4 u0&'7 MRXOHV 0&
'7 -RXOH DYHF &
HQ
>-@ >NJ@ >.@ >-NJ.@
>-NJ .@
2QDGRQFVLRQFKDQJHOHVXQLWpV
5HPDUTXHV 4 0&'7
x & | -NJ. SRXU O
HDX j & LO IDXW | >.@
-SRXUpFKDXIIHUOLWUHG
HDXGH&j& >-@ >NJ@
x & FDSDFLWp FDORULILTXH PDVVLTXH RX FKDOHXU >-NJ .@
PDVVLTXHGXFRUSVFRQVLGpUpj&
x 0u& FDSDFLWp FDORULILTXH RX FDSDFLWp WKHUPLTXH
HQ>-.@
SDJH
%760DLQWHQDQFH FKDRX\#DFQDQF\PHW]IU
&RXUVGH7KHUPRG\QDPLTXHQ
6LJQHGHODFKDOHXU4HWpQHUJLHLQWHUQH8 6LJQHGHODFKDOHXU4HWpQHUJLHLQWHUQH8
/DUHODWLRQ4 0&'7 Q
HVWSDVJpQpUDOHHQHIIHWRQD 7| &.
YXTX
HQSODoDQWXQPpWDOFKDXGGDQVXQEDLQG
HDX JODFH
FH EDLQ UHFHYDLW XQH TXDQWLWp GH FKDOHXU 4 TXL VHUYDLW j
IDLUH IRQGUH OD JODFH HW QRQ j IDLUH DXJPHQWHU OD
WHPSpUDWXUH4z RU'7
(Q IDLW OD FKDOHXU UHoXH SDU OD JODFH j VHUYL j FUpHU XQ
FKDQJHPHQWGHSKDVHVROLGHJODFHo OLTXLGHHDXHWQRQ
j DXJPHQWHU OD WHPSpUDWXUH GH OD JODFH FHWWH FKDOHXU HVW
DSSHOpHFKDOHXUODWHQWH &HWWHFKDOHXUHVWXQHFKDOHXUTXH
GRLWSHUGUHRXJDJQHUOHFRUSVSRXUFKDQJHU GHSKDVH8Q
FKDQJHPHQW GH SKDVH V
HIIHFWXH WRXMRXUV j WHPSpUDWXUH (VVHQFH
FRQVWDQWHHWSUHVVLRQFRQVWDQWHDXVVLG
DLOOHXUV
4UHoXHSDUODPDVVH0GHJODFHIRQGXHz
z 0&'7
3RXUIDLUHIRQGUH0 NJGHJODFHj&LOIDXWDSSRUWHU
OD FKDOHXU4 u 0/HQRPEUH V
DSSHOOH 4 4/ 0 JODFH u /IXVLRQ
FKDOHXUODWHQWHGH IXVLRQVRXV HQWHQGXPDVVLTXHGH
ODJODFHHWRQODQRWH/I 4/ HVW OD FKDOHXU j IRXUQLU SRXU IDLUH IRQGUH 0 NJ GH
JODFH
4I 0u/I 4/ GRLW rWUH FRQVLGpUpH FKDTXH IRLV TX
LO \ D XQ
FKDQJHPHQWGHSKDVHGXFRUSVFRQVLGpUp
>-NJ@ /IXVLRQ &KDOHXUODWHQWHPDVVLTXHGHIXVLRQ GHO
HDX|
,O\DpJDOHPHQWGHVFKDOHXUVGHFRPEXVWLRQYRLUòSDJH -NJSRXUODJODFH
GHGURLWH
'LIIpUHQWHVFKDOHXUVODWHQWHVGHIXVLRQ
4XDQWjO
HVVHQFHHOOHDSSRUWHXQHFKDOHXUGHFRPEXVWLRQ
4F TXL VHUW j IDLUH IRQGUH OD JODFH HW GRQF SHXW rWUH
FRQVLGpUpHFRPPHXQHFKDOHXUGHIXVLRQGHODJODFH
4F 0 HVVHQFH u /FRPEXVWLRQ
( 0u&ð HVW O
pQHUJLH WRWDOH TXH SHXW FpGHU XQ FRUSV
PDLVDXSUL[GHVDGpVLQWpJUDWLRQSHUWHGHPDVVH
SDJH
%760DLQWHQDQFH FKDRX\#DFQDQF\PHW]IU
&RXUVGH7KHUPRG\QDPLTXHQ
([HUFLFH
1RXV SRVVpGRQV 0HVV | J G
HVVHQFH TXH O
RQ EUOH
SRXUpFKDXIIHU0| | NJGHJODFHj&TXHOOHHVWOD
WHPSpUDWXUHILQDOHGHODYDSHXUREWHQXH"
'RQQpHV/) | N-NJ/F| N-NJ/YDS |
N-NJ &JODFH | -NJ. &HDX | -NJ. HW
&YDS | -NJ.
5pS
x 1RXV GLVSRVRQV G
XQH FKDOHXU 4F FHWWH FKDOHXU YD
VHUYLUj
pFKDXIIHUODJODFHGHj&
4JODFH 0&JODFH'7
IDLUHIRQGUHODJODFH4IXVLRQ 0/)
pFKDXIIHUO
HDXGHj&4HDX 0&HDX'7
YDSRULVHUO
HDX4YDS 0/YDS
pFKDXIIHUODYDSHXUGH&j7&
4 0&YDSu'7
x 2QDDORUV4& 4JODFH 4IXVLRQ 4HDX 4YDS 4
SDJH
%760DLQWHQDQFH FKDRX\#DFQDQF\PHW]IU
&RXUVGH7KHUPRG\QDPLTXHQ
([HUFLFHVVXUODFKDOHXU
2QVRXKDLWHFRQVWUXLUHXQGLVSRVLWLISHUPHWWDQWFKDXIIHUXQFKDXIIH HDXGHOLWUHV/
HDXFKDXGHGRLWrWUHFKDXIIpHSHQGDQWOD
QXLWSRXUrWUHGLVSRQLEOHDXPDWLQWHPSVGHFKDXIIH| KHXUHV
2QVRXKDLWHTXHO
HDXFKDXGHVRUWHjXQHWHPSpUDWXUHGH&GXFKDXIIH HDXDORUVTX
HOOH\HQWUHHW\HVWVWRFNpHj&2Q
GRQQHODFKDOHXUPDVVLTXHGHO
HDX&| N-NJ.
4XHOOHTXDQWLWpGHFKDOHXUGRLW RQDSSRUWHUSRXUFKDXIIHUFHWWHHDX"
&DOFXOH]ODYDOHXUGHODUpVLVWDQFHpOHFWULTXHGXFKDXIIH HDX'pGXLVH]HQO
LQWHQVLWpHIILFDFHDSSHOpHSDUOHFKDXIIH
HDX
(QFRPELHQGHWHPSVXQWHOFKDXIIH HDXSHUPHWWLOGHFKDXIIHUOHVOLWUHVG
HDXSRXUpOHYHUVDWHPSpUDWXUHGH&j
&"
2QYHXWTXHOHVOLWUHVG
HDXVRLHQWFKDXIIpVHQKHXUHVSRXUpYLWHUGHIDLUHGLVMRQFWHU
4XHOOHSXLVVDQFHGRLWDORUVGpYHORSSHUOHFKDXIIH HDX"
3RXUGpYHORSSHUFHWWHSXLVVDQFHRQUpDOLVHXQSRQWUHGUHVVHXUFRPPDQGpSDUGHVWK\ULVWRUV
/ LFW FKDXIIH HDX
LW 7 '
9 X'W FLUFXLW
XW & XFW
+] 5 G
HDX
9 7 '
&HW/VRQWVXIILVDPPHQWpOHYpVSRXUDYRLUXFWFRQVWDQWOHSRQWIRQFWLRQQHpJDOHPHQWHQFRQGXFWLRQFRQWLQXH
'RQQH]O
DOOXUHGHX'W
(QXWLOLVDQWOHVUqJOHVG
RSpUDWLRQVXUOHVYDOHXUVPR\HQQHVHWVDFKDQWTXHODWHQVLRQPR\HQQHDX[ERUQHVG
XQHERELQH
HVWWRXMRXUVQXOOHFDOFXOH]ODYDOHXUGHXFW SRXUXQUHWDUGjO
DPRUoDJHD
D GRQQpGHVWK\ULVWRUV
4XHOOHHVWHQIRQFWLRQGHXFWODSXLVVDQFHGpYHORSSpHSDUODUpVLVWDQFH"
'pGXLVH]HQODYDOHXUGHDD jUpJOHUSRXUREWHQLUOHFKDXIIDJHHQKHXUHV
([HUFLFH *ODoRQVHDXHWYDSHXU
2QSRVVqGHNJGHJODFHGDQVXQIUHH]HU&HWWHJODFHHVWj&
2Q QRXV GRQQH /IXVLRQ | N-NJ /YDSRULVDWLRQ | N-NJ &SJODFH | &SHDX | &SYDSHXU | N-NJ. &HV YDOHXUV VRQW
VXSSRVpHVFRQVWDQWHVWRXWDXORQJGHVWUDQVIRUPDWLRQV
4XHOOHHVWODFKDOHXUjDSSRUWHUSRXUFKDQJHUFHWWHJODFHHQGHO
HDXj&"
2QYHXWREWHQLUGHODYDSHXUj&jO
DLUOLEUHTXHOOHFKDOHXUVXSSOpPHQWDLUHGRLW RQIRXUQLU"
&RPELHQGHWHPSVFHODSUHQGUDLW LOSRXUUpDOLVHUOHVWUDQVIRUPDWLRQVSUpFpGHQWHVVLO
RQGLVSRVDLWG
XQGLVSRVLWLIGH
FKDXIIDJHGHN:GHSXLVVDQFH"&RPELHQGHWHPSVDXUDLWSULVODVLPSOHWUDQVIRUPDWLRQUpDOLVpHHQ"
4XH SRXYH] YRXV FRQFOXUH VXU OD SXLVVDQFH GHV PDFKLQHV LQGXVWULHOOHV GHYDQW UpDOLVHU TXRWLGLHQQHPHQW GH WHOOHV
WUDQVIRUPDWLRQV"
&HTXLHVWHQUpDOLWpIDX[FHTXLGRQQHUDXQUpVXOWDWDSSUR[LPDWLI(QSUDWLTXHOHSUREOqPHHVWUpVROX jO
DLGHGX GLDJUDPPH
HQWURSLTXHRXHQWKDOSLTXH GHO
HDXYRLUFRXUVXOWpULHXUV
SDJH