&ROODERUDWLRQLQWHUXQLYHUVLWDLUH 81,9(56,7(%/$,6(3$6&$/'(
81,9(56,7('(%$0$.2 &/(50217)(55$1'
)$&8/7('(66&,(1&(6
7+(6( FRWXWHOOH
3RXUO¶REWHQWLRQGXJUDGHGH
'2&7(85'¶81,9(56,7(
0HQWLRQ&KLPLH2UJDQLTXH
3DU
0DPDGRX%$',$*$
(78'((7+12%27$1,48( 3+<72&+,0,48((7$&7,9,7(6%,2/2*,48(6
'(1$8&/($/$7,)2/,$60,7+81(3/$17(0(',&,1$/($)5,&$,1(
5(&2/7(($80$/,
6RXWHQXHSXEOLTXHPHQWjOD)$67GH%DPDNROHGHYDQWODFRPPLVVLRQG¶H[DPHQ
3UpVLGHQW 00DPDG\',$:$5$3URIHVVHXUjOD)$67GH%DPDNR
'LUHFWHXUGH7KqVH 0<YHV752,13URIHVVHXUjO¶(16&GH&OHUPRQW)HUUDQG
&RGLUHFWHXUV 03LHUUH&+$/$5'0DvWUHGH&RQIpUHQFHVjO¶(16&GH&OHUPRQW)HUUDQG
0/DVVLQH6,',%(3URIHVVHXUjOD)$67GH%DPDNR
5DSSRUWHXUV 0PH&KDQWDO0(1873URIHVVHXUjO¶(16&GH0RQWSHOOLHU
0'ULVVD',$//23URIHVVHXUjOD)0326GH%DPDNR
([DPLQDWHXUV 0PH0DULRQ*$%$17&KDUJpHGHUHFKHUFKHVRFLpWpO¶2UpDO3DULV
0%DEDNDU',230DvWUHGH&RQIpUHQFHVjOD)$67GH%DPDNR
³&HOXLTXLDSODQWpXQDUEUHDYDQWGHPRXULUQ¶DSDVYpFXLQXWLOH³
«GLWXQSURYHUEHLQGLHQ
$ODPpPRLUHGHPDPqUH/DOOp&$0$5$HWGHPRQIUqUH6DORXP%$',$*$
$PHVSDUHQWVjPHVIUqUHVHWV°XUVjPDIDPLOOHHWjWRXVPHVDPLV
5(0(5,(0(176
&H WUDYDLO GH UHFKHUFKH HVW OH IUXLW GH QRPEUHXVHV FROODERUDWLRQV
SOXULGLVFLSOLQDLUHV LO VH VLWXH j OD IURQWLqUH HQWUH OD FKLPLH HW OD ELRORJLH D\DQW XQH
ILQDOLWpWKpUDSHXWLTXH0HVFKDOHXUHX[UHPHUFLHPHQWVjWRXWHVOHVSHUVRQQHVTXLRQW
VRXWHQXFHWWHWKqVH
-H WLHQV WRXW G¶DERUG j UHPHUFLHU OH 3URIHVVHXU <YHV 752,1 TXL HVW PRQ
GLUHFWHXU GH WKqVH HW GLUHFWHXU GX /DERUDWRLUH GH &KLPLH GHV +pWpURF\FOHV
*OXFLGHVGHP¶DYRLUDFFHSWpGDQVVRQpTXLSH
-¶H[SULPHPDSURIRQGHUHFRQQDLVVDQFHj0RQVLHXU3LHUUH&+$/$5'0DvWUH
GH&RQIpUHQFHVjO¶(16&GH&OHUPRQW)HUUDQGTXLHVWPRQFRGLUHFWHXUGHWKqVHGH
P¶DYRLU DFFXHLOOL GDQV VRQ ODERUDWRLUH SHQGDQW ORQJXHV DQQpHV 6L FH WUDYDLO HVW
SUpVHQWDEOHDXMRXUG¶KXLF¶HVWJUkFHjVHVHIIRUWVLQODVVDEOHVjVDSURELWpVDQVIDLOOH
HWVXUWRXWjO¶DLGHTX¶LOP¶DDSSRUWpSRXUOHFRPSOpPHQWGHILQDQFHPHQWDILQGHPHQHU
jELHQFHWUDYDLO,ODWRXMRXUVVXUpSRQGUHjPHVSUpRFFXSDWLRQV6DGLVSRQLELOLWpVHV
QRPEUHX[FRQVHLOVHWVRQVRXWLHQRQWpWpGpWHUPLQDQWVSRXUODUpXVVLWHGHFHWUDYDLO
IDVWLGLHX[ -H OH UHPHUFLH GH OD JUDWLWXGH HW GH OD FRQILDQFH TX¶LO D WpPRLJQpH
SHQGDQWFHVDQQpHVjPDPRGHVWHSHUVRQQH
0HV YLIV UHPHUFLHPHQWV DX 3URIHVVHXU -HDQ &ODXGH &+$/&+$7 GH P¶DYRLU
JXLGpHWRULHQWpYHUVFHWUDYDLOGHWKqVH6RQLPSOLFDWLRQSHUVRQQHOOHP¶DYDOXO¶RFWURL
GHODERXUVHGHODFRRSpUDWLRQIUDQoDLVH
-HUHPHUFLHWRXVOHVPHPEUHVGXMXU\TXLRQWDFFHSWpGHMXJHUODTXDOLWpGHFH
WUDYDLO-HUHQGVKRPPDJHj0RQVLHXU0DPDG\',$:$5$0DvWUHGH&RQIpUHQFHVj
OD )$67 GH O¶8QLYHUVLWp GH %DPDNR HQ VD TXDOLWp GX SUpVLGHQW GX MXU\ j 0RQVLHXU
'ULVVD ',$//2 3URIHVVHXU j OD )DFXOWp GH 0pGHFLQH 3KDUPDFLH HW 2GRQWR
6WRPDWRORJLH GH O¶8QLYHUVLWp GH %DPDNR'pSDUWHPHQW GH 0pGLFLQH 7UDGLWLRQQHOOH
UDSSRUWHXUj0DGDPH&KDQWDO0(1873URIHVVHXUjO¶(FROH1DWLRQDOH6XSpULHXUH
GH &KLPLH GH 0RQWSHOOLHU UDSSRUWHXUj 'RFWHXU 0DULRQ*$%$17 GXGpSDUWHPHQW
GHFKLPLHDQDO\WLTXH/DERUDWRLUHGH3XULILFDWLRQGHV([WUDLWV1DWXUHOVGHODVRFLpWp
O¶2UpDOGH3DULVH[DPLQDWHXUHWj0RQVLHXU%DEDFDU',230DvWUHGH&RQIpUHQFHV
jOD)$67GHO¶8QLYHUVLWpGH%DPDNRH[DPLQDWHXU
-HGLVPHUFLDXFRUSVSURIHVVRUDOjWRXVOHVGRFWRUDQWVHWjWRXVOHVVWDJLDLUHV
GX /DERUDWRLUH GH &KLPLH GHV +pWpURF\FOHV *OXFLGHV -¶H[SULPH pJDOHPHQW WRXWH
PD V\PSDWKLH j 0RQVLHXU *LOOHV ),*8(5('2 GH /(;9$ $QDO\WLTXH DLQVL TX¶DX
SHUVRQQHO GH O¶(FROH 1DWLRQDOH 6XSpULHXUH GH &KLPLH HW GH O¶(FROH 'RFWRUDOH GHV
6FLHQFHV)RQGDPHQWDOHVGHO¶8QLYHUVLWp%ODLVH3DVFDOGH&OHUPRQW)HUUDQG
0HV UHPHUFLHPHQWV DX 'R\HQ GH OD )DFXOWp GHV 6FLHQFHV 7HFKQLTXHV GH
%DPDNR 3URIHVVHXU +DPLGRX '28&285( j WRXW OH FRUSV SURIHVVRUDO HW j WRXW OH
SHUVRQQHOGHOD)$67SRXUOHXUVRXWLHQPRUDO
-¶H[SULPHSURIRQGpPHQWPDJUDWLWXGHjO¶$PEDVVDGHGH)UDQFHj%DPDNRYLD
VRQ6HUYLFHGH&RRSpUDWLRQHWG¶$FWLRQ&XOWXUHOOH&HWWHWKqVHDEpQpILFLpGHO¶DSSXL
ILQDQFLHUGX6&$&jWUDYHUVOHSURMHWGH©YDORULVDWLRQGHVUHVVRXUFHVGXWHUURLUSDU
OH UHQIRUFHPHQW GHV FDSDFLWpV GH IRUPDWLRQª XQH FROODERUDWLRQ LQWHUXQLYHUVLWDLUH
HQWUHOH0DOLHWOD)UDQFH'DQVFHWWHH[SUHVVLRQPHVFRQVLGpUDWLRQVGLVWLQJXpHVj
0RQVLHXU 7KLHUU\ 9,(//( j 0DGDPH 'RPLQLTXH %25'(606,/7, j 0DGDPH
$QQLFN35$76-(1$57HWjWRXWOHSHUVRQQHOGHO¶$PEDVVDGHGH)UDQFHj%DPDNR
-HQHVDXUDLWHUPLQHUVDQVRPHWWUHG¶H[SULPHUPDSURIRQGHUHFRQQDLVVDQFHj
O¶HQGURLW GH PHV DvQpV HW FDPDUDGHV $LPp $LQLQ 620%252 6pNRX %28$5(
+DPDGRXQ0$Í*$HWjWRXWOHSHUVRQQHOGX/DERUDWRLUHGH&KLPLH2UJDQLTXHHWGHV
6XEVWDQFHV1DWXUHOOHVGHOD)$67GH%DPDNR
4XH WRXWHV OHV SHUVRQQHV TXL RQW FROODERUp RX DLGp GDQV O¶pODERUDWLRQ GH FH
WUDYDLOGHUHFKHUFKHVRLHQWDVVXUpHVGHPDSURIRQGHUHFRQQDLVVDQFH
-H UHPHUFLH SOHLQHPHQW WRXV PHV DPLV GX 0DOL HW FHX[ F{WR\pV DX FRXUV GH
FHVDQQpHVGHUHFKHUFKHSRXUOHXUVRXWLHQGpWHUPLQDQW
8QHPHQWLRQVSpFLDOHjWRXWHODIDPLOOH%$',$*$GH%DPDNRGH0DUVHLOOHHW
GH3DULVHOOHP¶DVRXWHQXHHWDWRXMRXUVFUXjPHVFDSDFLWpV
4XHFHX[HWFHOOHVTXLQHVRQWSDVQRPPpHVQHVHVHQWHQWSDVRXEOLHU-H
QH VDXUDL RXEOLHU SHUVRQQH FDU YRXV DYH] pWp WRXV HW WRXWHV Oj SRXU PRL MH YRXV
JDUGHGDQVPDSHQVpH
0HUFLjWRXVHWjWRXWHVSRXUOHVHIIRUWVFRQVHQWLVG¶XQHIDoRQRXG¶XQHDXWUH
/,67('(6$%5(9,$7,216(76<0%2/(6
$F2+DFLGHDFpWLTXH
$F2(WDFpWDWHG¶pWK\OH
$7DOFDORwGHVWRWDX[
&DFDOFLXP
&&0FKURPDWRJUDSKLHVXUFRXFKHPLQFH
&+&OFKORUXUHGHPpWK\OqQH
&+&OFKORURIRUPH
&+&223E+2WULK\GUDWHG¶DFpWDWHGHSORPE
&+*&KLPLHGHV+pWpURF\FOHV *OXFLGHV
&'F\FORKH[DQHGHXWpUp
&'&OFKORURIRUPHGHXWpUp
&,FRQFHQWUDWLRQG¶LQKLELWLRQjSRXUFHQW
&RFRVSRW
&3*FKURPDWRJUDSKLHSKDVHJD]HXVH
&507&HQWUH5pJLRQDOGH0pGHFLQH7UDGLWLRQQHOOH
&XFXLYUH
&\FORF\FORKH[DQH
'062GLPpWK\VXOIR[\GH
'07'pSDUWHPHQWGH0pGHFLQH7UDGLWLRQQHOOH
(pFRUFHV
('6)(FROH'RFWRUDOHGHV6FLHQFHV)RQGDPHQWDOHV
(16&&)(FROH1DWLRQDOH6XSpULHXUHGH&KLPLHGH&OHUPRQW)HUUDQG
(W2pWKHUGLpWK\OLTXH
(W2+pWKDQRO
)IHXLOOHV
)$67)DFXOWpGHV6FLHQFHVHW7HFKQLTXHV
)$77%)pGpUDWLRQGHV$VVRFLDWLRQVGHV7UDGL7KpUDSHXWHVGH%DQGLDJDUD
)HIHU
)H&OSHUFKORUXUHIHUULTXHRXFKORUXUHIHUULTXH
JJUDPPH
*&JDVFKURPDWRJUDSK\RXFKURPDWRJUDSKLHSKDVHJD]HXVH
*&06FRXSODJHFKURPDWRJUDSKLHJD]VSHFWURPpWULHGHPDVVH
KKHXUH
+&ODFLGHFKORUK\GULTXH
+3/&KLJKSHUIRUPDQFHOLTXLGFKURPDWRJUDSK\RXFKURPDWRJUDSKLHOLTXLGHj
KDXWHSHUIRUPDQFH
+62DFLGHVXOIXULTXH
,$63,QWHUQDWLRQDO$VVRFLDWLRQIRUWKH6WXG\RI3DLQ
,PLQGLFHGHPRXVVH
,1563,QVWLWXW1DWLRQDOGH5HFKHUFKHHQ6DQWp3XEOLTXH
.D.DQDGMLJXLOD
.JNLORJUDPPH
.L.LWD
.R.RXORXED
.2+K\GUR[\GHGHSRWDVVLXP
OOLWUH
ȜODPEGDORQJXHXUG¶RQGH
/&OLTXLGFKURPDWRJUDSK\RXFKURPDWRJUDSKLHHQSKDVHOLTXLGH
/&06FRXSODJHFKURPDWRJUDSKLHOLTXLGHVSHFWURPpWULHGHPDVVH
/I/DILDERXJRX
/V/DVVD
PPqWUH
0&)0LFKLJDQ&DQFHU)RXQGDWLRQFHOOXOHVFDQFpUHXVHVPDPPDLUHV
0H2+PpWKDQRO
PLFURQ
JPLFURJUDPPH
JPOPLFURJUDPPHSDUPLOOLOLWUH
OPLFUROLWUH
0JPDJQpVLXP
PJPLOOLJUDPPH
PJNJPLOOLJUDPPHSDUNLORJUDPPH
0J62VXOIDWHGHPDJQpVLXP
POPLOOLOLWUH
PQPLQXWH
060DVV6SHFWURPHWU\RXVSHFWURPpWULHGHPDVVH
07$0pGLFDPHQW7UDGLWLRQQHO$PpOLRUp
1QDXFOHD
QPQDQRPqWUH
1D2+K\GUR[\GHGHVRGLXP
1D62VXOIDWHDQK\GUHGHVRGLXP
1+2+DPPRQLDTXHRXK\GUR[\GHG¶DPPRQLXP
2062UJDQLVDWLRQ0RQGLDOHGHOD6DQWp
3%6SKRVSKDWHEXIIHUHGVDOLQHRXWDPSRQSKRVSKDWHVDOLQ
S+SRWHQWLHOK\GURJqQH
SRXUFHQWDJH
5UDFLQHV
5015pVRQDQFH0DJQpWLTXH 1XFOpDLUH
530,5RVZHOO3DUN0HPRULDO,QVWLWXWHPHGLXP
6E&OWULFKORUXUHG¶DQWLPRLQH
6&$&6HUYLFHGH&RRSpUDWLRQHWG¶$FWLRQ&XOWXUHOOH
6P6PLWK
69)VpUXPGHYDX[I°WDO
89UD\RQQHPHQWXOWUDYLROHW
/,67('(6,0$*(6
,PDJH 2FKURVLD HOOLSWLFD H[HPSOH GH SODQWH TXL UHQIHUPH OHV DOFDORwGHV GH W\SH
HOOLSWLFLQH
,PDJHVHW)OHXUVHWIUXLWVGH1ODWLIROLD6P
,PDJHVHW)UXLWVPXUVGH1ODWLIROLD6P
,PDJHVHW7URQFVHWIHXLOOHVGH1ODWLIROLD6P
,PDJH1DXFOHDODWLIROLD6PGDQVVRQKDELWDWQDWXUHO
,PDJH&DUWHGX0DOL]RQHVG¶HQTXrWHHWGHUpFROWHV
,PDJH3ODTXHjSXLWVSRXUOHWHVWDQWLWXPRUDO
,PDJH5pGXFWLRQGHODUpVD]XULQHHQUpVRUXILQH
,PDJHV HW 'LVSRVLWLRQ GHV GLIIpUHQWHV FRQFHQWUDWLRQV G¶H[WUDLWV G¶DOFDORwGHV
WRWDX[GDQVOHVSODTXHVjSXLWV
,PDJH'LVSRVLWLRQG¶XQORWGHVRXULVSRXUOHWHVWGH.267(5
,PDJH3KRWRG¶XQHVRXULVTXLFUDPSH
/,67('(67$%/($8;
(QTXrWHHWKQRERWDQLTXH
7DEOHDX8WLOLVDWLRQVGHVIHXLOOHVGH1ODWLIROLD6P
7DEOHDX8WLOLVDWLRQVGHVIUXLWVGH1ODWLIROLD6P
7DEOHDX8WLOLVDWLRQVGHVpFRUFHVGH1ODWLIROLD6P
7DEOHDX8WLOLVDWLRQVGXJXLGH1ODWLIROLD6P
7DEOHDX8WLOLVDWLRQVGHVUDFLQHVGH1ODWLIROLD6P
7DEOHDX8WLOLVDWLRQVGXPpODQJHIUXLWVUDFLQHVGH1ODWLIROLD6P
7DEOHDX8WLOLVDWLRQVGXPpODQJHpFRUFHVUDFLQHVGH1ODWLIROLD6P
&DUDFWpULVDWLRQFKLPLTXHV
7DEOHDX5pVXOWDWGHUHFKHUFKHGHVDOFDORwGHVGDQVOHVGLIIpUHQWVRUJDQHVGH1
ODWLIROLD6P
7DEOHDX 5pVXOWDW GH UHFKHUFKH GHV GpULYpV DQWKUDFpQLTXHV GDQV OHV GLIIpUHQWV
RUJDQHVGH1ODWLIROLD6P
7DEOHDX 5pVXOWDW GH UHFKHUFKH GHV VWpUROV WULWHUSqQHV HW FRXPDULQHV GDQV OHV
GLIIpUHQWVRUJDQHVGH1ODWLIROLD6P
7DEOHDX 5pVXOWDW GH UHFKHUFKH GHV KpWpURVLGHV FDUGLRWRQLTXHV GDQV OHV
GLIIpUHQWVRUJDQHVGH1ODWLIROLD6P
7DEOHDX5pVXOWDWGHUHFKHUFKHGHVVDSRQRVLGHVGDQVOHVGLIIpUHQWVRUJDQHVGH
1ODWLIROLD6P
7DEOHDX 5pVXOWDW GH UHFKHUFKH GHV FRPSRVpV UpGXFWHXUV GDQV OHV GLIIpUHQWV
RUJDQHVGH1ODWLIROLD6P
([WUDFWLRQGHVDOFDORwGHV
7DEOHDX4XDQWLWpGHPDWLqUHSDURUJDQHVHWYROXPHGHVROYDQWVXWLOLVpVSDUVLWH
7DEOHDX4XDQWLWpGHPDWLqUHSDURUJDQHVHWSDUVLWHQpFHVVDLUHSRXUODHpWDSH
GHO¶H[WUDFWLRQ
7DEOHDX4XDQWLWpGHPDWLqUHSDURUJDQHVHWSDUVLWHQpFHVVDLUHSRXUODHpWDSH
GHO¶H[WUDFWLRQ
7DEOHDX 5pVXOWDWV FRPSDUDWLIV GHV H[WUDLWV G¶$7 LVVXV GHV GLIIpUHQWV GH 1
ODWLIROLD6P
)UDFWLRQQHPHQW
7DEOHDX 5pVXOWDW GH VpSDUDWLRQ SDU FKURPDWRJUDSKLH VXU FRORQQH GH O¶H[WUDLW
G¶$7GHVIHXLOOHVGXVLWHGH.DQDGMLJXLOD
7DEOHDX 5pVXOWDW GH VpSDUDWLRQ SDU FKURPDWRJUDSKLH VXU FRORQQH GH O¶H[WUDLW
G¶$7GHVIHXLOOHVGXVLWHGH.LWD
7DEOHDX 5pVXOWDW GH VpSDUDWLRQ SDU FKURPDWRJUDSKLH VXU FRORQQH GH O¶H[WUDLW
G¶$7GHVIHXLOOHVGXVLWHGH/DVVD
7DEOHDX 5pVXOWDW GH VpSDUDWLRQ SDU FKURPDWRJUDSKLH VXU FRORQQH GH O¶H[WUDLW
G¶$7GHVIHXLOOHVGXVLWHGH/DILDERXJRX
$FWLYLWpDQWLWXPRUDOH
7DEOHDX([WUDLWG¶$7GHVIHXLOOHVGH.DQDGMLJXLOD
7DEOHDX([WUDLWG¶$7GHVIHXLOOHVGH.LWD
7DEOHDX([WUDLWG¶$7GHVIHXLOOHVGH/DILDERXJRX
7DEOHDX([WUDLWG¶$7GHVIHXLOOHVGH/DVVD
7DEOHDX([WUDLWG¶$7GHVIHXLOOHVGH.RXORXED
7DEOHDX([WUDLWG¶$7GHVpFRUFHVGH.DQDGMLJXLOD
7DEOHDX([WUDLWG¶$7GHVpFRUFHVGH/DILDERXJRX
7DEOHDX([WUDLWG¶$7GHVpFRUFHVGH/DVVD
7DEOHDX([WUDLWG¶$7GHVpFRUFHVGH.RXORXED
7DEOHDX([WUDLWG¶$7GHVUDFLQHVGH.DQDGMLJXLOD
7DEOHDX([WUDLWG¶$7GHVUDFLQHVGH/DILDERXJRX
7DEOHDX([WUDLWG¶$7GHVUDFLQHVGH/DVVD
7DEOHDX([WUDLWG¶$7GHVUDFLQHVGH.RXORXED
$FWLYLWpDQWDOJLTXH
7DEOHDX1RPEUHGHFUDPSHVFRPSWDELOLVpHVGDQVOHVH[WUDLWVGHVIHXLOOHV
7DEOHDX1RPEUHGHFUDPSHVFRPSWDELOLVpHVGDQVOHVH[WUDLWVGHVpFRUFHV
7DEOHDX1RPEUHGHFUDPSHVFRPSWDELOLVpHVGDQVOHVH[WUDLWVGHVUDFLQHV
7DEOHDX0R\HQQHGHFUDPSHVHQIRQFWLRQGXWHPSVHWG¶H[WUDLWVSRXUFKDTXHORW
GHVRXULV
$QQH[H
7DEOHDX1RPEUHGHFUDPSHVFRPSWDELOLVpHVVXUPQDXQLYHDXGHVIHXLOOHV
pFRUFHVHWUDFLQHVGH.DQDGMLJXLOD
7DEOHDX1RPEUHGHFUDPSHVFRPSWDELOLVpHVVXUPQDXQLYHDXGHVIHXLOOHV
pFRUFHVHWUDFLQHVGH/DILDERXJRX
7DEOHDX1RPEUHGHFUDPSHVFRPSWDELOLVpHVVXUPQDXQLYHDXGHVIHXLOOHVHW
UDFLQHVGH.RXORXED
7DEOHDX1RPEUHGHFUDPSHVFRPSWDELOLVpHVVXUPQDXQLYHDXGHVIHXLOOHVHW
pFRUFHVGH/DVVD
7DEOHDX1RPEUHGHFUDPSHVFRPSWDELOLVpHVVXUPQDXQLYHDXGHVIHXLOOHVGH
.LWD
/,67('(663(&75(6501
)UDFWLRQQHPHQW
6SHFWUH501+GDQV&'&OGXSURGXLW).L'
6SHFWUH501+GDQV&'&OGXSURGXLW).L'
$QQH[H
6SHFWUH501+GDQV&'&OGXSURGXLW$LVROpGHODIUDFWLRQ).D
6SHFWUH501&GDQV&'&OGXSURGXLW$LVROpGHODIUDFWLRQ).D
6SHFWUH501&26<GDQV&'&OGXSURGXLW$LVROpGHODIUDFWLRQ).D
6SHFWUH501+0%&GDQV&'&OGXSURGXLW$LVROpGHODIUDFWLRQ).D
6SHFWUH501+64&GDQV&'&OGXSURGXLW$LVROpGHODIUDFWLRQ).D
6SHFWUH501+GDQV&'&OGXSURGXLW$LVROpGHODIUDFWLRQ).L
6SHFWUH501&GDQV&'&OGXSURGXLW$LVROpGHODIUDFWLRQ).L
6SHFWUH501&26<GDQV&'&OGXSURGXLW$LVROpGHODIUDFWLRQ).L
6SHFWUH501+64&GDQV&'&OGXSURGXLW$LVROpGHODIUDFWLRQ).L
6SHFWUHVHW501+GDQV&'GXSURGXLW$LVROpGHODIUDFWLRQ).D
/,67('(6*5$3+,48(6
*UDSKLTXH'LIIpUHQWVFDVGHFDQFHUVUpSHUWRULpVFKH]ODIHPPHHQ)UDQFH
*UDSKLTXH(YROXWLRQFRPSDUDWLYHGH&,GHVH[WUDLWVG¶$7GHVRUJDQHVGH1
ODWLIROLD6P
*UDSKLTXH(YROXWLRQGXG¶LQKLELWLRQHQIRQFWLRQGHVH[WUDLWVG¶$7GHVGLIIpUHQWV
RUJDQHVGH1ODWLIROLD6PWHVWpVVXUOHVFHOOXOHV0&)
*UDSKLTXH1RPEUHGHFUDPSHVVXUPQSRXUOHVH[WUDLWVG¶$7GHVUDFLQHVGH
1ODWLIROLD6P
*UDSKLTXH1RPEUHGHFUDPSHVVXUPQSRXUOHVH[WUDLWVG¶$7GHVIHXLOOHVGH
1ODWLIROLD6P
*UDSKLTXH1RPEUHGHFUDPSHVVXUPQSRXUOHVH[WUDLWVG¶$7GHVpFRUFHVGH
1ODWLIROLD6P
*UDSKLTXH1RPEUHGHFUDPSHVVXUPQSRXUOHVIHXLOOHVpFRUFHVHWUDFLQHVGH
/DILDERXJRXDQQH[H
*UDSKLTXH 1RPEUH GH FUDPSHV VXU PQ SRXU OHV IHXLOOHV HW UDFLQHV GH
.RXORXEDDQQH[H
*UDSKLTXH1RPEUHGHFUDPSHVVXUPQSRXUOHVIHXLOOHVHWpFRUFHVGH/DVVD
DQQH[H
*UDSKLTXH1RPEUHGHFUDPSHVVXUPQSRXUOHVIHXLOOHVpFRUFHVHWUDFLQHV
GH.DQDGMLJXLODDQQH[H
*UDSKLTXH1RPEUHGHFUDPSHVVXUPQSRXUOHVIHXLOOHVGH.LWDDQQH[H
6200$,5(
5pVXPp«««««««««««««««««««««««««««««««
6XPPDU\««««««««««««««««««««««««««««««««
,QWURGXFWLRQJpQpUDOH««««««««««««««««««««««««««
3DUWLH(WXGHELEOLRJUDSKLTXH««««««««««««««««««««««
&KDSLWUH$OFDORwGHV««««««««««««««««««««««
'pILQLWLRQGHVDOFDORwGHV««««««««««««««««««««
+LVWRULTXHGHVDOFDORwGHV«««««««««««««««««««
6RXUFHVG¶DOFDORwGHV««««««««««««««««««««««
/HVYpJpWDX[«««««««««««««««««««««
$XWUHVVRXUFHVG¶DOFDORwGHV«««««««««««««««
&ODVVLILFDWLRQSDUVWUXFWXUHVGHVDOFDORwGHV««««««««««««
2ULJLQHELRV\QWKpWLTXHGHVDOFDORwGHV««««««««««««««
/RFDOLVDWLRQGHVDOFDORwGHV«««««««««««««««««««
)RQFWLRQGHVDOFDORwGHV«««««««««««««««««««««
3URSULpWpVSK\VLFRFKLPLTXHVGHVDOFDORwGHV««««««««««««
'pWHFWLRQHWFDUDFWpULVDWLRQGHVDOFDORwGHV«««««««««««««
([WUDFWLRQGHVDOFDORwGHV«««««««««««««««««««««
7HFKQLTXHVGHGRVDJHGHVDOFDORwGHV«««««««««««««««
8WLOLWpHWXVDJHVSKDUPDFRORJLTXHVGHVDOFDORwGHV««««««««««
&KDSLWUH(WXGHPRQRJUDSKLTXHGH1DXFOHDODWLIROLD6PLWK««««««
3UpVHQWDWLRQERWDQLTXH«««««««««««««««««««««
6\VWpPDWLTXH««««««««««««««««««««««
&DUDFWpULVWLTXHGHODSODQWH««««««««««««««««
+DELWDWQDWXUHOGHODSODQWH«««««««««««««««««
3URSULpWpVWKpUDSHXWLTXHVGHODSODQWH«««««««««««««««
'LIIpUHQWVRUJDQHVGH1DXFOHDODWLIROLD6PLWK«««««««««
)HXLOOHV«««««««««««««««««««««««
(FRUFHVGHWURQF««««««««««««««««««««
5DFLQHV«««««««««««««««««««««««
6qYHGHVWLJHV«««««««««««««««««««««
)UXLWV«««««««««««««««««««««««««
$XWUHVXWLOLWpVGHODSODQWH«««««««««««««««««
%RLV«««««««««««««««««««««««««
8WLOLWpGDQVO¶DUWLVDQDWDIULFDLQ««««««««««««««
5HPDUTXHV««««««««««««««««««««««««
7\SHVG¶DOFDORwGHVLVROpVjSDUWLUGH1DXFOHDODWLIROLD6PLWK««««««
&RQFOXVLRQV««««««««««««««««««««««««««
5pIpUHQFHV««««««««««««««««««««««««««««
3DUWLH(WXGHVH[SpULPHQWDOHV«««««««««««««««««««
,QWURGXFWLRQ«««««««««««««««««««««««««««
2EMHFWLI«««««««««««««««««««««««««««««
&KDSLWUH(QTXrWHHWKQRERWDQLTXH««««««««««««««««
'HVFULSWLRQHWFKRL[GHVORFDOLWpVGHO¶HQTXrWH«««««««««««
0pWKRGRORJLH«««««««««««««««««««««««««
5pVXOWDWVGHO¶HQTXrWHHWKQRERWDQLTXH«««««««««««
$QDO\VHHWGLVFXVVLRQGHVUpVXOWDWV«««««««««««««
&RQFOXVLRQ«««««««««««««««««««««««
&KDSLWUH&DUDFWpULVDWLRQFKLPLTXH««««««««««««««««
/LHXGHFXHLOOHWWHGHVGLIIpUHQWVRUJDQHVGHVSODQWHV««««««««
6LWHGH.DQDGMLJXLODUpFROWHDXERUGG¶XQHULYLqUH«««««««
6LWHGH/DILDERXJRXUpFROWHDXIODQFGHODFROOLQH«««««««
6LWHGH/DVVDUpFROWHVXUODFROOLQH«««««««««««««
6LWHGH.RXORXEDUpFROWHVXUODFROOLQH«««««««««««
6LWHGH.LWD««««««««««««««««««««««««
9pJpWDWLRQHWSOXYLRPpWULH««««««««««««««««««««
3pULRGHHWFKRL[GHSUpOqYHPHQWV«««««««««««««««««
3UpSDUDWLRQVGHVpFKDQWLOORQV«««««««««««««««««««
5pDFWLRQVGHFDUDFWpULVDWLRQ«««««««««««««««««««
0DWpULHOHWPpWKRGHV«««««««««««««««««««
&DUDFWpULVDWLRQGHVDOFDORwGHV««««««««««««««
&DUDFWpULVDWLRQGHVWDQLQV«««««««««««««««
&DUDFWpULVDWLRQGHVIODYRQRwGHV«««««««««««««
&DUDFWpULVDWLRQGHVGpULYpVDQWKUDFpQLTXHV««««««««
&DUDFWpULVDWLRQGHVVWpUROVHWWULWHUSqQHV«««««««««
&DUDFWpULVDWLRQGHVKpWpURVLGHVFDUGLRWRQLTXHV««««««
&DUDFWpULVDWLRQGHVVDSRQRVLGHV«««««««««««««
&DUDFWpULVDWLRQGHVFRPSRVpVUpGXFWHXUV«««««««««
5pVXOWDWVGHVFDUDFWpULVDWLRQVSK\WRFKLPLTXHV««««««««
$QDO\VHHWGLVFXVVLRQ««««««««««««««««««««««
&KDSLWUH0pWKRGHVG¶H[WUDFWLRQGHVDOFDORwGHV«««««««««««
([WUDFWLRQGHVDOFDORwGHV«««««««««««««««««««««
0DWpULHOHWPpWKRGHV([WUDFWLRQHQPLOLHXDOFDOLQ«««««««
,VROHPHQWGHVDOFDORwGHV««««««««««««««««««
5pVXOWDWVG¶H[WUDFWLRQGHVDOFDORwGHV«««««««««««««
)UDFWLRQQHPHQWV««««««««««««««««««««««««
6pSDUDWLRQGHV$7GHVIHXLOOHVGXVLWHGH.DQDGMLJXLOD««««
6pSDUDWLRQGHV$7GHVIHXLOOHVGXVLWHGH.LWD««««««««
6pSDUDWLRQGHV$7GHVIHXLOOHVGXVLWHGH/DVVD«««««««
6pSDUDWLRQGHV$7GHVIHXLOOHVGXVLWHGH/DILDERXJRX««««
&RQFOXVLRQ««««««««««««««««««««««««««
5pIpUHQFHV««««««««««««««««««««««««««««
3DUWLH$FWLYLWpVELRORJLTXHVGHVH[WUDLWVDOFDORwGLTXHVGH1ODWLIROLD6P«««
,QWURGXFWLRQ«««««««««««««««««««««««««««
$FWLYLWpDQWLFDQFpUHXVH«««««««««««««««««««««
*pQpUDOLWpV«««««««««««««««««««««««
0DWpULHOHWPpWKRGHV«««««««««««««««««««
5pVXOWDWV««««««««««««««««««««««««
([WUDLWV$7LVVXVGHVIHXLOOHVGH1ODWLIROLD6P««««««
([WUDLWV$7LVVXVGHVpFRUFHVGH1ODWLIROLD6P«««««
([WUDLWV$7LVVXVGHVUDFLQHVGH1ODWLIROLD6P««««««
$QDO\VHHWGLVFXVVLRQV««««««««««««««««««
&RQFOXVLRQ«««««««««««««««««««««««
$FWLYLWpDQWDOJLTXH«««««««««««««««««««««««
*pQpUDOLWpV««««««««««««««««««««««««
0DWpULHOHWPpWKRGHV««««««««««««««««««««
0DWpULHO«««««««««««««««««««««««
0pWKRGHV«««««««««««««««««««««««
5pVXOWDWV«««««««««««««««««««««««««
$QDO\VHHWGLVFXVVLRQV«««««««««««««««««««
&RQFOXVLRQ««««««««««««««««««««««««
5pIpUHQFHV««««««««««««««««««««««««««««
&RQFOXVLRQJpQpUDOHHWSHUVSHFWLYHV«««««««««««««««««
$QQH[HV«««««««««««««««««««««««««««««
5(680(
1DXFOHD ODWLIROLD 6PLWK 5XELDFHDH HVW XQH SODQWH DX[ YHUWXV PpGLFLQDOHV
EHDXFRXS SOXV FRQQXHV HQ $IULTXH VXEVDKDULHQQH GDQV OD SKDUPDFRSpH
WUDGLWLRQQHOOHSRXUVHVQRPEUHXVHVDFWLYLWpVSKDUPDFRORJLTXHV
1 ODWLIROLD 6P HVW XQ DUEUH RX DUEXVWH G¶HVSqFH VRXGDQRVDKpOLHQQH VHV
]RQHV G¶DERQGDQFH VRQW SULQFLSDOHPHQW O¶$IULTXH 2FFLGHQWDOH HW &HQWUDOH 6D ODUJH
XWLOLVDWLRQ HQ PpGLFLQH WUDGLWLRQQHOOH QRXV D LQFLWpV j UpDOLVHU XQH HQTXrWH
HWKQRERWDQLTXH HW XQ VFUHHQLQJ SK\WRFKLPLTXH DILQ GH PHWWUH HQ FRKpUHQFH OHV
SUHVFULSWLRQVHWOHVDFWLYLWpVSRWHQWLHOOHVGHVFRQVWLWXDQWVFKLPLTXHVSUpVHQWV
1 ODWLIROLD 6P GH SDU OD SUpVHQFH GHV QRPEUHXVHV IDPLOOHV FKLPLTXHV
SRVVqGH GHV DFWLYLWpV ELRORJLTXHV LQWpUHVVDQWHV /HV H[WUDLWV G¶DOFDORwGHV WRWDX[
LVVXV GHV RUJDQHV GH OD SODQWH RQW SURXYp XQH DFWLYLWp DQWLFDQFpUHXVH &HV
H[WUDLWVLQKLEHQWODSUROLIpUDWLRQGHVFHOOXOHVFDQFpUHXVHVPDPPDLUHV0&)2XWUH
O¶DFWLYLWpDQWLWXPRUDOHOHVH[WUDLWVDOFDORwGLTXHVGH1ODWLIROLD6PDJLVVHQWFRQWUHOD
GRXOHXU ,OV LQKLEHQW O¶HIIHW GH OD GRXOHXU DSUqV LQMHFWLRQ GH O¶DFLGH DFpWLTXH j
FKH]ODVRXULV
&HSHQGDQW 1 ODWLIROLD 6P VH SUpVHQWH FRPPH XQH SODQWH DX[ QRPEUHX[
PpGLFDPHQWV $X UHJDUG GH FHV DFWLYLWpV ELRORJLTXHV LQWpUHVVDQWHV LO FRQYLHQW GH
PHQHU GHV LQYHVWLJDWLRQV LQWHQVHV SRXU HQULFKLU OD SURGXFWLRQ GHV 0pGLFDPHQWV
7UDGLWLRQQHOV$PpOLRUpV07$
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳ
6XPPDU\
1 ODWLIROLD 6P LV D VKUXE RU WUHH 6RXGDQR6DKHOLDQ VSHFLHV KLV ]RQHV RI
DEXQGDQFHDUHLQPRVWFDVHV:HVWHUQDQG&HQWUDO$IULFD+LVZLGHXVHLQWUDGLWLRQDO
PHGLFLQH LQFLWHG XV WR UHDOL]H DQ HWKQRERWDQ\ LQYHVWLJDWLRQ DQG D SK\WRFKHPLFDO
VFUHHQLQJ WR SXW LQ FRKHUHQFH WKH SUHVFULSWLRQV DQG WKH SRWHQWLDO DFWLYLWLHV RI WKH
FKHPLFDOFRQVWLWXHQWV
1 ODWLIROLD 6P DOO RYHU WKH SUHVHQFH RI LWV QXPHURXV FKHPLFDO IDPLOLHV KDYH
LQWHUHVWLQJ SKDUPDFRORJLFDO DFWLYLWLHV 7KH H[WUDFWV RI H[LVWHQW FRPSOHWH DONDORLGV RI
WKH RUJDQV RI WKH SODQW SURYHG DQ DQWLFDQFHURXV DFWLYLWLHV 7KHVH H[WUDFWV LQKLELW
WKH SUROLIHUDWLRQ RI WKH PDPPDU\ FDQFHURXV FHOOV 0&) %HVLGHV DFWLYLW\
DQWLWXPRUDOH H[WUDFWV DONDORLGV RI 1 ODWLIROLD 6P DFW DJDLQVW SDLQ 7KH\ LQKLELW WKH
HIIHFWRISDLQDIWHULQMHFWLRQDFHWLFDFLGLQWRWKHPLFH
+RZHYHU1ODWLIROLD6PFRPHVDVDSODQWLQQXPHURXVGUXJV:LWKUHJDUGWR
WKH LQWHUHVWLQJ ELRORJLFDO DFWLYLWLHV LW LV QHFHVVDU\ WR OHDG LQWHQVH LQYHVWLJDWLRQ WR
HQULFKWKHSURGXFWLRQRI7UDGLWLRQDO$PHOLRUDWHG'UXJV
.H\ZRUGV1DXFOHDODWLIROLDHWKQRERWDQ\VWXG\SK\WRFKHPLFDOVFUHHQLQJELRORJLFDO
DFWLYLWLHV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ʹ
,1752'8&7,21*(1(5$/(
/D IORUH DIULFDLQH HQ JpQpUDO HW PDOLHQQH HQ SDUWLFXOLHU UHJRUJH G¶XQH
LPSRUWDQWH UpVHUYH GH SODQWHV j FDUDFWqUHV DURPDWLTXH HW PpGLFLQDO $LQVL OHV
SODQWHV PpGLFLQDOHVRFFXSHQWXQHSODFHLPSRUWDQWH GDQVODSKDUPDFRSpH DIULFDLQH
'HQRVMRXUVHQFRUHHOOHVMRXHQWXQU{OHGpWHUPLQDQWGDQVOHWUDLWHPHQWGHFHUWDLQHV
SDWKRORJLHVWURSLFDOHVFRPPHOHSDOXGLVPHO¶LFWqUHODEOHQQRUUDJLHODELOKDU]LRVH>
@'HO¶LPSUHVVLRQQDQWHUpVHUYHGHVSODQWHVjWUDYHUVOHPRQGHVHXOHPHQWRQW
IDLWO¶REMHWG¶pWXGHVGHOHXUVSURSULpWpVSKDUPDFRORJLTXHV>@
/¶XVDJH IUpTXHQW GH FHV SODQWHV SDU OHV WUDGLSUDWLFLHQV HW OHV UpVXOWDWV
VDWLVIDLVDQWV TXL V¶HQ VXLYHQW GDQV FHUWDLQV FDV RQW FRQGXLW FHUWDLQV SD\V
SULQFLSDOHPHQWDIULFDLQVjPHQHUGHVUpIOH[LRQVSOXVSRXVVpHVSRXUODUHYDORULVDWLRQ
GHODSK\WRWKpUDSLH
$LQVL FH UHJDLQ G¶LQWpUrW D FRQGXLW OH 0DOL j UpKDELOLWHU OD PpGHFLQH
WUDGLWLRQQHOOHSDUODFUpDWLRQGX'pSDUWHPHQWGHOD0pGHFLQH7UDGLWLRQQHOOH'07
HQ /H GpSDUWHPHQW UHOqYH GH O¶,QVWLWXW 1DWLRQDO GH 5HFKHUFKH HQ 6DQWp
3XEOLTXH ,1563 TXL OXWWH SDU WRXV OHV PR\HQV DSSURSULpV SRXU VRXODJHU OHV
EHVRLQV GH OD SRSXODWLRQ HQ PpGLFDPHQWV JpQpULTXHV /H '07 HVW OD VWUXFWXUH
WHFKQLTXHGX 0LQLVWqUH GH OD6DQWpFKDUJpH GH ODYDORULVDWLRQGHVUHVVRXUFHVGHOD
PpGHFLQHWUDGLWLRQQHOOH/HGpSDUWHPHQWV¶HVWDVVLJQpGHX[U{OHVPDMHXUV
'DQV XQ SUHPLHU WHPSV FUpHU XQH V\QHUJLH GH FRPSOpPHQWDULWp HQWUH OD
PpGHFLQHWUDGLWLRQQHOOHHWODPpGHFLQHFRQYHQWLRQQHOOH
'DQV XQ VHFRQG WHPSV pODERUHU GHV PpGLFDPHQWV HIILFDFHV DFFHVVLEOHV j
IDLEOHFRWDXJUDQGSXEOLF
$ FH MRXU OH '07 D pODERUp VHSW PpGLFDPHQWV FRPPHUFLDOLVpV GDQV OHV
RIILFLQHVGXSD\VHWODEHOOLVpVVRXVOHQRPGH0pGLFDPHQWV7UDGLWLRQQHOV$PpOLRUpV
07$F¶HVWOHFDVQRWDPPHQWGXVLURS³%DOHPER³XWLOLVHUGDQVOHWUDLWHPHQWFRQWUH
ODWRX[
'DQV FHWWH RSWLTXH O¶pWXGH GH OD SK\WRFKLPLH IDLW O¶REMHW G¶LQWHQVHV
LQYHVWLJDWLRQV SRXU DLGHU j GpWHUPLQHU OHV FRQVWLWXDQWV FKLPLTXHV SUpVHQWV GDQV OHV
SODQWHV PpGLFLQDOHV 3RXU PHQHU j ELHQ FHV LQYHVWLJDWLRQV GLYHUV RUJDQHV GHV
SODQWHVIHXLOOHVpFRUFHVUDFLQHVIUXLWVVRQWFXHLOOLVGDQVOHXUKDELWDWQDWXUHODILQGH
GpWHUPLQHUOHXUWDX[GHWR[LFLWpHWDQDO\VHUOHXUVpYHQWXHOVHIIHWVSKDUPDFRORJLTXHV
8QGHV RXWLOVLQGLVSHQVDEOHVHVWODFRQQDLVVDQFHGX VFUHHQLQJSK\WRFKLPLTXH RX
FULEODJHSK\WRFKLPLTXHTXLSHUPHWGHGpFHOHUODSUpVHQFHGHVJURXSHVGHIDPLOOHV
FKLPLTXHV GDQV XQH ³GURJXH³ GRQQpH /H VFUHHQLQJ SK\WRFKLPLTXH MRXH XQ U{OH
HVVHQWLHOGDQVODFDUDFWpULVDWLRQGHVJURXSHVGHIDPLOOHVFKLPLTXHVGDQVXQHSODQWH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͵
GRQQpH SDU FRQWUH LO QH SHUPHW SDV G¶LGHQWLILHU RX GH GpWHUPLQHU OD VWUXFWXUH
FKLPLTXHGHVFRPSRVpVSUpVHQWV
$X SUpDODEOH XQ WUDYDLO GH WHUUDLQ HVW HIIHFWXp GRQW OH EXW FRQVLVWH j PHQHU
XQH HQTXrWH HWKQRERWDQLTXH DXSUqV GHV WUDGLWKpUDSHXWHV RX WUDGLSUDWLFLHQV GHV
KHUERULVWHV HW GHV LQGLYLGXV YLYDQW HQ FRQWDFW DYHF OHV SODQWHV PpGLFLQDOHV ,O V¶DJLW
GH PHWWUH HQ FRKpUHQFH OHV LQIRUPDWLRQV UHODWLYHV VXU O¶XVDJH GH FHV SODQWHV HQ
PpGHFLQH WUDGLWLRQQHOOH HW GH FUpHU XQH V\QHUJLH G¶DFWLYLWp DYHF OHV FRPSRVpV
FKLPLTXHVDFWLIVXWLOLVpVHQPpGHFLQHFRQYHQWLRQQHOOH/DFRQQDLVVDQFHGHO¶HQTXrWH
HWKQRERWDQLTXHQRXVSHUPHWWUDG¶pGLILHUOHVU{OHVSRWHQWLHOVGHVSODQWHVPpGLFLQDOHV
GDQV OD SKDUPDFRSpH WUDGLWLRQQHOOH HW O¶LPSDFW LQGXLW GDQV OD SURSK\OD[LH &HWWH
HQTXrWH PHW HQ H[HUJXH XQH SUDWLTXH DQFHVWUDOH WUqV HIILFDFH SRXU VRLJQHU OHV
PDODGLHV/HWUDLWHPHQWWUDGLWLRQQHOSDUOHVSODQWHVHVWEHDXFRXSSOXVSULVpGDQVOHV
]RQHVVXUWRXWUXUDOHVVRLWGpSRXUYXHVGHWRXWHVWUXFWXUHVDQLWDLUHVRLWSDUPDQTXHGH
PR\HQ ILQDQFLHU HW GHPHXUH GH QRV MRXUV OH PHLOOHXU VLQRQ OH VHXO PR\HQ SRXU OD
SULVHHQFKDUJHGHSOXVLHXUVPDODGLHVDXSUqVGHODSRSXODWLRQORFDOH
3HQGDQW ORQJWHPSV OHV SODQWHV PpGLFLQDOHV RQW pWp XQH VRXUFH LQpSXLVDEOH
SRXU OHV WUDGLSUDWLFLHQV DIULFDLQV DILQ GH WUDLWHU RX JXpULU FHUWDLQHV SDWKRORJLHV
VRXYHQWPRUWHOOHV'HQRVMRXUVEHDXFRXSGHJXpULVVHXUVWUDGLWLRQQHOVFRQWLQXHQWj
SXLVHU OHXU VHFUHW HQ YDORULVDQW OHV GpULYpV GH FHV SODQWHV PpGLFLQDOHV GDQV OH
WUDLWHPHQWGHSOXVLHXUVPDODGLHVJUDYHV>@
1DXFOHDODWLIROLD6PLWK
'H FHV QRPEUHXVHV SODQWHV PpGLFLQDOHV QRWUH pWXGH V¶HVW SRUWpH VXU OH
1DXFOHD ODWLIROLD 6P TXL HVW XQH HVSqFH YpJpWDOH TXH O¶RQ UHQFRQWUH HQ $IULTXH
WURSLFDOH GDQV OHV UpJLRQV KXPLGHV HQ ]RQH VRXGDQLHQQH >@ HW WUqV ODUJHPHQW
XWLOLVpHSDUOHVWUDGLSUDWLFLHQVFRQWUHGHPXOWLSOHV PDODGLHVHQWUHDXWUHVODPDODULD
ODFRQVWLSDWLRQOHVILqYUHVOHVLQIHFWLRQVXURJpQLWDOHVHWEXFFRGHQWDLUHV>@
/H 1 ODWLIROLD 6P WUqV FRQQX GDQV VRQ DLUH GH UpSDUWLWLRQ QDWXUHOOH HVW
JpQpUDOHPHQW XQ DUEXVWH RX DUEUH OLDQHVFHQW SRXYDQW DWWHLQGUH j SOXV GH P GH
KDXWVXLYDQWVRQKDELWDW
/H 1 ODWLIROLD 6P DSSDUWLHQW j OD IDPLOOH GHV 5XELDFpHV OHVTXHOOHV SHXYHQW
FRQWHQLU GH QRPEUHXVHV VXEVWDQFHV FKLPLTXHV FDSDEOHV GH PDQLIHVWHU GLYHUVHV
DFWLYLWpV SKDUPDFRORJLTXHV UHPDUTXDEOHV >@ 3DUPL FHV VXEVWDQFHV QRXV QRXV
VRPPHVLQWpUHVVpVDX[DOFDORwGHV>@TXLVRQWGHVFRPSRVpVRUJDQLTXHVD]RWpVHW
QDWXUHOVOHSOXVVRXYHQWG¶RULJLQHYpJpWDOH>@
/H JHQUH 1DXFOHD 5XELDFHDH HVW XQH VRXUFH WUqV ULFKH HQ DOFDORwGHV $
O¶KHXUH DFWXHOOH OHV FKHUFKHXUV RQW LVROp j SDUWLU GHV GLIIpUHQWV RUJDQHV GX JHQUH
1DXFOHDSOXVGHDOFDORwGHVPRQRWHUSpQLTXHVGHW\SHLQGROLTXH>@
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ Ͷ
/HV DOFDORwGHV TXL FRQVWLWXHQW OH QRP JpQpULTXH GH SUqV G¶XQ PLOOLHU GH
VXEVWDQFHV QDWXUHOOHV RX V\QWKpWLTXHV DSSDUWHQDQW j OD FKLPLH GHV VXEVWDQFHV
RUJDQLTXHVD\DQWGHVSURSULpWpVWKpUDSHXWLTXHVRXWR[LTXHVUHPDUTXDEOHVVXUWRXWj
O¶pWDW SXU PrPH j IDLEOH GRVH >@ /HV DOFDORwGHV VRQW SDUPL OHV SOXV LPSRUWDQWV
JURXSHV GH SURGXLWV QDWXUHOV HQ UDLVRQ GH OHXUV SURSULpWpV ELRORJLTXHV HW GH OHXU
GLYHUVLWp VWUXFWXUDOH >@ /D UHFKHUFKH GH FH W\SH GH FRPSRVpV FKLPLTXHV
FRQVWLWXHXQGHVD[HVSULRULWDLUHVGHFHWWHpWXGH
/¶XWLOLVDWLRQ GH FHV DOFDORwGHV FRPPH ³PpGLFDPHQW³ D FRQGXLW j GHV WHVWV
FRQFOXDQWV GDQV OH WUDLWHPHQW DXVVL ELHQ HQ PpGLFLQH WUDGLWLRQQHOOH TX¶HQ PpGHFLQH
PRGHUQHGHFHUWDLQHVSDWKRORJLHVDLJXsVFRPPHOHFDQFHUO¶K\SHUWHQVLRQDUWpULHOOH
OHGLDEqWHHWO¶KpSDWLWH>@
&HVVXEVWDQFHVD]RWpHVVRQWH[WUDLWHVGHVGLIIpUHQWVRUJDQHVGHODSODQWHOD
SOXSDUWGHVFDVHOOHVQHVRQWSDVSXUHVHWVHUHQFRQWUHQWVRXVIRUPHFRPSOH[HVRLW
HQ PpODQJH GH SOXVLHXUV W\SHV RX DYHF G¶DXWUHV FRPSRVpV TXL QpFHVVLWHQW XQH
VpSDUDWLRQ FKURPDWRJUDSKLTXH SRXU OD SXULILFDWLRQ SXLV XQH LGHQWLILFDWLRQ IDLVDQW
DSSHODX[WHFKQLTXHVPRGHUQHVG¶DQDO\VH501PDVVH«
/¶HIILFDFLWpGH1ODWLIROLD6PGDQVODOXWWHDQWLSDOXGpHQQHHWFRQWUHFHUWDLQHV
GRXOHXUV>@DGRQQpO¶LGpHDX[FKLPLVWHVG¶LVROHUOHVPROpFXOHVFLEOHVjGHVILQV
WKpUDSHXWLTXHV
/¶DERQGDQFH GH 1 ODWLIROLD 6P j O¶pWDW QDWXUHO VXU OH WHUULWRLUH PDOLHQ D
pJDOHPHQWSHUPLVGHIDFLOLWHUOHVpWXGHVSK\WRWKpUDSHXWLTXHVHWSK\WRFKLPLTXHV/HV
UpVXOWDWVGXVFUHHQLQJSK\WRFKLPLTXHRQWGpFHOpRXWUHODSUpVHQFHGHVDOFDORwGHVOH
1ODWLIROLD6PUHQIHUPHG¶DXWUHVVXEVWDQFHVFKLPLTXHVWUqVFRQQXHV jO¶LPDJHGHV
FRPSRVpV SRO\SKpQROLTXHVWHOV TXHOHVWDQLQV HWIODYRQRwGHVGHVVDSRQRVLGHV>
@ TXL VRQW UpSXWpV SRVVpGHU GHV DFWLYLWpV DQWLWXPRUDOHV 3RXU VH UHQGUH j
O¶pYLGHQFH XQ FULEODJH SK\WRFKLPLTXH FRPSOHW HVW UpDOLVp DX QLYHDX GH FKDTXH
RUJDQHGHODSODQWH/HEXWYLVpGHFHWWHpWXGHHVWGHGLVSRVHUG¶XQSDQHOpODUJLGH
JURXSHGHIDPLOOHVFKLPLTXHVHWSUpVDJHUXQVSHFWUHWKpUDSHXWLTXHLQWpUHVVDQWOLpj
OD GURJXH /HV LQGLFDWLRQV WKpUDSHXWLTXHV GH 1 ODWLIROLD 6P VRQW QRPEUHXVHV
SOXVLHXUVDXWHXUVWHOVTXH%RXTXHWHQ>@3RXVVHWHQ>@0DOJUDV
HQ>@RQWpQXPpUpOHVPXOWLSOHVXVDJHVGHFHYpJpWDOHQSUDWLTXHPpGLFLQDOH
SRSXODLUH RX HQ SKDUPDFRSpH DIULFDLQH ,O HVW LPSRUWDQW GH VRXOLJQHU TXH O¶DEVHQFH
FHUWDLQHGHVKpWpURVLGHVF\DQRJpQpWLTXHVUpYpOpHDXFRXUVGXVFUHHQLQJGLPLQXHOHV
ULVTXHVWR[LFRORJLTXHVOLpVjO¶XVDJHGHFHWWHSODQWHFHTXLFRQILUPHOHVUpVXOWDWVGHV
WUDYDX[DQWpULHXUV>@
1ODWLIROLD6PGHSDUOHVQRPEUHXVHVIDPLOOHVFKLPLTXHVTX¶LOFRQWLHQWUpYqOH
GHV DFWLYLWpV SKDUPDFRORJLTXHV LQWpUHVVDQWHV $LQVL QRXV SRXYRQV FRQFOXUH TXH OH
1 ODWLIROLD VP VH SUpVHQWH FRPPH XQH SODQWH PpGLFLQDOH IRXUQLVVDQW SOXVLHXUV
PpGLFDPHQWVSRSXODLUHVDX[DFWLYLWpVSKDUPDFRORJLTXHVPXOWLSOHV&HUWDLQHVGHVHV
SURSULpWpV DQWLPDODULTXH DQWLLQIODPPDWRLUH DQWLFDQFpUHXVH DQWLGLDEpWLTXH HW
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͷ
K\SHUWHQVHXURQWpWpPLVHVHQpYLGHQFHH[SpULPHQWDOHPHQWRXIRQWO¶REMHWGHVWHVWV
ELRORJLTXHV HW MXVWLILHQW XQH SODFH GH FKRL[ GH FHWWH SODQWH GDQV OD PpGHFLQH
WUDGLWLRQQHOOH
6LSOXVLHXUVFRQVWLWXDQWVFKLPLTXHVGH1ODWLIROLDVPRQWpWpPLVHQpYLGHQFH
LVROpVHWFDUDFWpULVpVFRPPHFHUWDLQVDOFDORwGHVQRPEUHG¶HQWUHHX[Q¶RQWSDVpWp
LGHQWLILpV j FH MRXU 'H SOXV VL FHUWDLQHV PROpFXOHV VRQW ³HQGpPLTXHV³ GH FHWWH
SODQWH FHOOHFL SHXW SUpVHQWHU XQ ³SURILOH FKLPLTXH³ GLIIpUHQW HQ IRQFWLRQ GX OLHX
G¶LPSODQWDWLRQHWGHODQDWXUHGXWHUUDLQRXGXFOLPDW
3DUDLOOHXUVVLGHVHQTXrWHVHWKQRERWDQLTXHVGH 1ODWLIROLD6PRQWGpMjpWp
UpDOLVpHVELHQSHXG¶HQWUHHOOHVRQWpWpVXLYLHVG¶XQHpWXGHSK\WRFKLPLTXHFKHUFKDQW
jpFODLUHUOHVSUHVFULSWLRQVGHVWUDGLSUDWLFLHQV
3DU FRQVpTXHQW OD UHFKHUFKH GHV SULQFLSHV DFWLIV SRWHQWLHOV GH OD SODQWH
FRQVWLWXHXQHQMHXSDVVLRQQDQWTXLSRXUUDLWHQULFKLUO¶DUVHQDOGHODSK\WRWKpUDSLH
&¶HVWODUDLVRQSRXUODTXHOOH QRXVDYRQVD[pQRVWUDYDX[VXUO¶pWXGHGHFHWWH
SODQWH WDQW G¶XQ SRLQW GH YXH HWKQRERWDQLTXH TXH FKLPLTXH HW VXU OHV DFWLYLWpV
ELRORJLTXHVGHVH[WUDLWVTXLHQVRQWLVVXV
(QFHODQRWUHpWXGHV¶LQVFULWSOHLQHPHQWGDQVODVWUDWpJLHGpYHORSSpHSDUOHV
DXWRULWpV PDOLHQQHV UHQGUH DFFHVVLEOH DX JUDQG SXEOLTXH OD SURGXFWLRQ GHV
PpGLFDPHQWVWUDGLWLRQQHOVDPpOLRUpVHWYDORULVHUODIORUHORFDOH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ
3$57,((78'(%,%/,2*5$3+,48(
&HWWHSUHPLqUHSDUWLHHVWFRQVDFUpHHVVHQWLHOOHPHQWDX[UpVXOWDWVGpFULWVGDQV
ODOLWWpUDWXUH(OOHFRQFHUQHOHVDOFDORwGHVpWDWQDWXUHOGLVWULEXWLRQORFDOLVDWLRQ«OD
ERWDQLTXHGHODSODQWHO¶LQWpUrWSKDUPDFRORJLTXHHWO¶XVDJHSK\WRWKpUDSHXWLTXHOLpj
ODSODQWH
/¶pWXGHELEOLRJUDSKLTXHFRPSRUWHGHX[JUDQGVFKDSLWUHV
¾ /HSUHPLHUFKDSLWUHFRQFHUQHXQHSUpVHQWDWLRQJpQpUDOHGHVDOFDORwGHV
¾ /H GHX[LqPH FKDSLWUH FRQFHUQH 1 ODWLIROLD 6P OD SUpVHQWDWLRQ ERWDQLTXH
OHV SURSULpWpV WKpUDSHXWLTXHV OLpHV j OD SODQWH HW OHV GLIIpUHQWV W\SHV
G¶DOFDORwGHVLVROpVjSDUWLUGHVGLIIpUHQWVRUJDQHVGHFHWWHSODQWH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͺ
&+$3,75(/HVDOFDORwGHV
/HV PpWDEROLWHV VRQW OHV PROpFXOHV LVVXHV GX PpWDEROLVPH GHV YpJpWDX[ RX
G¶DQLPDX[ 2Q GLVWLQJXH GHX[ FODVVHV GH PpWDEROLWHV PpWDEROLWHV SULPDLUHV HW
PpWDEROLWHVVHFRQGDLUHV>@
/HVPpWDEROLWHVSULPDLUHVVRQWFDUDFWpULVpVSDUOHXUFDUDFWqUHQpFHVVDLUHHWYLWDO
jODVXUYLHGHODFHOOXOHRXGHO¶RUJDQLVPH
/HVJOXFLGHVUHSUpVHQWHQWXQHVRXUFHG¶pQHUJLHVXUWRXWDXQLYHDXGHVSDURLV
FHOOXODLUHVFHOOXORVH
/HV OLSLGHV FRQVWLWXHQW DXVVL XQH VRXUFH G¶pQHUJLH SUpVHQWH GDQV OHV
PHPEUDQHVFHOOXODLUHV
/HV DPLQRDFLGHV UHSUpVHQWHQW XQH VRXUFH SULPDLUH GH FRQVWUXFWLRQ GHV
SURWpLQHV
/HVPpWDEROLWHVSULPDLUHV
/HVJOXFLGHV/HVDFLGHVDPLQpV
/HVOLSLGHV
/HVPpWDEROLWHVVHFRQGDLUHVQHVRQWSDVSDUGpILQLWLRQQpFHVVDLUHVHWYLWDX[SRXUOD
FHOOXOHRXO¶RUJDQLVPH&HVPROpFXOHVVRQWSUpVHQWHVHQWUqVJUDQGQRPEUHHWG¶XQH
YDULpWp VWUXFWXUDOH H[WUDRUGLQDLUH (OOHV RQW GH QRPEUHXVHV DSSOLFDWLRQV
SKDUPDFHXWLTXHV 'H IDoRQ JpQpUDOH OHV PpWDEROLWHV VHFRQGDLUHV VRQW
FDUDFWpULVWLTXHV GHV SODQWHVVXSpULHXUHV &HV PpWDEROLWHVVHFRQGDLUHVVRQWUHSDUWLV
HQWURLVJUDQGHVIDPLOOHVFKLPLTXHV
/HVPpWDEROLWHVVHFRQGDLUHV
/HVFRPSRVpVSKpQROLTXHV/HVDOFDORwGHV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͻ
/HVWHUSpQRwGHVHWVWpURwGHV
/HVDOFDORwGHVIRQWSDUWLHGHVPpWDEROLWHVVHFRQGDLUHVGHVSODQWHV>@3RXU
FHWWHpWXGHQRXVQRXVLQWpUHVVHURQVXQLTXHPHQWDX[DOFDORwGHV/HVDOFDORwGHVVRQW
XQHVRXUFHGHPROpFXOHVELRDFWLYHVD\DQWSOXVLHXUVLQWpUrWVELRORJLTXHV>@
'pILQLWLRQGHVDOFDORwGHV
/H WHUPH G¶DOFDORwGH D pWp LQWURGXLW SDU : 0(,61(5 DX GpEXW GX ;,; H VLqFOH
SRXU GpVLJQHU OHV VXEVWDQFHV QDWXUHOOHV UpDJLVVDQW FRPPH GHV EDVHV FRPPH GHV
DOFDOLVGHO¶DUDEHDONDO\ODVRXGHHWGXJUHFHLGRVO¶DVSHFW
7RXWH IRLV LO Q¶H[LVWH SDV GH GpILQLWLRQ VLPSOH HW SUpFLVH GHV DOFDORwGHV HW LO HVW
SDUIRLV GLIILFLOH GH VLWXHU OHV IURQWLqUHV TXL VpSDUHQW OHV DOFDORwGHV GHV DXWUHV
PpWDEROLWHVD]RWpVQDWXUHOV
2Q SHXW GpILQLU GH PDQLqUH VLPSOH©XQ DOFDORwGH HVW XQH VXEVWDQFH RUJDQLTXH
D]RWpH DSSDUWHQDQW DX YLYDQW G¶RULJLQH YpJpWDOH j FDUDFWqUH DOFDOLQ HW SUpVHQWDQW
XQH VWUXFWXUH FRPSOH[Hª >@ /HXU DWRPH G¶D]RWH HVW LQFOXV GDQV XQ V\VWqPH
KpWpURF\FOLTXH OHV DOFDORwGHV SRVVqGHQW XQH DFWLYLWp SKDUPDFRORJLTXH VLJQLILFDWLYH
>@3OXVLHXUVDXWHXUVSHQVDLHQWTXHFHVDOFDORwGHVDYDLHQWSRXURULJLQHOHVHXO
UqJQHYpJpWDO0DLVDXILOGXWHPSVXQFHUWDLQQRPEUHG¶DOFDORwGHVDpWpLVROpFKH]
FHUWDLQVDQLPDX[>@
$LQVL RQ GLYLVH OHV DOFDORwGHV HQ WURLV JHQUHV OHV DOFDORwGHV YUDLV OHV SURWR
DOFDORwGHVHWOHVSVHXGRDOFDORwGHV
/HVDOFDORwGHVYUDLVTXLUHSUpVHQWHQWOHSOXVJUDQGQRPEUHG¶DOFDORwGHVVRQW
WR[LTXHV HW GLVSRVHQW G¶XQ ODUJH VSHFWUH G¶DFWLYLWpV ELRORJLTXHV LPSRUWDQWHV ,OV
GpULYHQW G¶DFLGHV DPLQpV HW FRPSRUWHQW XQ DWRPH G¶D]RWH GDQV XQ V\VWqPH
KpWpURF\FOLTXH&HVVXEVWDQFHVVRQWGRXpHVG¶XQHJUDQGHDFWLYLWpELRORJLTXHPrPH
j IDLEOH GRVH ,OV VRQW SUpVHQWV GDQV OHV SODQWHV VRLW VRXV IRUPH OLEUH VRLW VRXV
IRUPHGHVHOVRLWFRPPH1R[\GH
/HVSVHXGRDOFDORwGHVSUpVHQWHQWOHSOXVVRXYHQWWRXWHVOHVFDUDFWpULVWLTXHV
GHVDOFDORwGHVYUDLVPDLVQHVRQWSDVGHVGpULYpVGHVDFLGHVDPLQpV/HVDOFDORwGHV
VWpURwGDX[ HW OHV SXULQHV VRQW OHV UHSUpVHQWDQWV SULQFLSDX[ GH FHWWH FODVVH
G¶DOFDORwGHV ,O V¶DJLW GDQV OD PDMRULWp GHV FDV FRQQXV G¶LVRSUpQRwGHV HW O¶RQ SDUOH
G¶DOFDORwGHVWHUSpQLTXHVOHVDOFDORwGHVPRQRWHUSpQLTXHVWHOVTXHODVN\WDQWKLQH
VHVTXLWHUSpQLTXHV GHV 1\PSKDHDFHDH OHV DOFDORwGHV GLWHUSpQLTXHV FRPPH
O¶DFRQLWLQH GX WXEHUFXOH G¶DFRQLW RX VWpURwGLTXHV SDUDYDOODULQH « 2Q FRQQDvW
pJDOHPHQW GHV VXEVWDQFHV D]RWpHV KpWpURF\FOLTXHV LVVXHV GX PpWDEROLVPH GH
O¶DFpWDWHF¶HVWOHFDVGHODFRQLLQHSULQFLSHDFWLIGHODFLJXs
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͲ
/HV SURWRDOFDORwGHV VRQW GHV DPLQHV VLPSOHV GRQW O¶D]RWH Q¶HVW SDV LQFOXV
GDQV XQ V\VWqPH KpWpURF\FOLTXH LOV RQW XQ FDUDFWqUH EDVLTXH HW VRQW pODERUpV LQ
YLYRjSDUWLUG¶DFLGHVDPLQpV,OVVRQWVRXYHQWDSSHOpV©DPLQHVELRORJLTXHVªHWVRQW
VROXEOHV GDQV O¶HDX 'LYHUVHV VXEVWDQFHV UpSRQGHQW j FHWWH GpILQLWLRQ GHV DPLQHV
VLPSOHV FRPPH OD VpURWRQLQH OD PHVFDOLQH GX SH\RWO RX OD FDWKLQRQH GX WKp GHV
$E\VVLQVPDLVDXVVLOHVEpWDwQHVTXLUpVXOWHQWGHODTXDWHUQDULVDWLRQGHO¶D]RWHGHV
DFLGHV DPLQpV &HUWDLQV DXWHXUV LQFOXHQW OHV EpWDODwQHV SDUIRLV DSSHOpHV FKURPR
DOFDORwGHVGDQVFHJURXSHF¶HVWO¶H[HPSOHGHODEpWDQLQH>@
,O DUULYH GqV IRLV G¶rWUH FRQIURQWp j GHV GLIILFXOWpV SRXU FODVVHU FHUWDLQV DOFDORwGHV
%LHQ TXH OD GLVWLQFWLRQ HQWUH DOFDORwGHV YUDLV SURWR HW SVHXGRDOFDORwGHV GDQV OD
WKpRULHVHPEOHSHUWLQHQWHGDQVODSUDWLTXHHOOHQ¶HVWSDVWRXMRXUVIDFLOHjDSSOLTXHU
3DUH[HPSOHRFODVVHUODFROFKLFLQHGRQWO¶D]RWHDPLGLTXHQ¶HVWSDVLQFOXVGDQVXQ
KpWpURF\FOH" &RPPHQW FRQVLGpUHU OD FDIpLQH HW OD WKpRSK\OOLQH" 1H GRLWRQ YRLU
GDQVGHVJOXFRVLGHVDPLQpVFRPPHOHVFKDFRQLQHVTXHGHVVDSRQRVLGHVD]RWpV"
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͳ
/DWKpRSK\OOLQHHVWXQDOFDORwGHGXW\SHPpWK\O[DQWKLQHSURYHQDQWSULQFLSDOHPHQWGH
IHXLOOHV GH WKp HW GX FDIp /D FDWKLQRQH HVW XQH VXEVWDQFH FKLPLTXH SURYHQDQW GHV
IHXLOOHV VpFKpHV G¶XQ DUEXVWH DIULFDLQ &DWKD HGXOLV /D FDWKLQRQH HVW XQ DOFDORwGH
PRQRDPLQp
(QSUDWLTXHLOHVWDGPLVSDUWRXVTXHQHVRQWSDVQRPPpVDOFDORwGHVOHVDPLQHV
VLPSOHV OHV EpWDODwQHV OHV SHSWLGHV OHV DFLGHV DPLQpV OHV DPLQRVXFUHV OHV
SRUSK\ULQHV OHV DON\ODPLQHV DX PRLQV FHOOHV TXL VRQW ODUJHPHQW GLVWULEXpHV D
FRQWUDULR GHV SURGXLWV GH GLVWULEXWLRQ UHVWUHLQWH FRPPH O¶pSKpGULQH VRQW OH SOXV
VRXYHQW UHFRQQXV FRPPH DOFDORwGHV 3RXU WRXV OHV DXWUHV FRPSRVpV RQ SDUOH
FRXUDPPHQWG¶DOFDORwGHVLOQHYLHQGUDLWjO¶HVSULWGHSHUVRQQHGHGpQLHUFHWWHTXDOLWp
jODFROFKLFLQHjODFRQLLQHRXjO¶DFRQLWH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳʹ
UHJURXSHPHQW G¶XQ WHO HQVHPEOH HVW SDU DLOOHXUV FRQILUPp SDU GHV UpDFWLRQV
FRPPXQHVGHSUpFLSLWDWLRQDYHFOHV©UpDFWLIVJpQpUDX[GHVDOFDORwGHVª
3(//(7,(5DGpILQLOHWHUPHDOFDORwGHGHPDQLqUHVXLYDQWH>@
8Q DOFDORwGH HVW XQ FRPSRVp F\FOLTXH TXL FRQWLHQW GH O¶D]RWH GDQV XQ pWDW
G¶R[\GDWLRQ QpJDWLI TXL HVW GH GLVWULEXWLRQ OLPLWpH SDUPL OHV RUJDQLVPHV
YLYDQWV
(QWHQDQWFRPSWHGHFHWWHGpILQLWLRQRQDUULYHjFODVVHUFHUWDLQVFRPSRVpVSDUPLOHV
DOFDORwGHV DLQVL QRXV SRXYRQV FLWHU OH FDV GHV DPLQHV HW GH OHXUV R[\GHV GHV
DPLGHV HW GHV DPPRQLXPV TXDWHUQDLUHV GH OD FDIpLQH GH O¶pSKpGULQH GH OD
FROFKLFLQHHWGHODULFLQLQH
,O HVW LPSRUWDQW GH SUpFLVHU TXH FHWWH GpILQLWLRQ QH WLHQW SDV FRPSWH GX FULWqUH
G¶DFWLYLWp GHV FRPSRVpV WRXWH IRLV LO IDXW QRWHU TXH Q¶LPSRUWH TXHO FRPSRVp
DGPLQLVWUpjGRVHVXIILVDQWHSDUIRLVjWUqVIDLEOHGRVHLQGXLWXQHIIHWTXHOFRQTXHVXU
O¶RUJDQLVPHYLYDQW
/HV DOFDORwGHV OHV SOXV XWLOLVpV FRPPH PpGLFDPHQWV GDQV OD SKDUPDFRSpH XVXHOOH
VRQWOHVGpULYpVGHPRUSKLQHFRQQXVSRXUOHXUVSURSULpWpVDQDOJpVLTXHVOHPLJOLWRO
1+\GUR[\pWK\OGHR[\QRM\ULPLFLQH FRQQX FRPPH XQ DQWLGLDEpWLTXH OD
FDPSWRWKpFLQHXWLOLVpHFRPPHDQWLFDQFpUHX[GHPrPHTXHOHWD[ROODFLQFKRQLQH
HWOHVGpULYpVGHODTXLQLQHFRPPHDQWLPDODULTXH
7D[RODQWLFDQFpUHX[
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳ͵
+LVWRULTXHGHVDOFDORwGHV
6L OD QRWLRQ G¶DOFDORwGH HVW DVVH] UpFHQWH OD FRQQDLVVDQFH GH OD WR[LFLWp HW GHV
SURSULpWpV GHV SODQWHV HW GHV GURJXHV j DOFDORwGHV HVW WUqV DQFLHQQH GHSXLV GHV
VLqFOHVYRLUHSOXVLHXUV PLOOpQDLUHV EHDXFRXS GHFRPSRVpVVRQWHPSOR\pV VRLWSRXU
ODJXpULVRQGHVPDODGLHVVRLWFRPPHSRLVRQVRLWFRPPHH[FLWDQW2QSHXWFLWHUSDU
H[HPSOHO¶RSLXPOHFRFDODEHOODGRQHOHTXLQTXLQDOHVFXUDUHVHWF>@
&¶HVW YUDLVHPEODEOHPHQW '(5261( TXL HQ H[WUD\DQW XQ PpODQJH GH
QDUFRWLQHHWGHPRUSKLQHGHO¶RSLXPIXWOHSUHPLHUjLVROHUXQDOFDOLYpJpWDO(Q
6(57851(5 UHFRQQDvW OH SULQFLSH VRPQLIqUH GH O¶RSLXP SULQFLSH TX¶LO GpQRPPHUD
PRUSKLQH XQH GL]DLQH G¶DQQpH SOXV WDUG 3HX DSUqV GHX[ SKDUPDFLHQV IUDQoDLV
3(//(7,(5 HW &$9(1728 GpFRXYUHQW XQH LPSUHVVLRQQDQWH VpULH GH FRPSRVpV
DFWLIV HQWUH HW QRXV SRXYRQV FLWHU HQWUH DXWUHV OD FDIpLQH O¶pPpWLQH GH
O¶LSpFDODVWU\FKQLQHGHODQRL[YRPLTXHODTXLQLQHHWODFLQFKRQLQHVHURQWLVROpHVGH
O¶pFRUFHGHTXLQTXLQD8QSHXSOXVWDUGLOHQVHUDGHPrPHSRXUODFRQLLQHSULQFLSH
DFWLI GH OD FLJH /HV FKLPLVWHV WHQWHQW WUqV W{W G¶pOXFLGHU OD VWUXFWXUH GH FHV
PROpFXOHVLOV\SDUYLHQGURQWGDQVOHVFDVOHVSOXVVLPSOHVFRQLLQH6&+,))
PDLV SRXU G¶DXWUHV LO IDXGUD DWWHQGUH OD VHFRQGH PRLWLp GH QRWUH VLqFOH O¶pGLILFH
SRO\F\FOLTXH GH OD VWU\FKQLQH D UpVLVWp SUqV GH DQV DX[ LQYHVWLJDWLRQV GHV
FKLPLVWHV $XMRXUG¶KXL OHV WHFKQLTXHV DYDQFpHV GH 501 GH OD FKURPDWRJUDSKLH
FRXSOpH j OD VSHFWURPpWULH GH PDVVH HW OD GLIIUDFWLRQ GHV UD\RQV ; SHUPHWWHQW GH
YHQLU j ERXW GHV VWUXFWXUHV OHV SOXV FRPSOH[HV >@ /D V\QWKqVH GH FHV
FRPSRVpVDpJDOHPHQWFRQVWLWXpWUqVW{WXQGpILSRXUOHVFKLPLVWHVGHODV\QWKqVH
GHODFRQLLQHjODILQGXVLqFOHGHUQLHUjFHOOHGHODPRUSKLQHFHGpILDMRXpHW
MRXH HQFRUH XQ U{OH GH SUHPLHU SODQ GDQV OH GpYHORSSHPHQW GH OD V\QWKqVH
RUJDQLTXH
/¶LVROHPHQW DX GpEXW GHV DQQpHV FLQTXDQWH GH OD UpVHUSLQH HW OH VXFFqV
WKpUDSHXWLTXH GH FHOOHFL RQW LQFLWp OHV SKRWRFKLPLVWHV j H[SORUHU V\VWpPDWLTXHPHQW
FH YDVWH GRPDLQH GHV DOFDORwGHV OH QRPEUH GHV VWUXFWXUHV GpFULWHV QH FHVVH GH
SURJUHVVHU HW OHV GRQQpHV VWUXFWXUDOHV ELRV\QWKpWLTXHV V\QWKpWLTXHV RX
SKDUPDFRORJLTXHVVRQWPDLQWHQDQWWRXWjIDLWFRQVLGpUDEOHV >@'DQVTXHOTXHV
FDV GHV PROpFXOHV RULJLQDOHV RQW pWp LQWURGXLWHV HQ FOLQLTXH F¶HVW FHOXL GHV
DOFDORwGHV ELQDLUHV GHV &DWKDUDQWKXV GDQV EHDXFRXS G¶DXWUHV GHV DQDORJXHV
VWUXFWXUDX[ RQW pWp V\QWKpWLVpV HW FRPPHUFLDOLVpV GpULYpV GHV DOFDORwGHV GH O¶HUJRW
GHVHLJOHHWGHVSRWHQWLDOLWpVSKDUPDFRORJLTXHVLQWpUHVVDQWHVRQWpWpPLVHVDXMRXU
VXVFLWDQW GHV GpYHORSSHPHQWV GDQV OHV GLUHFWLRQV OHV SOXV YDULpHV V\QWKqVH
UHODWLRQVVWUXFWXUHDFWLYLWppWXGHGHUpFHSWHXUVHWF
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͶ
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͷ
6RXUFHVG¶DOFDORwGHV
'H QRV MRXUV RQ pYDOXH j SOXV GH DOFDORwGHV GLIIpUHQWV GpMj LVROpV RX
GpWHFWpVjSDUWLUGHVRXUFHVYpJpWDOHVDQLPDOHVRXGHPLFURRUJDQLVPHV>@
/HVYpJpWDX[
/HV DOFDORwGHV VRQW GHV FRPSRVpV SUpVHQWV SRXU O¶HVVHQWLHO GDQV OHV SODQWHV
VXSpULHXUHV FRPPH OHV $QJLRVSHUPHV 3OXVLHXUV VRXUFHV HVWLPHQW TXH j
G¶HQWUH HOOHV V\QWKpWLVHQW GHV DOFDORwGHV &HUWDLQHV IDPLOOHV RQW XQH WHQGDQFH
PDUTXpHjpODERUHUGHVDOFDORwGHVF¶HVWYUDLDXVVLELHQFKH]OHV0RQRFRW\OpGRQHV
$PDU\OOLGDFHDH/LOLDFHDHTXHFKH]OHVGLFRW\OpGRQHV$QQRQDFHDH$SRF\QDFHDH
)XPDULDFHDH /DXUDFHDH /RJDQLDFHDH 0DJQROLDFHDH 0HQLVSHUPDFHDH
3DSDYHUDFHDH 5DQXQFXODFHDH 5XELDFHDH 5XWDFHDH 6RODQDFHDH HWF
*pQpUDOHPHQW RQ UHQFRQWUH OHV DOFDORwGHV GDQV OHV TXDWUH IDPLOOHV ERWDQLTXHV OHV
SOXV pWXGLpHV 3DSDYHUDFHDH 3DSLOLRQDFHDH 5DQXQFXODFHDH HW 6RODQDFHDH >
@
&HUWDLQVDOFDORwGHVH[LVWHQWGDQVSOXVLHXUVJHQUHVDSSDUWHQDQWjGHVIDPLOOHV
GLIIpUHQWHVSDUIRLVWUqVpORLJQpHVWD[RQRPLTXHPHQWFDIpLQHOHSOXVVRXYHQWDVVH]
SURFKHVUpWLFXOLQH\RKLPELQH'¶DXWUHVVRQWFDUDFWpULVWLTXHVG¶XQQRPEUHOLPLWpGH
JHQUHVjO¶LQWpULHXUG¶XQHIDPLOOHK\RVF\DPLQHRXG¶XQJURXSHG¶HVSqFHVjO¶LQWpULHXU
G¶XQJHQUHWKpEDwQHFHUWDLQVVRQWpWURLWHPHQWVSpFLILTXHVPRUSKLQH
/DWHQHXUGHVSODQWHVHQDOFDORwGHVYDULHGDQVGHODUJHVOLPLWHVGHO¶RUGUHGH
TXHOTXHVSSPFRPPHGDQVOHFDVGHVDOFDORwGHVDQWLWXPRUDX[GHODSHUYHQFKHGH
0DGDJDVFDU&DWKDUDQWKXVURVHXVODWHQHXUDWWHLQWjSHLQHJGHYLQEODVWLQHSRXU
XQH WRQQH GH IHXLOOHV j SOXV GH SRXU OHV pFRUFHV GH WURQF GX TXLQTXLQD
&LQFKRQDOHGJHULDQD/HVSODQWHVjDOFDORwGHVQHUHQIHUPHQWTXHWUqVUDUHPHQWXQ
VHXO DOFDORwGH OH SOXV VRXYHQW HOOHV GRQQHQW XQ PpODQJH FRPSOH[H GRPLQp
VRXYHQW SDU XQ FRPSRVp PDMRULWDLUH 8QH SODQWH SHXW pYHQWXHOOHPHQW UHQIHUPHU
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳ
SOXVLHXUV GL]DLQHV G¶DOFDORwGHV OD SHUYHQFKH GH 0DGDJDVFDU SHXW HQ FRQWHQLU XQH
FHQWDLQH
(Q UqJOH JpQpUDOH WRXV OHV DOFDORwGHV G¶XQH PrPH SODQWH RQW XQH RULJLQH
ELRJpQpWLTXH FRPPXQH PrPH VL OHV VWUXFWXUHV SDUDLVVHQW DVVH] GLIIpUHQWHV 3RXU
XQHSODQWHGRQQpHODWHQHXUHQDOFDORwGHVSHXWrWUHWUqVLQpJDOHVHORQOHVRUJDQHV
FHUWDLQV SRXYDQW HQ rWUH GpSRXUYXV ,O Q¶HVW SDV UDUH GH QRWHU GHV YDULDWLRQV
TXDOLWDWLYHV IUpTXHQWHV OHV GLIIpUHQWV RUJDQHV G¶XQH PrPH SODQWH UHQIHUPHQW GHV
DOFDORwGHV GLVVHPEODEOHV /D TXLQLQH HVW O¶H[HPSOH W\SLTXH GH FH FDV HOOH
V¶DFFXPXOH GDQVOHV JUDLQHV HWOHV pFRUFHVGXNXUFKL+RODUUKHQDSXEHVFHQVDORUV
TX¶HOOH HVW DEVHQWH GHV IHXLOOHV 2Q QRWHUD TXH O¶H[LVWHQFH GH FKLPLRW\SHV RX
FKpPRW\SHQ¶HVWSDVH[FHSWLRQQHOOH5DXZROILD'XERLVLD
,PDJH2FKURVLDHOOLSWLFDH[HPSOHGHSODQWHUHQIHUPDQWOHVDOFDORwGHVGHW\SH
HOOLSWLFLQHDQWLWXPRUDX[
5pIKWWSZZZ8QLYRUOHDQVIU6FLHQFHV,83&+,0,(,PDJHV0&2$SGI
(YROXWLRQSKDUPDFHXWLTXHGHVDOFDORwGHVGHW\SHHOOLSWLFLQH+pPLV\QWKqVH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳ
$XWUHVVRXUFHVG¶DOFDORwGHV
3HQGDQWORQJWHPSVOHVDOFDORwGHVRQWpWpFRQVLGpUpVFRPPHGHVSURGXLWVGX
PpWDEROLVPH GHV VHXOV YpJpWDX[ (Q UpDOLWp FHUWDLQV DQLPDX[ UHQIHUPHQW GHV
VWUXFWXUHVDOFDORwGLTXHV'DQVFHUWDLQVFDVFHVRQWGHVSURGXLWVIRUPpVjSDUWLUGHV
DOFDORwGHVFRQWHQXVGDQVOHVYpJpWDX[LQFOXVGDQVODUDWLRQDOLPHQWDLUHGHO¶DQLPDO
O¶H[HPSOH GH OD FDVWRULQH LVVXH GH OD PpWDEROLVDWLRQ GHV DOFDORwGHV GHV QpQXSKDUV
TXH FRQVRPPH OH FDVWRU F¶HVW FHOXL GHV DOFDORwGHV S\UUROL]LGLQLTXHV SUpVHQWV FKH]
FHUWDLQV SDSLOORQV /HV DUWKURSRGHV VpFUqWHQW OHV DOFDORwGHV j IDLEOH TXDQWLWp GDQV
OHXUVJODQGHVH[RFULQHV1RXVSRXYRQVFLWHUOHV&ROpRSWqUHV1HXURSWqUHVHWF&HV
DOFDORwGHVVRQWGHPDVVHPROpFXODLUHSHXpOHYpHS\UUROLGLQHVSLSpULGLQHVS\UUROHV
LQGROL]LGLQHV S\UD]LQHV LOV VRQW DVVH] YRODWLOV SRXU FRQVWLWXHU GHV VLJQDX[
FKLPLTXHVpOpPHQWVGHGpIHQVHDOORPRQHVHWGHFRPPXQLFDWLRQSKpURPRQHV
'DQV OD FODVVLILFDWLRQ GHV DOFDORwGHV OD EDWUDFKRWR[LQH SURGXLWH SDU OHV
EDWUDFLHQVMRXHOHU{OHGHVWpURwGH'HSXLVTXHOTXHVGpFHQQLHVODFRQQDLVVDQFHVXU
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͺ
OHV GLIIpUHQWHV pWXGHV FRQFHUQDQW OHV RUJDQLVPHV PDULQV D FRQGXLW j O¶LVROHPHQW GH
QRPEUHXVHV VWUXFWXUHV KpWpURF\FOLTXHV D]RWpHV HQ SDUWLFXOLHU FKH] OHV pSRQJHV
&HUWDLQHV GH FHV VWUXFWXUHV SRVVqGHQW GH UpHOOHV SRWHQWLDOLWpV WKpUDSHXWLTXHV
QRWDPPHQWDQWLFDQFpUHXVHV
4XHOTXHVH[HPSOHVG¶DOFDORwGHVLVROpVjSDUWLUG¶DXWUHVVRXUFHV
&KDQRFODYLQH DOFDORwGH LQGROLTXH LVROp FKH] OH FKDPSLJQRQ GH W\SH ³&ODYLFHSV
SXUSXUHD³
%DWUDFKRWR[LQHW\SHG¶DOFDORwGHH[WUDLWjSDUWLUGHVSHDX[GHFHUWDLQVEDWUDFLHQV
'HQGUREDWHV
6ROpQRSVLQHW\SHG¶DOFDORwGHLVROpFKH]ODIRXUPL6ROHQRSHVLQYLFWD
&DVWRUDPLQHW\SHG¶DOFDORwGHLVROpFKH]OH&DVWRU
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͻ
&ODVVLILFDWLRQSDUVWUXFWXUHVGHVDOFDORwGHV
9RXORLUSURSRVHUXQHFODVVLILFDWLRQSRXUOHVDOFDORwGHVGHPHXUHXQHWkFKHDUGXH
HQ UDLVRQ GX JUDQG QRPEUH GH FRPSRVpV FRQQXV HW VXUWRXW j FDXVH GH OD GLYHUVLWp
VWUXFWXUDOH 8QH GHV FODVVLILFDWLRQV SRVVLEOHV FRQFHUQH OH QRPEUH GH F\FOHV
FRQWHQDQWO¶DWRPHG¶D]RWH
VHXOF\FOHFRQWHQDQWO¶DWRPHG¶D]RWH
&\FOHS\UUROLGLQLTXH+\JULQH
&\FOHSLSpULGLQLTXH,VRSHOOHWLHULQH6ROpQRSVLQH$
F\FOHVFRQWHQDQWO¶DWRPHG¶D]RWH
&\FOHS\UUROL]LGLQLTXH5pWURQpFLQH6pQpFLRQLQH
&\FOHTXLQROL]LGLQLTXH/XSLQLQH6SDUWpLQH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ʹͲ
+\RVF\DQLQH
&\FOHLQGROL]LGLQLTXH7\ORSKRULQH&DVWDQRVSHUPLQH
+pWpURF\FOHVDURPDWLTXHV
&\FOHS\ULGLQLTXH1LFRWLQH$QDWDELQH
&\FOHLVRTXLQROpLQLTXH3HOORWLQH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ʹͳ
3DSDYpULQH%HUEpULQH
&\FOHLQGROLTXH$MPDOLQH
6WU\FKQLQH
2ULJLQHELRV\QWKpWLTXHGHVDOFDORwGHV
1RXV DYRQV QRWp SUpFpGHPPHQW TXH O¶RULJLQH GHV DOFDORwGHV YUDLV UHPRQWH DX[
DFLGHV DPLQpV HQWUH DXWUHV O¶RUQLWKLQH OD O\VLQH OD SKpQ\ODODQLQH OD W\URVLQH OD
WU\SWRSKDQHO¶KLVWLGLQHHWO¶DFLGHDQWKUDQLOLTXH
/DIRUPDWLRQGXV\VWqPHKpWpURF\FOLTXHSDVVHJpQpUDOHPHQWSDUXQSURFHVVXVLQWHU
RX LQWUDPROpFXODLUH VLPSOH OD IRUPDWLRQ G¶XQH EDVH GH 6FKLII RX IUpTXHPPHQW OD
UpDFWLRQ GH 0DQQLFK >@ /D IRUPDWLRQ GH O¶DOFDORwGH SHXW QpFHVVLWHU O¶LQWHUYHQWLRQ
G¶XQH VHXOH PROpFXOH G¶DFLGH DPLQp F¶HVW OH FDV GH O¶K\JULQH RX GH OD FDWKLQH GH
GHX[ PROpFXOHV GX PrPH DFLGH DPLQp FRPPH SRXU OHV TXLQROL]LGLQHV HW OHV
EHQ]\OLVRTXLQROpLQHVSOXVUDUHPHQWGHGHX[DFLGHVDPLQpVGLIIpUHQWVWXEXORVLQHRX
GH SOXVLHXUV PROpFXOHV GX PrPH DFLGH DPLQp FRPPH GDQV OH FDV GH OD VSDUWpLQH
4XDQG OD PROpFXOH FRPSRUWH GHV FDUERQHV VXSSOpPHQWDLUHV LOV VRQW DSSRUWpV SDU
GHVpOpPHQWVODUJHPHQWLPSOLTXpVGDQVG¶DXWUHVPpWDEROLVPHVDFpWDWHWURSDQHV
GLPpWK\ODOO\OS\URSKRVSKDWH HUJROLQHV IXURTXLQROpLQHV RX SOXV VSpFLILTXHV j XQ
JURXSH SDUWLFXOLHU GH YpJpWDX[ FRPPH OH VpFRORJDQRVLGH DOFDORwGH LQGROR
PRQRWHUSpQLTXHV/HVR[\GDWLRQVDOO\OLTXHVOHVFRXSODJHVR[\GDWLIVO¶R[\GDWLRQGHV
QR\DX[ DURPDWLTXHV OHV HVWpULILFDWLRQV OHV pWKpULILFDWLRQV HWF MXVWLILHQW O¶H[LVWHQFH
GHVQRPEUHXVHVYDULDWLRQVVWUXFWXUDOHV3RXUOHVDOFDORwGHVWHUSpQLTXHVLOVVRQWXQ
SHX SDUWLFXOLHUV HW OHXUV SUpFXUVHXUV RQW XQH RULJLQH VWULFWHPHQW WHUSpQLTXH HW
O¶DPLQDWLRQGHODPROpFXOHHVWWDUGLYH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ʹ͵
/RFDOLVDWLRQGHVDOFDORwGHV
/HV DOFDORwGHV VRQW UDUHPHQW OLEUHV GDQV OD SODQWH LOV H[LVWHQW VRXV IRUPH GH
JO\FRVLGHVRXGHVHOVG¶DFLGHFLWULTXHPDOLTXHWDUWULTXHHWFRXVRQWFRPELQpVDYHF
OHVWDQLQV>@
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ʹͶ
/HV LQYHVWLJDWLRQV ILQHPHQW UpDOLVpHV SDU OD PLFURFKLPLH SHUPHW GH PRQWUHU TXH
OHV DOFDORwGHV VRQW OH SOXV VRXYHQW ORFDOLVpV GDQV OHV WLVVXV SpULSKpULTXHV DVVLVHV
H[WHUQHV GHV pFRUFHV GH WLJH HW GH UDFLQH WpJXPHQW GHV JUDLQHV RQ HQ GpFRXYUH
pJDOHPHQW GDQV FHUWDLQV FDV GDQV OD SDUWLH VXSpULHXUH GHV SODQWHV IHXLOOHV IUXLWV
/D EDVLFLWp HW OHV DFWLRQV DQWLPpWDEROLWHV GH OD SOXSDUW GH FHV PROpFXOHV LPSRVHQW
OHXU FRPSDUWLPHQWDWLRQ HOOHV VRQW QRUPDOHPHQW VWRFNpHV GDQV OHV YDFXROHV
FHOOXODLUHVTXHFHVGHUQLqUHVVRLHQWVSpFLILTXHVGDQVOHVODWLFLIqUHVRXQRQ/HSOXV
VRXYHQWODV\QWKqVHGHFHVDOFDORwGHVV¶HIIHFWXHDXQLYHDXGHVLWHVSUpFLVUDFLQHHQ
FURLVVDQFH FHOOXOHV VSpFLDOLVpHV GH ODWLFLIqUHV FKORURSODVWHV LOV VRQW HQVXLWH
WUDQVSRUWpVGDQVOHXUVLWHGHVWRFNDJH
)RQFWLRQGHVDOFDORwGHV
/HU{OHGHVDOFDORwGHVGDQVOHVYpJpWDX[HVWHQFRUHODUJHPHQWLQFRQQX&HUWDLQHV
WKpRULHV SUpGLVHQW TXH FHUWDLQV DOFDORwGHV LQWHUYLHQQHQW GDQV OHV UHODWLRQV SODQWHV
SUpGDWHXUV HQ SURWpJHDQW OHV SUHPLqUHV FRQWUHV O¶DJUHVVLRQ GHV VHFRQGV VL O¶RQ
DGPHW TXH OD GLYHUVLWp VWUXFWXUDOH HVW OH UHIOHW G¶XQH DGDSWDWLRQ FRQVWDQWH FHWWH
K\SRWKqVHV¶HQWURXYHFRQIRUWpH
3OXVLHXUV DOFDORwGHV VRQW WUqV WR[LTXHV HW RIIUHQW SDU FRQVpTXHQW XQ DUVHQDO
FKLPLTXH GH GpIHQVH GHV SODQWHV FRQWUH O
DWWDTXH GHV KHUELYRUHV HW GHV PLFUR
RUJDQLVPHV >@ 3DU H[HPSOH OD QLFRWLQH HPSrFKH OD FURLVVDQFH GHV ODUYHV GX
WDEDF (Q RXWUH FHUWDLQV DOFDORwGHV SURWqJHQW OHV SODQWHV FRQWUH OHV GRPPDJHV
SURYRTXpV SDU OD OXPLqUH 89 ,OV FRQVWLWXHQW DXVVL XQH UpVHUYH GH VXEVWDQFHV
FDSDEOHVGHIRXUQLUO
D]RWHRXG
DXWUHVIUDJPHQWVQpFHVVDLUHVDXGpYHORSSHPHQWGH
ODSODQWH
/HV DOFDORwGHV VRQW WRWDOHPHQW LPSOLTXpV GDQV XQH FKLPLH GH FRPPXQLFDWLRQV
LQWHU HW LQWUDHVSqFH LQWpJUpV GDQV XQH pFRORJLH FKLPLTXH 'DQV OHV UHODWLRQV LQWHU
HVSqFHOHJRWDPHUHVWXQHDSSURFKHQRQQpJOLJHDEOHVRXYHQWVXLYLHGHODWR[LFLWp
6LOHJRWUHSRXVVHODWR[LFLWpDIIDLEOLWSXLVWXHOHVKHUELYRUHV/¶H[HPSOHGXOXSLQHVW
pGLILDQW/HJHQUHOXSLQSHXWFRQWHQLUHQYLURQHVSqFHVGHSODQWHVIRXUUDJqUHVHW
RUQHPHQWDOHV,OIDXWUHFRQQDLWUHOHU{OHGHVOXSLQV³GRX[³HWGHVOXSLQV³DPHUV³OHV
SUHPLHUVVHUYHQWjO¶DOLPHQWDWLRQDQLPDOHWDQGLVTXHOHVVHFRQGVULFKHVHQDOFDORwGHV
VRQW WUqV WR[LTXHV (Q UpVXPp OH OXSLQ VH SURWqJH GHV KHUELYRUHV SDU OD SURGXFWLRQ
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ʹͷ
G¶DOFDORwGHVFRPPHO¶DQDJ\ULQHHWODF\WLVLQH/DWR[LFLWpGHO¶DQDJ\ULQHVHPDQLIHVWH
SDUXQHDFWLYLWpWpUDWRJqQHPDOIRUPDWLRQFRQJpQLWDOHGHVYHDX[
$QDJ\ULQH&\WLVLQH
3DUDLOOHXUVFHUWDLQVDXWHXUVHVWLPHQWTXHOHVDOFDORwGHVVRQWGHVPpWDEROLWHV
WHUPLQDX[GHV©GpFKHWVªLQXWLOLVDEOHVFHWWHK\SRWKqVHHVWWUqVSHXSUREDEOH$ORUV
TXHGDQVSOXVLHXUVFDVLODpWpPRQWUpTXHFHVDOFDORwGHVVHFRPSRUWHQWFRPPHGHV
PpWDEROLWHV LQWHUPpGLDLUHV $ O¶KHXUH R QRXV VRPPHV RQ Q¶DUULYH WRXMRXUV SDV j
VDYRLUODIRQFWLRQH[DFWHGHVDOFDORwGHVGDQVOHVYpJpWDX[8QHSODQWHSHXWFRQWHQLU
SOXV GH DOFDORwGHV GLIIpUHQWV PDLV HQ JpQpUDO OHXU FRQFHQWUDWLRQ QH UHSUpVHQWH
SDVSOXVGHGXSRLGVVHF/¶H[LVWHQFHGHSODQWHVQHFRQWHQDQWSDVG
DOFDORwGHV
GpPRQWUH TXH FHV FRPSRVpV QH VRQW DSSDUHPPHQW SDV HVVHQWLHOV j OHXU
UHSURGXFWLRQ 8Q FHUWDLQ QRPEUH GH TXHVWLRQV UHVWHQW VDQV UpSRQVH OHV DOFDORwGHV
VRQWLOVGHVVXEVWDQFHVGHUpVHUYH"6RQWLOVGHVUpJXODWHXUVGHFURLVVDQFH"
&HV TXHVWLRQV QH VHURQW SUREDEOHPHQW UpVROXHV TX¶DSUqV GH QRPEUHXVHV
pWXGHVGHFHVSODQWHV
3URSULpWpVSK\VLFRFKLPLTXHVGHVDOFDORwGHV
/HVDOFDORwGHVVRQWGHVVXEVWDQFHV D]RWpHVD\DQWGHVPDVVHV PROpFXODLUHVWUqV
YDULDEOHVGHjJPRO>@/HVDOFDORwGHVQRQR[\JpQpVVRQWSRXUODSOXSDUW
OLTXLGHV j WHPSpUDWXUH DPELDQWH QLFRWLQH VSDUWpLQH FRQLLQH &HX[ FRQWHQDQW
O¶R[\JqQHGDQVOHXUIRUPXOHVRQWOHSOXVVRXYHQWGHVVROLGHVFULVWDOOLVDEOHVUDUHPHQW
FRORUpV(QUqJOHJpQpUDOHOHVDOFDORwGHVEDVHVVRQWLQVROXEOHVRXWUqVSHXVROXEOHV
GDQV O¶HDX VROXEOHV GDQV OHV VROYDQWV RUJDQLTXHV DSRODLUHV RX SHX SRODLUHV HW
VROXEOHVGDQVOHVDOFRROVGHWLWUHpOHYp
/DEDVLFLWpGHVDOFDORwGHVHVWWUqVYDULDEOHHWGpSHQGGHODGLVSRQLELOLWpGXGRXEOHW
OLEUHGHO¶DWRPHG¶D]RWH&HWWHEDVLFLWpHVWIRUWHPHQWLQIOXHQFpHSDUODSUpVHQFHGHV
JURXSHPHQWVOLpVjO¶DWRPHG¶D]RWHOHVJURXSHPHQWVpOHFWURDWWUDFWHXUVDGMDFHQWVj
O¶DWRPHG¶D]RWHGLPLQXHQWODEDVLFLWpWDQGLVTXHOHVJURXSHPHQWVpOHFWURGRQQHXUVOD
UHQIRUFHQW /D FROFKLFLQH HW OD SLSpULQH VRQW GX IDLW GH O¶H[LVWHQFH GX FDUERQ\OH GH
O¶DPLGHSUDWLTXHPHQWQHXWUHV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ʹ
/HV\VWqPHKpWpURF\FOLTXHSHXWOXLPrPHrWUHGHEDVLFLWpYDULDEOHFKH]ODS\ULGLQH
j VL[ pOHFWURQV ʌ PDLV DXVVL FKH] OD TXLQROpLQH HW O¶LVRTXLQROpLQH OH GRXEOHW GH
O¶D]RWHHVWGLVSRQLEOHHWOHFDUDFWqUHEDVLTXHHVWDIILUPp
/DS\UUROLGLQHLQVDWXUpHHVWTXDQWjHOOHXQHEDVHUHODWLYHPHQWIRUWH
/D EDVLFLWp HVW pJDOHPHQW LQIOXHQFpH SDU GHV FRQWUDLQWHV VWpULTXHV DX PRLQV GDQV
OHV PROpFXOHVSRO\F\FOLTXHVFRPSOH[HV/DEDVLFLWp SHXWrWUH pJDOHPHQW XQIDFWHXU
G¶LQVWDELOLWpSRXUFHVPROpFXOHVTXLjO¶pWDWGHEDVHHWHQVROXWLRQVRQWVHQVLEOHVj
ODFKDOHXUjODOXPLqUHHWjO¶R[\JqQH
/D EDVLFLWp GHV DOFDORwGHV SHUPHW GH IRUPHU GHV VHOV DYHF GHV DFLGHV PLQpUDX[
FKORUK\GUDWHV VXOIDWHV QLWUDWHV RX RUJDQLTXHV WDUWUDWHV VXOIDPDWHV PDOpDWHV
/HVVHOVG¶DOFDORwGHVVRQWJpQpUDOHPHQWVROXEOHVGDQVO¶HDXHWOHVDOFRROVGLOXpVLOV
VRQW VDXI UDUHV H[FHSWLRQV LQVROXEOHV GDQV OHV VROYDQWV RUJDQLTXHV /HV VHOV
FULVWDOOLVpVVHFRQVHUYDQWSOXW{WELHQLOVFRQVWLWXHQWODIRUPHFRPPHUFLDOHKDELWXHOOH
SRXUFHVPROpFXOHV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ʹ
'pWHFWLRQHWFDUDFWpULVDWLRQGHVDOFDORwGHV
/HV WHVWV GH FDUDFWpULVDWLRQ VRQW EDVpV VXU XQH H[WUDFWLRQ VLPSOH HW UDSLGH /H
SOXV JpQpUDOHPHQW RQ SUpFLSLWH OHV DOFDORwGHV SDU GHV UpDFWLIV JpQpUDX[ GHV
DOFDORwGHV/¶H[WUDFWLRQSUpOLPLQDLUHSHXWrWUHXQHH[WUDFWLRQFODVVLTXHTXLFRQVLVWHj
XQH PDFpUDWLRQ UDSLGH GDQV XQ DOFRRO OD VROXWLRQ DOFRROLTXH HVW pYDSRUpH HW OH
UpVLGX UHSULV SDU GH O¶HDX DFLGLILpH DSUqV ILOWUDWLRQ OHV DOFDORwGHV VRQW UHFKHUFKpV
GDQVOHILOWUDW
8Q DXWUH WHVW FRQVLVWH j UpDOLVHU XQH PDFpUDWLRQ GDQV GH O¶HDX DFLGLILpH DSUqV
ILOWUDWLRQ OHV DOFDORwGHV VRQW pYHQWXHOOHPHQW UpYpOpV GDQV OH ILOWUDW SDU OHV UpDFWLIV
JpQpUDX[ GHV DOFDORwGHV 6L OD SUpVHQFH GHV DOFDORwGHV HVW GRXWHXVH LO IDXW
DOFDOLQLVHU OD VROXWLRQ GDQV XQ PLOLHX EDVLTXH GLOXp j PRLWLp SDU H[HPSOH SXLV
O¶H[WUDLUHSDUXQVROYDQWFKORUp$LQVLOHUpVLGXREWHQXHVWUHSULVSDUO¶HDXDFLGLILpHHW
ODSUpVHQFHGHVDOFDORwGHVHVWUpYpOpHSDUOHVUpDFWLIVJpQpUDX[GHVDOFDORwGHVYRLU
DQQH[HSURWRFROH'07
&HV UpDFWLRQV JpQpUDOHV GH SUpFLSLWDWLRQ VRQW IRQGpHV VXU OD FDSDFLWp TX¶RQW OHV
DOFDORwGHV GH VH FRPELQHU DYHF GHV PpWDX[ HW GHV PpWDOORwGHV ELVPXWK PHUFXUH
WXQJVWqQH LRGH « 'DQV OD SUDWLTXH RQ HPSORLH OD VROXWLRQ LRGRLRGXUpH OH
WpWUDLRGRPHUFXUDWHGHSRWDVVLXPFRQQXVRXVOHQRPGHUpDFWLIGH0D\HUTXLGRQQH
GHVSUpFLSLWpVEODQFMDXQHVHWOHWpWUDLRGRELVPXWKDWHGHSRWDVVLXPSOXVFRQQXVRXV
OH QRP GH UpDFWLI GH 'UDJHQGRUII FRORUDWLRQ URXJHRUDQJpH ,O HVW pJDOHPHQW
SRVVLEOH G¶XWLOLVHU OH UpDFWLI VLOLFRWXQJVWLTXH PpODQJH G¶R[\GHV GH WXQJVWqQH HW GH
VLOLFLXPRXGHVVROXWLRQVG¶LRGRSODWLQDWHVDOFDOLQV/DVSpFLILFLWpGHFHVUpDFWLIVQ¶HVW
SDV DEVROXH GHV SURWpLQHV GHV ĮS\URQHV FHUWDLQHV FRXPDULQHV HW GHV K\GUR[\
IODYRQHV GHV OLJQDQHV HW DXWUHV FRPSRVpV SHXYHQW GRQQHU GHV UpDFWLRQV
IDXVVHPHQWSRVLWLYHVDYHFOHUpDFWLIGH'UDJHQGRUII
'¶DXWUHV UpDFWLIV SHXYHQW rWUH XWLOLVpV SRXU PHWWUH HQ pYLGHQFH OHV DOFDORwGHV
QRWDPPHQW FHX[ TXL GRQQHQW GHV UpDFWLRQV FRORUpHV FDUDFWpULVWLTXHV GH JURXSHV
G¶DOFDORwGHV>@
OHSDUDGLPpWK\ODPLQREHQ]DOGpK\GHSRXUOHVDOFDORwGHVGHO¶HUJRWGHVHLJOH
OH VXOIDWH GH FpULXP HW G¶DPPRQLXP TXL GLIIpUHQFLH OHV LQGROHV MDXQHV OHV
GLK\GURLQGROHVURXJHVOHVȕDQLOLQRDFU\ODWHVEOHXVOHVR[LQGROHV
ODQLQK\GULQHSRXUOHVDU\ODON\ODPLQHV
ODUpDFWLRQGH9LWDOL0RULQSRXUOHVHVWHUVGHO¶DFLGHWURSLTXH
OHV UpDFWLIV DX FKORUXUH IHUULTXH HQ PLOLHX FKORUK\GULTXH WURSRORQHV RX
SHUFKORULTXH5DXZROILD
/HV UpDFWLRQV FLWpHV FLGHVVXV SHUPHWWHQW GH FDUDFWpULVHU OD SUpVHQFH GHV
DOFDORwGHV PDLV VRQW LQVXIILVDQWHV SRXU YpULILHU O¶LGHQWLWp G¶XQH GURJXH HOOHV QH
GRQQHQWSDVQRQSOXVGHUHQVHLJQHPHQWVVXUODFRPSRVLWLRQG¶XQPpODQJH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ʹͺ
/HVPpWKRGHVOHVSOXVFRXUDPPHQWPLVHVHQ°XYUHGDQVFHFDVHWFRPPHSRXU
ODTXDVLWRWDOLWpGHVDXWUHVPpWDEROLWHVVHFRQGDLUHVGHVYpJpWDX[VRQWOD&&0HWOD
+3/& HQ SKDVH QRUPDOH RX HQ SKDVH LQYHUVpH DYHF GHV VROYDQWV GH W\SH HDX
PpWKDQRORXHDXDFpWRQLWULOH/HUpDFWLIGH'UDJHQGRUIIODVROXWLRQLRGRLRGXUpHRX
OHV YDSHXUV G¶LRGH O¶LRGRSODWLQDWH GH SRWDVVLXP RX OH VXOIDWH GH FpULXP HW
G¶DPPRQLXP VRQW FRXUDPPHQW XWLOLVpV SRXU OD UpYpODWLRQ GHV SODTXHV GH &&0 /D
QRQYRODWLOLWp GH OD TXDVLWRWDOLWp GHV DOFDORwGHV OLPLWH O¶XWLOLVDWLRQ GH OD &3* j
TXHOTXHV FDV SDUWLFXOLHUV 3RXU GHV H[HPSOHV RQ VH UHSRUWHUD j OD SKDUPDFRSpH
GURJXHVRIILFLQDOHVHWDX[GLYHUVHVELEOLRJUDSKLHVVSpFLDOLVpHV
([WUDFWLRQGHVDOFDORwGHV
/HV DOFDORwGHV H[LVWHQW GDQV OHV SODQWHV VRXV IRUPH VDOLQH /¶H[WUDFWLRQ GHV
DOFDORwGHVUHSRVHHQUqJOHJpQpUDOHVXUOHIDLWTX¶LOVH[LVWHQWKDELWXHOOHPHQWGDQVOD
SODQWHjO¶pWDWGHVHOVHWVXUOHXUEDVLFLWpF
HVWjGLUHVXUODVROXELOLWpGLIIpUHQWLHOOHGHV
EDVHVHWGHVVHOVGDQVO¶HDXG¶XQHSDUWGDQVOHVVROYDQWVRUJDQLTXHVG¶DXWUHSDUW
/HV YpJpWDX[ UHQIHUPHQW GHV TXDQWLWpV DSSUpFLDEOHV GH JUDLVVHV PDLV DXVVL GH
FLUHV GH WHUSqQHV GH SLJPHQWV HW DXWUHV VXEVWDQFHV OLSRSKLOHV GDQV VHV GLIIpUHQWV
RUJDQHV IHXLOOHV pFRUFHV UDFLQHV JUDLQHV TXL SHXYHQW SHUWXUEHU OH SURFHVVXV
G¶H[WUDFWLRQHQLQGXLVDQWODIRUPDWLRQG¶pPXOVLRQV&¶HVWSRXUTXRLXQHGpOLSLGDWLRQ
SUpDODEOH GX PDWpULHO YpJpWDO ILQHPHQW EUR\p HVW QpFHVVDLUH /HV VROYDQWV
FRQYHQDEOHV OHV SOXV XWLOLVpV SRXU FHWWH pWDSH GH GpOLSLGDWLRQ VRQW HQWUH DXWUHV
O¶KH[DQH O¶pWKHU GH SpWUROH OH F\FORKH[DQH '¶DXWUHV VROYDQWV SHXYHQW FRQYHQLU j
FHWWHRSpUDWLRQODOLVWHHVWORLQG¶rWUHH[KDXVWLYH
/¶H[WUDFWLRQ SHXW VH IDLUH SDU VLPSOH FRQWDFW RX SDU FRQWDFWV PXOWLSOHV GDQV GHV
LQVWDOODWLRQVIRQFWLRQQDQWVXUOHSULQFLSHGHO¶DSSDUHLOGH6R[KOHW&HJHQUHG¶DSSDUHLO
HVWXWLOLVpLQGXVWULHOOHPHQWPDLVSRXUSOXVG¶HIILFDFLWpRQSHXWXWLOLVHUGHVH[WUDFWHXUV
VROLGHOLTXLGHIRQFWLRQQDQWVXUOHSULQFLSHGXFRQWUHFRXUDQW
7HFKQLTXHVGHGRVDJHVGHVDOFDORwGHV
,O IDXW GLVWLQJXHU OH GRVDJH GHV DOFDORwGHV WRWDX[ HW FHOXL G¶XQ DOFDORwGH SDUWLFXOLHU
GDQVXQHGURJXHGRQQpH
/HGRVDJHGHV$7FRPPHQFHREOLJDWRLUHPHQWSDUOHXUH[WUDFWLRQjO¶DLGHG¶XQH
PpWKRGH JpQpUDOH RQ SUpIqUH JpQpUDOHPHQW O¶H[WUDFWLRQ HQ PLOLHX DOFDOLQ HQ
V¶DVVXUDQWjFKDTXHpWDSHTXHO¶pSXLVHPHQWDpWpWRWDO
/HUpVLGXG¶$7SHXWHQVXLWHrWUHDSSUpFLpSDUXQHPpWKRGHJUDYLPpWULTXHRXSDUXQ
GRVDJHYROXPpWULTXH/HVPpWKRGHVJUDYLPpWULTXHVVRQWIDFLOHPHQWPLVHVHQ°XYUH
PDLVODVLPSOHSHVpHGHUpVLGX G¶$7PDQTXH GH SUpFLVLRQO¶HUUHXUSDUH[FqVQ¶HVW
SDV QpJOLJHDEOH HW OD PpWKRGH HVW DYDQWDJHXVHPHQW UHPSODFpH SDU G¶DXWUHV
SURFpGpV'DQVOHGRVDJHYROXPpWULTXHRQXWLOLVHVRLWO¶DFLGLPpWULHGLUHFWHVRLWOHSOXV
VRXYHQW O¶DFLGLPpWULH HQ UHWRXU GLVVROXWLRQ GX UpVLGX GDQV XQ H[FqV G¶DFLGH WLWUp HW
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ʹͻ
GRVDJH HQ UHWRXU GH O¶H[FqV G¶DFLGH SDU XQH EDVH GH WLWUH FRQQX HQ SUpVHQFH G¶XQ
LQGLFDWHXUFRORUp6RODQDFHDHP\GULDWLTXHVEROGR«'DQVOHFDVFRQWUDLUHRQSHXW
UHFRXULUjODSURWRPpWULHHQPLOLHXQRQDTXHX[FRPPHOHVEDVHVIDLEOHV
4XDQW DX GRVDJH G¶XQ FRQVWLWXDQW RX G¶XQ JURXSH GH FRQVWLWXDQWV GDQV XQH
GURJXH GpWHUPLQpH RQ XWLOLVH GHV WHFKQLTXHV VSHFWURSKRWRPpWULTXHV
FRORULPpWULTXHVIOXRULPpWULTXHVGHQVLWRPpWULTXHV
/HV WHFKQLTXHV VSHFWURSKRWRPpWULTXHV VRQW WUqV VHQVLEOHV HW DVVH] IUpTXHPPHQW
SUpFRQLVpHVGRVDJHGHVDOFDORwGHV GHJHQUH TXLQLQHHWFLQFKRQLQH SDU PHVXUH GH
O¶DEVRUEDQFHjGHX[ORQJXHXUVG¶RQGHGDQVOHVpFRUFHVGHTXLQTXLQDGRVDJHGHOD
FDIpLQHGDQVOHVIHXLOOHVGHWKp>@6LOHGRVDJHQHSHXWVHIDLUHGLUHFWHPHQWLOHVW
SRVVLEOH GH VpSDUHU OH FRPSRVp j GRVHU SDU FKURPDWRJUDSKLH HW GH SURFpGHU j OD
PHVXUH GH O¶DEVRUEDQFH DSUqV pOXWLRQ GHV WDFKHV GRVDJH GH O¶DMPDOLFLQH GDQV OHV
UDFLQHV GH &DWKDUDQWKXV /HV WHFKQLTXHV FRORULPpWULTXHV SHXYHQW pJDOHPHQW rWUH
DSSOLTXpHVDXGRVDJHG¶XQDOFDORwGHRXG¶XQJURXSHG¶DOFDORwGHVGRVDJHGHVEDVHV
IDLEOHVGDQVOH5DXZROILD
/D WHFKQLTXH OD SOXV DYDQWDJHXVH GHPHXUH OD +3/& TXL VXSSODQWH FHV PpWKRGHV
©FODVVLTXHVª'HQRVMRXUVOHGRVDJHJUDYLPpWULTXHWUqVFRPSOH[HGHODPRUSKLQH
GDQVO¶RSLXPHVWDEDQGRQQpDXSURILWGHODPpWKRGH+3/&
8WLOLWpHWXVDJHVSKDUPDFRORJLTXHVGHVDOFDORwGHV
/HVDOFDORwGHVVRQWUHFKHUFKpVSRXUOHXUVHIIHWVSK\VLRORJLTXHVFRQVWLWXDQWDLQVLGHV
VXEVWDQFHVSDUWLFXOLqUHPHQWLQWpUHVVDQWHVSRXUOHXUVDFWLYLWpVSKDUPDFRORJLTXHVTXL
V¶H[HUFHQWGDQVOHVGRPDLQHVOHVSOXVYDULpV
OHVDOFDORwGHVTXLDJLVVHQWDXQLYHDXGXV\VWqPHQHUYHX[FHQWUDOVRQWVRLHQW
GpSUHVVHXUVPRUSKLQHVFRSRODPLQHRXVWLPXODQWVVWU\FKQLQHFDIpLQH
OHVDOFDORwGHVTXLLQWHUYLHQQHQWDXQLYHDXGXV\VWqPHQHUYHX[DXWRQRPHVRQW
V\PSDWKRPLPpWLTXHV pSKpGULQH RX V\PSDWKRO\WLTXHV \RKLPELQH
SDUDV\PSDWKRPLPpWLTXHV pVpULQH SLORFDUSLQH DQWLFKROLQHUJLTXHV DWURSLQH
K\RVF\DPLQHJDQJOLRSOpJLTXHVVSDUWpLQHQLFRWLQH
,OHVWLPSRUWDQWGHSUpFLVHUO¶H[LVWHQFHGHVDOFDORwGHVXWLOLVpVGDQVG¶DXWUHVGRPDLQHV
FRPPH GHV FXUDULVDQWV G¶DQHVWKpVLTXHV ORFDX[ FRFDwQH G¶DQWLILEULOODQWV
TXLQLGLQH G¶DQWLWXPRUDX[ YLQEODVWLQH HOOLSWLFLQH G¶DQWLPDODULTXHV TXLQLQH HW
G¶DPRHELFLGHVpPpWLQH
/HV DOFDORwGHV MRXHQW DXVVL OH U{OH G¶DQWLELRWLTXH FRPPH OD F\FORVpULQH OD
P\WRP\FLQH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͵Ͳ
&\FORVpULQH0\WRP\FLQH
&HV GLIIpUHQWHV SURSULpWpV FRQIqUHQW DX[ SODQWHV DOFDORwGLTXHV XQH SODFH GH FKRL[
GDQV OD SKDUPDFRSpH WDQW WUDGLWLRQQHOOH TXH PRGHUQH FRPSWH WHQX G¶XQ SDQHO
G¶DFWLYLWpV WKpUDSHXWLTXHV %LHQ TXH FHUWDLQHV GURJXHV j DOFDORwGHV VRLHQW
V\QWKpWLVpHV LQGXVWULHOOHPHQW SUpSDUDWLRQV JDOpQLTXHV FRPPH OD EHOODGRQH OD
VWUDPRLQH RX OD MXVTXLDPH QRLUH LO Q¶HQ UpVXOWH TXH EHDXFRXS QH VRQW TXH GHV
PDWLqUHV SUHPLqUHV SRXU O¶H[WUDFWLRQ LQGXVWULHOOH GHV DOFDORwGHV TX¶HOOHV UHQIHUPHQW
WHOOHVTXHOD PRUSKLQHGHODSDLOOHGHSDYRWRXGHO¶RSLXPODYLQFDPLQHGHVIHXLOOHV
GHSHUYHQFKHGH0DGDJDVFDUODTXLQLQHGHVpFRUFHVGHTXLQTXLQD«
'H FHV DOFDORwGHV H[WUDLWV XQH IDLEOH SDUWLH SHXW rWUH WUDQVIRUPpH OD FRGpLQH HVW
REWHQXHSDUPpWK\ODWLRQGHODPRUSKLQHODTXLQLQHHVWFRQYHUWLEOHHQTXLQLGLQH
5DUHPHQW O¶LQGXVWULH SURGXLW GLUHFWHPHQW GHV DOFDORwGHV SDU V\QWKqVH WHOV TXH OD
WKpRSK\OOLQHHWODSDSDYpULQH
&RGpLQH7KpRSK\OOLQH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͵ͳ
4XLQLGLQH
3DSDYpULQH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͵ʹ
&+$3,75((78'(0212*5$3+,48('(1$8&/($/$7,)2/,$
60,7+
&HFKDSLWUHPHWHQUHOLHIOHVpWXGHVVFLHQWLILTXHVOLpHVjODQDWXUHGHODSODQWH
3UpVHQWDWLRQERWDQLTXH
1RPVFLHQWLILTXH1DXFOHDODWLIROLD6P
6\QRQ\PHV 6DUFRFHSKDOXV HVFXOHQWXV $I]HOH[ 6DELQH
6DUFRFHSKDOXV UXVVHJJHUL .RWFK\ H[ 6FKZHLQI 6DUFRFHSKDOXV
6DPEXFLQXV . 6FKXP 1DXFOHD HVFXOHQWD $I]HO H[ 6DELQH
0HUULOO
1RPFRPPXQSrFKHUDIULFDLQ
1RPEDPEDUDEDGLEDULRXEDUR
1RPSHXOKGXQGDNpGRQQRVR
1RPGRJRQSHPEpD\XJRQREDGML
1RPVRQLQNpHWPDOLQNpEDWL
6\VWpPDWLTXH
5qJQH9pJpWDO
6RXVUqJQH(XFDU\RWHV
(PEUDQFKHPHQW6SHUPDSK\WHV
6RXVHPEUDQFKHPHQW$QJLRVSHUPHV
&ODVVH'LFRW\OpGRQHV
6RXVFODVVH5RVLGDH
2UGUH5XELDOHV
)DPLOOH5XELDFpHV
*HQUH1DXFOHD
(VSqFH1ODWLIROLD6P
/HV UXELDFpHV VRQW HQ JpQpUDO UpSXWpHV SRXU OHXU ULFKHVVH HQ DOFDORwGHV >@ /HV
SDUWLHV GH OD SODQWH XWLOLVpHV VRQW HQ JpQpUDOH OHV UDFLQHV OHV IHXLOOHV OHV pFRUFHV
GH WURQF HW OHV IUXLWV (Q HIIHW FHV SDUWLHV YpJpWDOHV VRQW FDUDFWpULVpHV SDU OHXUV
DFWLYLWpV DQWLEDFWpULHQQH 6WDSK\ORFRFXV $XUHXV (VFKHULFKLD &ROL« > @
DQWLPDODULTXH 3ODVPRGLXP IDOFLSDUXP > @ DQWLSDUDVLWDLUH
/HLVKPDQLRVH>@DLQVLTXHOHXUVHIIHWVQHXURSKDUPDFRORJLTXHHWELRFKLPLTXH
>@
&DUDFWpULVWLTXHGHODSODQWH>@
/H1ODWLIROLD6PHVWXQDUEUHRXDUEXVWHSOXVRXPRLQVVDUPHQWHX[GHjPGH
KDXWjIWWRUWXHX[HWSRXYDQWDWWHLQGUHFPGHGLDPqWUHjFLPHpWDOpHHWRXYHUWH
DYHFGHVEUDQFKHVIOH[LEOHVOLDQHVFHQWHVHQWUHPrOpHVGUHVVpHVSXLVUHWRPEDQWHV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͵͵
/HV pFRUFHV FUHYDVVpHV ILVVXUHV JULVEUXQ IRQFp j WUDQFKH ILEUHXVH URXJHkWUH
HOOHV VRQW IDFLOHPHQW GpWDFKDEOHV GX WURQF /HV VWLSXOHV FKDFXQH GHV GHX[ SHWLWHV
H[SDQVLRQV IROLDFpHV ODWpUDOHV GH OD IHXLOOH VLWXpHV YHUV VRQ SRLQW G
DWWDFKH RX
DGKpUHQWHVjVRQSpWLROHGLVSRVpHVSDUHQWUHOHVIHXLOOHVPLQFHVHWFUXVWDFpHVHQ
FROOHUHWWHWULDQJXODLUHDYHFOHVRPPHWSRLQWXRXDUURQGLGHjFPGHORQJ
/HV IHXLOOHV VRQW RSSRVpHV JUDQGHV HW HOOLSWLTXHV RX VXERUELFXODLUHV SRXYDQW
DWWHLQGUH VXU OHV UHMHWV SOXV GH FP GH ORQJXHXU VXU FP GH ODUJH (OOHV VRQW
JODEUHVF¶HVWjGLUHGpSRXUYXHVGHSRLOVVDXIVXUOHGHVVRXVGHVMHXQHVIHXLOOHVR
OD QHUYXUH SULQFLSDOH HVW W\SLTXHPHQW WRPHQWHXVH YHUW EULOODQW HW JUDV DX WRXFKHU
GHVVXVDXVRPPHWFRXUWHPHQWDFXPLQpjEDVHYDULDEOHHQFRLQODUJHDUURQGLHRX
VXEFRUGpH/HVSpWLROHVYDULHQWGHjFPGHORQJ/DQHUYXUHHVWSHQQpHjj
YRLUHSDLUHVGHQHUYXUHVVHFRQGDLUHVVDLOODQWHVVHUDFFRUGDQWHWSRUWDQWGHVVRXV
VXUWRXWYLVLEOHVXUOHVMHXQHVIHXLOOHVGHVWRXIIHVGHSRLOVDX[DLVVHOOHV$XVRPPHW
GHVEUDQFKHVVRQWGLVSRVpHVGHVERXOHVVSKpULTXHVGHQVHVHWFRPSRVpHVGHWUqV
QRPEUHXVHVIOHXUVRGRUDQWHVGHjRXjFPGHGLDPqWUH
/HVIOHXUVVRQWSHWLWHVEODQFKHVRXSOXVRXPRLQVURVpHVjFRUROOHHQWXEHjOREHV
SOXVRXPRLQVFLOLpVDYHFOHVW\OHHQIRUPHGHPDVVXHGHjPP/HIUXLWHVWXQH
EDLH FKDUQXH LUUpJXOLqUHPHQW JOREXOHXVH GH j YRLUH FP GH GLDPqWUH GH
FRXOHXU URXJH j PDUURQ IRQFpH j PDWXULWp j VXUIDFH FULEOpH G¶DOYpROHV SHX
SURIRQGHV FRQWHQDQW GH WUqV QRPEUHXVHV JUDLQHV QR\pHV GDQV XQH FKDLU URVpH
D\DQWXQHRGHXUGHIUDLVH
,PDJHV )OHXUVHWIUXLWVGH1ODWLIROLD6P
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͵Ͷ
,PDJHV )UXLWVPXUVGH1ODWLIROLD6P
,PDJHV 7URQFVHWIHXLOOHVGH1ODWLIROLD6P
+DELWDWQDWXUHOGHODSODQWH
/H 1 ODWLIROLD 6P HVW XQH SODQWH j YHUWX PpGLFLQDOH VXUWRXW FRQQXH HQ $IULTXH
VXEVDKDULHQQH GDQV OD SKDUPDFRSpH WUDGLWLRQQHOOH SRXU VHV QRPEUHXVHV DFWLYLWpV
SKDUPDFRORJLTXHV &¶HVW XQ DUEXVWH RX XQ DUEUH OLDQHVFHQW KDXW GH j P VHORQ
VRQKDELWDWWUqVODUJHPHQWUpSDQGXHQ$IULTXHWURSLFDOH,OHVWWUqVFRPPXQGDQVGHV
VDYDQHV DUERUpHV GHV JDOHULHV IRUHVWLqUHV HW GHV VRXVERLV GH IRUrWV VqFKHV
G¶$IULTXH 2FFLGHQWDOH 0DOL *XLQpH 6pQpJDO %pQLQ 1LJHULD« YRLUH &HQWUDOH
&RQJR« 2Q UHWURXYH OD SODQWH OH ORQJ GHV SRXUWRXUV GH PDUHV pWDQJV HW GHV
EDVIRQGV GHV VDYDQHV VRXGDQRJXLQpHQQHV HW JXLQpHQQHV VXU OHV VROV KXPLGHV
SOXV RX PRLQV GUDLQpHV ,O HVW WUqV UpSDQGX VXU OD FHLQWXUH RXHVW HVW HW FHQWUH GX
FRQWLQHQWDIULFDLQTXLYDGX6pQpJDO DX&DPHURXQMXVTX¶DX6RXGDQ/DUpSDUWLWLRQ
HVW GLVVpPLQpH FRPPXQH HW ORFDOHPHQW DERQGDQWH /D IORUDLVRQ VH IDLW SOXW{W HQ
SUHPLqUHSDUWLHGHODVDLVRQGHVSOXLHV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͵ͷ
,PDJH+DELWDWQDWXUHOGH1ODWLIROLDVP
3OXVLHXUV DXWHXUV RQW PLV HQ pYLGHQFH OHV PXOWLSOHV XVDJHV GH FH YpJpWDO HQ
SUDWLTXH PpGLFLQDOH SRSXODLUH RX SKDUPDFRSpH DIULFDLQH >@ 1RXV GpWDLOORQV FL
DSUqV OHV GLIIpUHQWHV DSSOLFDWLRQV WKpUDSHXWLTXHV GH FHWWH SODQWH HQ IRQFWLRQ GHV
RUJDQHVXWLOLVpV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͵
/HVGLIIpUHQWVRUJDQHVGH1ODWLIROLD6P
)HXLOOHV
/HV IHXLOOHV VRQW WHQXHV SRXU IpEULIXJHV HOOHV VRQW VXUWRXW XWLOLVpHV SRXU OHXUV
YHUWXVOD[DWLYHVSXUJDWLYHVDQWLSDUDVLWDLUHVHWOHXUGpFRFWLRQHQLQVWLOODWLRQVMXJXOH
OD ILODULRVH >@ 'HV UHFKHUFKHV LQWHQVHV PHQpHV VXU OHV H[WUDLWV K\GURDOFRROLTXHV
REWHQXHVjSDUWLU GHVIHXLOOHV GH 1 ODWLIROLDVPRQW PLV HQ pYLGHQFHGHV SURSULpWpV
DQWLEDFWpULHQQHV VXU GHV FRXFKHV HQWHURSDWKRJpQHV (VFKHULFKLD &ROL > @
/¶XWLOLVDWLRQFRPELQpHGHVGLIIpUHQWVRUJDQHVGH 1ODWLIROLD6PVHUWEHDXFRXSGDQV
OD SKDUPDFRSpH DIULFDLQH/HV IHXLOOHV HW UDFLQHV PpODQJpHV MRXHQW XQ U{OH
KpPRVWDWLTXHFRQWUHODVWpULOLWpPDVFXOLQHODSODLHO¶HQIOXUHO¶KpPRUURwGHODOqSUHOH
FKDQFUHV\SKLOLWLTXHODEOHQQRUUDJLH>@
(FRUFHVGHWURQF
/D FRPELQDLVRQ GHV pFRUFHV GH WURQF GH 1 ODWLIROLD 6P GHV IHXLOOHV GH &
JOXWLQRVXPHWOHVUDFLQHVGH7EDNLVVRQWXWLOLVpHVSDUOHVWUDGLWKpUDSHXWHVEXUNLQDEq
SRXUOHVRLQGHVpWDWVG¶DIIHFWLRQGXIRLH>@
/HV pFRUFHV GH WURQF TXL VRQW WUqV ULFKHV HQ JOXFRDOFDORwGHV VRQW FRQVLGpUpHV
FRPPHGHVIpEULIXJHVSXLVVDQWVDQWLS\UpWLTXHF¶HVWjGLUHXWLOLVp GDQV OHWUDLWHPHQW
V\PSWRPDWLTXH GH OD ILqYUH 'HV DFWLYLWpV DQWLPDODULTXH DQWLEOHQQRUUDJLTXH HW
OD[DWLYH VRQW pJDOHPHQW UDSSRUWpHV >@ (OOHV VRQW DXVVL UHFRPPDQGpHV FRQWUH
O¶LFWqUHO¶RWLWHOHVPDX[GHUHLQV/HVH[WUDLWVDTXHX[LVVXVGHVpFRUFHVGHWURQFGH
1 ODWLIROLD 6P RQW SURGXLW GHV DFWLYLWpV DQWKHOPLQWKLTXHV DQWLSDUDVLWDLUHV
H[FHOOHQWHV FRQWUH OHV YHUV QpPDWRGHV SUpVHQWV FKH] OHV RYLQV >@ (OOHV VRQW
pJDOHPHQWXWLOLVpHVHQFKDVVHFRPPHSRLVRQGHIOqFKH>@
5DFLQHV
/HV UDFLQHV HQ GpFRFWLRQ RX LQIXVLRQ VRXODJHQW OD FRQVWLSDWLRQ OHV WURXEOHV
GX IRLH OHV HQQXLV JDVWURLQWHVWLQDX[ >@ (OOHV SHUPHWWHQW GH JXpULU GLYHUVHV
SODLHVDLQVLTXHOHVDEFqV>@/HVUDFLQHVGH1ODWLIROLD6PFRPELQpHVDX[UDFLQHV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͵
GH$QWKRFOHLVWDGMDORQHQVLVHW8YDULDDI]DOLLVRQWXWLOLVpHVFRPPHDQWLEDFWpULHQSRXU
WUDLWHU WUDGLWLRQQHOOHPHQW FHUWDLQHV PDODGLHV VH[XHOOHPHQW WUDQVPLVVLEOHV DX 1LJHULD
>@3OXVLHXUVDXWHXUVRQWSURXYpFHVDFWLYLWpVDQWLEDFWpULHQQHVOLpHVDX[UDFLQHVGH
OD SODQWH >@ (OOHV VRQW XWLOLVpHV FRPPH YHUPLIXJHVHW FRQWUH OD FDULH GHQWDLUH
>@(OOHVMRXHQWXQU{OHDQWLLQIODPPDWRLUHFRQWUHODWDLHGHO¶°LO>@/HVH[WUDLWV
DTXHX[ GHV pFRUFHV GH UDFLQH GH 1 ODWLIROLD 6P RQW SURGXLW GHV DFWLYLWpV
QHXURSKDUPDFRORJLTXHVLQWpUHVVDQWHVFKH]OHVUDWVHWVRXULV>@
/DGpFRFWLRQGHVpFRUFHVGHUDFLQHVHVWXWLOLVpHOHSOXVVRXYHQWFRPPHULQFHERXFKH
DX1LJHULDSRXUVRXODJHUOHVJHQFLYHVHQIOpHV>@/HVDFWLYLWpVDQWLS\UpWLTXHHWDQWL
LQIODPPDWRLUH G¶H[WUDLWV K\GUR DOFRROLTXHV GHV UDFLQHV HW IHXLOOHV GH 1 ODWLIROLD 6P
RQWpWpWHVWpHVHWSURXYpHVFKH]OHUDW
3RXU YpULILHU TXHOTXHV XQHV GH FHV SURSULpWpV OHV H[WUDLWV GHV UDFLQHV HW GHV
IHXLOOHV VRQW pYDOXpV VXU O¶K\SHUWKHUPLH LQGXLWH SDU OD OHYXUH GH ELqUH j HW
O¶°GqPHSURYRTXpSDUODFDUUDJHHQDQj/¶DGPLQLVWUDWLRQRUDOHGHVH[WUDLWVK\GUR
DOFRROLTXHV GHV UDFLQHV HW IHXLOOHV GH 1 ODWLIROLD 6P j GLIIpUHQWV GRVHV UpGXLW
VLJQLILFDWLYHPHQW O¶K\SHUWKHUPLH HW O¶°GqPH &HV UpVXOWDWV pWD\HQW GX PRLQV
SDUWLHOOHPHQW FHUWDLQHV LQGLFDWLRQV WKpUDSHXWLTXHV WUDGLWLRQQHOOHV GH OD SODQWH >@
/HV GpFRFWLRQV GHV pFRUFHV GH UDFLQHV GH 1 ODWLIROLD 6P WHVWpHV FRQWUH OHV
FRQYXOVLRQV HW O¶DQ[LpWp RQW GRQQp GHV UpVXOWDWV HQFRXUDJHDQWV FKH] OHV VRXULV DX
&DPHURXQ>@
6qYHGHVWLJHV
/D VqYH SURGXLWH j SDUWLU GHV WLJHV VRXODJH GLYHUV WURXEOHV RFXODLUHV
FRQMRQFWLYLWHV SODLHV WDLH LQIHFWLRQV SDUDVLWDLUHV DXVVL ELHQ SRXU OD PpGHFLQH
KXPDLQHTXHYpWpULQDLUH>@
)UXLWV
/D WLVDQH SUpSDUpH DYHF OHV IUXLWV GH 1 ODWLIROLD 6P HVW UpSXWpH GpSXUDWLYH HQ
FDV GH IXURQFXORVH >@ HQ PrPH WHPSV TX¶HIILFDFH FRQWUH OD EOHQQRUUDJLH OD
FRQVWLSDWLRQ O¶LFWqUH O¶LQVXIILVDQFH UpQDOH RX OD PDODULD >@ /HV IUXLWV VRQW
FRPHVWLEOHV OD SXOSH HVW PDQJpH IUDvFKH RX VqFKH /HV IUXLWV VpFKpV VRQW VRXYHQW
XWLOLVpV SRXU WUDLWHU OD G\VHQWHULH DPLELHQQH >@ $WWHQWLRQ j QH SDV PDQJHU HQ
H[FqV OHV IUXLWV TXL SHXYHQW DJLU FRPPH pPpWLTXH >@ 2Q QRWH pJDOHPHQW
O¶XWLOLVDWLRQGHVIUXLWVGDQVOHVULWHVPRUWXDLUHVFKDPDQLVPH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͵ͺ
$XWUHVXWLOLWpVGHODSODQWH
%RLV
/HV ERLV VRQW GXUV HW ORXUGV WUqV VRXYHQW LOV VHUYHQW GH ERLV GH FKDXIIH HW GH
FKDUERQSRXUODFXLVVRQGHVDOLPHQWVGDQVOHV]RQHVUXUDOHV/HVWLJHVFRPSWHWHQX
GHOHXUIOH[LELOLWpVRQWXWLOHVGDQVODFRQIHFWLRQGHVWRLWXUHVGHVJUHQLHUVHWGHVFDVHV
G¶KDELWDWLRQDIULFDLQHV
8WLOLWpGDQVO¶DUWLVDQDWDIULFDLQ
/D FRPELQDLVRQ GX ERLV GH O¶pFRUFH HW GH IHXLOOH GRQQH XQ FRORUDQW MDXQH
IRQFp SRXU WHLQGUHOHV FXLUV GDQV O¶DUWLVDQDW DIULFDLQ &HWWH SUDWLTXH HVW WUqV XWLOLVpH
GDQVODWDQQHULHDUWLVDQDOHDIULFDLQH
5HPDUTXHV
/¶HQVHPEOH GH FHV REVHUYDWLRQV OLpHV DX[ GLIIpUHQWHV SURSULpWpV WKpUDSHXWLTXHV
GH OD SODQWH H[SOLTXHQW HQ SDUWLH VD SUHVFULSWLRQ FRPPH DQWLPDODULTXH >@ /HV
GLIIpUHQWVRUJDQHVGH1ODWLIROLD6PSHXYHQWrWUHFRPELQpVjG¶DXWUHVSODQWHVSRXU
WUDLWHU HIILFDFHPHQW FHUWDLQHV PDODGLHV &¶HVW DLQVL TX¶LO HVW VRXYHQW SUHVFULW HQ
DVVRFLDWLRQ DYHF G¶DXWUHV SODQWHV SRXU WUDLWHU OHV IRUPHV UpVLVWDQWHV GX SDOXGLVPH
>@1RXVGpWDLOOHURQVFHVDSSOLFDWLRQVGDQVOHVSURFKDLQVFKDSLWUHV
7\SHV G¶DOFDORwGHV LVROpV j SDUWLU GHV GLIIpUHQWV RUJDQHV GH 1
ODWLIROLD6P
/HV GLIIpUHQWV DOFDORwGHV LGHQWLILpV j FH MRXU FKH] 1 ODWLIROLD 6P VRQW GH W\SHV
PRQRWHUSpQLTXHV j VWUXFWXUH LQGROLTXH RX LQGRORTXLQROL]LGLQH &HV DOFDORwGHV
SRVVqGHQWVXUWRXWXQHDFWLYLWpDQWLPDODULTXH HWODVWUXFWXUHLQGROLTXHOHXUFRQIqUH OH
U{OH PDMHXU G¶XQ WUqV ERQ DQWDOJLTXH >@ 'H FHV DOFDORwGHV H[WUDLWV GHV GLIIpUHQWV
RUJDQHVGH1ODWLIROLD6PQRXVSRXYRQVHQFLWHUHQWUHDXWUHVXQHYLQJWDLQH
&¶HVWDLQVLTXHOHV1DXFOHDPLGHV$j(RQWpWpLVROpVjSDUWLUGHVpFRUFHVGH1
ODWLIROLD6PHQSDUXQHpTXLSHMDSRQDLVH>@
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͵ͻ
1DXFOHDPLGHV$%&'((FRUFHVGHWURQFHWERLV
/¶DOFDORwGHGHW\SH1DXFOHDPLGH)TXLDpWpWUqVUpFHPPHQWLGHQWLILpSDUXQHDXWUH
pTXLSHMDSRQDLVHHVWpJDOHPHQWH[WUDLWGHVUDFLQHVGHFHWWHSODQWH>@
1DXFOHDPLGH)5DFLQHV
&+12
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͶͲ
/D QDXFOHIROLQLQHD pWp LVROpH j SDUWLUGHVpFRUFHV GHUDFLQHV GH 1ODWLIROLD6PHQ
SDU+RWHOOLHUHWDO>@HWHQSDU1JQRNDPHWDO>@
1DXFOHIROLQLQH5DFLQHV
&+12
)UDQoRLVH+RWHOOLHUHWDORQWGpFRXYHUWVXFFHVVLYHPHQWDXFRXUVGHODPrPHDQQpH
HQ >@ TXDWUH DOFDORwGHV LQGROLTXHV GRQW O¶$QJXVWLQH O¶$QJXVWROLQH OH
1DXFOpILQH>@ HWOH1DXFOpWLQH LVVXVGHVUDFLQHVDLQVLTXHWURLV DXWUHVDOFDORwGHV
HW JOXFRDOFDORwGHV HQ >@ j VDYRLU OD 1DXODILQH OD &DGDPELQH HW OH Į ±
GLK\GURFDGDPELQHLVROpVFHWWHIRLVjSDUWLUGHIHXLOOHVGH1ODWLIROLD6P
$QJXVWLQH$QJXVWROLQH1DXFOpILQHHW1DXFOpWLQH5DFLQHV
1DXODILQHĮGLK\GURFDGDPELQHFDGDPELQHHW1DXIROLQH)HXLOOHV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ Ͷͳ
/H1DXFOpLGLQDOIXWO¶°XYUHGH7DND\DPDKHWDOHQ>@(Q)+RWHOOLHU
3'HODYHDXHW-/3RXVVHW>@RQWpJDOHPHQWLVROpjSDUWLUGHVpFRUFHVGHUDFLQHV
GH1ODWLIROLD6POH1DXFOpLGLQDOHWO¶(SLQDXFOpLGLQDOpSLQDXFOpLGLQDO
1DXFOpLGLQDOHW(SLQDXFOpLGLQDO5DFLQHV
/HV DOFDORwGHV GH W\SH ,VRYLQFRVLGH ODFWDP HW OH +\GUR[\VWULFWRVDPLGH RQW pWp
LVROpVjSDUWLUGHVpFRUFHVLQWHUQHVGH1ODWLIROLD6PSDU5LFKDUG7%URZQHWDOHQ
>@ /HV PrPHV W\SHV G¶DOFDORwGHV RQW pWp LVROpV j SDUWLU GHV pFRUFHV GH
UDFLQHGHODSODQWHSDU$WDHWDOHQ>@
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ Ͷʹ
,VRYLQFRVLGH ODFWDPRX 6WULFWRVLGLQH ODFWDP RX 6WULFWRVDPLGH HW OH
+\GUR[\VWULFWRVDPLGH(FRUFHVHW5DFLQHV
)+RWHOOLHUHQDLVROpjSDUWLUGHVSDUWLHVYpJpWDOHVGH1ODWLIROLD6PjODIRLV
OD1DXFOHIROLQHHWOD1DXFOHFKLQH>@
1DXFOHIROLQHHW1DXFOHFKLQH)HXLOOHV
1RXVYHUURQVXOWpULHXUHPHQWTXHOHVH[WUDLWVEUXWVG¶DOFDORwGHVWRWDX[LVVXVGHV
GLIIpUHQWV RUJDQHV GH 1 ODWLIROLD 6P MRXHURQW XQ U{OH HVVHQWLHO GDQV OD SULVH HQ
FKDUJHGHODGRXOHXU
&¶HVW DLQVL TXH G¶pQRUPHV HIIRUWV VRQW FRQVHQWLV SRXU GpWHUPLQHU OD QDWXUH GH
FHVDOFDORwGHVDILQGHPHVXUHUOHXULPSDFWGDQVODPpGHFLQHFRQYHQWLRQQHOOH
&RQFOXVLRQ
/DODUJHXWLOLVDWLRQGH1ODWLIROLD6PHQPpGHFLQHWUDGLWLRQQHOOHQRXVDLQFLWpVj
UpDOLVHU XQH HQTXrWH HWKQRERWDQLTXH HW XQ VFUHHQLQJ SK\WRFKLPLTXH DILQ GH PHWWUH
HQ FRKpUHQFH OHV SUHVFULSWLRQV HW OHV DFWLYLWpV SRWHQWLHOOHV GHV FRQVWLWXDQWV
FKLPLTXHV(QGpSLWGHSOXVLHXUVXWLOLVDWLRQVGHODSODQWHHQPpGHFLQHWUDGLWLRQQHOOH
WUqV SHX G¶pWXGHV HWKQRERWDQLTXH HW SK\WRFKLPLTXH DSSURIRQGLHV RQW pWp PHQpHV j
FHMRXU>@
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ Ͷ͵
6L SOXVLHXUV FRQVWLWXDQWV FKLPLTXHV GH 1 ODWLIROLD VP RQW pWp PLV HQ pYLGHQFH
FHSHQGDQWSHXQRPEUHG¶HQWUHHX[Q¶RQWSDVpWpLGHQWLILpVjFHMRXU&¶HVWDLQVLTXH
OHVSURFKDLQVFKDSLWUHVGHODGHX[LqPHSDUWLHDERUGHURQWOHVpWXGHVHWKQRERWDQLTXH
HWSK\WRFKLPLTXHTXHQRXVDYRQVUpDOLVpFRQFHUQDQW1ODWLIROLD6P
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͶͶ
5()(5(1&(6
>@1JR%XP(7DLZH*60RWR)&21JRXSD\H*71NDQWFKRXD*&1
3HODQNHQ 0 0 5DNRWRQLULQD 6 9 $QWLFRQYXOVDQW DQ[LRO\WLF DQG VHGDWLYH
SURSHUWLHVRIWKH URRWV RI 1DXFOHD ODWLIROLD VPLWK LQ PLFH (SLOHSV\ %HKDYLRU
>@ +XWFKLQVRQ - DQG 'DO]LHO -0 )ORUD RI :HVW 7URSLFDO $IULFD QG (GQ
UHYLVHG E\ .HD\ 5:- DQG +HSSHU )1 9RO &URZQ $JHQWV
/RQGRQS
>@ /RPER 0 &RQWULEXWLRQ j O¶pWXGH SKDUPDFRORJLTXH GH QDXFOHD ODWLIROLD VP
5XELDFHDH7KqVH'RF3KDUPDFLHQ8QLYHUVLWpGH'DNDU
>@ .DERUp , = *XLVVRX , 3 6RXUDELH 6 HW *QDQJDR * (OpPHQWV GH
PRQRJUDSKLHVXU 1DXFOHD ODWLIROLD VP 5XELDFHDH &KLPLH DFWLYLWpV
ELRORJLTXHV WR[LFLWp3KDUP0pG7UDG$IUYROSS±
>@+HPLQJZD\65DQG3KLOOLSVRQ-'$ONDORLGVRIWKH5XELDFHDH,Q-'
3KLOOLSVRQDQG0+=HQN(GV,QGROHDQG%LRJHQHWLFDOO\5HODWHG$ONDORLGV
$FDGHPLF3UHVV/RQGRQSS
>@ %UXQHWRQ - 3KDUPDFRJQRVLH3K\WRFKLPLH 3ODQWHV PpGLFLQDOHV /DYRLVLHU
7HFKQLTXHHW'RFXPHQWDWLRQ3DULVHUH(GLWLRQ
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ Ͷͷ
>@ %UXQHWRQ - 3KDUPDFRJQRVLH3K\WRFKLPLH 3ODQWHV PpGLFLQDOHV 3DULV HPH
(GLWLRQ/DYRLVLHU
>@7DND\DPD+2KPRUL26DNDL0)XQDKDVKL0.LWDMLPD06DQWLDUZRUQ'
/LDZUXDQJUDWK%$LPL1+HWHURF\FOHV
>@=KL]KHQ=+DOD1(O0HOLVVD5-'DYLG63/DUU\$:DQG$OLFH0&
1HZLQGROHDONDORLGVIURPWKHEDUNRI1DXFOHD2ULHQWDOLV -RXUQDO RI 1DWXUHO
3URGXFWV9RO1
>@ 6RIRZRUD ($ 0HGLFLQDO 3ODQWV DQG 7UDGLWLRQDO 0HGLFLQH LQ $IULFD -RKQ
:LOH\DQG6RQV&KLFKHVWHUSS
>@$GHJRNH($$NLQVDQ\D$DQG1DTYL6+=6WXGLHVRI1LJHULDQ PHGLFLQDO
SODQWV,$SUHOLPLQDU\VXUYH\RISODQWVDONDORLGV-RXUQDORI:HVW $IULFDQ
6FLHQFH$VVRFLDWLRQ
>@ )DWWRUXVVR ( HW 7DJOLDWHOD6FDIDWL 2 pGV 0RGHUQ DONDORLGV 6WUXFWXUH
LVRODWLRQV\QWKHVLVDQGELRORJ\:LOH\9&+:HLQKHLP
>@ 5REHUWV 0) HW 9LQN 0 $ONDORLGV %LRFKHPLVWU\ HFRORJ\ DQG PHGLFLQDO
DSSOLFDWLRQV3OHQXP3UHVV1HZ<RUN
>@*LGDGR$$PHK'$$WDZRGL6((IIHFWRI 1ODWLIROLDOHDYHVDTXHRXVH[WUDFWV
RQEORRGJOXFRVHOHYHOVRIQRUPDODQGDOOR[DQLQGXFHGGLDEHWLFUDWV$P-%LRO
>@,ZX00+DQGERRNRI$IULFDQPHGLFLQDOSODQWV/RQGRQ1HZ<RUN&5&3UHVV
>@2XDWWDUD<-6LPSRUp%-6DNDQGp,3*XLVVRX,=.DERUp/6DZDGRJR
$FWLYLWpKpSDWRSURWHFWULFHGHSODQWHVGHODSKDUPDFRSpHDIULFDLQHYLVjYLV
G¶XQHKpSDWRSDWKLHH[SpULPHQWDOHSURYRTXpHFKH]ODVRXULV105,5HY6FL
7HFK6FL6DQWp
>@*DPDQLHO.:DPEHEH&$PXSLWDQ-+XVVDLQL,0$PRV6$ZRGRJDQ
$ 'XQDK $: (NXWD -( $NHMX 02 8VPDQ + (QZHUHP 1
$FWLYHFROXPQIUDFWLRQVRI1DXFOHDODWLIROLDRQ3ODVPRGLXPEHUJKHLDQGUDEELW
LOHXP-RXUQDORI3KDUPDFHXWLFDOUHVHDUFKDQG'HYHORSSPHQW
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ Ͷ
>@%HQRLW9LFDO)9DOHQWLQ$&RXUQDF93pOOLVLHU<0DOOLp 0 %DVWLGH -0
,QYLWURDQWLSODVPRGLDODFWLYLW\RIVWHPDQGURRWH[WUDFWVRI1DXFOHD ODWLIROLDVP
5XELDFHDH-RXUQDORI(WKQRSKDUPDFRORJ\
>@$EEDK-$PRV6&KLQGR%1JD]DO,9RQJWDX+2$G]X%)DULGD7
2GXWROD$$:DPEHEH&*DPDQLHO.63KDUQDFRORJLFDOHYLGHQFH
IDYRXULQJWKHXVHRI1DXFOHDODWLIROLDLQPDODULDHWKQRSKDUPDF\(IIHFWV
DJDLQVWQRFLFHSWLRQLQIODPPDWLRQDQGS\UH[LDLQUDWVDQGPLFH-RXUQDORI
(WKQRSKDUPDFRORJ\
>@ %URZQ 57 &KD]]OH &/ DQG /DVKIRUG $* ,VRODWLRQ RI VWULFWRVLGLQH
LVRYLQFRVLGH ODFWDO IURP 1DXFOHD ODWLIROLD 3K\WRFKHPLVWU\
>@ 'HHQL << DQG +XVVDLQ +61 6FUHHQLQJ IRU DQWLPLFURELDO DFWLYLW\ DQG IRU
DONDORLGVRI 1DXFOHD ODWLIROLD -RXUQDO RI (WKQRSKDUPDFRORJ\
(OVHYLHU6FLHQWLILF3XEOLVKHUV,UHODQG/WG
>@$EUHX33HUHLUD$$QHZLQGROHDONDORLGVIURP6DUFRFHSKDOXVODWLIROLXV
+HWHURF\FOHV
>@$EUHX300DUWLXV(6.D\VHU22%LQGVHLO.86HHPDQ$)UHYHUW
-$QWLPLFURELDODQWLWXPRUDQGDQWLOHLVFKPDQLDVFUHHQLQJRIPHGLFLQDO
SODQWVIURP*XLQHD%LVVDX3K\WRPHGLFLQH
>@$EUHX33HUHLUD$7ZRQHZLQGROHDONDORLGVIURP6DUFRFHSKDOXV ODWLIROLXV
1DWXUDO3URGXFWOHWWHU
>@ %RXTXHW $ 3ODQWHV PpGLFLQDOHV GX &RQJR%UD]]DYLOOH 3DULV )UDQFH
256720WUDYDX[HWGRFXPHQWVQS
>@3RXVVHW-/7RXUp3/R,&DGR]0'LRS0DU,3ODQWHVPpGLFLQDOHV
$IULFDLQHV ;,, 0LVH DX SRLQW G¶XQ VLURS $QWLWXVVLI HW pWXGH FOLQLTXH
SUpOLPLQDLUH 0HG$IU1RLUH
>@ 0DOJUDV ' 5 3 $UEUHV HW DUEXVWHV JXpULVVHXUV GHV VDYDQHV 0DOLHQQHV
(GLWLRQ.$57+$/$HW$&&7S
>@7UDRUp)*DVTXHW0/DJHW0*XLUDXG+'L*LRUJLR&$]DV1'RXPER2
DQG 7LPRQ'DYLG 3 7R[LFLW\ DQG *HQRWR[LFLW\ RI DQWLPDODULDO DONDORLG ULFK
H[WUDFWV GHULYHG IURP 0LWURJ\QD LQHUPLV 2 .XQW]H DQG 1DXFOHD ODWLIROLD VP
3K\WRWKHU5HV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ Ͷ
>@0HVLD*.7RQD*/3HQJH2HWDO$QWLPDODULDODFWLYLWLHVDQG7R[LFLWLHV RI
WKUHH SODQWV XVHG DV WUDGLWLRQDO UHPHGLHV IRU PDODULD LQ WKH 'HPRFUDWLF
5HSXEOLF RI &RQJR &URWRQ PXEDQJR 1DXFOHD SREHJXLQLL DQG 3\UDFDQWKD
VWDXGWLL$QQ7URS 0HG 3DUDVLWRO 3XE 0HG
>@ 5LFKWHU * 0pWDEROLVPH GHV YpJpWDX[ ± 3K\VLRORJLH HW ELRFKLPLH 3UHVVHV
SRO\WHFKQLTXHV HW XQLYHUVLWDLUHV URPDQGHV /DXVDQQH 7UDGXFWLRQ
IUDQoDLVH GH 6WRIIZHFKVHOSK\VLRORJLH GHU 3IODQ]HQ *HRUJ 7KLHPH
9HUODJ6WXWWJDUW
>@&RUGHOO*$,QWURGXFWLRQWRDONDORLGVDELRJHQHWLFDSSURFK-RKQ:LOH\ 1HZ
<RUN
>@:DOOHU*5DQG1RZDFNL(.$ONDORLGV%LRORJ\DQG0HWDEROLVPLQSODQWV
3OHQXP3UHVV1HZ<RUNS
>@+HVVH0$ONDORLGV1DWXUH¶VFXUVHRU%OHVVLQJ"9+&$=ULFN
>@0DQQ-'DYLGVRQ56+REEV-%%DQWKRUSH'9+DUERUQH-%
1DWXUDO3URGXFWV/RQJPDQ&K
>@0RWKHV.6FKWWH+5HW/XFNQHU0pGV%LRFKHPLVWU\RIDONDORLGV9&+
%HUOLQ
>@3HOOHWLHU6:7KHQDWXUHDQGGHILQLWLRQRIDQDONDORLGLQ³DONDORLGV FKHPLFDO
DQGELRORJLFDOSHUVSHFWLYHVRSWFLWSSVT
>@'DOWRQ'57KHDONDORLGV7KHIXQGDPHQWDOFKHPLVWU\DELRJHQHWLF DSSURFK
0DUFHO'HNNHU1HZ<RUN
>@ /LQ 0 /LX ; <X '4 $ONDORLGV RI 1DXFOHD RIILFLQDOOLV 3ODQWD 0HG
>@ /LQ 0 /LX ; <X '4 'RX 64 =KDQJ <- /L 40 7KH VWUXFWXUH
GHWHUPLQDWLRQRIQHZDONDORLGQDXFOHILGLQHLQ1DXFOHDRIILFLQDOOLV$FWD3KDUP
6LQ
>@ /LQ 0 /L 6= /LX ; <X '4 6WXGLHV RQ WKH VWUXFWXUHV RI WZR QHZ
DONDORLGDOJO\FRVLGHVRI1DXFOHDRIILFLQDOOLV3LHUUHH[3SLWDUG$FWD3KDUP6LQ
>@0DXUR1HYHV0XQLV6\QWKqVHG¶DOFDORwGHVELRORJLTXHPHQWDFWLIVOD
DQDWR[LQHDHWODFDPSWRWKpFLQH7KqVH'RF&KLPLH8QLYHUVLWp-RVHSK
)RXULHU*5(12%/(
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ Ͷͺ
>@'H&OHUFT(0HG5HV5HY
>@+DUERUQH-%DQG+HUEHUW%3K\WRFKHPLFDO'LFWLRQDU\$+DQGERRNRI
%LRDFWLYH&RPSRXQGVIURP3ODQWV%ULVWRO7D\ORU )UDQFLV
>@+DUERUQH-%3K\WRFKHPLFDO0HWKRGV$*XLGHWR0RGHUQ7HFKQLTXHVRI3ODQW
$QDO\VLV&KDSPDQDQG+DOO/RQGRQSS±
>@:LQN0%LRFKHPLVWU\RI3ODQW6HFRQGDU\0HWDEROLVP6KHIILHOG8.DQG%RFD
5DWRQ)/6KHIILHOG$FDGHPLF3UHVVDQG&5&3UHVV
>@.XWFKDQ703ODQW&HOO
>@%KDW691DJDVDPSDJL%$6LYDNXPDU0&KHPLVWU\RI1DWXUDO3URGXFWV
1DURVD1HZ'HOKL,QGLD&K
>@ )DFFKLQL 3- $ONDORLG ELRV\QWKHVLV LQ SODQWV ELRFKHPLVWU\ FHOO ELRORJ\
PROHFXODUUHJXODWLRQDQGPHWDEROLFHQJLQHHULQJDSSOLFDWLRQV$QQX5HY3ODQW
3K\VLRO3ODQW0RO%LRO
>@ 6KLJHPRUL + .DJDWD 7 ,VKL\DPD + 0RUDK ) 2KVDNL $ .RED\DVKL -
1DXFOHDPLGHV $( QHZ PRQRWHUSHQH LQGROH DONDORLGV IURP QDXFOHD ODWLIROLD
&KHP3KDUP%XOO
>@ .DNXJXFKL \XND ,VKL\DPD +DUXDNL .XERWD 7DNDDNL .RED\DVKL -XQ¶LFKL
1DXFOHDPLGH) D QHZ PRQRWHUSHQH LQGROH DONDORLG IURP 1DXFOHD ODWLIROLD
+HWHURF\FOHV-RXUQDOYROXPH3DJHV
>@ +RWHOOLHU ) 1DXIROLQH HW GHVFDUERPpWKR[\QDXFOpFKLQH GHX[ QRXYHDX[
DOFDORwGHVLVROpV GH 1DXFOHDODWLIROLD VP5XELDFHDH &5$FDG6F3DULV
WPDUVVpULH&
>@1JQRNDP'$\DIRU-)&RQQROO\-'DQG1X]LOODUG-01DXFOHIROLQLQH$QHZ
DONDORLGIURPWKHURRWVRI1DXFOHDODWLIROLD%XOO&KHPLFDO6RFLHW\RI(WKLRSLD
>@+RWHOOLHU)'HODYHDX33RXVVHW-/1DXFOpILQHHW1DXFOpWLQHGHX[QRXYHDX[
DOFDORwGHV GH W\SH LQGRORTXLQROL]LGLQH LVROpV GX 1DXFOHD ODWLIROLD
3K\WRFKHPLVWU\YROSS
>@.DPHWDQL77DNHVKLD0$WRWDOV\QWKHVLVRIDQDXFOHILQH +HWHURF\FOHV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ Ͷͻ
>@+RWHOOLHU)'HODYHDX33RXVVHW-/$OFDORwGHVHW*OXFR$OFDORwGHVGHVIHXLOOHV
GH1DXFOHDODWLIROLDVP3ODQWDPHGLFD-RXUQDORI0HGLFLQDO3ODQW 5HVHDUFK
YROSS
>@+RWHOOLHU)'HODYHDX3HW3RXVVHW-/1DXFOpLGLQDOHW(SLQDXFOpLGLQDO
$OFDORwGHVGX1DXFOHDODWLIROLD3K\WRFKHPLVWU\9ROSS
3HUJDPRQ3UHVV/WG3ULQWHGLQ(QJODQG
>@$WD$8GHQLJZH&&0DWRFKNR:+ROORZD\3(]H 0 2 8]RHJXUL
3 1 1DWXUDO SURGXFW FRPPXQLFDWLRQV -RXUQDO YROXPH ,VVXH
SDJHV
>@+RWHOOLHU)'HODYHDX3DQG3RXVVHW-/1DXFOHIROLQHDQHZDONDORLG IURP
1DXFOHD ODWLIROLD VP &HQWUH GH 5HFKHUFKHV GHV 6FLHQFHV $FDGpPLH
6pULHV
>@2NROL$6,URHJEX&8(YDOXDWLRQDQGH[WUDFWVRI$QWKRFOHLVWDGMDORQHQVLV
1DXFOHDODWLIROLDDQG8YDULDDI]DOLLIRUDFWLYLW\DJDLQVWEDFWHULDOLVRODWHVIURP
FDVHVRIQRQJRQRFRFFDOXUHWKULWLV-RXUQDORI(WKQRSKDUPDFRORJ\
±
>@ 'H 6RX]D & NRXPDJOR . HW *EHDVVRU 0(YDOXDWLRQ GHV SURSULpWpV
DQWLPLFURELHQQHV GHV H[WUDLWV DTXHX[ WRWDX[ GH TXHOTXHV SODQWHV
PpGLFLQDOHV3KDUP0pG7UD$IUSS
>@(GZDUG',$QWLPLFURELDO$FWLRQ,VW(GQ7KH0FPLOODQ3UHVV/WG/RQGRQDQG
%DVLQJVWRNHSS
>@1DWLRQDO&RPPLWWHHIRU&OLQLFDO/DERUDWRU\6WDQGDUGV1&&/60HWKRGVIRU
'LOXWLRQLQ$QWLPLFURELDO6XVFHSWLELOLW\7HVWV$SSURYHG6WDQGDUG0$
9LOODQRYD3$1&&/6
>@ 6DQRJR 5 &ULVDIL * *HUPDQR 0 3 'H 3DVTXDOH 5 %LVLJQDQR*
(YDOXDWLRQRI0DOLDQWUDGLWLRQDOPHGLFLQHVVFUHHQLQJIRUDQWLPLFURELDODFWLYLW\
3K\WRWKHUDS\5HVHDUFK 6XSSO 6HFRQG ,QWHUQDWLRQDO 6\PSRVLXP
RQ1DWXUDO'UXJV
>@ +H =' 0D &< =KDQJ +- HW DO $QWLPDODULDO FRQVWLWXHQWV IURP 1DXFOHD
RULHQWDOLV / &KHP %LRGHYHUV 3XE 0HG
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͷͲ
>@=LULKL*10DPEX/*XHGH*XLQHD)HWDO,QYLWURDQWLSODVPRGLDODFWLYLW\ DQG
F\WRWR[LFLW\RI:HVW$IULFDSDOQWVXVHGIRUWUHDWPHQWRIPDODULD -
(WKQRSKDUPDFRO
>@-LQJ\RQJ6XQ+RQJ[LDQJ/RX6KHQJMXQ'DL+XL;X)HQJ=KDR.H/LX,QGROH
DONDORLGVIURP1DXFOHDRIILFLQDOLVZLWKZHDNDQWLPDODULDODFWLYLW\
3K\WRFKHPLVWU\±
>@'L*LRUJLR&/DPLGL0'HOPDV)HWDO$QWLOHLVKPDQLDODFWLYLW\RI TXLQRYLF
DFLG JO\FRVLGHV DQG FDGDPELQH DFLG LVROHG IURP 1DXFOHD GLGHUULFKLL 3ODQWD
0HG
>@/DPLGL0*DVTXHW02OLYLHU(1]H(NHNDQJ/%DODQVDUG*%RXGRQ
*$QWLSDUDVLWLFVWXGLHVRI1DXFOHDGLGHUULFKKLLEDUN3KDUP3KDUPDFRO /HWW
>@$PRV6$EEDK-&KLQGR%(GPRQG,%LQGD/$G]X%%XKDUL62GXWROD
$$ :DPEHEH & *DPDQLHO . 1HXURSKDUPDFRORJLFDO HIIHFWV RI WKH
DTXHRXV H[WUDFW RI 1DXFOHD ODWLIROLD URRW EDUN LQ UDWV DQG PLFH -RXUQDO RI
HWKQRSKDUPDFRORJ\±
>@ 7RQD / .DPEX . 1JLPEL 1 HW DO $QWLDPRHELF DQG VSDVPRO\WLF DFWLYLWLHV RI
H[WUDFWVIURPVRPHDQWLGLDUUKRHDOWUDGLWRQDOSUHSDUDWLRQVXVHGLQ .LQVKDVD
&RQJR3K\WRPHGLFLQH3XE0HG
>@ .HUKDUR - DQG $GDP - * /D 3KDUPDFRSpH 6pQpJDODLVH 7UDGLWLRQQHOOH
3ODQWHV0pGLFLQDOHVHW7R[LTXHV(GLWLRQV9LJRW3UHVV3DULVS
>@ $GMDQRKRXP ( &RQWULEXWLRQ DX[ pWXGHV HWKQRERWDQLTXHV HW IORULVWLTXHV HQ
UpSXEOLTXHSRSXODLUHGX&RQJR$&&73DULVS
>@ $GMDQRKRXQ ( 0 5 $ $K\L - - )ORUHW 6 *XLQNR 0 .RXPDUp $ 0 5
$K\L - 5D\QDO &RQWULEXWLRQ DX[ pWXGHV HWKQRERWDQLTXHV HW IORULVWLTXHV DX
0DOL$JHQFHGH&RRSpUDWLRQ&XOWXUHHW7HFKQLTXH$&&73DULV
S
>@$GMDQRKRXQ(/¶KRPPHHWODSODQWHPpGLFLQDOHHQ$IULTXH,Q$PpQDJHU OH
PLOLHXQDWXUHO1RWUHOLEUDLULHQGRXEOH±±
>@0RUDK)1,1DXFOHLGDODQG(SLQDXFOHLGDOIURPDQWLYLUDOSUHSDUDWLRQIURP
1DXFOHDODWLIROLD-DPDLFDQ-6FL7HFKQRO
>@ 7UDRUp 'RPLQLTXH 0pGHFLQH HW 0DJLH DIULFDLQHV RX &RPPHQW OH 1RLU VH
VRLJQHWLO3UpVHQFHDIULFDLQH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͷͳ
>@ *EHDVVRU 0 9LKR *. HW FROO &RQWULEXWLRQ j O¶pWXGH GHV SURSULpWpV
SKDUPDFRG\QDPLTXHV GH $]DGLUDFKWD LQGLFD $QQ 8QLY %pQLQ 6pULHV
VFLHQFHV
>@ 2XDWWDUD < 6DNDQGp % 6LPSRUp - 3U .DERUp , = 3U *XLVVRX, 3
6DZDGRJR3U/(YDOXDWLRQGHO¶DFWLYLWpKpSDWRSURWHFWULFHGHV H[WUDLWV
DTXHX[GHSODQWHVPpGLFLQDOHVIDFHjXQH KHSDWRWR[LFLWp OpWDOH LQGXLWH
FKH] ODVRXULV±$QQDOHVGHO¶8QLYHUVLWpGH 2XDJDGRXJRX 6pULH F
9RO
>@2Q\H\LOL3$1ZRVX&2$PLQ-'-LELNH-,$QWKHOPLQWLFDFWLYLW\RIFUXGH
DTXHRXVH[WUDFWRI1DXFOHDODWLIROLDVWHPEDUNDJDLQVWRYLQHQHPDWRGHV
)LWRWHUDSLD
>@2NZX'((NHNH23K\WRFKHPLFDO6FUHHQLQJDQG0LQHUDOFRPSRVLWLRQRI
FKHZLQJVWLFNVLQ6RXWK(DVWHUQ1LJHULD*OREDO-3XUH$SSO6FL
>@2NZX'(3K\WRFKHPLFDOVYLWDPLQVDQGPLQHUDOFRQWHQWVRIWZR1LJHULD
0HGLFLQDOSODQWV,QW-0RO0HG$GY6FL
>@2NZX'(-RVLDK&(YDOXDWLRQRIWKHFKHPLFDOFRPSRVLWLRQRIWZR1LJHULDQ
0HGLFLQDOSODQWV$IU-%LRWHFKQRO
>@2NZX'(1LJHULDQPHGLFLQDODQG$URPDWLF3ODQW6FLHQFHDQG%LRWHFKQRORJ\
>@1WLHMXPRNZX6.RODZROH-2$QWLPLFURELDODQG3UHOLPLQDU\ SK\WRFKHPLFDO
VFUHHQLQJRIWKHEDUNRI1DXFOHDODWLIROLD:HVW$IU-3KDUPDFRO'UXJ5HV
>@2NZX'(DQG8FKHQQD1)([RWLFPXOWLIDFHWHGPHGLFLQDOSODQWVRIGUXJVDQG
SKDUPDFHXWLFDOLQGXVWULHV$IULFDQ-RXUQDORI%LRWHFKQRORJ\'HFHPEHU
9ROSS
>@6RXUDELH6&RQWULEXWLRQjO¶pWXGHFKLPLTXHHWSKDUPDFRORJLTXHGH 1DXFOHD
ODWLIROLDVPHW+RODUUKHDIORULEXQGD*'21'85HW6&+,1=SODQWHVGHOD
SKDUPDFRSpHWUDGLWLRQQHOOHEXUNLQDEpSUpFRQLVpHVGDQVOH WUDLWHPHQW GHV
JDVWURHQWpULWHV LQIDQWLOHV 0pPRLUH GH '($ )$67 8QLYHUVLWp GH
2XDJDGRXJRXGpF
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͷʹ
>@ 6RXUDELH 6 *XLQNR 6LWD .DERUp , = &RQWULEXWLRQ j O¶pWXGH FKLPLTXH HW
PLFURELRORJLTXH GH 1DXFOHD ODWLIROLD VP 5XELDFHDH 3RVVLELOLWp G¶XWLOLVDWLRQ
GHVIHXLOOHVVXFFpGDQpHVGHVUDFLQHVGDQVOH WUDLWHPHQW WUDGLWLRQQHO GHV
JDVWURHQWpULWHV5HYXH0pG3KDUP$IUYROQSS±
>@.DERUp,=6DZDGRJR$(IIHWVWR[LTXHVGH1DXFOHDODWLIROLDVP 6pPLQDLUH
GHSpGLDWULHDIULFDLQHFRPPXQLFDWLRQ2XDJDGRXJRX±QRYHPEUH
>@,UYLQH)5:RRG\3ODQWVRI*KDQD2[IRUG8QLYHUVLW\3UHVV/RQGRQ
>@:DWW-0%UH\HU%UDQGZLMN0*0HGLFLQDODQG3RLVRQRXV3ODQWVRI6RXWKHUQ
DQG(DVWHUQ$IULFD(GLQEXUJK(DQG6
>@ =KDQJ = (O6KKO\ + 1 -DFRE 0 5 3DVFR ' 6:DONHU / $ &ODUN $ 0
1HZ LQGROH DONDORLGV IURP WKH EDUN RI 1DXFOHD RULHQWDOLV -RXUQDO 1DWXUDO
3URGXFWV1
>@.RFK0*HQWLDQLQHHW6ZHUWLQDPDULQHGHO¶$QWKRFOHLVWDSURFHUD/HSULHXUH[
%XUHD/RJDQLDFHHV7KHVHGH'RFWRUDWGH3KDUPDFLH8QLYHUVLWpGH3DULV
>@2NROL$6,QYLWURHYDOXDWLRQRIDQWLEDFWHULDODFWLYLWLHVRIVRPH1LJHULDQ
SODQWVXVHGLQWUHDWPHQWRIVRPHGLVHDVHV8QSXEOLVKHG06F7KHVLV
8QLYHUVLW\RI 1LJHULD1VXNND
>@ $PRX]RX / $JERQRQ $ (NOX *DGHGEHNX . $NOLNRNRX . *EpDVVRU 0
3K\WRWKpUDSLH $XJXVW YRO QXPEHU SS ± SXEOLVKHU
6SULQJHU
>@2OLYHU%HUYHU0HGLFLQDOSODQWVLQ7URSLFDO:HVW$IULFD&DPEULGJH 8QLYHUVLW\
3UHVVSS
>@-DQVHQ2)UpGpULFK07LWV0$QJHQRW/&RXVLQHDX6%HVVRW/&UXQHW
&1LFRODV-3(WKQRSKDUPDFRORJLHHWSDOXGLVPHDX%XUNLQD)DVR6pOHFWLRQ
GH HVSqFHV j SRWHQWLDOLWpV DQWLSODVPRGLDOHV PpFRQQXHV
(WKQRSKDUPDFRORJLDMXLQ Q
>@ %RXURERX % + $SSURFKHV VXU OD FRQWULEXWLRQ GHV PpGLFDPHQWV WUDGLWLRQQHOV
DPpOLRUpVGDQVOHVVRLQVGHVDQWpSULPDLUHV(WXGH GHV FDV 3KDUP 0pG
7UDG$IUYROSS±
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͷ͵
>@%HWWL-/9XOQpUDELOLWpGHVSODQWHVXWLOLVpHVFRPPHDQWLSDOXGLTXHVGDQV
O¶DUURQGLVVHPHQW GH 0LQWRP DX VXG GH OD UpVHUYH GH ELRVSKqUH GX 'MD
&DPHURXQ6\VW*pRJU3O±
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͷͶ
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͷͷ
3$57,((78'(6(;3(5,0(17$/(6
1RXV SUpVHQWHURQV GDQV FHWWH SDUWLH O¶HQTXrWH HWKQRERWDQLTXH UpDOLVpH DX
0DOL VXU 1 ODWLIROLD 6P SXLV OHV pWXGHV FRQFHUQDQW OD FRPSRVLWLRQ FKLPLTXH GHV
GLIIpUHQWVRUJDQHVGHODSODQWH8QWURLVLqPHFKDSLWUHVHUDFRQVDFUpjO¶H[WUDFWLRQGHV
DOFDORwGHVWRWDX[GHVGLIIpUHQWHVSDUWLHVGHODSODQWH
,QWURGXFWLRQ
'DQV OHV VRFLpWpV DIULFDLQHV OHV SODQWHV RQW WRXMRXUV FRQVWLWXp OD SULQFLSDOH
PpGLFDWLRQSRXUGLIIpUHQWHVSDWKRORJLHV$XILOGXWHPSVHWjIRUFHG¶H[SpULPHQWHUOHV
HIIHWVGHVGLIIpUHQWVWUDLWHPHQWVjEDVHGHSODQWHVOHVKRPPHVRQWILQDOHPHQWFUpp
XQOLHQGHFRPSOpPHQWDULWpDYHFODQDWXUHSRXUPLHX[XWLOLVHUODIORUH&¶HVWDLQVLTXH
OD PpGHFLQH WUDGLWLRQQHOOH V¶HVW GpYHORSSpH HQ VH EDVDQW ODUJHPHQW VXU O¶XWLOLVDWLRQ
GHVYpJpWDX[/DPpGHFLQHWUDGLWLRQQHOOHUHVWHXQVDYRLUHPSLULTXHTXLVHUHSRVHHQ
JUDQGHSDUWLHVXUODFXOWXUHGHVSRSXODWLRQVORFDOHV
&RQWUDLUHPHQW j OD PpGHFLQH FRQYHQWLRQQHOOH TXL UHFKHUFKH OHV RULJLQHV HW OHV
FDXVHV GHV PDODGLHV HW LQIHFWLRQV OD PpGHFLQH WUDGLWLRQQHOOH V¶DWWDTXH GLUHFWHPHQW
DX[ PDX[ /¶pWXGH VFLHQWLILTXH GH O¶XWLOLVDWLRQ GHV SODQWHV SHUPHW GRQF GH IDLUH XQ
OLHQ HQWUH OHV GHX[ PpGHFLQHV HW SRXUUDLW pYHQWXHOOHPHQW j WHUPH VRXODJHU OHV
SRSXODWLRQVFRQFHUQpHV
&¶HVWDLQVLTXHGHQRPEUHXVHVSODQWHVXWLOLVpHVHQ$IULTXHRQWpWppWXGLpHVVXU
OH SODQ ERWDQLTXH FKLPLTXH HW SKDUPDFRORJLTXH >@ 'H QRPEUHXVHV UHFKHUFKHV
VFLHQWLILTXHV DFWXHOOHV FRQFHUQHQW OHV SODQWHV PpGLFLQDOHV /D UHFKHUFKH GH
QRXYHDX[ SULQFLSHV DFWLIV PHQpH SDU OHV ODERUDWRLUHV SKDUPDFHXWLTXHV HW
XQLYHUVLWDLUHV jSHUPLVG¶H[SOLTXHUFHUWDLQHVXWLOLVDWLRQVWUDGLWLRQQHOOHV ,OV¶HVWDYpUp
TXH OHV SURGXLWV QDWXUHOV LVVXV GH FHUWDLQHV SODQWHV RQW GRQQp GHV UpVXOWDWV
SURPHWWHXUV GDQV OH WUDLWHPHQW GH FHUWDLQHV SDWKRORJLHV DLJHV FRPPH OH FDQFHU
O¶K\SHUWHQVLRQ DUWpULHOOH OH GLDEqWH OH SDOXGLVPH OHV GRXOHXUV HWF &¶HVW OH FDV
QRWDPPHQWGXWD[ROHWGHYLQEODVWLQH
$X 0DOL OHV PpGLFDPHQWV j EDVH GH SODQWHV PpGLFLQDOHV WUDGLWLRQQHOOHV VRQW
LQVFULWVGHSXLVGDQVOHIRUPXODLUHQDWLRQDOGHVPpGLFDPHQWV&HVPpGLFDPHQWV
jEDVH GHSODQWHVLVVXHVGH ODSKDUPDFRSpHWUDGLWLRQQHOOHVRQWGLWV³DPpOLRUpV³FDU
OHXU FRPSRVLWLRQ FKLPLTXH D pWp WHVWpH DYHF HIILFDFLWp DXVVL ELHQ VXU OH SODQ GH OD
WR[LFLWpVXU OHV DQLPDX[ TXHVXUOHSODQGHVXLYLWKpUDSHXWLTXHLOIDXWVRXOLJQHU TXH
OHXUSURGXFWLRQHVWDXVVLVRXVFRQWU{OHVWULFW
6HSW 0pGLFDPHQWV 7UDGLWLRQQHOV $PpOLRUpV 07$ RQW REWHQXV XQH DXWRULVDWLRQ
GHPLVHVXUOHPDUFKpHWVRQWLQVFULWVGDQVOHIRUPXODLUHQDWLRQDOGHPpGLFDPHQWVDX
0DOL>@
/HVVHSW07$pODERUpVSDUOH'pSDUWHPHQWGH0pGHFLQH7UDGLWLRQQHOOH'07VRQW
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͷ
/H VLURS GH %DOHPER F¶HVW XQ DQWLWXVVLI SUpSDUp j SDUWLU GHV IUXLWV GH
&URVVRSWHUL[IHEULIXJD
/H*DVWURVpGDOXWLOLVpGDQVOHWUDLWHPHQWGHODJDVWULWH HWGH O¶XOFqUH JDVWUR
GXRGpQDOjEDVHGHSRXGUHGHUDFLQHVGH9HUQRQLDNRWVFK\DQD
/¶+pSDWLVDQH 'pFRFWLRQ G¶XQ FKRODJRJXH FKROpUpWLTXH HW GLXUpWLTXH j EDVH
GHVIHXLOOHVGH&RPEUHWXPPLFUDQWKXP
/H '\VHQWHULDO WLVDQH SUpFRQLVp GDQV OH WUDLWHPHQW GH OD G\VHQWHULH
DPLELHQQHHWGHODGLDUUKpHjEDVHG¶(XSKRUELDKLUWD
/H/D[DFDVVLDWLVDQHXQOD[DWLIjEDVHGHVIHXLOOHVGH&DVVLDLWDOLFD
/H 3VRURVSHUPLQHSRPPDGH XWLOLVp GDQV OH WUDLWHPHQW GHV LQIHFWLRQV
FXWDQpHVjEDVHG¶XQH[WUDLWGH3VRURVSHUPXPJXLQHHQVH
/H 0DODULDO XQ DQWLSDOXGLTXH REWHQX SDU DVVRFLDWLRQ GH SODQWHV HQWUH
DXWUHV /LSSLD FKHYDOLHUL &DVVLD RFFLGHQWDOLV HW 6SLODQWKHV
ROHUDFHD
/HVDXWRULWpVVDQLWDLUHV PDOLHQQHVYLVHQWXQ LQWpUrWSDUWLFXOLHUVXUOD SURGXFWLRQ
GHV 07$ DILQ GH FRQWULEXHU j GLPLQXHU IRUWHPHQW O¶LPSRUWDWLRQ GHV SURGXLWV
SKDUPDFHXWLTXHV FRQYHQWLRQQHOV /D SURGXFWLRQ GHV 07$ DLGHUD EHDXFRXS OHV
PpQDJHV PDOLHQV FDU OHXU SUL[ HVW DFFHVVLEOH SRXU OD JUDQGH PDMRULWp /HV SUL[ GHV
07$YDULHQWGHj)&)$VRLWj¼>@
'H QRV MRXUV OHV LQGXVWULHV SKDUPDFHXWLTXHV VXUWRXW RFFLGHQWDOHV IRQW GH OD
UHFKHUFKH VXU OHV SODQWHV PpGLFLQDOHV HQ JpQpUDO HW DIULFDLQHV HQ SDUWLFXOLHU SRXU
LGHQWLILHUOHVPROpFXOHVFKLPLTXHVFLEOHV
$XFRXUVGHFHVGHUQLqUHVDQQpHVSOXVLHXUVPROpFXOHVLVROpHVGHVSODQWHVVRQW
GHYHQXHV GHV PpGLFDPHQWV HIILFDFHV HW LQWpUHVVDQWV TXL RQW SURXYp OHXU HIILFDFLWp
GDQVSOXVLHXUVWUDLWHPHQWVHQWUHDXWUHV
9 $QWLFDQFpUHX[ YLQEODVWLQH YLQFDOHXFREODVWLQH WD[RO YLQFULVWLQH
FDPSWRWKpFLQHFDVWDQRVSHUPLQHVZDLQVRQLQH
9 $QWDOJLTXHVPRUSKLQHFRGpLQH
9 9DVRGLODWDWHXUVYLQFDPLQHDMPDOLFLQH
9 $QWLWXVVLIVFRGpLQH
9 $QWLPDODULTXHTXLQLQHFLQFKRQLGLQH
9 $QWLDU\WKPLWLTXHVTXLQLGLQHDMPDOLQH
9 $QWLGLDEpWLTXHPLJOLWRO
9 6SDVPRO\WLTXHVWXERFXUDULQHSDSDYpULQH
9 (PpWLTXHpPpWLQH
9 &RQWUHO¶$O]KHLPHUJDODQWKDPLQH
,OHVWLPSRUWDQWGHVRXOLJQHUTXHODSUpVHQFHGHVDOFDORwGHVGHVIODYRQRwGHVHWGHV
VDSRQRVLGHVGDQVOHVSODQWHVH[SOLTXHHQJUDQGHSDUWLHO¶DFWLYLWpDQWLWXPRUDOH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͷ
2EMHFWLI
3RXUPHQHUjELHQFHWWHpWXGHVXUOH1ODWLIROLD6PXQFHUWDLQQRPEUHG¶REMHFWLIV
RQWpWpIL[pV
¾ 5pDOLVHUXQVFUHHQLQJSK\WRFKLPLTXHFRPSOHWjSDUWLUGHVGLIIpUHQWVRUJDQHVGH
OD SODQWH SRXU GpFHOHU OD SUpVHQFH G¶DOFDORwGHV HW G¶DXWUHV JURXSHV GH IDPLOOHV
FKLPLTXHV
¾ 3URFpGHU j O¶H[WUDFWLRQ GHV DOFDORwGHV WRWDX[ FRQWHQXV GDQV OHV GLIIpUHQWV
RUJDQHVGHODSODQWH
¾ 'pWHUPLQHU OH SRXUFHQWDJH GHV DOFDORwGHV WRWDX[ SDU RUJDQH HW SDU VLWH GH
UpFROWHGHODSODQWH
¾ )UDFWLRQQHU HW SXULILHU OHV IUDFWLRQV SDU OHV PpWKRGHV FKURPDWRJUDSKLTXHV OHV
DOFDORwGHVWRWDX[LVVXVGHVGLIIpUHQWVRUJDQHVGHODSODQWH
¾ $QDO\VHUHWLGHQWLILHUOHVpYHQWXHOVSURGXLWVLVROpVGHVGLIIpUHQWHVIUDFWLRQVGHOD
VpSDUDWLRQSDUOHVWHFKQLTXHVDSSURSULpHV*&06/&06501«
/¶REWHQWLRQ GHV DOFDORwGHV WRWDX[ GHV IUDFWLRQV HW pYHQWXHOOHPHQW GH FRPSRVpV
LVROpV SHUPHWWUD HQVXLWH G¶pWXGLHU OHXU DFWLYLWp ELRORJLTXH QRWDPPHQW FRPPH
DQWLFDQFpUHX[HWFRPPHDQWDOJLTXH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͷͺ
&+$3,75((QTXrWHHWKQRERWDQLTXH
/¶HQTXrWH HWKQRERWDQLTXH HVW XQ WUDYDLO GH WHUUDLQ TXL FRQVLVWH j DOOHU j OD
UHQFRQWUH GHV SUDWLFLHQVWUDGLWLRQQHOV SRXUV¶HQTXpULUGH OHXU PpWKRGHGHWUDLWHPHQW
GHVPDODGLHV&HWWHHQTXrWHHVWLQGLVSHQVDEOHGDQVODPHVXUHRHOOHQRXVSHUPHW
GHQRXVRULHQWHUDILQGHFLEOHUFHUWDLQVWHVWVELRORJLTXHV/¶RXWLOGHWUDYDLOHVWpODERUp
HQXQHVpULHGHTXHVWLRQQDLUHVYRLUDQQH[H
/HV GLIIpUHQWHV LQYHVWLJDWLRQV PHQpHV RQW SHUPLV GH FRPSUHQGUH TXH OHV
SRSXODWLRQVUXUDOHVHQJUDQGHPDMRULWpXWLOLVHQWOHVSODQWHVSRXUVHVRLJQHUDYHFOHV
UHFHWWHVGHVWUDGLSUDWLFLHQV/¶XVDJHWUDGLWLRQQHOGHVSODQWHVPpGLFLQDOHVFRQVWLWXHOD
EDVH GH OD PpGHFLQH WDQW SUpYHQWLYH TXH FXUDWLYH GHV SRSXODWLRQV GH FRXFKH
VHQVLEOH>@
/¶HQTXrWHHWKQRERWDQLTXHVHUWGHWUDLWG¶XQLRQHQWUHOHVGHX[PpGHFLQHVDXVVL
ELHQWUDGLWLRQQHOOHTXHFRQYHQWLRQQHOOH
'HVFULSWLRQHWFKRL[GHVORFDOLWpVGHO¶HQTXrWH
1ODWLIROLD6PSUpVHQWHXQHJDPPHpODUJLHG¶DFWLYLWpVELRORJLTXHVLOHVWWUqV
FRQQXGDQVODSKDUPDFRSpHWUDGLWLRQQHOOHDIULFDLQH6RQHIILFDFLWpDpWpSURXYpHVRLW
XWLOLVpH VHXOH VRLW HQ DVVRFLDWLRQ DYHF G¶DXWUHV SODQWHV SRXU VRLJQHU GLYHUVHV
SDWKRORJLHV&KH]OHSHXSOH'RJRQODPpGHFLQHWUDGLWLRQQHOOHHVWWUqVGpYHORSSpHHW
RFFXSH XQH SODFH GH FKRL[ &¶HVW SRXU TXRL G¶DLOOHXUV OD FDSLWDOH GX SD\V 'RJRQ
%DQGLDJDUD DEULWH XQ FHQWUH UpJLRQDO GH PpGHFLQH WUDGLWLRQQHOOH &507 /HV
'RJRQVRQWDFFRUGpXQLQWpUrWSDUWLFXOLHUDX 1ODWLIROLD6PGHSDUVHVQRPEUHXVHV
YHUWXV PpGLFLQDOHV DSSUpFLDEOHV &HOD MXVWLILH HQ JUDQGH SDUWLH OH FKRL[ GX SD\V
'RJRQSRXUUpDOLVHUO¶HQTXrWHHWKQRERWDQLTXH
3RXUFHWWHpWXGHQRXVDYRQVFKRLVLSOXVLHXUVVLWHVG¶HQTXrWHV
1RXVQRXVLQWpUHVVRQVG¶DERUGDX[GLIIpUHQWVVLWHVGHUpFROWHV1RXVDYRQVFKRLVL
VLWHVGHUpFROWHV.DQDGMLJXLOD/DILDERXJRX/DVVDHW.RXORXED
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͷͻ
,PDJH]RQHVG¶HQTXrWHHWGHUpFROWHV
0pWKRGRORJLH
&HVHQTXrWHVRQWpWpUpDOLVpHVHQWUHPDLHWDRWDXSUqVGHVWUDGLWKpUDSHXWHV
GHVKHUERULVWHVHWGHVSHUVRQQHVHQFRQWDFWDYHFOHVSODQWHVPpGLFLQDOHVjWUDYHUV
OH0DOL&HVVLWHVG¶HQTXrWHRQWpWpFKRLVLVSRXUOHXUGLYHUJHQFHGHFOLPDWELHQTXH
UHODWLYHPHQW SURFKHV OHV XQV GHV DXWUHV /¶HQTXrWH D pWp PHQpH HQ JUDQGH SDUWLH
GDQV OD H UpJLRQ DGPLQLVWUDWLYH GX 0DOL UpJLRQ GH 0RSWL SULQFLSDOHPHQW DX SD\V
'RJRQ FRPSWH WHQX GH O¶LPSRUWDQFH DFFRUGpH j OD SKDUPDFRSpH WUDGLWLRQQHOOH
DIULFDLQH
/HQRPEUHGHWUDGLSUDWLFLHQVLQWHUURJpVHVWGHjWUDYHUVOHSD\VUHSDUWLVHQWUHOHV
VH[HVPDVFXOLQVHWIHPLQLQVGRQWj%DQGLDJDUDj%DQDQLj%DPDNR
j *RORJRXGD j (QGp j 6DQJKD j %RGLR j .DVVD j 6LEL6LEL HW j
6RUROL &HWWH GLVSDULWp HQ IRQFWLRQ GHV VLWHV HVW GXH DX IDLW GH OD SUR[LPLWp RX QRQ
G¶XQ FHQWUH XUEDLQ HW DXVVL DX QRPEUH G¶KDELWDQWV /HV VLWHV GH *RORJRXGD %RGLR
.DVVD6LEL6LELHW6RUROLGpSHQGHQWGX&HUFOHGH%DQGLDJDUDTXLHVWOHFKHIOLHXGX
FHUFOHjTXHOTXHVNPGH%DPDNRHWjNPGHODFDSLWDOHUpJLRQDOH0RSWL/D
YLOOH GH %DQGLDJDUD GLVSRVH G¶XQ &507 FHQWUH UpJLRQDO GH PpGLFLQH WUDGLWLRQQHOOH
HWDEULWHOHVLqJHGHOD)$77%IpGpUDWLRQGHVDVVRFLDWLRQVGHVWUDGLWKpUDSHXWHVGH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ Ͳ
%DQGLDJDUD/HYLOODJHGH%DQDQLHVWDGPLQLVWUpSDUOHFHUFOHGH6DQJKDTXLjVRQ
WRXU UHOqYH GH %DQGLDJDUD /H VLWH G¶(QGp VH VLWXH GDQV OH FHUFOH GH %DQNDVV j
HQYLURQNPGH%DPDNR
/¶RXWLO GH QRWUH HQTXrWH HVW XQ IRUPXODLUH FRQVWLWXp GH TXHVWLRQV YRLU DQQH[H
SHUPHWWDQW G¶pYDOXHU OD FRQQDLVVDQFH GH OD SODQWH O¶XWLOLVDWLRQ OD SUHVFULSWLRQ HW OH
PRGH GH SUpSDUDWLRQ SUpFRQLVp GH FKDFXQ GHV WUDGLSUDWLFLHQV RX KHUERULVWHV
LQWHUURJpV
5pVXOWDWVGHO¶HQTXrWHHWKQRERWDQLTXH
/HVUpVXOWDWVGHO¶HQTXrWHHWKQRERWDQLTXHVRQWUDVVHPEOpVGDQVOHVWDEOHDX[j
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳ
7DEOHDX8WLOLVDWLRQVGHVIHXLOOHVGH1ODWLIROLD6P
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ʹ
7DEOHDX8WLOLVDWLRQVGHVIUXLWVGH1ODWLIROLD6P
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͵
7DEOHDX8WLOLVDWLRQVGHVpFRUFHVGH1ODWLIROLD6P
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ Ͷ
7DEOHDX8WLOLVDWLRQVGXJXL1ODWLIROLD6P
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͷ
7DEOHDX8WLOLVDWLRQVGHVUDFLQHVGH1ODWLIROLD6P
7DEOHDX8WLOLVDWLRQVGXPpODQJHIUXLWVUDFLQHV1ODWLIROLD6P
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ
7DEOHDX8WLOLVDWLRQVGXPpODQJHpFRUFHVUDFLQHV1ODWLIROLD6P
$QDO\VHHWGLVFXVVLRQGHVUpVXOWDWV
/¶HQTXrWH HWKQRERWDQLTXH UpDOLVpH VXU O¶HQVHPEOH GHV ]RQHV G¶HQTXrWH GH
%DPDNR MXVTX¶DX SD\V 'RJRQ PHW HQ pYLGHQFH O¶XVDJH GH 1 ODWLIROLD 6P SDU OHV
WUDGLSUDWLFLHQVFRPPHDJHQWIpEULIXJH
1ODWLIROLDVPHVWXQHSODQWHPpGLFLQDOHTXLDSURXYpVRQpYLGHQFHWKpUDSHXWLTXH
GDQV OHV ]RQHV UXUDOHV DIULFDLQHV OHV JXpULVVHXUV ORFDX[ XWLOLVHQW OHV UHFHWWHV GH OD
SODQWH HQ IRQFWLRQ GHV VXMHWV HW GHV PDODGLHV SRXU WUDLWHU GLYHUVHV SDWKRORJLHV
WURSLFDOHV >@ ,O V¶HVW DYpUp TXH OHV IHXLOOHV OHV pFRUFHV GH WURQF OHV UDFLQHV HW
PrPHV OHV IUXLWV GH OD SODQWH VRQW XWLOLVpV SRXU WUDLWHU GLYHUV W\SHV GH PDODGLHV >
@
$X FRXUV GH QRWUH HQTXrWH QRXV DYRQV UHFHQVp HQYLURQ SDWKRORJLHV HW
LQIHFWLRQV TXH OHVWUDGLWKpUDSHXWHVWUDLWHQWDYHFOHVGLIIpUHQWVRUJDQHVGH 1ODWLIROLD
6P TXL VRQW HQWUHDXWUHV O¶DFFqV SHUQLFLHX[ OD ELOKDU]LRVH OHV FpSKDOpHV OD
FRQVWLSDWLRQ OH JRQIOHPHQW GH VH[H FKH] OH JDUoRQ OHV KpPRUURwGHV OHV LQIHFWLRQV
DQDOHVFKH] OHV QRXUULVVRQV OH PDO GHSRLWULQH OD PDODGLHLQFRQQXH OD PDODULDRX
SDOXGLVPHOHVPDX[GHYHQWUHODSHXUGHQXLWODWRX[LQIDQWLOH
3RXU OHV PDX[ GH YHQWUH OH ODYDJH DQDO RX ODYHPHQW FKH] OHV HQIDQWV OH
WUDLWHPHQW GH OD ILqYUH HW GX SDOXGLVPH GHV GpFRFWLRQV GH IHXLOOHV HW GH UDPHDX[
IHXLOOpV VRQW SUHVFULWHV &HV WUDLWHPHQWV FRUUHVSRQGHQW j O¶XWLOLVDWLRQ GH 1 ODWLIROLD
6P GpMj GpFULW GDQV OD OLWWpUDWXUH >@ 'DQV FHUWDLQV FDV OHV WUDGLWKpUDSHXWHV
UHQFRQWUpV DX FRXUV GH O¶HQTXrWH XWLOLVHQW OHV IHXLOOHV FRPPH ©UpJXODWHXU GHV
IRQFWLRQVLQWHVWLQDOHVªTXLDGpMjpWppYRTXpSDU+RWHOOLHUHWDOHQ>@
(Q UpDOLWp OD PDMHXUH SDUWLH GH FHV REVHUYDWLRQV VXU OH WHUUDLQ FRUURERUH FHOOH
PHQWLRQQpHGDQVODOLWWpUDWXUHSDUG¶DXWUHVFKHUFKHXUV>@
'H WRXWHV OHV ]RQHV G¶HQTXrWH QRXV DYRQV FRPSULV TXH SDUPL OHV PDODGLHV
UHFHQVpHVpWDLHQWOHVSOXVFLWpHVjVDYRLUODPDODULDOHVGRXOHXUVDEGRPLQDOHVHW
OD ELOKDU]LRVH (Q RXWUH OHV WUDGLSUDWLFLHQV WUDLWDLHQW GLIIpUHPPHQW FHV PDODGLHV VRLW
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ
DYHFOHVIHXLOOHVVRLWDYHFOHVpFRUFHVGHWURQFRXVRLWDYHFOHVUDFLQHVGH1ODWLIROLD
VP
/HV pFRUFHV HQ JpQpUDO VRQW XWLOLVpHV FRPPH IpEULIXJHV >@ G¶R XQH
PDFpUDWLRQ GHV IRLQV LQWHUQHV GHV pFRUFHV UHFRPPDQGpH FRQWUH OD ILqYUH TXL
DFFRPSDJQHOHSDOXGLVPHHWFRQWUHOHVPDX[GHYHQWUH
/HV H[WUDLWV G¶pFRUFHV GH UDFLQHV VRQW XWLOLVpV GDQV OD OLWWpUDWXUH SRXU WUDLWHU OD
PDODULD OHV FRPSOLFDWLRQV DEGRPLQDOHV LOV VRQW XWLOLVpV DXVVL FRPPH DQWL
LQIODPPDWRLUHHWDQWLS\UpWLTXH>@'¶DXWUHVO¶XWLOLVHQWFRQWUHO¶K\SHUWHQVLRQDUWpULHOOH
>@HWSRXUUpJXOHUOHF\FOHPHQVWUXHOIpPLQLQ>@
&¶HVWDLQVLTX¶j%DQGLDJDUDOHVUDFLQHVVRQWXWLOLVpHVHQGpFRFWLRQSDUTXHOTXHV
WUDGLSUDWLFLHQVFRQWUHOHVLQIHFWLRQVOLpHVDXJRQIOHPHQWGHVH[HFKH]OHVJDUoRQVHW
HQ PDFpUDWLRQ FRQWUH OD ELOKDU]LRVH LQIDQWLOH &HV DFWLYLWpV SRXUURQW rWUH OLpHV j OD
SUpVHQFH GHV FRXPDULQHV HW GHV FRPSRVpV SRO\SKpQROLTXHV TXL SRVVqGHQW GHV
SURSULpWpV DQWLLQIODPPDWRLUHV DQWLPLFURELHQQHV HW DQWLFRDJXODQWHV UHPDUTXDEOHV
>@
/HV WUDGLSUDWLFLHQV GH %DQDQL HW G¶(QGp SUpFRQLVHQW TXH OHV IUXLWV PXUV
FRQVRPPpV UpJXOLqUHPHQW VDQV H[FqV VRXODJHQW OD FRQVWLSDWLRQ FKURQLTXH HW
SUpYLHQQHQWODELOKDU]LRVHLQIDQWLOH
/HVWUDGLSUDWLFLHQVGH%DPDNRHWGH6LEL6LELSUpFRQLVHQWO¶XWLOLVDWLRQGHGpFRFWLRQ
GHV UDPHDX[ IHXLOOpV HQ DVVRFLDWLRQ DYHF G¶DXWUHV SODQWHV 2SLOLD FHOWLGLIROLD
0LWUDJ\QD LQHUPLV $QRJHLVVXV OHLRFDUSXV 7ULFKLOLD HPHWLFD $FDFLD VH\DO« SRXU
DSDLVHUODIRUPHJUDYHGXSDOXGLVPH
/D GLYHUVLWp GHV HIIHWV EpQpILTXHV DWWULEXpV j 1 ODWLIROLD 6P HQ IRQW XQH SODQWH
SUHVFULWH GDQV OH FDV GHV PDODGLHV GRQW OH GLDJQRVWLF HVW LQFRQQX &HWWH SUDWLTXH D
pWpREVHUYpHVXUOHVLWHGH*RORJRXGD
1RXV DYRQV REVHUYp TXH VRXYHQW GLIIpUHQWV RUJDQHV GH OD SODQWH VRQW XWLOLVpV
SRXU WUDLWHU XQH PrPH PDODGLH FRPPH OD PDODULD ELHQ TXH GHV GLIIpUHQFHV SHX
QRWDEOHVGHSRVRORJLHGpFRFWLRQGHIHXLOOHVHQSULVHVRXPDFpUDWLRQG¶pFRUFHVHQ
SULVHVVRLHQWPLVHVHQpYLGHQFHoDHWOj
&RQFOXVLRQ
/¶HQTXrWHHWKQRERWDQLTXHTXHQRXVDYRQVPHQpSURXYHO¶XWLOLVDWLRQDERQGDQWHHW
YDULpH WDQW HQ WHUPH GH SUHVFULSWLRQV TXH GH SRVRORJLHV GH 1 ODWLIROLD VP SDU OHV
WUDGLWKpUDSHXWHVHWSDUOHVSRSXODWLRQVHQ]RQHUXUDOH
3OXVLHXUVXWLOLVDWLRQVGHGLIIpUHQWVRUJDQHVGH1ODWLIROLDVPUHFHQVpHVDXFRXUV
GH QRWUH HQTXrWH SHXYHQW rWUH FRQVLGpUpHV FRPPH QRXYHOOHV &¶HVW QRWDPPHQW OH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͺ
FDV GH O¶XWLOLVDWLRQ GHV GpFRFWpV GH UDFLQHV SRXU OXWWHU FRQWUH OHV LQIHFWLRQV OLpHV DX
JRQIOHPHQWGHVH[HFKH]OHJHQUHPDVFXOLQSDUOHVWUDGLSUDWLFLHQVGH%DQGLDJDUD/D
SRXGUHGHIUXLWVIXPpHDVVRFLpHDXVHOJHPPHHVWSUHVFULWHSRXUWUDLWHUODWRX[FKH]
OHVQRXUULVVRQVj(QGp/DPDPDQDYDQWG¶DOODLWHUVRQQRXUULVVRQGpSRVHMXVWHXQH
SLQFpH GX PpODQJH SRXGUHVHO VXU OH ERXW GX VHLQ HW OH EpEp HQ WpWDQW GLJqUH XQH
SDUWLHTXLDJLUDFRQWUHODWRX[/HJXLHVWHPSOR\pSRXUWUDLWHUOHVPDODGLHVLQFRQQXHV
HWOHVIUXLWVVpFKpVVRQWXWLOLVpVFRQWUHODSHXUQRFWXUQH/¶XWLOLVDWLRQDERQGDQWHGHV
IHXLOOHVVRXVGLYHUVHVIRUPHVHVWjPHWWUHHQSDUDOOqOHDYHFO¶DERQGDQFHGHVIDPLOOHV
FKLPLTXHVSUpVHQWHVGDQVFHWRUJDQHHWODIDFLOLWpGHFXHLOOHWWH
(QILQLOHVWQRWDEOHTXHFHWWHSODQWHHVWVRXYHQWXWLOLVpHSRXUWUDLWHUOHVPDX[GH
YHQWUHHWDXUDLWGRQFXQHDFWLYLWpDQWDOJLTXHVXUODGRXOHXUYLVFpUDOH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͻ
&+$3,75(&DUDFWpULVDWLRQFKLPLTXH
/LHXGHFXHLOOHWWHGHVGLIIpUHQWVRUJDQHVGHVSODQWHV
/HV GLIIpUHQWV RUJDQHV IHXLOOHV pFRUFHV GH WURQF UDFLQHV GH OD SODQWH RQW pWp
UpFROWpV GDQV OHXU KDELWDW QDWXUHO 7RXWHV OHV UpFROWHV RQW pWp HIIHFWXpHV GDQV OH
GLVWULFWGH%DPDNRHWVHVHQYLURQVjO¶H[FHSWLRQGHVpFKDQWLOORQVGHVIHXLOOHVGXVLWH
GH.LWD1RXVDYRQVUpDOLVpjODPrPHSpULRGHGHVUpFROWHVVXUOHVVLWHVSUpVHQWDQW
GHV GLIIpUHQFHV FOLPDWLTXHV RX GH QDWXUH GX VRO DILQ GH UpDOLVHU GHV pWXGHV
SK\WRFKLPLTXHV FRPSDUDWLYHV /HV pFKDQWLOORQV UpFROWpV RQW pWp IRUPHOOHPHQW
LGHQWLILpVSDUOHVKHUERULVWHVOHVWUDGLWKpUDSHXWHVHWXQERWDQLVWHGHO¶,35,6)5$
6LWHGH.DQDGMLJXLODUpFROWHDXERUGG¶XQHULYLqUH
3ODQWH DGXOWH IUXLWLqUH GH j P GH KDXW SUpOHYpH OH VHSWHPEUH HQ
PDWLQpHDXERUGG¶XQHULYLqUHHQVRODUJLOHX[j.DQDGMLJXLODDX[HQYLURQVGH%DPDNR
VXUODURXWHPHQDQWHQ*XLQpH/HVSDUWLHVYpJpWDOHVRQWpWpIDFLOHPHQWSUpOHYpHV
6LWHGH/DILDERXJRXUpFROWHDXIODQFGHODFROOLQH
-HXQHSODQWHGHjPGHKDXWVDQVIUXLWSUpOHYpHOHVHSWHPEUHjPLGL
DXSLHGGHODFROOLQHGH/DILDERXJRXGDQVODSDUWLHRXHVWGXGLVWULFWGH%DPDNR/HV
IHXLOOHVOHVUDFLQHVHWOHVpFRUFHVVRQWSUpOHYpHVHQSDUWLHVDLOODQWHVXUVROURFKHX[
6LWHGH/DVVDUpFROWHVXUODFROOLQH
7UqV MHXQH SODQWH GH P GH KDXW VDQV IUXLW SUpOHYpH OH VHSWHPEUH HQ
PDWLQpH VXU XQH GHV FROOLQHV RXHVW GX GLVWULFW GH %DPDNR ORLQ GHV KDELWDWLRQV /HV
IHXLOOHV OHV UDFLQHV HW OHV pFRUFHV VRQW FXHLOOLHV HQ KDXWHXU VXU XQH VXUIDFH SODQH
URFKHXVHHWGXUHFXHLOOHWWHGLIILFLOH
6LWHGH.RXORXEDUpFROWHVXUODFROOLQH
3ODQWHDGXOWHIUXLWLqUHGHSOXVGHPGHKDXWSUpOHYpHOHVHSWHPEUHYHUV
PLGL VXU OHV KDXWHXUV URFKHXVHV HQ ]RQH G¶HVFDUSHPHQW GH OD FROOLQH GH .RXORXED
GDQV OH GLVWULFW GH %DPDNR 3ODQWH D\DQW GHV UDPLILFDWLRQV GDQV OH OLW G¶XQ
UXLVVHOOHPHQW /HV SDUWLHV YpJpWDOHV VRQW FXHLOOLHV VDQV GLIILFXOWp /D ]RQH GH
.RXORXEDHVWODSOXVH[SRVpHDX[SROOXWLRQVHQYLURQQHPHQWDOHV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ Ͳ
6LWHGH.LWD
$XFXQ UHQVHLJQHPHQW VXU OH OLHX GH FXHLOOHWWH LGHP VXU O¶pWDW GH OD SODQWH /HV
pFKDQWLOORQV UHSUpVHQWHQW OHV IHXLOOHV GH 1 ODWLIROLD 6P SUpOHYpV GDQV OH FHUFOH GH
.LWDjSOXVGHNPGH%DPDNR
9pJpWDWLRQHWSOXYLRPpWULH
/HVLWHGH.DQDGMLJXLODGDQVOHVHQYLURQVGH%DPDNRORFDOLVpDX6XG2XHVWGH
ODFDSLWDOHGXSD\VVXUODURXWHGH*XLQpHGDQVXQH]RQHGHVDYDQHDXQFOLPDWGH
W\SHVRXGDQRJXLQpHQFDUDFWpULVpSDUXQHSOXYLRPpWULHDQQXHOOHGHPPj
PPDYHFXQHVDLVRQSOXYLHXVHXQLTXHGHPRLVHQWUHPDLjRFWREUH
/HV VLWHV GH /DILDERXJRX HW /DVVD VRQW VLWXpV GDQV OD FRPPXQH ,9 HW OH VLWH GH
.RXORXED HQ FRPPXQH ,,, GX GLVWULFW GH %DPDNR &HV VLWHV SUpVHQWHQW OH PrPH
LQGLFH GH SOXYLRPpWULH TXH FHOXL GH .DQDGMLJXLOD /HV VLWHV GH UpFROWH GH /DVVD HW
.RXORXEDVRQWVLWXpVHQKDXWHXUVXUFROOLQHHQ]RQHURFKHXVHFHOXLGH/DILDERXJRX
VHWURXYHDXSLHGGHODFROOLQHDXVVLHQ]RQHURFDLOOHXVH6HXOOHVLWHGH.DQDGMLJXLOD
VHWURXYHGDQVOHOLWG¶XQHULYLqUHVXUWHUUDLQDUJLOHX[HWFHOXLGH.RXORXEDD\DQWXQH
UDPLILFDWLRQGDQVXQSRLQWGHUXLVVHOOHPHQW
&HWWH GLYHUVLWp FOLPDWLTXH QRXV SHUPHWWUD G¶pWXGLHU VRQ LQIOXHQFH pYHQWXHOOH VXU OD
FRPSRVLWLRQFKLPLTXH GHV GLIIpUHQWV RUJDQHV GH ODSODQWH /HV RUJDQHVUpFROWpVVXU
OHV VLWHV GH .DQDGMLJXLOD HW .RXORXED RQW pWp SUpOHYpV VXU OHV SODQWHV DGXOWHV
IUXLWLqUHV HW FHX[ GHV VLWHV GH /DVVD HW /DILDERXJRX VXU OHV MHXQHV SODQWHV Q¶D\DQW
SDVHQFRUHDWWHLQWHVWRXVOHXUVVWDGHVGHGpYHORSSHPHQW
3pULRGHHWFKRL[GHSUpOqYHPHQWV
/HV SUpOqYHPHQWV RQW HX OLHX HQ MRXUQpH HW HQ SOHLQ KLYHUQDJH SpULRGH GH
JUDQGH SOXLH DX PRLV GH VHSWHPEUH HQ GHV HQGURLWV GLIIpUHQWV /HV GLIIpUHQWV
RUJDQHV GH1ODWLIROLD6POHVIHXLOOHVOHVpFRUFHV GHWURQF HWOHVUDFLQHVRQW pWp
UpFROWpVHQWUHOHHWOHVHSWHPEUHGDQVFKDFXQGHVTXDWUHVLWHVFKRLVLV
/HV FXHLOOHWWHV RQW pWp HVSDFpHV HW GLVWDQFpHV SRXU pYLWHU GH UHWURXYHU OHV PrPHV
WUDFHV GH SROOXWLRQ HW OHV PrPHV WHQHXUV GH WR[LFLWp GDQV FKDFXQH GHV SODQWHV /H
FKRL[ GHV TXDWUH SUpOqYHPHQWV VXU OHV TXDWUH VLWHV GLIIpUHQWV SUHQDLW HQ FRPSWH OD
QRWLRQGHFKpPRW\SH
3UpSDUDWLRQGHVpFKDQWLOORQV
8QH IRLV OD UpFROWH GX PDWpULHO YpJpWDO UpDOLVpH OHV SDUWLHV YpJpWDOHV VRQW
HQVXLWH VpFKpHV j O¶RPEUH j WHPSpUDWXUH DPELDQWH HQYLURQ j & SHQGDQW
VHPDLQHV3XLVHOOHVVRQWpFUDVpHVGDQVXQPRUWLHUDYDQWGHSDVVHUDXWUDYHUVG¶XQ
WDPLVHQVXLWHILQHPHQWSXOYpULVpHVDXPRXOLQ
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳ
/HV WHVWV GH FDUDFWpULVDWLRQV FKLPLTXHV RQW pWp UpDOLVpV VXU OHV SRXGUHV
SUpDODEOHPHQWSUpSDUpHVjSDUWLUGHFKDFXQGHVRUJDQHVGHODSODQWHDYHFO¶DLGHGHV
UpDFWLIVGHFDUDFWpULVDWLRQFODVVLTXHV>@
/H SULQFLSH GH OD FDUDFWpULVDWLRQ FKLPLTXH FRQVLVWH j UpYpOHU SDU O¶DQDO\VH
TXDOLWDWLYH GHV H[WUDLWV LVVXV GHV GLIIpUHQWV RUJDQHV GH 1 ODWLIROLD 6P OD SUpVHQFH
GHVIDPLOOHVFKLPLTXHV
5pDFWLRQVGHFDUDFWpULVDWLRQ
/H VFUHHQLQJ SK\WRFKLPLTXH HVW OH PR\HQ LQGLVSHQVDEOH SRXU PHWWUH HQ
pYLGHQFHODSUpVHQFHGHVJURXSHVGHIDPLOOHVFKLPLTXHVSUpVHQWHVGDQVXQHGURJXH
GRQQpH7RXWHIRLVFHVFUHHQLQJSK\WRFKLPLTXHQHUHQVHLJQHSRLQWVXUODQDWXUHGHV
PROpFXOHV FKLPLTXHV %LHQ HQWHQGX OHV WHVWV GH FDUDFWpULVDWLRQ SK\WRFKLPLTXHV
SUpVHQWHQWGHVLPSUpFLVLRQVFDULOVVRQWEDVpVHQSDUWLHVXUO¶DQDO\VHTXDOLWDWLYH
/HSULQFLSHHVWVRLWEDVpVXUODIRUPDWLRQGHFRPSOH[HVLQVROXEOHVHQXWLOLVDQWOHV
UpDFWLRQVGHSUpFLSLWDWLRQVRLWVXUODIRUPDWLRQGHFRPSOH[HVFRORUpVHQXWLOLVDQWGHV
UpDFWLRQVGHFRORUDWLRQFRQMXJDLVRQRXLQVDWXUDWLRQGDQVXQHPROpFXOH
0DWpULHOHWPpWKRGHV
&DUDFWpULVDWLRQGHVDOFDORwGHV
/DSUpVHQFHG¶DOFDORwGHVHVWpWDEOLHSDUODSUpFLSLWDWLRQGHVHOVHWODUpYpODWLRQ
jO¶DLGHGXUpDFWLIGH0D\HUVROXWLRQGHWpWUDLRGRPHUFXUHGHSRWDVVLXP>@
$ J GH SRXGUH RQ DMRXWH PO GH + 62 j $SUqV KHXUHV GH
PDFpUDWLRQjWHPSpUDWXUHDPELDQWHOHPDFpUpHVWILOWUpHWODYpjO¶HDXGHPDQLqUHj
REWHQLUPOGHILOWUDW3UpOHYHUPOGHILOWUDW\DMRXWHUJRXWWHVGHUpDFWLIGH0D\HU
HWDWWHQGUHPLQXWHV
/D SUpVHQFH G¶DOFDORwGHV HVW PLVH HQ pYLGHQFH SDU O¶DSSDULWLRQ G¶XQ SUpFLSLWp
EODQFMDXQHRXMDXQHFODLUSURWRFROH'07
&HWWH SUpVHQFH HVW LOOXVWUpH SDU XQH H[WUDFWLRQ UDSLGH DYHF XQ VROYDQW FKORUp
&+&O 3UpOHYHU XQH TXDQWLWp QpFHVVDLUH GH ILOWUDW HQVXLWH O¶DOFDOLQLVHU SDU XQH
VROXWLRQ GLOXpH GH 1+2+ j HW DMRXWHU OH VROYDQW FKORUp GH PrPH YROXPH
PO$SUqVDJLWDWLRQVRXWLUHUODSKDVHRUJDQLTXHILOWUHUSXLVpYDSRUHUjVHF0HWWUH
PO GH VROXWLRQ DFLGH +&O RX +62 j DX UpVLGX REWHQX HW SDUWDJHU HQWUH
WXEHV j HVVDLV 5pYpOHU OH SUHPLHU WXEH SDU JRXWWHV GX UpDFWLI GH 0D\HU HW OH
VHFRQG VHUYLUD GH WpPRLQ /¶DSSDULWLRQ G¶XQ SUpFLSLWp EODQFMDXQH RX MDXQHFODLU
FRQILUPHODSUpVHQFHGHVDOFDORwGHVSURWRFROH'07
1% ,O HVW LPSRUWDQW GH VRXOLJQHU TXH OH UpDFWLI GH 'UDJJHQGRUII HVW DXVVL XQ
UpYpODWHXUSRWHQWLHOGHVDOFDORwGHV'DQVQRWUHpWXGHVRQXVDJHHVWOLPLWpHQWHQDQW
FRPSWHGHVDIRUWHDIILQLWpDYHFOHVDFLGHVDPLQpV/HUpDFWLIGH'UDJJHQGRUII SHXW
VHUpYpOHUDYHFOHVIDX[SRVLWLIV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ʹ
&DUDFWpULVDWLRQGHVWDQLQV
/DSUpVHQFHGHWDQLQVJDOOLTXHVHWFDWpFKLTXHVDpWpPLVHHQpYLGHQFHjO¶DLGH
GHSHUFKORUXUHIHUULTXH>@
3UpSDUHUXQLQIXVpjjSDUWLUGHJGHSRXGUHGHO¶pFKDQWLOORQGDQVPO
G¶HDX ERXLOODQWH $SUqV PLQXWHV OD VXVSHQVLRQ HVW ILOWUpH HW ULQFpH SRXU REWHQLU
POG¶LQIXVpj&HWLQIXVpVHUYLUDpJDOHPHQWjFDUDFWpULVHUOHVIODYRQRwGHV
/HVWDQLQVFDWpFKLTXHVQRQK\GURO\VDEOHVVRQWFDUDFWpULVpVSDUDGGLWLRQGH
POGH+&OFRQFHQWUpjPOG¶LQIXVpSUpDODEOHPHQWSUpSDUp/HPpODQJHHVWSRUWpj
pEXOOLWLRQSHQGDQWPLQXWHV(QSUpVHQFHGHWDQLQVFDWpFKLTXHVXQSUpFLSLWpURXJH
LQVROXEOHGDQVO¶DOFRROLVRDP\OLTXHVHIRUPH/HVWDQLQVFDWpFKLTXHVVRQWDXVVLPLV
HQpYLGHQFHDSUqVO¶DGGLWLRQGXUpDFWLIGH6WLDVQ\SDUODIRUPDWLRQGHSUpFLSLWp
&DUDFWpULVDWLRQGHVIODYRQRwGHV
/HV IODYRQRwGHV SLJPHQWV TXDVLPHQW XQLYHUVHOV GHV YpJpWDX[ FRQVWLWXHQW
XQH JUDQGH IDPLOOH GH FRPSRVpV WUqV VRXYHQW DERQGDPPHQW SUpVHQWV GDQV OHV
SODQWHV 3OXVLHXUV WHVWV GH FDUDFWpULVDWLRQ SHUPHWWHQW GH PHWWUH HQ pYLGHQFH
GLIIpUHQWVW\SHVGHIODYRQRwGHV>@
/DUpDFWLRQjODF\DQLGLQHSHUPHWGHUpYpOHUODSUpVHQFHGHIODYRQRwGHVOLEUHV
IODYRQHV HW GLK\GURIODYRQROV $ PO G¶LQIXVp j SUpSDUp SUpFpGHPPHQW SRXU
FDUDFWpULVHU OHV WDQLQV DMRXWHU PO G¶XQH VROXWLRQ GH +&O FRQFHQWUp j GDQV
O¶pWKDQRO DOFRRO FKORUK\GULTXH (QVXLWH DMRXWHU PO G¶DOFRRO LVRDP\OLTXH HW
TXHOTXHV FRSHDX[ GH PDJQpVLXP O¶DSSDULWLRQ G¶XQH FRORUDWLRQ URVHRUDQJH
IODYRQHVRXURVHYLRODFpHIODYDQRQHVUpYqOHODSUpVHQFHGHIODYRQRwGHVOLEUHV
/HV OHXFRDQWKRF\DQHV VRQW pJDOHPHQW UpYpOpV SDU OD UpDFWLRQ j OD F\DQLGLQH
PDLVVDQVDMRXWGHFRSHDX[GHPDJQpVLXP$SUqVPLQXWHVGHFKDXIIDJHDXEDLQ
PDULH O¶DSSDULWLRQ G¶XQH FRORUDWLRQ URXJH URXJH FHULVH HVW FDUDFWpULVWLTXH GH OHXU
SUpVHQFHIODYRQROVHWIODYDQRQROV
/HVDQWKRF\DQHVVRQWUpYpOpVSDUDMRXWjPOG¶LQIXVpjGHPOGH+ 62
j HW PO GH 1+2+ j 6L OD FRORUDWLRQ GH O¶LQIXVp V¶DFFHQWXH SDU
DFLGLILFDWLRQ SXLV YLUH DX EOHX HQ PLOLHX EDVLTXH RQ SHXW FRQFOXUH j OD SUpVHQFH
G¶DQWKRF\DQH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͵
&DUDFWpULVDWLRQGHVGpULYpVDQWKUDFpQLTXHV
2Q UHWURXYH OHV GpULYpV DQWKUDFpQLTXHV GDQV OHV SODQWHV VRXV IRUPH GH
JpQLQHV RX DJO\FRQHV OLEUHV TXLQRQHV RX VRXV IRUPH FRPELQpH G¶KpWpURVLGHV
DQWKUDFpQLTXHV /D SUpVHQFH GHV GpULYpV DQWKUDFpQLTXHV HVW PLVH HQ pYLGHQFH j
O¶DLGHGHODVROXWLRQ1+2+GLOXpHj>@
8Q H[WUDLW FKORURIRUPLTXH HVW SUpSDUp j SDUWLU GH J GH SRXGUH G¶pFKDQWLOORQ
GDQV PO GH &+&O VXLYL G¶XQ FKDXIIDJH SHQGDQW PLQXWHV DX EDLQPDULH /D
VROXWLRQ HVW ILOWUpH j FKDXG /H UpVLGX GH OD SRXGUH pSXLVpH SDU &+&O VHUYLUD j
PHWWUHHQpYLGHQFHOHVIRUPHVKpWpURVLGLTXHV2KpWpURVLGHVHW&KpWpURVLGHV
/HVDQWKUDFpQLTXHVOLEUHVVRQWPLVHQpYLGHQFHHQDMRXWDQWPOGHVROXWLRQ1+ 2+
GLOXpH j PO G¶H[WUDLW FKORURIRUPLTXH VXLYL G¶XQH DJLWDWLRQ /¶DSSDULWLRQ G¶XQH
FRORUDWLRQSOXVRXPRLQVURXJHLQGLTXHOHXUSUpVHQFH
/HV2KpWpURVLGHVVRQWFDUDFWpULVpVSDUDMRXWDXUpVLGXGHODSRXGUHpSXLVpH
SDU &+&O SUpFpGHPPHQW PO G¶HDX SOXV PO GH +&O FRQFHQWUp FKDXIIHU
O¶HQVHPEOHSHQGDQWPLQXWHVDXEDLQPDULHSXLVUHIURLGLUVRXVFRXUDQWG¶HDXIURLGH
HWILOWUHU$POGXILOWUDWVRQWDMRXWpVPOGH&+&O DSUqVDJLWDWLRQVRXWLUHUODSKDVH
RUJDQLTXH PO GH VROXWLRQ 1+2+ GLOXpH HVW DMRXWp j OD SKDVH RUJDQLTXH
/¶DSSDULWLRQG¶XQHFRORUDWLRQURXJHSOXVRXPRLQVLQWHQVHLQGLTXHODSUpVHQFHGHV2
KpWpURVLGHV
/HV &KpWpURVLGHV VRQW FDUDFWpULVpV SDU DMRXW GH PO G¶HDX HW PO GH
VROXWLRQ )H&O j j OD SKDVH DTXHXVH REWHQXH SUpFpGHPPHQW DYHF OHV 2
KpWpURVLGHVOHPpODQJHHVWFKDXIIpPLQXWHVDXEDLQPDULHHWUHIURLGLVRXVFRXUDQW
G¶HDX/D SKDVHRUJDQLTXHHVWVpSDUpHDSUqVDJLWDWLRQDYHF POGH &+&OHW PO
GH 1+2+ GLOXpH HVW DMRXWp /¶DSSDULWLRQ GH OD FRORUDWLRQ URXJH SOXV RX PRLQV
LQWHQVHLQGLTXHODSUpVHQFHGHV&KpWpURVLGHV
&DUDFWpULVDWLRQGHVVWpUROVHWWULWHUSqQHV
/DSUpVHQFHGHVVWpUROVHWWULWHUSqQHVHVWPLVHQpYLGHQFHjO¶DLGHGH+ 62
FRQFHQWUp>@
8QH[WUDLWHVWWRXWG¶DERUGUpDOLVpjSDUWLUG¶XQHPDFpUDWLRQSHQGDQWKHXUHV
GHJGHSRXGUHGHO¶pFKDQWLOORQGDQVPOG¶pWKHU/¶H[WUDLWREWHQXVHUYLUDHQSOXV
GHVVWpUROVjODFDUDFWpULVDWLRQGHVFDURWpQRwGHVHWGHVFRXPDULQHV
/HVVWpUROVHWWULWHUSqQHVVRQWPLVHQpYLGHQFHSDUDMRXWGHPOGH&+&O DX
UpVLGX GH PO GX PDFpUp pYDSRUp /D VROXWLRQ REWHQXH HVW SDUWDJpH GDQV GHX[
WXEHVj HVVDLV SXLV j POGH+62FRQFHQWUpVRQWDMRXWpVDXIRQG GHO¶XQGHV
WXEHVO¶DXWUHVHUYLUDGHWpPRLQ/DIRUPDWLRQG¶XQDQQHDXURXJHEUXQkWUHRXYLROHWj
OD]RQHGHFRQWDFWGHVGHX[OLTXLGHVUpYqOHOHXUSUpVHQFH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ Ͷ
/HVFDURWpQRwGHVSLJPHQWVWHUSpQLTXHVXWLOHVjODSKRWRV\QWKqVHVRQWPLVHQ
pYLGHQFHSDU6E&O>@
2Q DMRXWH j JRXWWHV GH VROXWLRQ VDWXUpH GH 6E&O GDQV &+&O SRXU
UHSUHQGUHOHUpVLGXGHPOG¶H[WUDLWpWKpUppYDSRUpjVHF/HGpYHORSSHPHQWG¶XQH
FRORUDWLRQEOHXHGHYHQDQWURXJHLQGLTXHODSUpVHQFHGHVFDURWpQRwGHV
/D SUpVHQFH GH FRXPDULQHV FRPSRVpV SRO\SKpQROLTXHV HVW UpDOLVpH HQ
pYDSRUDQW j VHF PO G¶H[WUDLW pWKpUp PO G¶HDX FKDXGH VRQW DMRXWpV SXLV PO GH
1+2+ j /H PpODQJH HVW REVHUYp VRXV 89 j QP /¶REVHUYDWLRQ G¶XQH
IOXRUHVFHQFHEOHXHLQWHQVHLQGLTXHOHXUSUpVHQFH
&DUDFWpULVDWLRQGHVKpWpURVLGHVFDUGLRWRQLTXHV
/DSUpVHQFH G¶KpWpURVLGHVFDUGLRWRQLTXHVDpWp PLVHHQ pYLGHQFH jO¶DLGHGH
.2+HQSUpVHQFHGHUpDFWLIVDSSURSULpV>@
8QHSKDVHFKORURIRUPLTXHHVWWRXWG¶DERUGUpDOLVpHjSDUWLUGHJGHSRXGUH
GH O¶pFKDQWLOORQ j ODTXHOOH VRQW DMRXWpV PO GH (W2+ j HW PO GH VROXWLRQ
&+&22 3E+2 j $SUqV FKDXIIDJH GX PpODQJH SHQGDQW PLQXWHV DX
EDLQPDULH ERXLOODQW RQ \ DMRXWH PO GH &+&O VXLYL G¶XQH DJLWDWLRQ /D SKDVH
RUJDQLTXH HVW VpSDUpH HW SDUWDJpH HQWUH GHX[ WXEHV j HVVDLV SXLV VXLYL G¶XQH
pYDSRUDWLRQjVHFGXFRQWHQXGHFKDFXQGHVWXEHVDXEDLQPDULHERXLOODQW/HUpVLGX
GHFKDTXHWXEHHVWUHSULVDYHFPOG¶LVRSURSDQRO2QDMRXWHGDQVOHSUHPLHUWXEH
POGXUpDFWLIGH%DOMHWHWGDQVOHVHFRQGPOGXUpDFWLIGH.HGGH
2Q LQWURGXLW GDQV FKDFXQ GHV WXEHV JRXWWHV GH .2+ j GDQV (W2+ /H
GpYHORSSHPHQW DSUqV PLQXWHV G¶XQH FRORUDWLRQ RUDQJH GDQV OH SUHPLHU WXEH HW
URXJHYLRODFpHGDQVOHVHFRQGLQGLTXHOHXUSUpVHQFH
&DUDFWpULVDWLRQGHVVDSRQRVLGHV
/HV VDSRQRVLGHV VRQW GHV VXEVWDQFHV WUqV IUpTXHQWHV FKH] OHV YpJpWDX[ LOV
VRQW FDUDFWpULVpV SDU OHXU SRXYRLU PRXVVDQW HQ VROXWLRQ DTXHXVH TXL GRQQH O¶LQGLFH
GHPRXVVH>@
8QGpFRFWpjHVWSUpSDUpDYHFJGHSRXGUHGDQVPOG¶HDXERXLOODQWH
HW PDLQWHQLU XQH pEXOOLWLRQ OpJqUH SHQGDQW PLQXWHV SXLV OD VXVSHQVLRQ HVW ILOWUpH
2QLQWURGXLWGDQVWXEHVjHVVDLVXFFHVVLYHPHQWjPOGHILOWUDWHQFRPSOpWDQW
OH FRQWHQX GH FKDTXH WXEH j PO DYHF GH O¶HDX 2Q DJLWH OH FRQWHQX GH FKDTXH
WXEH SHQGDQW VHFRQGHV HQ UDLVRQ GH DJLWDWLRQV SDU VHFRQGH /D KDXWHXU GH
PRXVVH HVW PHVXUpH PLQXWHVDSUqVO¶DJLWDWLRQ/¶LQGLFHGH PRXVVHHVWFDOFXOp j
SDUWLU GX QXPpUR GH WXEH 1 GDQV OHTXHO OD KDXWHXU GH PRXVVH HVW GH FP ,P
1
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͷ
&DUDFWpULVDWLRQGHVFRPSRVpVUpGXFWHXUV
3OXVLHXUV FRPSRVpV UpGXFWHXUV SHXYHQW rWUH PLV HQ pYLGHQFH LO V¶DJLW GHV
RVHVHWKRORVLGHVHWGHVPXFLODJHVHQSUpSDUDQWXQGpFRFWpDTXHX[jjSDUWLU
GHJGHSRXGUHGHPDWLqUHYpJpWDOHGDQVPOG¶HDXSHQGDQWPLQXWHV
$SUqV pYDSRUDWLRQ j VHF GH PO GX GpFRFWp j JRXWWHV GH + 62
FRQFHQWUpVRQWDMRXWpHVSXLVJRXWWHVG¶XQHVROXWLRQVDWXUpHGHWK\PROGDQV(W2+
/¶DSSDULWLRQG¶XQHVROXWLRQURXJHUpYqOHODSUpVHQFHG¶RVHVHWKRORVLGHV
/HV PXFLODJHV VRQW FDUDFWpULVpV SDU O¶DSSDULWLRQ G¶XQ SUpFLSLWp IORFRQQHX[ HQ
DMRXWDQWPOG¶(W2+DEVROXjPOGXGpFRFWpDTXHX[SUpDODEOHPHQWSUpSDUp
5pVXOWDWVGHVFDUDFWpULVDWLRQVSK\WRFKLPLTXHV
/HVUpVXOWDWVGXVFUHHQLQJSK\WRFKLPLTXHVRQWFODVVpVHQIRQFWLRQGHVGLIIpUHQWV
FULWqUHVG¶REVHUYDWLRQHQWUHDXWUHV
5pDFWLRQWUqVSRVLWLYH
5pDFWLRQSRVLWLYH
5pDFWLRQPR\HQQHPHQWSRVLWLYH
5pDFWLRQGRXWHXVH
7HVWQpJDWLI
/HVUpVXOWDWVGXVFUHHQLQJSK\WRFKLPLTXHVVRQWFRQVLJQpVGDQVOHVWDEOHDX[j
7DEOHDX5pVXOWDWGHUHFKHUFKHGHVDOFDORwGHVGDQVOHVGLIIpUHQWVRUJDQHVGH
1DXFOHDODWLIROLD6P
6LWHV $OFDORwGHV
)HXLOOHV eFRUFHV 5DFLQHV
/DILDERXJRX
.RXORXED
.DQDGMLJXLOD
/DVVD
.LWD
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ
7DEOHDX 5pVXOWDW GH UHFKHUFKH GHV VXEVWDQFHV SRO\SKpQROLTXHV GDQV OHV
GLIIpUHQWVRUJDQHVGH1DXFOHDODWLIROLDVP
7DQLQV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͺ
7DEOHDX 5pVXOWDW GH UHFKHUFKH GHV KpWpURVLGHV FDUGLRWRQLTXHV GDQV OHV
GLIIpUHQWVRUJDQHVGH1DXFOHDODWLIROLD6P
6,7(6 7(676
&DUDFWqUHPRXVVDQW ,QGLFHGHPRXVVH
)HXLOOHV 5DFLQHV )HXLOOHV 5DFLQHV
.DQDGMLJXLOD
.RXORXED
/DILDERXJRX
/DVVD
7DEOHDX 5pVXOWDW GH UHFKHUFKH GHV FRPSRVpV UpGXFWHXUV GDQV OHV
GLIIpUHQWVRUJDQHVGH1DXFOHDODWLIROLD6P
$QDO\VHHWGLVFXVVLRQ
/HV UpVXOWDWV GHV WHVWV GH FDUDFWpULVDWLRQ SRXU OHV DOFDORwGHV GpILQLV GDQV OH
WDEOHDXLQGLTXHQWODSUpVHQFHGHVDOFDORwGHVGDQVOHVRUJDQHVGH1ODWLIROLD6P
/H WHVW DYHF OH UpDFWLI GH 0D\HU UpYqOH OD SUpVHQFH GHV DOFDORwGHV GDQV OHV
IHXLOOHV GDQV OHV pFRUFHV GH WURQF HW GDQV OHV UDFLQHV GH 1 ODWLIROLD VP &HWWH
SUpVHQFH HVW WUqV PDUTXpH VXU OH VLWH GH .DQDGMLJXLOD DX QLYHDX GHV WURLV RUJDQHV
HOOHHVW SUpVHQWHGDQVOHVH[WUDLWV GHVVLWHV GH /DILDERXJRXHW GH /DVVDSDUFRQWUH
GRXWHXVH DX QLYHDX GX VLWH GH .RXORXED ,O HQ UHVVRUW TX¶DX FRXUV GX EDOD\DJH
TXDOLWDWLYHPHQW OHV IHXLOOHV HW OHV UDFLQHV HQ FRQWLHQQHQW SOXV TXH OHV pFRUFHV /D
IDLEOHSUpVHQFHGHVDOFDORwGHVj.RXORXEDSHXWrWUHH[SOLTXpHSDUO¶H[SRVLWLRQGHOD
]RQHjXQGHJUpGHSROOXWLRQpOHYpSDUUDSSRUWDX[DXWUHV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͻ
/HV DOFDORwGHV LVVXV GH 1 ODWLIROLD VP SRVVqGHQW XQH DFWLYLWp DQWLPDODULTXH
DQWLPLFURELHQQHHWXQHIDLEOHF\WRWR[LFLWp>@FHTXLSRXUUDLWMXVWLILHUODSUHVFULSWLRQ
GHGpFRFWpVGHIHXLOOHVHWG¶pFRUFHVGHWURQFSRXUOXWWHUFRQWUHOHSDOXGLVPH>
@ 'H SOXV OD SUpVHQFH GH FHV DOFDORwGHV SRXUUDLW LPSOLTXHU GHV DFWLYLWpV
ELRORJLTXHV LQWpUHVVDQWHV QRWDPPHQW DQWLSUROLIpUDWLYH HW DQWDOJLTXH FRPPH FHOD D
GpMjpWppWDEOLSUpFpGHPPHQW>@
3RXU OD GpWHUPLQDWLRQ GHV DXWUHV IDPLOOHV FKLPLTXHV QRXV DYRQV UpDOLVp OH
FULEODJH SK\WRFKLPLTXH DX QLYHDX GHV IHXLOOHV HW GHV UDFLQHV &HV RUJDQHV
SRVVqGHQW XQH SURSRUWLRQ pOHYpH HQ DOFDORwGHV SDU UDSSRUW DX[ pFRUFHV OHVTXHOOHV
G¶DLOOHXUVVHURQWH[HPSWpHVGHVSURFKDLQHVUpFROWHVG¶pFKDQWLOORQV
/¶pWXGH FRPSOqWH GX VFUHHQLQJ SK\WRFKLPLTXH FKH] 1 ODWLIROLD 6P PHW HQ
pYLGHQFH OD SUpVHQFH G¶DXWUHV FRPSRVpV FKLPLTXHV TXL SRVVqGHQW j OHXU WRXU GHV
DFWLYLWpV ELRORJLTXHV LQWpUHVVDQWHV ,O V¶DJLW HQWUH DXWUHV GHV VXEVWDQFHV
SRO\SKpQROLTXHV WDQLQV HW IODYRQRwGHV GHV VWpUROV HW WULWHUSqQHV GHV KpWpURVLGHV
FDUGLRWRQLTXHV GHV VDSRQRVLGHV GHV FRPSRVpV UpGXFWHXUV RVHV HW KRORVLGHV
FRXPDULQHV HW GHV SRO\XURQLGHV PXFLODJHV /D SUpVHQFH GHV DQWKUDFpQLTXHV
TXLQRQHV HVW GRXWHXVH QRWRQV WRXW GH PrPH GHV WUDFHV GDQV OHV RUJDQHV GH
FHUWDLQVVLWHV/¶DEVHQFHWRWDOH GHVKpWpURVLGHVF\DQRJpQpWLTXHVGLPLQXHIRUWHPHQW
OHV ULVTXHV WR[LFRORJLTXHV OLpV j O¶XVDJH GH 1 ODWLIROLD 6P &HV UpVXOWDWV VRQW HQ
FRQIRUPLWpDYHFOHVWUDYDX[GH.DERUpHWDOUpDOLVpVHQ>@
/HVIODYRQRwGHVSRVVqGHQWGHVDFWLYLWpVDQWLR[\GDQWHVDQWLLQIODPPDWRLUHV HW
MRXHQW XQ U{OH SRVLWLI GDQV OH WUDLWHPHQW GHV PDODGLHV FDUGLRYDVFXODLUHV HW
QHXURGpJpQpUDWLYHV >@ 'DQV FHUWDLQV FDV LOV VRQW FRQQXV SRXU OHXU DFWLYLWp
DQWLYLUDOH DQWLPLFURELHQQH HW DQWLWXPRUDOH >@ 'DQV OD OLWWpUDWXUH RQ GLW TX¶HQ
UpDOLWpF¶HVWXQSHWLWQRPEUHGHIODYRQRwGHVTXLVRQWDQWLFDQFpURJqQHVHWLQKLELWHXUV
GHODFURLVVDQFHGHVFHOOXOHVWXPRUDOHVLQYLWUR>@
/HV WDQLQV H[LVWHQW VRLW VRXV OD IRUPH FDWpFKLTXH VRLW VRXV OD IRUPH JDOOLTXH
/HV IRUPHV VRQW SUpVHQWHV GDQV OHV IHXLOOHV SDU FRQWUH OD IRUPH FDWpFKLTXH HVW
TXDVLDEVHQWHGDQVOHVUDFLQHVSUpVHQFHVRXVIRUPHGHWUDFHVGDQVOHVUDFLQHVGX
VLWHGH/DILDERXJRX
/HV WDQLQV VXUWRXW JDOOLTXHV VRQW WHQXV FRPPH ERQV UHPqGHV GDQV OH
WUDLWHPHQW GHV PDODGLHV UHVSLUDWRLUHV HW FRQWUH OD WRX[ >@ 3DU YRLH LQWHUQH OHV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͺͲ
WDQLQV H[HUFHQW XQH DFWLYLWp DQWLGLDUUKpLTXH FHUWDLQH 6HV SURSULpWpV DQWLVHSWLTXH
DQWLEDFWpULHQQH HW DQWLIRQJLTXH VRQW FODLUHPHQW GpPRQWUpHV GDQV OH WUDLWHPHQW GHV
GLDUUKpHVLQIHFWLHXVHVHWGHVGHUPDWLWHV>@/HVWDQLQVSRVVqGHQWXQHIRUWHDFWLYLWp
DQWLR[\GDQWH FH VRQW GHV WUqV ERQV SLpJHXUV GHV UDGLFDX[ OLEUHV VSLQ WUDSSLQJ HW
LQKLEHQWODIRUPDWLRQGXUDGLFDOVXSHUR[\GH
/DSUpVHQFHGHVWDQLQVGDQVOHVGLIIpUHQWVRUJDQHVGH1ODWLIROLD6PSRXUUDLW
H[SOLTXHUVDSUHVFULSWLRQFRPPHDQWLGLDUUKpLTXHRXFRPPHUpJXODWHXUGHVIRQFWLRQV
JDVWURLQWHVWLQDOHV
/DSUpVHQFHGHVKpWpURVLGHVFDUGLRWRQLTXHVHVWUpYpOpHjODIRLVSDUOHUpDFWLI
GH %DOMHW HW FHOXL GH .HGGH 'DQV QRWUH FDV OH UpDFWLI GH %DOMHW HVW OH SOXV SUpFLV
1RXVFRQFOXRQVODSUpVHQFHGHVKpWpURVLGHVFDUGLRWRQLTXHVGDQVOHVIHXLOOHVHWGDQV
OHVUDFLQHV
/HV VWpUROV HW OHV WULWHUSqQHV VRQW SUpVHQWV DXVVL ELHQ GDQV OHV IHXLOOHV TXH
GDQV OHV UDFLQHV /H FULEODJH D GpFHOp DXVVL OD SUpVHQFH GHV FRXPDULQHV HW GHV
FDURWpQRwGHV GDQV OHV RUJDQHV /D FRXPDULQH FRQQXH SRXU VHV SURSULpWpV DQWL
°GpPDWHXVHV D IDLW O¶REMHW G¶pWXGHV FOLQLTXHV FKH] OHV SDWLHQWV DWWHLQWV GH FDQFHUV
DYDQFpV HOOH HVW LPPXQRVWLPXODQWH HW GpYHORSSHUDLW XQH DFWLYLWp F\WRWR[LTXH >@
7UDGLWLRQQHOOHPHQW OD FRXPDULQH HVW XWLOLVpH SRXU IDFLOLWHU OHV IRQFWLRQV G¶pOLPLQDWLRQ
XULQDLUHHWGLJHVWLYH
3OXVLHXUVSODQWHVFRQQXHVHWXWLOLVpHVSRXUOHXUHIIHWDQWLLQIODPPDWRLUHHWDQWL
°GpPDWHX[ GRLYHQW FHV SURSULpWpV j GHV VDSRQRVLGHV OD UDFLQH GH OD UpJOLVVH OD
JUDLQH GX PDUURQQLHU G¶,QGH OH %XSOHXUXP $SLDFHDH XQH SODQWH GH OD PpGHFLQH
WUDGLWLRQQHOOHFKLQRLVH>@
(QVRPPHOHFULEODJHSK\WRFKLPLTXHUpDOLVpDXQLYHDXGHVIHXLOOHVHWUDFLQHV
GH1ODWLIROLD6PPRQWUHODSUpVHQFHG¶DOFDORwGHVGHVFRPSRVpVSRO\SKpQROLTXHV
GHV VDSRQRVLGHV HW GHV FRPSRVpV JO\FRVLGHV &HV UpVXOWDWV FRUURERUHQW FHX[
PHQWLRQQpVSDUG¶DXWUHVFKHUFKHXUV>@
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͺͳ
/H1ODWLIROLD6PGHSDUODSUpVHQFHGHVHVQRPEUHXVHVIDPLOOHVFKLPLTXHV
UpYqOH GHV DFWLYLWpV SKDUPDFRORJLTXHV SRWHQWLHOOHV &HWWH SODQWH FRQVWLWXH GRQF XQH
FLEOH GH FKRL[ SRXU HQULFKLU OD SURGXFWLRQ GH PpGLFDPHQWV WUDGLWLRQQHOV DPpOLRUpV
07$
/HV DOFDORwGHV pWDQW GHV PROpFXOHV SRVVpGDQW GHV SURSULpWpV ELRORJLTXHV WUqV
LQWpUHVVDQWHV FRPPH QRXV O¶DYRQV YX SUpFpGHPPHQW QRXV QRXV VRPPHV
FRQVDFUpV j OHXU H[WUDFWLRQ j SDUWLU GHV GLIIpUHQWV RUJDQHV UpFROWpV GDQV OH EXW
G¶pYDOXHU OHXU DFWLYLWp DQWLFDQFpUHXVH HW DQWDOJLTXH (Q HIIHW OHV DOFDORwGHV
SRVVqGHQW SOXVLHXUV DSSOLFDWLRQV SKDUPDFHXWLTXHV FKH] O¶rWUH KXPDLQ FHV
DSSOLFDWLRQVRQWpWpSURXYpHVFOLQLTXHPHQW>@
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͺʹ
&+$3,75( 0pWKRGHV G¶H[WUDFWLRQ GHV DOFDORwGHV HW GpULYpV
DOFDORwGLTXHV
([WUDFWLRQGHVDOFDORwGHV
0DWpULHO HW PpWKRGHV ([WUDFWLRQ SDU XQ VROYDQW HQ PLOLHX
DOFDOLQ
¾ 3UHPLqUH(WDSH
/H PDWpULHO YpJpWDO ILQHPHQW SXOYpULVp HVW GpOLSLGp SDU PDFpUDWLRQ GDQV OH
F\FORKH[DQHjODWHPSpUDWXUHDPELDQWHGXUDQW+,OHVWHQVXLWHDOFDOLQLVpSHQGDQW
+ SDU XQH VROXWLRQ G¶DPPRQLDTXH FRQFHQWUpH SXLV GX PpWKDQRO HVW DMRXWp SRXU
H[WUDLUH OHV DOFDORwGHV /D VROXWLRQ HVW ILOWUpH VRXV YLGH HW ODYpH DYHF GH O¶HDX /H
ILOWUDW HVW HQVXLWH SDUWLHOOHPHQW FRQFHQWUp VRXV SUHVVLRQ UpGXLWH &HWWH RSpUDWLRQ
SHUPHW GH GpSODFHU OHV DOFDORwGHV GH OHXUV FRPELQDLVRQV VDOLQHV OHV EDVHV DLQVL
OLEpUpHV VRQW HQVXLWH VROXELOLVpHV GDQV XQ VROYDQW RUJDQLTXH FRPPH OH
GLFKORURPpWKDQHRXOHFKORURIRUPH
7DEOHDX4XDQWLWpGHVGLIIpUHQWVRUJDQHVHWYROXPHGHVROYDQWVXWLOLVpVSDU
VLWHSRXUODHUHpWDSH
6LWHV 3RLGVGXPDWpULHO 9ROXPHF\FORKH[DQH 9ROXPH1+2+ 9ROXPH0H2+
YpJpWDO
) ( 5 ) ( 5 ) ( 5 ) ( 5
.D J J J PO PO PO PO PO PO PO PO PO
.R J J J PO O PO PO PO PO PO O P
/I J J J O PO PO PO PO PO PO PO PO
/V J J J PO PO PO PO PO PO PO PO PO
.L J O O O
¾ 'HX[LqPH(WDSH
/H VROYDQW RUJDQLTXH SKDVH FKORUpH FRQWHQDQW OHV ³DOFDORwGHV EDVHV³ HVW
VpSDUp GX PDUF SKDVH QRQ RUJDQLTXH HW FRQFHQWUp SDUWLHOOHPHQW SDU GLVWLOODWLRQ
VRXV SUHVVLRQ UpGXLWH /D SKDVH RUJDQLTXH HVW DJLWpH DYHF XQH VROXWLRQ DTXHXVH
DFLGLILpH IRUWHPHQW GLOXpH j OHV DOFDORwGHV VH VROXELOLVHQW GDQV OD SKDVH
DTXHXVHVRXVIRUPHGHVHOVWDQGLVTXHOHVLPSXUHWpVQHXWUHVUHVWHQWGDQVODSKDVH
RUJDQLTXH
,OHVWLQGLVSHQVDEOHG¶pSXLVHUODSKDVHRUJDQLTXHSDUO¶HDXDFLGLILpHF
HVWjGLUH
TXHO¶RSpUDWLRQHVWUpSpWpHDXWDQWGHIRLVTX¶LOHVWQpFHVVDLUHMXVTX¶jFHTXHODSKDVH
RUJDQLTXHQ¶HQFRQWLHQQHSOXVG¶DOFDORwGHVWHVWGH0D\HU
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͺ͵
/HV DFLGHV XWLOLVpV GDQV FH FDV VRQW YDULDEOHV PDLV WRXMRXUV HPSOR\pV HQ
VROXWLRQV WUqV GLOXpHVGH j DFLGHV FKORUK\GULTXH VXOIXULTXH VXOIDPLTXH
WDUWULTXH'DQVQRWUHFDVQRXVDYRQVXWLOLVpGHO¶DFLGHFKORUK\GULTXH
7DEOHDX 9ROXPH GH VROYDQWV SDU RUJDQH HW SDU VLWH QpFHVVDLUH SRXU OD H
pWDSH
/¶DSSDULWLRQG¶XQHpPXOVLRQSHXWrWUHSDOOLpHSDUOHODYDJHGHODSKDVHDTXHXVH
DYHFXQVROYDQWDSRODLUHFRPPHO¶KH[DQH
/HV DOFDORwGHV EDVHV SUpFLSLWHQW HW VH GLVVROYHQW GDQV OD SKDVH RUJDQLTXH
5HSUHQGUHODPrPHRSpUDWLRQMXVTX¶jpSXLVHUODSKDVHDTXHXVHHQIDLVDQWUHSDVVHU
WRXV OHV DOFDORwGHV HQ SKDVH RUJDQLTXH /¶pSXLVHPHQW GH OD SKDVH DTXHXVH HQ
DOFDORwGHHVWYpULILpSDUXQWHVWGH0D\HU
7DEOHDX 9ROXPH GH VROYDQWV SDU RUJDQH HW SDU VLWH QpFHVVDLUH SRXU OD H
pWDSH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͺͶ
¾ 4XDWULqPH(WDSH
/HVROYDQWRUJDQLTXHFRQWHQDQWOHVDOFDORwGHVEDVHVHVWGpFDQWp VpFKpHSDUGX
VXOIDWHGHPDJQpVLXPHWpYDSRUpVRXVSUHVVLRQUpGXLWH/HUpVLGXVHFREWHQXHVWOD
VRPPHGHVDOFDORwGHVWRWDX[$7
,VROHPHQWGHVDOFDORwGHV
4XHOOH TXH VRLW OD PpWKRGH FKRLVLH SRXU H[WUDLUH OHV DOFDORwGHV FH QH VRQW SDV
GHVSURGXLWVSXUVTXLVRQWREWHQXVPDLVSOXW{WGHVDOFDORwGHVWRWDX[$7PpODQJHV
FRPSOH[HV GH EDVHV TX¶LO HVW QpFHVVDLUH GH VpSDUHU 'DQV OH PHLOOHXU GHV FDV O¶XQ
GHVDOFDORwGHVHVWPDMRULWDLUHHWSHXWrWUHREWHQXSDUFULVWDOOLVDWLRQGLUHFWHRQSHXW
FLWHU O¶H[HPSOH GH OD TXLQLQH TXL VH FULVWDOOLVH VRXV IRUPH GH VXOIDWH EDVLTXH SDU
VLPSOH QHXWUDOLVDWLRQ GHV OLTXHXUV DFLGHV G¶H[WUDFWLRQ SDU GX FDUERQDWH GH VRGLXP
MXVTX¶j O¶REWHQWLRQ G¶XQ PLOLHX GRQW OH S+ DYRLVLQH 'DQV FHUWDLQHV VLWXDWLRQV OHV
GLYHUVDOFDORwGHVGXPpODQJHRQWGHVEDVLFLWpVGLIIpUHQWHVFHTXLSHUPHWG¶HQYLVDJHU
GHVUpH[WUDFWLRQVSDUXQHSKDVHQRQPLVFLEOHHWFHjGHVS+YDULDEOHV'DQVGHWUqV
QRPEUHXVHVFLUFRQVWDQFHVLOHVWREOLJDWRLUHGHUHFRXULUDX[PpWKRGHVFODVVLTXHVGH
UpVROXWLRQ G¶XQ PpODQJH FRPSOH[H HQ SDUWLFXOLHU DX[ WHFKQLTXHV GH VpSDUDWLRQ
FKURPDWRJUDSKLTXHV VXU FRORQQH GH JHO GH VLOLFH VXU DOXPLQH VXU UpVLQHV
pFKDQJHXVHVG¶LRQV«
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͺͷ
'URJXHSXOYpULVpH 'pOLSLGDWLRQ&\FORKH[DQH+
6ROYDQWRUJDQLTXHQRQ
%DVH1+2+0H2++
PLVFLEOHjO¶HDX
&+&O&+&O&+(W2
6ROXWLRQH[WUDFWLYH
0DUFpSXLVp RUJDQLTXH
DOFDORwGHVOLSLGHV
SLJPHQWV«
(SXLVHPHQWSDUXQ
DFLGHGLOXpj &RQFHQWUDWLRQ
6ROYDQWpSXLVp
6ROXWLRQDTXHXVH SKDVHRUJDQLTXH
DFLGH QHXWUH
6HOVG¶DOFDORwGHV
1D2+GHj0(SXLVHPHQW
SDUXQVROYDQWRUJDQLTXHQRQ
PLVFLEOHjO¶HDX&+&O
6ROXWLRQ
6ROXWLRQ DTXHXVHpSXLVpH
RUJDQLTXH
G¶DOFDORwGHV
(YDSRUDWLRQDSUqVWUDLWHPHQW
$/&$/2Í'(6727$8;
3ULQFLSHGHO¶H[WUDFWLRQGHVDOFDORwGHVHQPLOLHXDOFDOLQ
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͺ
5pVXOWDWVG¶H[WUDFWLRQGHVDOFDORwGHV
$YDQWO¶H[WUDFWLRQGHVDOFDORwGHVXQ FULEODJH SK\WRFKLPLTXH HVWQpFHVVDLUHSRXU
YpULILHUODSUpVHQFHGHFHX[FLGDQVOHVRUJDQHVUpFROWpVYRLU&KDSLWUH
4XDOLWDWLYHPHQW DX YX GHV UpVXOWDWV OH FULEODJH SK\WRFKLPLTXH QRXV UpYqOH OD
SUpVHQFHGHVDOFDORwGHVGDQVOHVRUJDQHVGH1ODWLIROLD6PIHXLOOHVpFRUFHVHW
UDFLQHV &HSHQGDQW OHV WHVWV UpYqOHQW XQH WUqV IDLEOH SUpVHQFH GDQV FHUWDLQV
RUJDQHV FRPPH OHV IHXLOOHV GX VLWH GH .RXORXED RX OHV pFRUFHV GX VLWH GH /DVVD
&RPSWH WHQX GHV UpVXOWDWV JOREDOHPHQW SRVLWLIV GHV WHVWV QRXV DYRQV UpDOLVp OHV
H[WUDFWLRQVVXUWRXVOHVRUJDQHVUpFROWpV
/H WDEOHDX UpFDSLWXOH OHV PDVVHV REWHQXHV ORUV GH FHV H[WUDFWLRQV HW OHV
UHQGHPHQWVHQDOFDORwGHVWRWDX[
/D SUpVHQFH G¶DOFDORwGHV DSUqV H[WUDFWLRQ DX QLYHDX GHV IHXLOOHV HVW ELHQ
YLVLEOHGDQVWRXVOHVVLWHVjO¶H[FHSWLRQGH.RXORXEDROHUHQGHPHQWHVWWUqVIDLEOH
/HV VLWHV GH .DQDGMLJXLOD HW GH .LWD SUpVHQWHQW GHV UHQGHPHQWV LQWpUHVVDQWV DX
QLYHDXGHVIHXLOOHV3DUFRQWUHOHERQUHQGHPHQWREVHUYpSRXUOHVLWHGH/DVVDHVW
G HQ JUDQGH SDUWLH DX[ JUDLVVHV DFFXPXOpH VXLWH j XQH PDXYDLVH RSpUDWLRQ DX
FRXUV GH O¶pWDSH GH GpOLSLGDWLRQ 2U O¶kJH MHXQH GH OD SODQWH SRXUUDLW LQWHUYHQLU DX
FRXUV GH FH SURFHVVXV HW H[SOLTXH TXH OD SODQWH Q¶D SDV HQFRUH ILQL G¶pODERUHU OHV
pWDSHV LPSRUWDQWHV GH VRQ PpWDEROLVPH VHFRQGDLUH $ .RXORXED OH VLWH HVW SOXV
H[SRVp j OD SROOXWLRQ FHOD SHXW H[SOLTXHU DXVVL OD SUpVHQFH PRLQGUH GHV DOFDORwGHV
DX QLYHDX GHV IHXLOOHV /D SUpVHQFH GHV DOFDORwGHV GDQV OHV pFRUFHV HVW EHDXFRXS
SOXV PDUTXpH GDQV OH VLWH GH .DQDGMLJXLOD HOOH HVW PR\HQQH j /DILDERXJRX HW WUqV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͺ
GRXWHXVH j /DVVD DLQVL TX¶D .RXORXED 7RXWH IRLV OHV UDFLQHV HQ FRQWLHQQHQW SOXV
TXHOHVpFRUFHVGHODSODQWHVXUWRXVOHVVLWHVGHUpFROWHV
1RWUHDSSURFKHUHSRVHVXUXQIUDFWLRQQHPHQW³ELRJXLGp³,OFRQYLHQGUDLWGRQFHQ
SUHPLHU OLHX GH UpDOLVHU OHV WHVWV DQWLFDQFpUHX[ HW DQWDOJLTXHV VXU OHV H[WUDLWV EUXWV
DILQGHQRXVLQWpUHVVpjFHX[PRQWUDQWXQHDFWLYLWpUpHOOH
&HSHQGDQW SRXU GHV FRQWUDLQWHV GH WHPSV GXUpH GH VpMRXUV HQ )UDQFH HW
WHFKQLTXHV GLVSRQLELOLWp GHV WHVWV QRXV DYRQV VRXKDLWp DQWLFLSHU HW UpDOLVHU OHV
SUHPLHUV IUDFWLRQQHPHQWV j SDUWLU GHV H[WUDLWV EUXWV GH IHXLOOHV GLVSRQLEOHV HQ
TXDQWLWpVXIILVDQWH
)UDFWLRQQHPHQWV
,O V¶DJLW G¶DSSOLTXHU OHV WHFKQLTXHV GH VpSDUDWLRQ FKURPDWRJUDSKLTXHV HQ XWLOLVDQW
VRLWXQHFRORQQHVXUJHOGHVLOLFHFODVVLTXHVRLWSDUPpWKRGHIODVKDXWRPDWLVpH'DQV
OHV FDV OH SULQFLSH HVW OH PrPH LO SHUPHW GH UpDOLVHU XQH PpWKRGH SK\VLTXH GH
VpSDUDWLRQGHO¶pFKDQWLOORQEDVpVXUVDSRODULWp1RXVDYRQVPLVHQDSSOLFDWLRQOHV
PpWKRGHV
¾ 6pSDUDWLRQGHVH[WUDLWVEUXWVG¶DOFDORwGHVWRWDX[GHVIHXLOOHV
3RXU FHWWH pWXGH QRXV QRXV VRPPHV OLPLWpV j OD VpSDUDWLRQ GHV H[WUDLWV
G¶DOFDORwGHV WRWDX[ LVVXV XQLTXHPHQW GHV IHXLOOHV 1RXV DYRQV UpDOLVp XQH VpULH GH
VpSDUDWLRQ JURVVLqUH GHV FRPSRVpV HQ IRQFWLRQ GH OHXU SRODULWp XQ JUDGLHQW GH
SRODULWp FURLVVDQW 1RXV DYRQV FKRLVL FRPPH PRGH G¶pOXWLRQ F\FORKH[DQH DFpWDWH
G¶pWK\OH PpWKDQRO HQ YDULDQW j FKDTXH IRLV OD SRODULWp GX VROYDQW 1RXV
FRPPHQoRQV WRXMRXUV SDU O¶pOXDQW OH PRLQV SRODLUH F\FORKH[DQH DFpWDWH G¶pWK\OH
HQDXJPHQWDQWDXIXU HWj PHVXUH OHJUDGLHQW HWQRXV WHUPLQRQVSDU OH SOXVSRODLUH
PpWKDQRO /HV GLIIpUHQWHV IUDFWLRQV REWHQXHV VRQW VXLYLHV SDU OD PpWKRGH &&0 HW
SDU UD\RQQHPHQW 89 Ȝ QP HQVXLWH UpYpOpHV j O¶DLGH GH O¶DFLGH
SKRVSKRPRO\EGLTXHHWRXOHSDUDDQLVDOGpK\GH
3RXU FKDTXH VLWH XQ GpS{W GH O¶H[WUDLW EUXW G¶DOFDORwGHV WRWDX[ HVW HIIHFWXp VXU OD
FRORQQHGHJHOGHVLOLFHW\SHPHVK0HUFN
6pSDUDWLRQ GHV DOFDORwGHV WRWDX[ LVVXV GHV IHXLOOHV GH 1
ODWLIROLD 6P GX VLWH GH .DQDGMLJXLOD SDU FKURPDWRJUDSKLH
VXUFRORQQH
1RXVDYRQVSURFpGpjXQIUDFWLRQQHPHQWGHPJG¶H[WUDLWEUXWHQXWLOLVDQWXQH
FKURPDWRJUDSKLH VXU FRORQQH ³FODVVLTXH³ /HV UpVXOWDWV VRQW UHSUpVHQWpV GDQV OH
WDEOHDXVXLYDQWWDEOHDX
8QJUDGLHQWGHSRODULWpQRXVDSHUPLVG¶LVROHUIUDFWLRQVGHSRODULWpFURLVVDQWH
UHSUpVHQWDQWXQWRWDOGHPJ
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͺͺ
7DEOHDX 5pVXOWDWV GH VpSDUDWLRQ SDU FKURPDWRJUDSKLH VXU FRORQQH GH
O¶H[WUDLWGHVDOFDORwGHVWRWDX[GHVIHXLOOHVGXVLWHGH.DQDGMLJXLOD
/¶DQDO\VH &&0 GH FKDFXQ GH FHV IUDFWLRQV UpYqOH TXH WRXWHV VRQW FRQVWLWXpHV GH
SOXVLHXUVFRPSRVpV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͺͻ
&\FOR$F2(W
).D&R).D).D&R).D).D&R).D).D&R).D).D&R).D).D&R).D
&\FOR$F2(W
/DIUDFWLRQ).DVXELUDjVRQWRXUXQIUDFWLRQQHPHQWFKURPDWRJUDSKLTXH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͻͲ
)UDFWLRQQHPHQWGH).DSDUFKURPDWRJUDSKLHVXUFRORQQH
/DIUDFWLRQ).D GHPDVVHPJHVWVpSDUpHSDUFKURPDWRJUDSKLHVXUFRORQQHGH
JHO GH VLOLFH DYHF O¶pOXDQW F\FORKH[DQH DFpWDWH G¶pWK\OH GDQV OH UDSSRUW
$XVVLW{W OHV SUHPLqUHV WDFKHV DSSDUDLVVHQW SXLV OH SURGXLW VH GpJUDGH
SURJUHVVLYHPHQW HQ FRQWDFW DYHF OD VLOLFH &HV WDFKHV GRQQHURQW OLHX j XQ SURGXLW
SXUQRWp).D $GHPDVVHPJVRXVO¶DVSHFWGHV©FULVWDX[MDXQHSkOHªGRQW
ODGpWHUPLQDWLRQGHVWUXFWXUHHVWDFWXHOOHPHQWHQFRXUVYRLUVSHFWUHVDQQH[H
(OXDQWF\FORKH[DQHDFpWDWHG¶pWK\OH
5pYpODWHXUDFLGHSKRVSKRPRO\EGLTXH
Ȝ QP
).D$'pJUDGDWLRQ
3ODTXH&&0LOOXVWUDQWOHSURGXLW$LVROpHWODGpJUDGDWLRQGXUHVWHGHSURGXLW
6pSDUDWLRQ GHV DOFDORwGHV WRWDX[ LVVXV GHV IHXLOOHV GH 1
ODWLIROLD 6P GX VLWH GH .LWD SDU FKURPDWRJUDSKLH VXU
FRORQQH
PJG¶H[WUDLWEUXWRQWpWpVpSDUpVSDUFKURPDWRJUDSKLH³FODVVLTXH³SRXUFRQGXLUH
jXQWRWDOGH PJVRLWO¶REWHQWLRQ GHIUDFWLRQV QRWpHV).Lj).LGHSRODULWp
FURLVVDQWH
0LVjSDUWODIUDFWLRQ).L TXLGRQQHO¶DVSHFWKXLOHX[WRXWHVOHVDXWUHVVHSUpVHQWHQW
VRXVIRUPHVROLGH&HWWHIRLVHQFRUHWRXWHVFHVIUDFWLRQVSUpVHQWHQWXQPpODQJHGH
FRPSRVpV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͻͳ
7DEOHDX5pVXOWDWVGHVpSDUDWLRQSDUFKURPDWRJUDSKLHVXUFRORQQHGH
O¶H[WUDLWGHVDOFDORwGHVWRWDX[GHVIHXLOOHVGXVLWHGH.LWD
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͻʹ
/HVIUDFWLRQVSUpVHQWDQWDSSDUHPPHQWXQHVHXOHWDFKHHQ&&0).L
HW RQWpWp LQMHFWpHVHQ*& 06 SRXU LGHQWLILHUOHVFRPSRVpV&HVIUDFWLRQV GH
FRPSRVpV SHX SRODLUH VRQW HQ PDMRULWp GHV HVWHUV G¶DFLGHV JUDV /HXU SUpVHQFH
SRXUUDLWV¶H[SOLTXHUSDUOHPrPHSKpQRPqQHTXHGDQVOHFDVGHVH[WUDLWVEUXWVGHV
IHXLOOHV GH .DQDGMLJXLOD /H SUREOqPH OLp j OD GpOLSLGDWLRQ QRXV FRQGXLW j pODERUHU
G¶DXWUHV VROXWLRQV VRLW HQ HIIHFWXDQW XQH VpULH GH ODYDJHV DX F\FORKH[DQH VRLW j
SURFpGHUjO¶H[WUDFWLRQDX6R[KOHW
&\FOR$F2(W
).L&R).L).L&R).L).L&R).L).L&R).L).L&R).L).L&R).L
&\FOR$F2(W
).L&R).L).L&R).L).L&R).L).L&R).L).L&R).L
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͻ͵
&\FOR$F2(W
).L&R).L).L&R).L).L&R).L).L&R).L).L&R).L).L&R).L
&\FOR$F2(W$F2(W0H2+
).L&R).L).L&R).L).L).L).L).L
/¶DQDO\VHGHFHVSODTXHV&&0QRXVDFRQGXLWjUDVVHPEOHUOHVIUDFWLRQV).Lj).L
QRWpH).LHWjODUHSXULILpH
'HPrPHODIUDFWLRQ)NLVXELUDjQRXYHDXXQHVpSDUDWLRQFKURPDWRJUDSKLTXH
)UDFWLRQQHPHQWGH).LSDUFKURPDWRJUDSKLHVXUFRORQQH
/DIUDFWLRQ).LHVWSXULILpHSDUFKURPDWRJUDSKLHVXUJHOGHVLOLFHDYHFXQJUDGLHQW
G¶pOXWLRQ FURLVVDQW 6L OHV &&0 GH FRQWU{OH IRQW DSSDUDLWUH DVVH] UDSLGHPHQW OHV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͻͶ
SUHPLHUVFRPSRVpVQRXVDYRQVREVHUYpXQHGpJUDGDWLRQSURJUHVVLYHGXSURGXLWVXU
FRORQQHGHVLOLFH/HUDSSRUWPDVVLTXHPRQWUHXQHSHUWHGHPJGHSURGXLW
6XU PJ GH SURGXLW LQLWLDO RQ UpFROWH PJ DX ILQDO DYHF IUDFWLRQV ).L $
SXUH HW ).L % LVVXH GH OD GpJUDGDWLRQ GRQF LPSXUH /H SURGXLW ).L $ D pWp
LVROpPJHWGHVDQDO\VHV&&0HW501RQWSURXYpVDVLPLOLWXGHDYHFOHFRPSRVp
).D$LVROpSUpFpGHPPHQW/¶DQDO\VHVWUXFWXUDOHHVWDFWXHOOHPHQWHQFRXUV
)UDFWLRQQHPHQWGH).LSDUFKURPDWRJUDSKLHIODVK
/D IUDFWLRQ ).L GH PDVVH PJ HVW VpSDUpH SDU OD FKURPDWRJUDSKLH IODVK DYHF
O¶pOXDQW F\FORKH[DQH DFpWDWH G¶pWK\OH GDQV OH UDSSRUW 2Q UpFROWH VRXV
IUDFWLRQV GH ).L ).L$ PJ ).L% PJ ).L& PJ ).L' PJ
).L( PJ $ O¶LVVXH GH OD VpSDUDWLRQ RQ UpFXSqUH PJ 6RLW XQH SHUWH GH
PJ$XFXQHGHFHVIUDFWLRQVQ¶DSSDUDLWSXUHGRQFXQHVpULHGHIUDFWLRQQHPHQWV
HVW HQYLVDJpH /D ).L' SUpVHQWH XQ SURILO &&0 LQWpUHVVDQW DYHF VHPEOHWLO XQ
FRPSRVpPDMRULWDLUH&¶HVWSRXUTXRLFHWWHIUDFWLRQpWDQWHQTXDQWLWpVXIILVDQWHHOOHD
pWpUHSXULILpH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͻͷ
5pVXOWDWV REWHQXV SDU O¶DSSDUHLO GH FKURPDWRJUDSKLH IODVK j OD VXLWH GX
IUDFWLRQQHPHQWGHODIUDFWLRQ).L
).L).L$).L%).L&).L').L().L').L').L').L'
5HPDUTXHUpYpODWHXUDFLGHSKRVSKRPRO\EGLTXHȜ QP
9 )UDFWLRQQHPHQWGH).L'SDUFKURPDWRJUDSKLHVXUFRORQQH
/D VRXVIUDFWLRQ ).L' D XQ DVSHFW VROLGH MDXQHSkOH OD VpSDUDWLRQ D OLHX SDU
FKURPDWRJUDSKLH VXU FRORQQH DYHF XQ pOXDQW F\FORKH[DQH DFpWDWH G¶pWK\OH GH
SURSRUWLRQ pJDOH /H IUDFWLRQQHPHQW FRQGXLW j TXDWUH DXWUHV VRXVIUDFWLRQV
QRWpHV UHVSHFWLYHPHQW GH ).L' j ).L' ).L' PJ ).L' PJ ).L'
PJHW).L' PJ1RXVDYRQVUpDOLVpOHVVSHFWUHV501+GHVIUDFWLRQV).L'
HW ).L' &HV VSHFWUHV RIIUHQW GHV VLPLOLWXGHV DYHF OD SUpVHQFH SUREDEOH GHV
GpULYpV DURPDWLTXHV 'HV DQDO\VHV FRPSOpPHQWDLUHV VRQW HQ FRXUV DILQ GH
GpWHUPLQHUODVWUXFWXUHGHFHVFRPSRVpV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͻ
6SHFWUH501+GXSURGXLW).L'
6SHFWUH501+GXSURGXLW).L'
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͻ
6pSDUDWLRQ GHV DOFDORwGHV WRWDX[ LVVXV GHV IHXLOOHV GH 1
ODWLIROLD 6P GX VLWH GH /DVVD SDU FKURPDWRJUDSKLH VXU JHO
GHVLOLFH
7RXW FRPPH OHV VLWHV GH .LWD HW .DQDGMLJXLOD OHV H[WUDLWV EUXWV G¶DOFDORwGHV WRWDX[
LVVXVGHVIHXLOOHVGH/DVVDVRQWDXVVLVpSDUpVVXUFRORQQHGHVLOLFHDYHFGHVpOXDQWV
j SRODULWp FURLVVDQWH 1RXV DYRQV HQJDJp PJ SRXU UpDOLVHU FHWWH VpSDUDWLRQ
1RXVDYRQVUpFROWpPJHQIUDFWLRQVQRWpHVGH)/Vj)/V
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͻͺ
$XFXQHGHVIUDFWLRQVREWHQXHVQ¶HVWSXUH/DIUDFWLRQ)/VSUpVHQWDQWVHPEOHWLOXQ
FRPSRVpPDMRULWDLUHVHUDVRXPLVHjXQHVpULHGHIUDFWLRQQHPHQWV
&\FOR$F2(W
)/V)/V)/V)/V)/V)/V)/V)/V)/V
)UDFWLRQQHPHQWGH)/VSDUFKURPDWRJUDSKLHIODVK
/D IUDFWLRQ )/V PJ VHUD IUDFWLRQQpH j VRQ WRXU SDU OD FKURPDWRJUDSKLH IODVK
DYHFXQpOXDQWF\FORKH[DQHDFpWDWHG¶pWK\OHSRXUREWHQLUVRXVIUDFWLRQV$
PJHW%PJ/DVRXVIUDFWLRQ$VHUDjVRQWRXUIUDFWLRQQpH
&\FOR$F2(W
)/V$)/V%)/V$)/V$)/V$)/V$)/V$)/V$)/V$
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͻͻ
9 )UDFWLRQQHPHQWGH)/V$SDUFKURPDWRJUDSKLHVXUFRORQQH
/DVRXVIUDFWLRQ)/V$PJHVWIUDFWLRQQpHSDUODWHFKQLTXHGHFKURPDWRJUDSKLH
FODVVLTXHVXUFRORQQHGHVLOLFHSRXUUHFXHLOOLUOHVSURGXLWV)/V$PJ)/V$
PJ)/V$PJ)/V$PJ7RXWHVFHVIUDFWLRQVVRQWLPSXUHV)/V $VHUD
jQRXYHDXSXULILpH
)UDFWLRQQHPHQWGH)/V$
/HIUDFWLRQQHPHQWGH)/V$PJGRQQHOLHXjDXWUHVVRXVIUDFWLRQV)/V$
)/V$)/V$/DVpSDUDWLRQjFHVWDGHGHYLHQWGLIILFLOHFRPSWHWHQXG¶XQHIDLEOH
GLIIpUHQFHGH5IHQWUHOHVFRPSRVpV
'HVHVVDLVGHSXULILFDWLRQSDU&&0SUpSDUDWLYHVHVRQWUpYpOpVLQHIILFDFHV
6pSDUDWLRQ GHV DOFDORwGHV WRWDX[ LVVXV GHV IHXLOOHV GH 1
ODWLIROLD 6P GX VLWH GH /DILDERXJRX SDU FKURPDWRJUDSKLH
VXUFRORQQH
3RXUFHWH[WUDLWEUXWQRXVDYRQVHQJDJpORUVGHODVpSDUDWLRQ PJ&HSHQGDQW
VHXOV PJ RQW pWp REWHQXV UHSDUWLV HQ IUDFWLRQV /D SHUWH GH PJ G¶H[WUDLW
EUXW HVW SUREDEOHPHQW GXH j XQH GpJUDGDWLRQ SDUWLHOOH ORUV GH OD VpSDUDWLRQ
DSSDULWLRQGH³WUDLQpH³ORUVGXFRQWU{OHSDU&&0
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͲͲ
7DEOHDX 5pVXOWDWV GH VpSDUDWLRQ SDU FKURPDWRJUDSKLH VXU FRORQQH GH
O¶H[WUDLWGHVDOFDORwGHVWRWDX[GHVIHXLOOHVGXVLWHGH/DILDERXJRX
/DIUDFWLRQ)/IVHUDjVRQWRXUIUDFWLRQQpH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͲͳ
&\FOR$F2(W
)UDFWLRQQHPHQWGH)/ISDUFKURPDWRJUDSKLHVXUFRORQQH
/D IUDFWLRQ )/I GH PDVVH PJ VHUD IUDFWLRQQpH SRXU GRQQHU VRXV IUDFWLRQV
)/I$PJ)/I%PJHW)/I&PJ 8QHIRLVHQFRUHOHUpVXOWDWQHSHUPHW
SDVG¶REWHQLUXQFRPSRVpSXUHWGHVVpSDUDWLRQVSDU&&0SUpSDUDWLYHVGHYURQWrWUH
HQYLVDJpHVGDQVFHEXW
&\FOR$F2(W
)/I$)/I%)/I&
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͲʹ
&RQFOXVLRQ
/HV WHVWV GH FDUDFWpULVDWLRQ FKLPLTXH TXH QRXV DYRQV UpDOLVpV FRQILUPHQW OHV
UpVXOWDWVGHWUDYDX[DQWpULHXUVSDUG¶DXWUHVFKHUFKHXUV>@1RXVDYRQVFRQVWDWp
XQH FHUWDLQH KRPRJpQpLWp TXDQG j OD SUpVHQFH GH FHUWDLQH IDPLOOH FKLPLTXH DX
QLYHDX GHV IHXLOOHV pFRUFHV HW UDFLQHV GH 1 ODWLIROLD 6P HQ IRQFWLRQ GHV ]RQHV GH
UpFROWH
$LQVL OH 1 ODWLIROLD VP FRPSWH WHQX GHV QRPEUHXVHV IDPLOOHV FKLPLTXHV TX¶LO
UHQIHUPH VH SUpVHQWH FRPPH XQH SODQWH PpGLFLQDOH SRXYDQW LQWHUYHQLU GDQV OD
SURGXFWLRQG¶XQJUDQGQRPEUHGH PpGLFDPHQWVWUDGLWLRQQHOVDPpOLRUpVDX[DFWLYLWpV
SKDUPDFRORJLTXHVPXOWLSOHV
/HV UHQGHPHQWV REWHQXV ORUV GH O¶H[WUDFWLRQ GHV DOFDORwGHV VRQW UHODWLYHPHQW
IDLEOHV HQ IRQFWLRQ GHV RUJDQHV FRQVLGpUpV /HV IHXLOOHV SUpVHQWHQW OH PHLOOHXU
UHQGHPHQWHQPR\HQQHDORUVTXHOHVpFRUFHVIRXUQLVVHQWXQHIDLEOHTXDQWLWp
G¶H[WUDLWEUXW
,O FRQYLHQW GH QRWHU TXH OHV H[WUDLWV G¶DOFDORwGHV WRWDX[ QH FRQWLHQQHQW SDV
XQLTXHPHQW GHV DOFDORwGHV LOV SHXYHQW HQ HIIHW UHQIHUPHU G¶DXWUHV FRPSRVpV WHOV
TXHOHVHVWHUVDFLGHVJUDVOHVVWpUROV«FRPPHQRXVO¶DYRQVYX
1RXV DYRQV UpDOLVp OH IUDFWLRQQHPHQW GHV DOFDORwGHV WRWDX[ GHV IHXLOOHV GH
GLIIpUHQWV VLWHV DILQ GH WHQWHU G¶REWHQLU GHV FRPSRVpV SXUV HW SRXU DQWLFLSHU XQ
IUDFWLRQQHPHQW IXWXU GpSHQGDQW GHV WHVWV G¶DFWLYLWpV ELRORJLTXHV UpDOLVpV VXU OHV
H[WUDLWVEUXWV
$LQVL QRXV DYRQV SX LVROHU XQ FRPSRVp ).D $ j SDUWLU GHV IHXLOOHV GX VLWH GH
.DQDGMLJXLOD ,O VHPEOHUDLW TXH FH FRPSRVp VRLW GH VWUXFWXUH LGHQWLTXH j FHOXL TXH
QRXVDYRQVpJDOHPHQWLVROpjSDUWLUGHVIHXLOOHVHQSURYHQDQFHGXVLWHGH.LWD).L
$ 'HX[ DXWUHV FRPSRVpV H[WUDLWV GH FHV PrPHV IHXLOOHV GX VLWH GH .LWD RQW pWp
LVROpV).L'HW).L'HWSUpVHQWHQWGHVVWUXFWXUHVYRLVLQHVYRLUHLGHQWLTXHV
7RXV FHV FRPSRVpV VRQW DFWXHOOHPHQW HQ FRXUV G¶pWXGH DILQ GH GpWHUPLQHU OHXU
VWUXFWXUH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͲ͵
5()(5(1&(6
>@ 3RXVVHW -/ 3ODQWHV 0pGLFLQDOHV G¶$IULTXH &RPPHQW OHV UHFRQQDvWUH HW OHV
XWLOLVHU"(GLVXGpGS
>@)RUPXODLUH7KpUDSHXWLTXH1DWLRQDO(GLWLRQ0DOL
>@ 3RXVVHW -/ 3ODFH GHV PpGLFDPHQWV WUDGLWLRQQHOV HQ $IULTXH 0pGHFLQH
7URSLFDOH
>@'RXQLDV(5RGULJXH:HW3HWLW&5HYXHGHODOLWWpUDWXUHHWKQRERWDQLTXH SRXU
O¶$IULTXH &HQWUDOH HW O¶$IULTXH GH O¶2XHVW LQ %XOOHWLQ GX 5pVHDX $IULFDLQ
G¶(WKQRERWDQLTXHQ8QHVFR
>@ &XQQLQJKDQ $% $IULFDQ PHGLFLQDO SODQWV VHWWLQJ SULRULWLHV DW WKH LQWHUIDFH
EHWZHHQ FRQVHUYDWLRQ DQG SULPDU\ KHDOWK FDUH 3HRSOH DQG SODQWV ZRUNLQJ
SDSHUQ8QHVFR3DULV
>@'DO]LHO-07KHXVHIXOSODQWVRI:HVW7URSLFDO$IULFD33
>@ 7UDRUp.HwWD ) *DVTXHW 0 'L *LRUJLR & 2OLYLHU ( 'HOPDV ) .HwWD $
'RXPER2%DODQVDUG * 7LPRQ'DYLG 3 $QWLPDODULDO DFWLYLW\ RI IRXU
SODQWV XVHV LQWUDGLWLRQDO PHGLFLQH LQ 0DOL 3K\WRWKHUDS\5HVHDUFK
>@ $UERQQLHU 0 $UEUHV DUEXVWHV HW OLDQHV GHV ]RQHV VqFKHV G¶$IULTXH GH O¶2XHVW
&,5$'01+1(GLWLRQ
>@3RXVVHW-/3ODQWHVPpGLFLQDOHV3DULV$&&7(GLWLRQ0DUNHWLQJ
>@6DXOQLHU33ODQWHVPpGLFLQDOHVHWVRLQVHQ$IULTXH6DLQW0DXU(GLWLRQ6(3,$
>@ 3RXVVHW -/ 7RXUp 3 /R , &DGR] 0 'LRS 0DU , 3ODQWHV PpGLFLQDOHV
$IULFDLQHV;,,0LVHDXSRLQWG¶XQVLURSDQWLWXVVLIHWpWXGHFOLQLTXHSUpOLPLQDLUH
0HG$IU1RLUH
>@ 0DOJUDV '53 $UEUHV HW DUEXVWHV JXpULVVHXUV GHV VDYDQHV 0DOLHQQHV
(GLWLRQ.$57+$/$HW$&&7S
>@ +RWHOOLHU ) 'HODYHDX 3 3RXVVHW -/ $OFDORwGHV HW JOXFRDOFDORwGHV GHV
IHXLOOHV GH QDXFOHD ODWLIROLD 6P 3ODQWD PHGLFD -RXUQDO RI 0HGLFLQDO 3ODQW
5HVHDUFK9ROSS
>@ 2JXQODQD (2 5DPVWDG ( ,QYHVWLJDWLRQ LQWR WKH DQWLEDFWHULDO DFWLYLWLHV RI
ORFDOSODQWV3ODQWD0HGLFDSS
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͲͶ
>@ 0DGXEXQ\L ,, $QWLKHSDWRWR[LF DQG WU\SDQRFLGDO DFWLYLWLHV RI WKH HWKDQROLF
H[WUDFW RI 1DXFOHD ODWLIROLD URRW EDUN -RXUQDO RI +HUEV 6SLFHV DQG 0HGLFLQDO
3ODQWV
>@ 0RUDK )1 1DXFOHGDO DQG HSLQDXFOHGDO IURP DQ DQWLYLUDO SUHSDUDWLRQ IURP
1DXFOHDODWLIROLD*OREDO-RXUQDORI3XUHDQG$SSOLHG6FLHQFH
>@ %HQRLW9LFDO ) 9DOHQWLQ $ &RXUQDF 9 3pOOLVLHU < 0DOOLp 0 %DVWLGH -0 ,Q
YLWUR DQWLSODVPRGLDO DFWLYLW\ RI VWHP DQG URRW H[WUDFWV RI QDXFOHD ODWLIROLD 6P
5XELDFHDH-RXUQDORI(WKQRSKDUPDFRORJ\
>@ 8GRK )9 /RW 7< (IIHFWV RI WKH OHDI DQG URRW H[WUDFWV RI 1DXFOHD
ODWLIROLDRQFDUGLRYDVFXODUV\VWHP)LWRWHUDSLD/;,;
>@$EUHX300DUWLQV(6.D\VHU22%LQGVHLO.86LHPV.6HHPDQ$
)UHYHUW-$QWLPLFURELDODQWLWXPRUDQWLOHLVFKPDQLDVFUHHQLQJRI PHGLFLQDO
SODQWVIURP*XLQHD%LVVDX3K\WRPHGLFLQH
>@ 0DUVKDOO 6- 5XVVHOO 3) 3KLOLSVRQ -' .LUE\ *& :DUKXUVW '&
:HLJKW &: $QWLSODVPRGLDO DQG DQWLDPRHELF DFWLYLWLHV RI PHGLFLQDO
SODQWVIURP6LHUUDOHRQH3URVWDWH
>@ *DPDQLHO . :DPEHEH & $PXSLWDQ - HW DO $FWLYH FROXPQ IUDFWLRQV RI
1DXFOHD ODWLIROLD RQ 3ODVPRGLXP EHUJKHL DQG UDEELWLOHXP -RXUQDO RI
3KDUPDFHXWLFDOUHVHDUFKDQGGHYHORSPHQW
>@ $EEDK - $PRV 6 &KLQGR % HW DO 3KDUPDFRORJLFDO HYLGHQFH IDYRXULQJ WKH
XVHRIQDXFOHDODWLIROLDLQPDODULDHWKQRSKDUPDF\(IIHFWVDJDLQVWQRFLFHSWLRQ
LQIODPPDWLRQ DQG S\UH[LD LQ UDWV DQG PLFH -RXUQDO RI (WKQRSKDUPDFRORJ\
>@$NXEXH3,0LWWDO*&&OLQLFDOHYDOXDWLRQRIDWUDGLWLRQDOKHUEDO SUDFWLFH LQ
1LJHULDDSUHOLPLQDU\UHSRUW-RXUQDORI(WKQRSKDUPDFRO\
>@(OXMRED$$)HPDOHLQIHUWLOLW\LQWKHKDQGVRIWUDGLWLRQDOELUWKDWWHQGDQWV LQ
6RXWKZHVWHUQ1LJHULD)LWRWHUDSLD
>@ 6RIRZRUD ($ 0HGLFLQDO 3ODQWV DQG 7UDGLWLRQDO 0HGLFLQH LQ $IULFD -RKQ
:LOH\DQG6RQV&KLFKHVWHUSS
>@.DERUp=,*XLVVRX,36RXUDELH6(WXGHSKDUPDFRFKLPLTXHGH1DXFOHD
ODWLIROLD6P5XELDFHDH3KDUP0pG7UDG$IUSS
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͲͷ
>@1WLHMXPRNZX6.RODZROH-2$QWLPLFURELDODQG3UHOLPLQDU\ SK\WRFKHPLFDO
VFUHHQLQJRIWKHEDUNRI1DXFOHDODWLIROLD:HVW$IU-3KDUPDFRO 'UXJ 5HV
>@2NZX'(-RVLDK&(YDOXDWLRQRIWKHFKHPLFDOFRPSRVLWLRQRIWZR 1LJHULDQ
0HGLFLQDO3ODQWV$IU-%LRWHFKQRO
>@$LPp$LQLQ6RPERUR7KqVHGH'RFWRUDW&KLPLH2UJDQLTXH&RQWULEXWLRQ j
O¶pWXGH HWKQRERWDQLTXH SK\WRFKLPLTXH HW DFWLYLWpV ELRORJLTXHV G¶XQH SODQWH
PpGLFLQDOH PDOLHQQH *XLHUD VHQHJDOHQVLV &RPEUHWDFHDH &RWXWHOOH
8QLYHUVLWpGH%DPDNR8QLYHUVLWp%ODLVH3DVFDOGH&OHUPRQW)HUUDQG
>@:DQJ-DQG0D]]D*(IIHFWVRIDQWKRF\DQLQVDQGRWKHU3KHQROLFFRPSRXQGV
RQWKH3URGXFWLRQRI7XPRU1HFURVLV)DFWRUĮLQ/36,)1Ȗ$FWLYDWHG 5$:
0DFURSKDJHV-$JULF)RRG&KHP
>@ 6H\RXP $ $VUHV . (O)LN\ ). 6WUXFWXUHUDGLFDO VFDYHQJLQJ DFWLYLW\
UHODWLRQVKLSVRIIODYRQRLGV-RXUQDORI3K\WRFKHPLVWU\
>@ 1DUD\DQD .5 5HGG\ 06 &KDOXYDGL 05 .ULVKLQD '5 %LRIODYRQRLGV
FODVVLILFDWLRQ SKDUPDFRORJLFDO ELRFKHPLFDO HIIHFWV DQG WKHUDSHXWLF SRWHQWLDO
,QGLDQ-RXUQDORI3KDUPDFRORJ\
>@ +DUERUQH -% HW :LOOLDPV &$ $GYDQFHV LQ IODYRQRLG UHVHDUFK VLQFH
3K\WRFKHPLVWU\
>@%RXFKHW1/pYHVTXH-3RXVVHW-/+3/&LVRODWLRQLGHQWLILFDWLRQDQG
TXDQWLILFDWLRQRIWDQQLQVIURP*XLHUDVHQHJDOHQVLV 3K\WRFKHP $QDO
>@$URQ30HW.HQQHG\-$)ODYDQROVQDWXUHRFFXUUHQFHDQG ELRORJLFDO
DFWLYLW\0RO1XWU)RRG5HV
>@ %HQRLW ) 9DOHQWLQ $ 3HOLVVLHU < 'LDIRXND ) 0DULRQ & .RQp%DPED '
.RQp 0 0DOOLH 0 <DSR $ %DVWLGH -0 ,Q YLWUR DQWLPDODULDO DFWLYLW\ RI
YHJHWDO H[WUDFWV XVHG LQ :HVW $IULFD WUDGLWLRQDO PHGLFLQH 7KH $PHULFDQ
-RXUQDORIWURSLFDOPHGLFLQHDQGK\JLHQH
>@ ,NHJDPL ) 6XPLQR 0 )XMLL < HW DO 3KDUPDFRORJ\ DQG WR[LFRORJ\ RI
%XSOHXUXP URRWFRQWDLQLQJ .DPSR PHGHFLQHV LQ FOLQLFDO XVH +XP ([S
7R[LFRO
>@ 1JR %XP ( 7DLZH *6 0RWR )&2 HW DO $QWLFRQYXOVDQW DQ[LRO\WLF DQG
VHGDWLYH SURSHUWLHV RI WKH URRW RI 1DXFOHD ODWLIROLD 6PLWK LQ PLFH (SLOHSV\
%HKDYLRU
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͲ
>@0F&DOOH\'9$QDO\VLVRIWKHFLQFKRQDDONDORLGVE\KLJKSHUIRUPDQFH OLTXLG
FKURPDWRJUDSK\ DQG RWKHU VHSDUDWLRQ WHFKQLTXHV 5HYLHZ -RXUQDO RI
&KURPDWRJUDSK\$
>@ /HQGYDL % =HOOHV 7 5R]VD %DQG 9L]L (6 $ YLQFD DONDORLG HQKDQFHV
PRUSKRORJLFDO G\QDPLFV RI GHQWULWLF VSLQHV RI QHRFRUWLFDO OD\HU S\UDPLGDO
FHOOV%UDLQ5HVHDUFK%XOOHWLQ9RO1SS
>@ 6W|FNLJW - 6KHOXGNR < 8QJHU 0 *HUDVLPHQNR , :DU]HFKD + 6W|FNLJW
' +LJKSHUIRUPDQFH OLTXLG FKURPDWRJUDSKLF FDSLOODU\ HOHFWURSKRUHWLF DQG
FDSLOODU\ HOHFWURSKRUHWLF±HOHFWURVSUD\ LRQL]DWLRQ PDVV VSHFWURPHWULF
DQDO\VLV RI VHOHFWHG DONDORLG JURXSV 5HYLHZ -RXUQDO RI &KURPDWRJUDSK\ $
>@6LOYHVWULQL$3DVTXD*%RWWD%0RQDFHOOL%+HLMGHQ5 YDQGHU9HUSRRUWH
5(IIHFWVRIDONDORLGSUHFXUVRUIHHGLQJRQDFDPSWRWKHFDDFXPLQDWHFHOOOLQH
3ODQW3K\VLRO%LRFKHP
>@<%RLO\DQG/9DQ3X\YHOGH6FUHHQLQJRIPHGLFLQDOSODQWVRI5ZDQGD&HQWUDO
$IULFDIRUDQWLPLFURELDODFWLYLW\-RXUQDORI(WKQRSKDUPDFRORJ\
>@ 2NZX '( DQG 8FKHQQD 1) ([RWLF PXOWLIDFHWHG PHGLFLQDO SODQWV RI
GUXJVDQGSKDUPDFHXWLFDOLQGXVWULHV$IUL-RXUQ2I%LRWHFK9RO
SS
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͲ
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͲͺ
3$57,( $&7,9,7(6 %,2/2*,48(6 '(6 (;75$,76
$/&$/2Í',48(6'(1$8&/($/$7,)2/,$60,7+
,QWURGXFWLRQ
&H FKDSLWUH HVW FRQVDFUp DX[ DFWLYLWpV DQWLFDQFpUHXVHV HW DQWDOJLTXHV GHV
DOFDORwGHVWRWDX[REWHQXVSUpFpGHPPHQWjSDUWLUGHVGLIIpUHQWVRUJDQHVUpFROWpVVXU
OHVGLIIpUHQWVVLWHV
'DQVXQSUHPLHUWHPSVLOV¶DJLWGHGpWHUPLQHUO¶DFWLYLWpDQWLFDQFpUHXVHSDUOD
PHVXUHGHO¶DFWLYLWpDQWLSUROLIpUDWLYHGHVH[WUDLWVG¶DOFDORwGHVWRWDX[pODERUpVj
SDUWLU GHV GLIIpUHQWV RUJDQHV GH 1 ODWLIROLD 6P VXU XQH OLJQpH GH FHOOXOHV
FDQFpUHXVHVPDPPDLUHVGHW\SH0&)
/D OLJQpH GH FHOOXOHV FDQFpUHXVHV PDPPDLUHV 0&) WLUH VRQ QRP GX VLJOH
©0LFKLJDQ&DQFHU)RXQGDWLRQªHQUpIpUHQFHjXQLQVWLWXWDPpULFDLQEDVpj'HWURLW
RODOLJQpHIWpWDEOLHSRXUODSUHPLqUHIRLVHQSDU+HUEHUW628/(HWDO >@
'HSXLVO¶KRUVFHWWHWHFKQLTXHDSULVGHO¶DPSOHXUHWHVWGHSOXVHQSOXVXWLOLVpHGHSDU
OHPRQGHGDQVOHVODERUDWRLUHVGHUHFKHUFKHHQYXHG¶pUDGLTXHUOHFDQFHUGXVHLQ
/H WHVW DQWLSUROLIpUDWLI GHV H[WUDLWV G¶DOFDORwGHV WRWDX[ VXU OHV 0&) SHUPHW GH
PHVXUHU OH SRWHQWLHO UpGXFWHXU GHV FHOOXOHV WRXW HQ GpWHUPLQDQW O¶LQWHQVLWp GH OHXU
DFWLYLWp PpWDEROLTXH HQ SUpVHQFHV G¶XQH JDPPH GH FRQFHQWUDWLRQV VSpFLILTXH HQ
DOFDORwGHV
'DQV XQ VHFRQG WHPSV GH GpILQLU O¶DFWLYLWp DQWDOJLTXH SDU O¶pYDOXDWLRQ GH
O¶LQKLELWLRQ SDU OHV H[WUDLWV G¶DOFDORwGHV WRWDX[ GH OD GRXOHXU SURYRTXpH SDU
O¶DFLGHDFpWLTXHGLPLQXWLRQGXQRPEUHGHFUDPSHVFKH]ODVRXULV
/¶DFWLYLWpDQWDOJLTXHHVWPLVHHQ°XYUHSDUOHWHVWGH©.267(5ªTXLFRQVLVWHj
ODUHFKHUFKHpYHQWXHOOHG¶XQH PpWKRGHGHSURWHFWLRQYLVjYLVGHVFUDPSHVLQGXLWHV
SDU O¶LQMHFWLRQ LQWUDSpULWRQpDOH GH O¶DFLGH DFpWLTXH j VXU XQ ORW GH VRXULV >@
/¶DFLGHDFpWLTXHDGPLQLVWUpFKH]ODVRXULVSURYRTXHXQHGRXOHXUYHQWUDOHDLJXsWHVW
GH WRUVLRQ TXL GRQQH GHV FUDPSHV /¶pYDOXDWLRQ GH OD GLPLQXWLRQ GX QRPEUH GH
FUDPSHV FKH] OHV VRXULV SHUPHW G¶H[SORUHU O¶DFWLRQ DQWDOJLTXH SpULSKpULTXH GHV
H[WUDLWVG¶DOFDORwGHVWRWDX[WHVWpV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͲͻ
$&7,9,7($17,&$1&(5(86(
*pQpUDOLWpV
/HVHLQHWVHVDWWULEXWV
/DIRQFWLRQELRORJLTXHGXVHLQHVWGHSURGXLUHGXODLWDILQGHQRXUULUXQQRXYHDXQp
&KDTXHVHLQFRQWLHQWXQHJODQGHPDPPDLUHHOOHPrPHFRPSRVpHGHTXLQ]HjYLQJW
FRPSDUWLPHQWVVpSDUpVSDUGXWLVVXJUDLVVHX[HWGXWLVVXGHVRXWLHQTXLFRQWLHQWGHV
YDLVVHDX[GHVILEUHVHWGHODJUDLVVH
&KDFXQ GHV FRPSDUWLPHQWV GH OD JODQGH PDPPDLUH HVW FRQVWLWXp GH OREXOHV HW GH
FDQDX[ /H U{OH GHV OREXOHV HVW GH SURGXLUH OH ODLW HQ SpULRGH G¶DOODLWHPHQW /HV
FDQDX[WUDQVSRUWHQWOHODLWYHUVOHPDPHORQ
/HVHLQMRXHU{OHVPDMHXUV
¾ '¶XQHSDUWLOMRXHXQJUDQGU{OHGDQVO¶LPDJHTXHODIHPPHDGHVRQFRUSVHW
GHVDIpPLQLWp
¾ '¶DXWUH SDUW F¶HVW O¶RUJDQH GH OD ODFWDWLRQ F¶HVW j GLUH SURGXLUH GX ODLW SRXU
QRXUULUOHQRXYHDXQp
/H VHLQ HVW VRXV O¶LQIOXHQFH G¶KRUPRQHV VH[XHOOHV IDEULTXpHV SDU OHV RYDLUHV GH OD
SXEHUWpjODPpQRSDXVH
/HV °VWURJqQHV IDYRULVHQW OH GpYHORSSHPHQW GHV VHLQV DX PRPHQW GH OD
SXEHUWp &HV KRUPRQHV VRQW IDEULTXpHV DX FRXUV GH OD SUHPLqUH SDUWLH GX
F\FOHPHQVWUXHO
/D SURJHVWpURQH HVW SULQFLSDOHPHQW SUpVHQWH ORUV GH OD VHFRQGH SDUWLH GX
F\FOHPHQVWUXHO(OOHFRPSOqWHO¶DFWLRQGHV°VWURJqQHV
3DU DLOOHXUV OD VpFUpWLRQ GH ODLW ODFWDWLRQ HVW VRXV O¶LQIOXHQFH GH OD SURODFWLQH
KRUPRQHIDEULTXpHDXQLYHDXGHO¶K\SRSK\VH
/HFDQFHUGXVHLQ
8Q FDQFHU VLJQLILH OD SUpVHQFH GH FHOOXOHV DQRUPDOHV TXL VH PXOWLSOLHQW GH PDQLqUH
LQFRQWU{OpH
/HFDQFHUVHFDUDFWpULVHSDUXQGpYHORSSHPHQWDQDUFKLTXHHWLQWHUURPSXGHFHOOXOHV
©DQRUPDOHVª GDQV O¶RUJDQLVPH TXL DERXWLW j OD IRUPDWLRQ G¶XQH WXPHXU RX
©JURVVHXUª&HWWHSRSXODWLRQGHFHOOXOHVDJUHVVHHWGpWUXLWO¶RUJDQHGDQVOHTXHOHOOH
HVW LPSODQWpH HW SHXW PLJUHU GDQV G¶DXWUHV SDUWLHV GX FRUSV RQ SDUOH DORUV GH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͳͲ
PpWDVWDVHV 6L OD SUROLIpUDWLRQ Q¶HVW SDV VWRSSpH OH FDQFHU VH JpQpUDOLVH SOXV RX
PRLQVUDSLGHPHQW
/D JUDQGH PDMRULWp GHV FDQFHUV GX VHLQ VRQW GHV ©DGpQRFDUFLQRPHVª TXL VH
GpYHORSSHQW GDQV OD JODQGH PDPPDLUH j SDUWLU GHV FHOOXOHV GHV FDQDX[ FDQFHU
FDQDODLUHRXGHVOREXOHVFDQFHUOREXODLUH
7\SHVGHFDQFHUVGXVHLQ
(SLGpPLRORJLH
'HQRVMRXUVOHFDQFHUGXVHLQHVWOHSOXVIUpTXHQWGHVFDQFHUVIpPLQLQV(Q
)UDQFH OH FDQFHU HVW GHSXLV OD SUHPLqUH FDXVH GH PRUWDOLWp JpQpUDOH HW
SUpPDWXUpHDYDQWDQVDYDQWOHVPDODGLHVFDUGLRYDVFXODLUHV&KDTXHDQQpHHQ
)UDQFH FDV GH GpFqV VRQW LPSXWDEOHV DX FDQFHU >@ 2Q HVWLPH j HQYLURQ
FKH]OHVKRPPHVHWFKH]OHVIHPPHVQRXYHDX[FDVGH
FDQFHU GLDJQRVWLTXpV >@ 3RXU OH FDQFHU GX VHLQ HQYLURQ QRXYHDX[ FDV
VRQW GLDJQRVWLTXpV FKDTXH DQQpH $ WHUPH LO HVW SUREDEOH TX¶XQH IHPPH VXU GL[
VHUDFRQIURQWpHDXFRXUVGHVDYLHjFHWWHPDODGLH>@
8Q FDQFHU GX ³VHLQ³ SHXW VXUYHQLU FKH] O¶KRPPH PDLV FHWWH VLWXDWLRQ UHVWH
H[FHSWLRQQHOOH
/HVSD\VLQGXVWULDOLVpVVHPEOHQWSOXVH[SRVpVjFHWWHSDWKRORJLHTXHOHVSD\V
HQYRLHGHGpYHORSSHPHQWDYHFXQWDX[jIRLVVXSpULHXU/HVFRQWLQHQWVDIULFDLQ
HW DVLDWLTXH VHUDLHQW PRLQV WRXFKpV DYHF XQ WDX[ LQIpULHXU j SRXU
&HSHQGDQWLOFRQYLHQWGHSRQGpUHUFHVFRQFOXVLRQVFDUOHVSD\VLQGXVWULDOLVpVVRQW
DXVVL FHX[ SRXU OHVTXHOV OH GpSLVWDJH HVW HIILFDFH VL FH Q¶HVW V\VWpPDWLTXH /H
WUDLWHPHQWGHFHWWHPDODGLHGHPHXUHGRQFXQHQMHXPDMHXUDXQLYHDXPRQGLDO
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͳͳ
/D)UDQFHIDLWSDUWLHGHVSD\VROHWDX[G¶LQFLGHQFHGXFDQFHUGHVHLQ DDXJPHQWp
OH SOXV YLWH SRXU IHPPHV SDU DQ VXU OD SpULRGH DYHF XQ
IDLEOHUDOHQWLVVHPHQWHQWUHHWSRXUIHPPHVSDUDQ>@
$XQLYHDXPRQGLDORQUHFHQVHSOXVG¶XQPLOOLRQGHQRXYHDX[FDVSDUDQHW
GpFqV OLpV j FHWWH DIIHFWLRQ 3UqV GH PLOOLRQV GH IHPPHV GDQV OH PRQGH VHUDLHQW
DWWHLQWHV>@
ϰϬ͕ϬϬй
ϯϱ͕ϬϬй
ϯϬ͕ϬϬй
Ϯϱ͕ϬϬй
ϮϬ͕ϬϬй
ϭϱ͕ϬϬй
ϭϬ͕ϬϬй
ϱ͕ϬϬй
Ϭ͕ϬϬй
*UDSKLTXH 'LIIpUHQWV FDV GH FDQFHUV FKH] OD IHPPH UpSHUWRULpV HQ )UDQFH HQ
/HVIDFWHXUVGHULVTXHOLpVDXFDQFHUGXVHLQ
/HV FDXVHV GH GpYHORSSHPHQW G¶XQ FDQFHU GX VHLQ QH VRQW SDV FRPSOqWHPHQW
FRQQXHV PDLV RQ D SX LGHQWLILHU TXHOTXHV IDFWHXUV GH ULVTXH TXL SHXYHQW DJLU
FRQMRLQWHPHQWSRXUIDYRULVHUOHGpYHORSSHPHQWG¶XQFDQFHU
¾ /HVPDVWRSDWKLHVEpQLJQHV
&HUWDLQHVPDVWRSDWKLHVEpQLJQHVRQWXQHSURSHQVLRQSOXVJUDQGHTXHG¶DXWUHVjVH
WUDQVIRUPHUHQFDQFHU
¾ /DIpFRQGLWpRXODYLHUHSURGXFWLYH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͳʹ
/HVIHPPHVTXLQ¶RQWSDVHXG¶HQIDQWRXTXLRQWHXjOHXUSUHPLqUHJURVVHVVHWDUGLYH
DSUqVDQVRQWXQULVTXHVHQVLEOHPHQWGRXEOpGHGpYHORSSHUXQFDQFHUGHVHLQ
SDUUDSSRUWjFHOOHVD\DQWHXDXPRLQVXQHQIDQWDYDQWDQV
¾ /¶DOLPHQWDWLRQ
/DTXDQWLWpGHFDORULHVDEVRUEpHVYLDO¶DOLPHQWDWLRQDXJPHQWHOHULVTXHGXFDQFHUGH
VHLQ,OVHPEOHUDLWTXHO¶REpVLWpXQH FRQVRPPDWLRQG¶DOFRROUHODWLYHPHQWLPSRUWDQWH
j OLWUH GH YLQ SDU MRXU OD IDLEOH FRQVRPPDWLRQ GH IUXLWV HW OpJXPHV VRQW
pJDOHPHQW VXVSHFWpHV G¶DXJPHQWHU OH ULVTXH /D SUDWLTXH G¶XQ H[HUFLFH SK\VLTXH
UpJXOLHUVHPEOHHIILFDFHHWVHUDLWSURWHFWHXUFRQWUHOHFDQFHU
¾ /HVULVTXHVIDPLOLDX[
,OVVRQWGHRUGUHV
6LPSOHVXVFHSWLELOLWpIDPLOLDOHRQUHWURXYHSOXVLHXUVFDVGDQVODIDPLOOH
PDLVVDQVWUDQVPLVVLRQV\VWpPDWLTXH,OV¶DJLWSOXW{WGHWUDQVPLVVLRQGH
FHUWDLQV IDFWHXUV GH ULVTXH K\SRIpFRQGLWp WHQGDQFH j DYRLU XQH
PDVWRSDWKLH EpQLJQH REpVLWp« 'DQV FHV IDPLOOHV OHV ULVTXHV VRQW
PXOWLSOLpVSDUj
3UpGLFWLRQ JpQpWLTXH IRUWH GDQV HQYLURQ j GHV FDV XQ JqQH
DQRUPDOGLW©PXWpªHVWVXVFHSWLEOHG¶rWUHWUDQVPLVG¶XQHJpQpUDWLRQj
O¶DXWUH'DQVFHFDVOHVULVTXHVHQFRXUXVSDUOHVIHPPHVG¶XQHIDPLOOH
GDQV OD TXHOOH XQ JqQH SUpGLVSRVDQW HVW SUpVHQW ©JqQH %5&$ RX
%5&$ªGpSHQGHQWGXIDLWTX¶HOOHVRQWRXQRQKpULWpGXJqQHQRUPDO
6LHOOHVQ¶RQWSDVOHJqQHOHXUULVTXHHVWOHPrPHTXHFHOXLGHVIHPPHV
Q¶D\DQW SDV GH SUpGLVSRVLWLRQ DX FDQFHU GX VHLQ 0DLV FHOOHV TXL VRQW
SRUWHXVHVGXJqQHjFDVVXUSRXUURQWGpYHORSSHUXQFDQFHUGX
VHLQ
¾ /HVWUDLWHPHQWVKRUPRQDX[SUHVFULWVjWLWUHGHFRQWUDFHSWLRQRXGHWUDLWHPHQW
VXEVWLWXWLIGHODPpQRSDXVH>@
¾ '¶DXWUHVIDFWHXUVOLpVjO¶kJHjODFURLVVDQFHUDSLGHSHQGDQWO¶DGROHVFHQFHHW
DX WDEDJLVPH pOHYp GH ORQJXH GXUpH VRQW VXVFHSWLEOHV G¶DXJPHQWHU OHV
ULVTXHVGHFDQFHUGXVHLQ>@
7UDLWHPHQWVGXFDQFHUGXVHLQ
3OXVLHXUV WUDLWHPHQWV GX FDQFHU GX VHLQ VRQW DXMRXUG¶KXL PLV HQ SUDWLTXH
IDLVDQWDSSHOVjODFKLUXUJLHODUDGLRWKpUDSLHODFKLPLRWKpUDSLHHWO¶KRUPRQRWKpUDSLH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͳ͵
LPSOLTXHQW GHV FHOOXOHV SUpVHQWDQW XQ H[FqV GH UpFHSWHXUV KRUPRQDX[ 8Q GHV
WUDLWHPHQWVSRVVLEOHHVWGRQFGHEORTXHUFHVUpFHSWHXUV&¶HVWQRWDPPHQWOHFDVGX
WDPR[LIqQHDQWL°VWURJqQHDQWDJRQLVWHGHVUpFHSWHXUVjO¶°VWUDGLROTXLHVWXQGHV
PpGLFDPHQWVGHUpIpUHQFHSRXUFHW\SHGH SDWKRORJLH&HWWH PROpFXOHHVW SUHVFULWH
GDQV OH WUDLWHPHQW GX FDQFHU GX VHLQ HQ SKDVH SUpFRFH RX DYDQFpH FKH] OHV
IHPPHVSUpHWSRVWPpQRSDXVpHV
&HSHQGDQWHQGpSLWGHERQVUpVXOWDWVFHWUDLWHPHQWQ¶HVWSDVXQLYHUVHOHWHVW
LQHIILFDFH SRXU OHV FDQFHUV QRQ KRUPRQDX[ GpSHQGDQWV &HFL MXVWLILH OHV
LQYHVWLJDWLRQV SRXU WURXYHU GH QRXYHDX[ SULQFLSHV DFWLIV SHUPHWWDQW XQ WUDLWHPHQW
HIILFDFHGXFDQFHU
0DWpULHOHWPpWKRGHV
/HVWHVWVDQWLWXPRUDX[RQWpWpPHQpVVXUXQHOLJQpHGHFHOOXOHVFDQFpUHXVHV
PDPPDLUHV GH W\SH 0&) DX /DERUDWRLUH GHV 6FLHQFHV 9pJpWDOHV HW )RQJLTXHV
SKDUPDFHXWLTXHV GH O¶pTXLSH ($ ©1XWULWLRQ &DQFpURJHQqVH HW 7KpUDSLH
DQWLWXPRUDOHªGHOD)DFXOWpGH3KDUPDFLHGHO¶8QLYHUVLWpG¶$XYHUJQH
/HV FHOOXOHV RQW pWp HQVHPHQFpHV VXU OHV SODTXHV j SXLWV j XQH
FRQFHQWUDWLRQ GH FHOOXOHVPO O D\DQW pWp GpSRVpV GDQV FKDTXH SXLWV
QRXV DYRQV GRQF FHOOXOHV SDU SXLWV $SUqV LQFXEDWLRQ KHXUHV j O¶pWXYH j
& &2 FHV FHOOXOHV VRQW PLVHV HQ SUpVHQFH GHV H[WUDLWV j GLIIpUHQWHV
FRQFHQWUDWLRQV 3RXU FKDTXH pFKDQWLOORQ QRXV DYRQV UpDOLVp XQ WpPRLQ DYHF GX
'062VROYDQWGHGLOXWLRQGHO¶H[WUDLW
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͳͶ
,PDJH3ODTXHjSXLWV
/D PHVXUH GH OD SUROLIpUDWLRQ FHOOXODLUH D pWp UpDOLVpH LQGLUHFWHPHQW SDU XQH
WHFKQLTXHXWLOLVDQWODUpVD]XULQH$SUqVKHXUHVG¶LQFXEDWLRQOHPLOLHXGHFXOWXUHD
pWpVXEVWLWXpSDUXQHVROXWLRQGHUpVD]XULQHJPOTXLHQSUpVHQFHGHFHOOXOHV
PpWDEROLTXHPHQWDFWLYHVHVWUpGXLWHHQUpVRIXULQHIOXRUHVFHQWjQP)LJXUH
HWGRQWO¶LQWHQVLWpGHIOXRUHVFHQFHHVWSURSRUWLRQQHOOHDXQRPEUHGHFHOOXOHVYLDEOHV
/D IOXRUHVFHQFH D HQVXLWH pWp PHVXUpH JUkFH j XQ OHFWHXU GH SODTXH )OXRURVNDQ
$VFHQW),7KHUPR(OHFWURQ&RUSRUDWLRQ)UDQFHjQP
,PDJH5pGXFWLRQGHODUpVD]XULQHHQUpVRUXILQH
/¶LQWHQVLWp GH IOXRUHVFHQFH REWHQXH DSUqV OHFWXUH DX )OXRURVNDQ $VFHQW H[SULPpH
HQ XQLWp DUELWUDLUH GH IOXRUHVFHQFH HVW FRQYHUWLH HQ SRXUFHQWDJH G¶LQKLELWLRQ GH OD
SUROLIpUDWLRQSDUUDSSRUWjODSUROLIpUDWLRQGHVFHOOXOHVWpPRLQVWpPRLQ'0621RXV
DYRQVpWDEOLTXHOH'062Q¶DDXFXQHLQIOXHQFHVXUODSUROLIpUDWLRQGHVFHOOXOHVFHFL
HQFRPSDUDLVRQDYHFXQWpPRLQVDQV'062UpDOLVpGDQVOHVPrPHVFRQGLWLRQV
3RXUFKDTXHH[WUDLWOD&,DpWpFDOFXOpH/D&,RXODFRQFHQWUDWLRQLQKLELWULFH
GHHVWXQHPHVXUHGHO¶HIILFDFLWpG¶XQFRPSRVpGRQQpSRXULQKLEHUXQHIRQFWLRQ
ELRORJLTXH RX ELRFKLPLTXH VSpFLILTXH &HWWH PHVXUH TXDQWLWDWLYH LQGLTXH TXHOOH
TXDQWLWp GH VXEVWDQFH RX LQKLELWHXU HVW QpFHVVDLUH SRXU LQKLEHU j PRLWLp XQ
SURFHVVXVELRORJLTXHGRQQp/HVUpVXOWDWVVRQWSUpVHQWpVVRXVODIRUPHPR\HQQH
(60(FDUW6WDQGDUGjOD0R\HQQH'DQVODSOXSDUWGHVFDVQRXVDYRQVUpDOLVp
PHVXUHV RXSOXV SRXUFKDTXHpFKDQWLOORQ HWSRXUFKDTXH JDPPHGHFRQFHQWUDWLRQ
'DQVFHUWDLQVFDVQRXVQ¶DYRQVSDVSXUpDOLVHUSOXVLHXUVIRLVOHVPHVXUHVDYHFGHV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͳͷ
GRQQpHVILDEOHVFHTXLFRQGXLWjODPHVXUHG¶pFDUWVW\SHVQRQUHSUpVHQWDWLIVFHTXL
H[SOLTXHO¶DEVHQFHGH(60GDQVOHWDEOHDX
3RXU FKDTXH H[WUDLW WHVWp XQH JDPPH GH FULEODJH HVW WRXW G¶DERUG WHVWpH DYHF OHV
FRQFHQWUDWLRQVVXLYDQWHV
JPOJPOJPOJPOHWJPO
,PDJHVHW'LVSRVLWLRQGHVGLIIpUHQWHVFRQFHQWUDWLRQVG¶H[WUDLWVHQDOFDORwGHV
WRWDX[GDQVODSODTXH
5pVXOWDWV
/HV H[WUDLWV DOFDORwGLTXHV LVVXV GHV IHXLOOHV GHV pFRUFHV HW UDFLQHV GH OD
SODQWH j GLIIpUHQWHV FRQFHQWUDWLRQV RQW pWp WHVWpHV VXU OHV FHOOXOHV 0&) DILQ
G¶pWXGLHUOHXUDFWLYLWpSUROLIpUDWLYH/HVUpVXOWDWVVRQWFRQVLJQpVGDQVOHVWDEOHDX[
j
3RXUGHVUDLVRQVGHIDFLOLWpGHOHFWXUHQRXVSUpVHQWRQVFLDSUqVOHVWDEOHDX[
DYHF OHV PR\HQQHV HW OHV pFDUWV W\SHV OHV WDEOHDX[ FRPSOHWV DYHF WRXWHV OHV
PHVXUHVHIIHFWXpHVVRQWGRQQpVHQDQQH[H
/H VHXLO G¶DFWLYLWp DQWLWXPRUDOH JpQpUDOHPHQW DGPLV SRXU FH WHVW HVW GH
JPO /D UpIpUHQFH TXH QRXV SUHQRQV HVW OH WDPR[LIqQH TXL GDQV OHV PrPHV
FRQGLWLRQVVXUFHPrPHWHVWUpDOLVpDXODERUDWRLUHSRVVqGHXQH&,GH
/HVH[WUDLWVG¶DOFDORwGHVWRWDX[LVVXVGHVIHXLOOHVGH1ODWLIROLD
6P
3RXUVLPSOLILHUOHVWDEOHDX[QRXVDYRQVXWLOLVpOHVDEUpYLDWLRQVVXLYDQWHV
).DH[WUDLWGHVIHXLOOHVGH.DQDGMLJXLOD
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͳ
).LH[WUDLWGHVIHXLOOHVGH.LWD
)/IH[WUDLWGHVIHXLOOHVGH/DILDERXJRX
)/VH[WUDLWGHVIHXLOOHVGH/DVVD
).RH[WUDLWGHVIHXLOOHVGH.RXORXED
7DEOHDX([WUDLWGHVDOFDORwGHVWRWDX[GHVIHXLOOHVGH.DQDGMLJXLOD
).D 3RXUFHQWDJHG¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
0R\HQQHV
6(0
&,).D JPO
7DEOHDX([WUDLWGHVDOFDORwGHVWRWDX[GHVIHXLOOHVGH.LWD
).L 3RXUFHQWDJHG¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
0R\HQQHV
6(0
&,).L JPO
7DEOHDX([WUDLWGHVDOFDORwGHVWRWDX[GHVIHXLOOHVGH/DILDERXJRX
)/I 3RXUFHQWDJHG¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
0R\HQQHV
6(0
&,)/I JPO
7DEOHDX([WUDLWGHVDOFDORwGHVWRWDX[GHVIHXLOOHVGH/DVVD
)/V 3RXUFHQWDJHG¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
0R\HQQHV
6(0
&,)/V JPO
7DEOHDX([WUDLWGHVDOFDORwGHVWRWDX[GHVIHXLOOHVGH.RXORXED
).R 3RXUFHQWDJHG¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
0R\HQQHV
6(0
&,).R JPO
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͳ
/HVH[WUDLWVG¶DOFDORwGHVWRWDX[LVVXVGHVpFRUFHVGH1ODWLIROLD
6P
3RXUVLPSOLILHUOHVWDEOHDX[QRXVDYRQVXWLOLVpOHVDEUpYLDWLRQVVXLYDQWHV
(.DH[WUDLWGHVpFRUFHVGH.DQDGMLJXLOD
(/IH[WUDLWGHVpFRUFHVGH/DILDERXJRX
(/VH[WUDLWGHVpFRUFHVGH/DVVD
(.RH[WUDLWGHVpFRUFHVGH.RXORXED
7DEOHDX([WUDLWGHVDOFDORwGHVWRWDX[GHVpFRUFHVGH.DQDGMLJXLOD
(.D 3RXUFHQWDJHG¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
0R\HQQHV
6(0
&,(.D JPO
7DEOHDX([WUDLWGHVDOFDORwGHVWRWDX[GHVpFRUFHVGH/DILDERXJRX
(/I 3RXUFHQWDJHG¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
0R\HQQHV
6(0
&,(/I JPO
7DEOHDX([WUDLWGHVDOFDORwGHVWRWDX[GHVpFRUFHVGH/DVVD
(/V 3RXUFHQWDJHG¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
0R\HQQHV
6(0
&,(/V JPO
7DEOHDX([WUDLWGHVDOFDORwGHVWRWDX[GHVpFRUFHVGH.RXORXED
(.R 3RXFHQWDJHG¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
0R\HQQHV
6(0
&,(.R JPO
/HVH[WUDLWVG¶DOFDORwGHVWRWDX[LVVXVGHVUDFLQHVGH1ODWLIROLD
6P
3RXUVLPSOLILHUOHVWDEOHDX[QRXVDYRQVXWLOLVpOHVDEUpYLDWLRQVVXLYDQWHV
5.DH[WUDLWGHVUDFLQHVGH.DQDGMLJXLOD
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͳͺ
5/IH[WUDLWGHVUDFLQHVGH/DILDERXJRX
5/VH[WUDLWGHVUDFLQHVGH/DVVD
5.RH[WUDLWGHVUDFLQHVGH.RXORXED
7DEOHDX([WUDLWGHVDOFDORwGHVWRWDX[GHVUDFLQHVGH.DQDGMLJXLOD
5.D 3RXUFHQWDJHG¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
0R\HQQHV
6(0
&,5.D JPO
7DEOHDX([WUDLWGHVDOFDORwGHVWRWDX[GHVUDFLQHVGH/DILDERXJRX
5/I 3RXUFHQWDJHG¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
0R\HQQHV
6(0
&,5/I JPO
7DEOHDX([WUDLWGHVDOFDORwGHVWRWDX[GHVUDFLQHVGH/DVVD
5/V 3RXUFHQWDJHG¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
0R\HQQHV
6(0
&,5/V JPO
7DEOHDX([WUDLWGHVDOFDORwGHVWRWDX[GHVUDFLQHVGH.RXORXED
5.R 3RXUFHQWDJHG¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
0R\HQQHV
6(0
&,5.R JPO
$QDO\VHHWGLVFXVVLRQV
&RPPH QRXV O¶DYRQV pYRTXp SUpFpGHPPHQW LO HVW DGPLV TX¶XQH DFWLYLWp
DQWLSUROLIpUDWLYH LQWpUHVVDQWH GRLW rWUH LQIpULHXUH j OD FRQFHQWUDWLRQ JPO 3OXV OD
YDOHXUGH&,HVWIDLEOHPHLOOHXUHHVWO¶DFWLYLWpDQWLWXPRUDOH
/H JUDSKLTXH UHSUpVHQWH OD &, REWHQXH SRXU FKDFXQ GHV VLWHV HQ IRQFWLRQ GHV
RUJDQHVVDXISRXU.LWDGRQWQRXVQHGLVSRVRQVTXHGHVIHXLOOHV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳͳͻ
9DOHXUV&,
ϭϮϬ
ϭϬϬ
ϴϬ
ϲϬ &,25*$1(6'(
1/$7,)2/,$60)(8,//(6
&,25*$1(6'(
ϰϬ 1/$7,)2/,$60(&25&(6
&,25*$1(6'(
1/$7,)2/,$605$&,1(6
ϮϬ
Ϭ 6LWHV
*UDSKLTXH(YROXWLRQFRPSDUDWLYH&,GHVH[WUDLWVG¶DOFDORwGHVWRWDX[GHVWURLV
RUJDQHVGH1ODWLIROLD6P
'¶XQH PDQLqUH JpQpUDOH OHV H[WUDLWV G¶DOFDORwGHV WRWDX[ LVVXV GHV IHXLOOHV QH
UHSUpVHQWHQW TX¶XQH WUqV IDLEOH DFWLYLWp DQWLWXPRUDOH 6HXOV OHV H[WUDLWV GH ).R DYHF
XQH &, GH JPO RQW SURGXLW XQ UpVXOWDW HQFRXUDJHDQW FRQWUDLUHPHQW j ).D
)/I)/VHW).LROHVYDOHXUVGH&,VRQWWUqVVXSpULHXUHVjJPO
/HV H[WUDLWV GH UDFLQHV SUpVHQWHQW DXVVL GH ERQV UpVXOWDWV WRXWHIRLV PRLQV
VSHFWDFXODLUHVTXHGDQVOHFDVGHVpFRUFHVDYHFGHV&,LQIpULHXUHVjJPO
VDXI SRXU /DILDERXJRX GRQW OD YDOHXU HVW GH JPO /¶DFWLYLWp GHV H[WUDLWV GH
UDFLQHVVHPEOHSOXV©OLQpDLUHªTXHSRXUOHVDXWUHVRUJDQHVGHODSODQWH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳʹͲ
ϭϮϬ
ϭϬϬ
ϴϬ
ϲϬ
ϰϬ
ϮϬ
Ϭ
й/ŶŚŝďŝƚŝŽŶ&ĞƵŝůůĞƐ й/ŶŚŝďŝƚŝŽŶĐŽƌĐĞƐ й/ŶŚŝďŝƚŝŽŶZĂĐŝŶĞƐ
*UDSKLTXH(YROXWLRQGXG¶LQKLELWLRQHQIRQFWLRQGHVH[WUDLWVG¶DOFDORwGHV
WRWDX[GHVGLIIpUHQWVRUJDQHVGH1ODWLIROLD6PWHVWpVVXUOHVFHOOXOHV0&)
&RPPH O¶LQGLTXH OH JUDSKLTXH TXL SUpVHQWH XQH PR\HQQH GHV SRXUFHQWDJHV
G¶LQKLELWLRQGHVFHOOXOHV0&)REWHQXVSRXUFKDFXQGHVRUJDQHVGHODSODQWHVXUOHV
SULQFLSDX[VLWHVGHUpFROWHOHVpFRUFHVHWOHVUDFLQHVVRQWOHVRUJDQHVSUpVHQWDQW
OHPHLOOHXUSRWHQWLHO
&RQFOXVLRQ
6XU OHV H[WUDLWV WHVWpV RQW PRQWUp GHV &, LQIpULHXUHV j JPO 6L OHV
H[WUDLWV GH IHXLOOHV GRQQHQW JOREDOHPHQW GHV UpVXOWDWV GpFHYDQWV OHV H[WUDLWV GH
UDFLQHV HW VXUWRXW G¶pFRUFHV SUpVHQWHQW GHV DFWLYLWpV LQWpUHVVDQWHV /HV H[WUDLWV
G¶pFRUFHVGH.DQDGMLJXLODHWGH/DILDERXJRXRQWGHV&,LQIpULHXUHVjJPOFH
TXL QpFHVVLWHUD GRQF GH UpDOLVHU G¶DXWUHV WHVWV DYHF GHV JDPPHV GH FRQFHQWUDWLRQ
SOXVIDLEOHV/HVH[WUDLWVGHVVLWHVOHVSOXVLQWpUHVVDQWV5/V5.D5.R(.D(/I
SRXUUDLHQW GRQF rWUH IUDFWLRQQpV DILQ G¶LGHQWLILHU OH RX OHV PROpFXOHV G¶LQWpUrWV
JpQpUDQWO¶DFWLYLWpREVHUYpH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳʹͳ
$&7,9,7($17$/*,48(
*pQpUDOLWpV
/H WUDLWHPHQW GH OD GRXOHXU HVW XQ SUREOqPH >@ GH VDQWp SXEOLTXH PDMHXUH
DYHFSRXUOHVVHXOVFDVGHOD)UDQFHPLOOLRQVGHSHUVRQQHVVRXIIUDQWGHGRXOHXU
FKURQLTXH /D UHFKHUFKH GH QRXYHDX[ SURFpGpV DQWDOJLTXHV GDQV OH GRPDLQH GH OD
GRXOHXUHWSOXVSDUWLFXOLqUHPHQWODGRXOHXUFKURQLTXHHVWWRXMRXUVG¶DFWXDOLWp>@6L
GHV SURJUqV FRQVLGpUDEOHV RQW pWp UpDOLVpV DX FRXUV GHV YLQJW GHUQLqUHV DQQpHV GX
IDLW G¶XQH PHLOOHXUH FRQQDLVVDQFH GH OD QHXURSK\VLRORJLH HW GX PpFDQLVPH GH OD
GRXOHXU QRWDPPHQW JUkFH j OD GpFRXYHUWH GHV RSLRwGHV HW GHV FDQQDELQRwGHV
HQGRJqQHVHWGHO¶LPSOLFDWLRQGH ODJOLHODUHFKHUFKHGH QRXYHDX[DQWDOJLTXHVSOXV
HIILFDFHVHWLQGXLVDQWPRLQVG¶HIIHWVVHFRQGDLUHVUHVWHXQHQMHXPDMHXU
1RXV SRXYRQV GpILQLU OD GRXOHXU FRPPH OD VHQVDWLRQ UHVVHQWLH SDU XQ
RUJDQLVPH GRQW OH V\VWqPH QHUYHX[ GpWHFWH XQ VWLPXOXV QRFLFHSWLI >@ /D
GRXOHXUFRUUHVSRQGjXQVLJQDOG¶DODUPHGHO¶RUJDQLVPHSRXUWUDGXLUHXQHDJUHVVLRQ
H[WpULHXUH TXL PHW HQ FDXVH VRQ LQWpJULWp SK\VLTXH 6HORQ OHV UDSSRUWV GH O¶,$63
,QWHUQDWLRQDO $VVRFLDWLRQ IRU WKH 6WXG\ RI 3DLQ OD GRXOHXU HVW XQH H[SpULHQFH
VHQVRULHOOH HW pPRWLRQQHOOH GpVDJUpDEOH OLpH j GHV OpVLRQV WLVVXODLUHV UpHOOHV RX
SRWHQWLHOOHVRXGpFULWHVHQWHUPHVGHWHOOHVOpVLRQV>@
/D FRPSRVDQWH pPRWLRQQHOOH SDUWLFLSH j OD JHQqVH GH OD GRXOHXU /D GRXOHXU QH
VHOLPLWHGRQFSDVjODSHUFHSWLRQG¶XQHVLPSOHVHQVDWLRQ&HTXLWUDGXLWOHFDUDFWqUH
VXEMHFWLI GH WRXWH SHUFHSWLRQ GRXORXUHXVH TXL HVW PRGXOpH SDU OH FRQWH[WH GDQV
OHTXHO HOOH LQWHUYLHQW /D GXUpH G¶pYROXWLRQ SHUPHW GH GLVWLQJXHU GHX[ VRUWHV GH
GRXOHXUjVDYRLUDLJXs©VLJQDOG¶DODUPHªHWFKURQLTXH©GRXOHXUPDODGLHª
¾ /DGRXOHXUDLJXsHVWXQV\PSW{PHTXLDLGHDXGLDJQRVWLFHWTXLJpQpUDOHPHQW
GpFURvWHWGLVSDUDvWORUVTX¶XQWUDLWHPHQWHVWLQVWLWXp/DGRXOHXUDLJXsGRLWrWUH
WUDLWpHGqVORUVTXHOHVLJQDOG¶DODUPHjpWpSHUoX
¾ /DGRXOHXUFKURQLTXHHVWXQHGRXOHXUTXLpYROXHHWGXUHGHSXLVjPRLV
/DSHUFHSWLRQGHODGRXOHXUSHXWrWUHDXJPHQWpHRXGLPLQXpHSDUO¶DGPLQLVWUDWLRQ
GHFHUWDLQVPpGLFDPHQWVHQIRQFWLRQGXW\SHGHGRXOHXUO¶pWDWSV\FKRORJLTXH
'HQRVMRXUVODGRXOHXUHVWFRQVLGpUpHFRPPHXQHDIIHFWLRQVSpFLILTXHHWSDUIRLV
PrPHFRPPHXQHXUJHQFHH[HPSOHFKH]OHVQRXUULVVRQVODFROLTXHQpSKUpWLTXH
3RXUOHWUDLWHPHQWGHODGRXOHXUO¶206GpILQLWWURLVSDOLHUVGHGRXOHXUDX[TXHOV
HOOHDVVRFLHGHVSULQFLSHVWKpUDSHXWLTXHV
3OXVGHGHVPpGLFDPHQWVXWLOLVpVDXMRXUG¶KXLVRQWG¶RULJLQHQDWXUHOOH'DQV
OHGRPDLQHGHVDQWDOJLTXHVQRXVSRXYRQVQRWDPPHQWFLWHUOD0RUSKLQHH[WUDLWHGX
SDYRWGRQWOHQRPDGRQQpQDLVVDQFHjWRXWHXQHFODVVHG¶DQDOJpVLTXHV,OH[LVWHXQ
SRWHQWLHO GH SOXV GH SODQWHV PpGLFLQDOHV SDUPL SOXV GH SODQWHV
VXSpULHXUHV >@ FRQVWLWXDQW XQH VRXUFH FRQVLGpUDEOH SRXU O¶LGHQWLILFDWLRQ GH
QRXYHDX[ DQWDOJLTXHV SRWHQWLHOV $FWXHOOHPHQW VHXOHV GH FHV SODQWHV RQW IDLW
O¶REMHWG¶LQYHVWLJDWLRQVVFLHQWLILTXHVSOXVRXPRLQVSRXVVpHV,OHVWIRUWSUREDEOHTXH
OHVUHVWDQWUpVHUYHQWHQFRUHGHQRPEUHXVHVGpFRXYHUWHVGXSOXVJUDQGLQWpUrW
$O¶LPDJHGHODPRUSKLQHODIDPLOOHGHVDOFDORwGHVVHPEOHrWUHXQHVRXUFHSULYLOpJLpH
GHPROpFXOHVDQWDOJLTXHV
/DFROODERUDWLRQGHQRVpTXLSHVGHUHFKHUFKHDX0DOLHWHQ)UDQFHpWDEOLHGHSXLV
GHORQJXHVDQQpHVDWRXMRXUVpWpFHQWUpHVVXUO¶pYDOXDWLRQGHVDFWLYLWpVELRORJLTXHV
DQWLEDFWpULHQV DQWLIRQJLTXHV DQWLWXVVLI DQWLFDQFpUHX[« G¶H[WUDLWV GH SODQWHV
$IULFDLQHV 1RXV DYRQV FRQVWDWp G¶XQH SDUW O¶DFWLYLWp ELRORJLTXH UpHOOH GH FHUWDLQHV
SODQWHVHWG¶DXWUHSDUWOHVSUREOqPHVGUDPDWLTXHVG¶DFFqVDX[VRLQVG¶XQHSDUWLHGH
OD SRSXODWLRQ PDOLHQQH /D SULVH HQ FKDUJH GH OD GRXOHXU HVW QRWDPPHQW XQ DVSHFW
HQFRUHSHXGpYHORSSpHQ$IULTXH
(QOHODERUDWRLUHGH&KLPLHGHV+pWpURF\FOHVHWGHV*OXFLGHVDSDUWLFLSpD
OD FUpDWLRQ G¶XQH SODWHIRUPH PXOWLGLVFLSOLQDLUH UHJURXSDQW GHV pTXLSHV VSpFLDOLVpHV
GDQV OH GRPDLQH GH OD GRXOHXU DOODQW GH OD V\QWKqVH RX GH OD GpFRXYHUWH GH
PROpFXOHVG¶DSSOLFDWLRQVXUO¶KRPPH©$QDOJHVLD3DUWQHUVKLSª
&RPPH QRXV O¶DYRQV YX ORUV GH O¶HQTXrWH HWKQRERWDQLTXH 1 ODWLIROLD 6P HVW
XWLOLVpHSRXUWUDLWHUOHVPDX[GHYHQWUHHWSRXUUDLWGRQFrWUHODVRXUFHGHPROpFXOHV
SRVVpGDQW XQH DFWLYLWp DQWDOJLTXH &¶HVW SRXUTXRL QRXV DYRQV VRXKDLWp pYDOXHU
O¶DFWLYLWpDQWDOJLTXHGHVDOFDORwGHVWRWDX[H[WUDLWVGHFHWWHSODQWH
0DWpULHOHWPpWKRGHV
3RXU pYDOXHU O¶DFWLYLWp DQDOJpVLTXH QRXV DYRQV XWLOLVp OH WHVW GLW GH
©.267(5ª >@ TXL FRQVLVWH j GpWHUPLQHU XQH pYHQWXHOOH SURWHFWLRQ YLVjYLV
GHV FUDPSHV LQGXLWHV FKH] OHV VRXULV DSUqV LQMHFWLRQ LQWUDSpULWRQpDOH GH O¶DFLGH
DFpWLTXHj
3RXU FHWWH pWXGH O¶DFLGH DFpWLTXH DGPLQLVWUp FKH] OD VRXULV SURYRTXH XQH
GRXOHXUDLJHTXLVHWUDGXLWSDUGHVFRQWUDFWLRQVYHQWUDOHVDSSHOpHV©FUDPSHVª/D
PHVXUH GH O¶DFWLYLWp DQWDOJLTXH G¶XQ FRPSRVp FRQVLVWH j FRPSDUHU OH QRPEUH GH
FUDPSHVG¶XQHSRSXODWLRQGHVRXULVD\DQWLQJpUpFHFRPSRVpHQFRPSDUDLVRQG¶XQH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳʹ͵
SRSXODWLRQ WpPRLQ D\DQW VHXOHPHQW LQJpUp OH ©YpKLFXOHª VROYDQW /¶HIILFDFLWp GX
WHVW HVW FRQWU{OpH HQ DGPLQLVWUDQW j XQ ORW GH VRXULV DX FRXUV GH FHV PrPHV
H[SpULHQFHVGHODPRUSKLQHVHORQOHPrPHSURWRFROH
0DWpULHO
¾ 0DWpULHOYpJpWDO
/H PDWpULHO YpJpWDO HVW FRQVWLWXp GHV H[WUDLWV G¶DOFDORwGHV WRWDX[ LVVXV
GHVIHXLOOHVpFRUFHVHWUDFLQHVGH1ODWLIROLD6P
¾ 0DWpULHODQLPDO
1RXV DYRQV WUDYDLOOp VXU GHV VRXULV DGXOWHV PkOHV EODQFKHV GH SRLGV PR\HQ
J SURYHQDQW GH O¶DQLPDOHULH GH OD )DFXOWp GH 0pGHFLQH GH O¶8QLYHUVLWp
G¶$XYHUJQHGH&OHUPRQW)HUUDQG
/HV VRXULV pWDLHQW PDLQWHQXHV GDQV OHV PrPHV FRQGLWLRQV GH WHPSpUDWXUH
WHPSpUDWXUHGXODERUDWRLUH&WRXWHQD\DQWXQDFFqVOLEUHjO¶HDXHWj
ODQRXUULWXUH>@
3RXU OH EHVRLQ GX WHVW QRXV DYRQV XWLOLVp GHV ORWV GH VRXULV GRQW OD
SUHPLqUH VRXULV VHUYDQW GH YpKLFXOH HW OHV DXWUHV GHV H[WUDLWV G¶DOFDORwGHV
WRWDX[GHVWURLVRUJDQHVGH1ODWLIROLD6P
1RXV DYRQV WUDYDLOOp GDQV OH ODERUDWRLUH GX ©3{OH 1HXURVFLHQFHVª GH OD
)DFXOWpGH0pGHFLQHGHO¶8QLYHUVLWpG¶$XYHUJQHj&OHUPRQW)HUUDQG
,PDJH'LVSRVLWLRQG¶XQORWGHTXDWUHVRXULVSRXUOHWHVWGHWRUVLRQ
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳʹͶ
0pWKRGHV
¾ 3UpSDUDWLRQGHVH[WUDLWV
1RXV DYRQV SHVp PJ SRXU FKDTXH H[WUDLW G¶DOFDORwGHV WRWDX[ LVVXV GHV
IHXLOOHVpFRUFHVHWUDFLQHVGH1ODWLIROLD6P
3RXU OHV IHXLOOHV QRXV DYRQV VLWHV .DQDGMLJXLOD .RXORXED .LWD
/DILDERXJRXHW/DVVDVLWHVSRXUOHVpFRUFHV.DQDGMLJXLOD/DILDERXJRXHW
/DVVDHWVLWHVSRXUOHVUDFLQHV.DQDGMLJXLOD.RXORXEDHW/DILDERXJRX
1RXV DYRQV SUpSDUp HQ WRXW pFKDQWLOORQV GRQW H[WUDLWV G¶DOFDORwGHV
WRWDX[SRXUOHWHVWWpPRLQYpKLFXOHHWSURGXLWUpIpUDQWODPRUSKLQH
¾ (WXGHGHO¶DFWLYLWpDQWDOJLTXH
/HVVRXULVVRQWUpSDUWLHVHQSOXVLHXUVORWVGHVRXULVFKDFXQ
6RXULVVRXULVWpPRLQUHFHYDQWOHYpKLFXOHVROYDQWGHVROXELOLVDWLRQGHV
H[WUDLWV'062(DXGLVWLOOpHSDUYRLHLQWUDJDVWULTXHjODGRVH
GHPJNJ2ULOQRXVIDXWSRXUXQHGLOXWLRQGHPOPJVRLWXQHGRVHGH
OJ
6RXULVVRXULVUHFHYDQWUHVSHFWLYHPHQWSDUYRLHLQWUDJDVWULTXHOHV
H[WUDLWV GHV IHXLOOHV pFRUFHV UDFLQHV GH OD SODQWH HW PRUSKLQH GH IDoRQ
DOWHUQpHjODGRVHGHPJNJHQUDLVRQGHOJGHSRLGVFRUSRUHO
8QYROXPHGHOG¶XQHVROXWLRQ GHFRPSRVpVWHVWpVRXGHYpKLFXOHVRQW
LQWURGXLWVGDQVODVRXULVSDUYRLHRUDOH
PLQXWHV DSUqV FHWWH LQJHVWLRQ RQ LQMHFWH SDU YRLH LQWUDSpULWRQpDOH O
G¶DFLGHDFpWLTXHjSRXUFKDTXHVRXULV/¶LQMHFWLRQGHO¶DFLGHDFpWLTXHSURYRTXH
XQHGRXOHXUDLJXsFKH]ODVRXULVTXLVHFDUDFWpULVHSDUGHVPRXYHPHQWVG¶pWLUHPHQW
GHVSDWWHVSRVWpULHXUHVHWXQHWRUVLRQGHODPXVFXODWXUHGRUVRDEGRPLQDOH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳʹͷ
,PDJH,PDJHG¶XQHVRXULVTXLFUDPSHPRXYHPHQWG¶pWLUHPHQW
/HV WRUVLRQV LQGXLWHV FUDPSHV FKH] OD VRXULV VRQW FRPSWDELOLVpHV SDU VpULHV GH
PLQXWHVVXUXQHSpULRGHGHPLQXWHV
/¶DFWLYLWp DQWDOJLTXH HVW H[SULPpH HQ SRXUFHQWDJH G¶LQKLELWLRQ GH OD GRXOHXU RX
SRXUFHQWDJHGHSURWHFWLRQSRXUFKDTXHORWWUDLWpVXLYDQWODIRUPXOH
5pVXOWDWV
7DEOHDX1RPEUHGHFUDPSHVFRPSWDELOLVpHVGDQVOHVVLWHVGHIHXLOOHV
7DEOHDX1RPEUHGHFUDPSHVFRPSWDELOLVpHVGDQVOHVVLWHVG¶pFRUFHV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳʹ
7DEOHDX1RPEUHGHFUDPSHVFRPSWDELOLVpHVGDQVOHVVLWHVGHUDFLQHV
7DEOHDX 0R\HQQH GH FUDPSHV HQ IRQFWLRQ GX WHPSV HW G¶H[WUDLWV SRXU
FKDTXHORWGHVRXULV
ZĂĐŝŶĞƐ<ŽƵůŽƵďĂ
DŽLJĞŶŶĞƐ ϲ͕Ϯϵ ϭϯ͕ϰϯ ϭϯ͕ϳϭ ϭϬ͕ϱϳ ϴ͕ϱϳ ϱϮ͕ϱϳ Ͳϱ͕ϴϴ
^D ϭ͕ϱϭ Ϯ͕Ϯϲ ϭ͕ϵϴ ϭ͕ϳϲ ϭ͕ϰϭ ϳ͕ϵϮ
ZĂĐŝŶĞƐ>ĂĨŝĂďŽƵŐŽƵ
DŽLJĞŶŶĞƐ ϱ͕ϬϬ ϭϮ͕Ϯϵ ϴ͕ϰϯ ϳ͕Ϯϵ ϱ͕ϬϬ ϯϴ͕ϬϬ Ϯϯ͕ϰϲ
^D ϭ͕ϯϴ ϭ͕ϯϮ ϭ͕Ϯϯ ϭ͕Ϭϲ ϭ͕Ϯϳ ϰ͕ϳϵ
ZĂĐŝŶĞƐ<ĂŶĂĚũŝŐƵŝůĂ
DŽLJĞŶŶĞƐ ϲ͕ϱϬ ϭϯ͕Ϯϱ ϭϬ͕ϲϯ ϵ͕ϯϴ ϲ͕ϯϴ ϰϲ͕ϭϯ ϳ͕ϭϬ
^D Ϭ͕ϳϯ ϭ͕Ϯϭ ϭ͕ϰϰ ϭ͕ϯϴ ϭ͕Ϯϵ ϰ͕ϳϭ
&ĞƵŝůůĞƐ>ĂĨŝĂďŽƵŐŽƵ
DŽLJĞŶŶĞƐ ϰ͕ϯϯ ϭϯ͕ϬϬ ϭϮ͕ϭϳ ϴ͕ϱϬ ϱ͕ϴϯ ϰϯ͕ϴϯ ϭϭ͕ϳϮ
^D Ϭ͕ϵϱ Ϯ͕Ϭϴ ϭ͕ϴϳ ϭ͕Ϯϲ ϭ͕ϯϱ ϲ͕ϲϯ
&ĞƵŝůůĞƐ<ĂŶĂĚũŝŐƵŝůĂ
DŽLJĞŶŶĞƐ ϲ͕ϭϰ ϭϯ͕Ϯϵ ϭϬ͕ϱϳ ϳ͕ϳϭ ϳ͕ϴϲ ϰϱ͕ϱϳ ϴ͕Ϯϭ
^D ϭ͕Ϯϴ ϭ͕ϳϰ ϭ͕ϰϯ ϭ͕ϲϳ ϭ͕ϯϬ ϲ͕ϱϭ
&ĞƵŝůůĞƐ<ŽƵůŽƵďĂ
DŽLJĞŶŶĞƐ ϲ͕ϭϯ ϵ͕ϳϱ ϴ͕ϱϬ ϲ͕ϴϴ ϱ͕ϱϬ ϯϲ͕ϳϱ Ϯϱ͕ϵϴ
^D ϭ͕ϰϯ ϭ͕ϵϬ ϭ͕Ϯϰ ϭ͕ϰϯ ϭ͕ϰϰ ϲ͕ϱϴ
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳʹ
&ĞƵŝůůĞƐ>ĂƐƐĂ
DŽLJĞŶŶĞƐ ϯ͕Ϯϱ ϵ͕ϱϬ ϴ͕ϱϬ ϳ͕ϬϬ ϲ͕ϳϱ ϯϱ͕ϬϬ Ϯϵ͕ϱϭ
^D Ϯ͕ϭϰ Ϯ͕ϭϴ Ϯ͕Ϭϲ ϭ͕ϳϴ Ϯ͕ϭϰ ϳ͕ϰϯ
&ĞƵŝůůĞƐ<ŝƚĂ
DŽLJĞŶŶĞƐ ϱ͕ϴϴ ϭϮ͕ϳϱ ϭϬ͕ϭϯ ϳ͕Ϯϱ ϳ͕ϭϯ ϰϯ͕ϭϯ ϭϯ͕ϭϯ
^D ϭ͕ϱϳ Ϯ͕ϵϳ Ϯ͕ϯϱ ϭ͕ϯϲ ϭ͕ϰϯ ϴ͕ϴϮ
ĐŽƌĐĞƐ<ĂŶĂĚũŝŐƵŝůĂ
DŽLJĞŶŶĞƐ ϲ͕ϰϯ ϭϭ͕ϭϰ ϭϬ͕Ϯϵ ϳ͕ϱϳ ϱ͕ϱϳ ϰϭ͕ϬϬ ϭϳ͕ϰϮ
^D Ϯ͕Ϭϭ Ϯ͕ϯϳ Ϯ͕ϱϵ ϭ͕ϲϵ ϭ͕ϯϮ ϵ͕ϱϲ
ĐŽƌĐĞƐ>ĂĨŝĂďŽƵŐŽƵ
DŽLJĞŶŶĞƐ ϰ͕ϯϯ ϭϮ͕ϲϳ ϭϭ͕ϬϬ ϴ͕ϯϯ ϱ͕ϱϬ ϰϭ͕ϴϯ ϭϱ͕ϳϰ
^D ϭ͕ϯϴ ϭ͕ϵϴ ϭ͕ϯϮ Ϭ͕ϵϱ ϭ͕ϯϭ ϱ͕ϬϬ
ĐŽƌĐĞƐ>ĂƐƐĂ
DŽLJĞŶŶĞƐ ϳ͕ϳϱ ϭϱ͕ϴϴ ϭϰ͕ϲϯ ϵ͕ϳϱ ϵ͕ϯϴ ϱϳ͕ϯϴ Ͳϭϱ͕ϱϲ
^D ϭ͕ϯϲ ϭ͕ϱϭ ϭ͕ϬϬ ϭ͕ϯϵ ϭ͕ϲϬ ϱ͕Ϯϴ
DŽƌƉŚŝŶĞ
DŽLJĞŶŶĞƐ Ϭ͕ϬϬ Ϭ͕ϱϬ Ϭ͕ϲϯ Ϭ͕ϯϴ Ϭ͕ϬϬ ϭ͕ϱϬ ϵϲ͕ϵϴ
^D Ϭ͕ϬϬ Ϭ͕ϯϴ Ϭ͕Ϯϲ Ϭ͕ϭϴ Ϭ͕ϬϬ Ϭ͕ϱϳ
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳʹͺ
$QDO\VHHWGLVFXVVLRQV
/RUV GH FHV WHVWV O¶DFWLYLWp REVHUYpH SRXU OD PRUSKLQH G¶LQKLELWLRQ HVW
FRKpUHQWHHWYDOLGHGRQFFHVHVVDLV
(IIHWGHVH[WUDLWVG
$7GHVUDFLQHVGH1ODWLRIOLDVXUOHWHVWGHVFUDPSHV
DEGRPLQDOHVFKH]ODVRXULV
ϯϱ͕ϬϬ
EŽŵďƌĞĚĞĐƌĂŵƉĞƐĂďĚŽŵŝŶĂůĞƐ
ϯϬ͕ϬϬ sĠŚŝĐƵůĞ
Z<Ž
Z>Ĩ
Ϯϱ͕ϬϬ
Z<Ă
DŽƌƉŚŝŶĞ
ϮϬ͕ϬϬ
ϭϱ͕ϬϬ
ϭϬ͕ϬϬ
ϱ͕ϬϬ
Ϭ͕ϬϬ
ϬΖͲϱΖ ϱΖͲϭϬΖ ϭϬΖͲϭϱΖ ϭϱΖͲϮϬΖ ϮϬΖͲϮϱΖ
dĞŵƉƐ;ŵŝŶͿ
EŽŵďƌĞƚŽƚĂůĚĞĐƌĂŵƉĞƐƐƵƌϮϱŵŝŶƵƚĞƐ
;ƌĂĐŝŶĞƐͿ
ϭϮϬ͕ϬϬ
ϭϬϬ͕ϬϬ
EŽŵďƌĞĚĞĐƌĂŵƉĞƐ
ϴϬ͕ϬϬ sĠŚŝĐƵůĞ
Z<Ž
Z>Ĩ
ϲϬ͕ϬϬ
Z<Ă
DŽƌƉŚŝŶĞ
ϰϬ͕ϬϬ
ϮϬ͕ϬϬ
Ϭ͕ϬϬ
*UDSKLTXH1RPEUHGHFUDPSHVVXUPQSRXUOHVH[WUDLWVG¶$7GHUDFLQHVGH1
ODWLIROLDWHVWpV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳʹͻ
/HV H[WUDLWV GHV UDFLQHV GRQQHQW GHV UpVXOWDWV GLVSDUDWHV JUDSKLTXH 6L
SRXUOHVLWHGH/DILDERXJRXRQREVHUYHXQHLQKLELWLRQGHSUHVTXHOHVH[WUDLWVGH
.DQDGMLJXLOD HQWUDLQHQW XQH UpSRQVH PRGpUpH HW FHX[ GH .RXORXED LPSOLTXHQW XQH
DXJPHQWDWLRQ GX QRPEUH GH FUDPSHV /¶DFWLYLWp REVHUYpH SRXU OHV UDFLQHV GH
.RXORXED SRXUUDLW rWUH HQ DFFRUG DYHF OHV SUHVFULSWLRQV GHV WUDGLWKpUDSHXWHV GH
%DQGLDJDUDSRXUVRLJQHUODGRXOHXUYLVFpUDOH
ĨĨĞƚĚĞƐĞdžƚƌĂŝƚƐĚΖ͘dĚĞƐĨĞƵŝůůĞƐĚĞE͘ůĂƚŝĨŽůŝĂƐƵƌůĞƚĞƐƚĚĞƐ
ĐƌĂŵƉĞƐĂďĚŽŵŝŶĂůĞƐĐŚĞnjůĂƐŽƵƌŝƐ
ϯϱ͕ϬϬ sĠŚŝĐƵůĞ
EŽŵďƌĞĚĞĐƌĂŵƉĞƐĂďĚŽŵŝŶĂůĞƐ
&>Ĩ
ϯϬ͕ϬϬ &<Ă
&<Ž
Ϯϱ͕ϬϬ &>Ɛ
&<ŝ
ϮϬ͕ϬϬ DŽƌƉŚŝŶĞ
ϭϱ͕ϬϬ
ϭϬ͕ϬϬ
ϱ͕ϬϬ
Ϭ͕ϬϬ
ϬΖͲϱΖ ϱΖͲϭϬΖ ϭϬΖͲϭϱΖ ϭϱΖͲϮϬΖ ϮϬΖͲϮϱΖ
dĞŵƉƐ;ŵŝŶͿ
EŽŵďƌĞƚŽƚĂůĚĞĐƌĂŵƉĞƐƐƵƌϮϱŵŝŶƵƚĞƐ
;ĨĞƵŝůůĞƐͿ
ϭϮϬ͕ϬϬ
ϭϬϬ͕ϬϬ
sĠŚŝĐƵůĞ
EŽŵďƌĞĚĞĐƌĂŵƉĞƐ
ϴϬ͕ϬϬ &>Ĩ
&<Ă
&<Ž
ϲϬ͕ϬϬ &>Ɛ
&<ŝ
ϰϬ͕ϬϬ DŽƌƉŚŝŶĞ
ϮϬ͕ϬϬ
Ϭ͕ϬϬ
*UDSKLTXH1RPEUHGHFUDPSHVVXUPQSRXUOHVH[WUDLWVG¶$7GHIHXLOOHVGH1
ODWLIROLDWHVWpV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳ͵Ͳ
'DQV OH FDV GHV H[WUDLWV GH IHXLOOHV JUDSKLTXH O¶LQKLELWLRQ GH OD GRXOHXU D
pJDOHPHQW pWp REVHUYpH SRXU FKDTXH pFKDQWLOORQ PDLV DYHF XQH HIILFDFLWp LQpJDOH
HQWUHHWG¶LQKLELWLRQ'HX[VLWHVSUpVHQWHQWGHVH[WUDLWVSURPHWWHXUV/DVVD
G¶LQKLELWLRQ HW .RXORXED G¶LQKLELWLRQ 'DQV O¶HQTXrWH HWKQRERWDQLTXH
QRXVDYRQVYXTXHOHVWUDGLWKpUDSHXWHVSUHVFULYHQWSULQFLSDOHPHQWGHVGpFRFWLRQVGH
IHXLOOHVSRXUWUDLWHUOHVFpSKDOpHV
(IIHWGHVH[WUDLWVG
$7GHVpFRUFHVGH1ODWLIROLDVXUOHWHVWGHVFUDPSHV
DEGRPLQDOHVFKH]ODVRXULV
ϯϱ͕ϬϬ
sĠŚŝĐƵůĞ
EŽŵďƌĞĚĞĐƌĂŵƉĞƐĂďĚŽŵŝŶĂůĞƐ
<Ă
ϯϬ͕ϬϬ
>Ĩ
>Ɛ
Ϯϱ͕ϬϬ DŽƌƉŚŝŶĞ
ϮϬ͕ϬϬ
ϭϱ͕ϬϬ
ϭϬ͕ϬϬ
ϱ͕ϬϬ
Ϭ͕ϬϬ
ϬΖͲϱΖ ϱΖͲϭϬΖ ϭϬΖͲϭϱΖ ϭϱΖͲϮϬΖ ϮϬΖͲϮϱΖ
dĞŵƉƐ;ŵŝŶͿ
EŽŵďƌĞƚŽƚĂůĚĞĐƌĂŵƉĞƐƐƵƌϮϱŵŝŶƵƚĞƐ
;ĠĐŽƌĐĞƐͿ
ϭϰϬ͕ϬϬ
ϭϮϬ͕ϬϬ
EŽŵďƌĞĚĞĐƌĂŵƉĞƐ
ϭϬϬ͕ϬϬ sĠŚŝĐƵůĞ
<Ă
ϴϬ͕ϬϬ
>Ĩ
>Ɛ
ϲϬ͕ϬϬ
DŽƌƉŚŝŶĞ
ϰϬ͕ϬϬ
ϮϬ͕ϬϬ
Ϭ͕ϬϬ
*UDSKLTXH1RPEUHGHFUDPSHVVXUPQSRXUOHVH[WUDLWVG¶$7G¶pFRUFHVGH1
ODWLIROLDWHVWpV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳ͵ͳ
(Q FH TXL FRQFHUQH OHV H[WUDLWV G¶pFRUFHV JUDSKLTXH OHV UpVXOWDWV VRQW
FRQWUDVWpV VL XQH OpJqUH LQKLELWLRQ GH OD GRXOHXU G¶HQYLURQ HVW REVHUYpH SRXU
GHX[VLWHV/DILDERXJRXHW.DQDGMLJXLODO¶H[WUDLWGH/DVVDGRQQHXQUpVXOWDWRSSRVp
DYHFXQHDXJPHQWDWLRQDSSDUHQWHGHODGRXOHXUUHVVHQWLHSDUO¶DQLPDOGHO¶RUGUHGH
/HV pFRUFHV VRQW FHSHQGDQW SUHVFULWHV SRXU SUHQGUH HQ FKDUJH OHV GRXOHXUV
YLVFpUDOHV
&RQFOXVLRQ
(QILQ VL GHV GpGXFWLRQV GLUHFWHV QH SHXYHQW SDV rWUH IDLWHV HQWUH OHV
SUHVFULSWLRQVGHVWUDGLWKpUDSHXWHVHWOHVUpVXOWDWVGHQRVWHVWVHQUDLVRQGHODQDWXUH
GLIIpUHQWH GHV ERLVVRQV LQJpUpHV HW GH QRV H[WUDLWV LO IDXW FHSHQGDQW VRXOLJQHU
TX¶XQH DFWLYLWp DQWDOJLTXH UpHOOH GH FHV H[WUDLWV D ELHQ pWp REVHUYpH ,O SRXUUDLW rWUH
LQWpUHVVDQW ORUV G¶pWXGHV XOWpULHXUHV GH UpDOLVHU OHV GpFRFWpV VHORQ OH SURWRFROH
SUHVFULWSDUOHVWUDGLWKpUDSHXWHVHWG¶HQJDJHUGHVWHVWVFRPSDUDWLIV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳ͵ʹ
5()(5(1&(6
>@/DFURL[0³5HYHODQFHRIEUHDVWFDQFHUFHOOOLQHVDVPRGHOVIRUEUHDVWWXPRXUV
DQXSGDWH´GDQV%UHDVW&DQFHU5HVHDUFKDQG7UHDWPHQWYROS
>@6RXOH+'³$KXPDQFHOOOLQHIURPDSOHXUDOHIIXVLRQGHULYHGIURPDEUHDVW
FDUFLQRPD´GDQV-RXUQDORIWKH1DWLRQDO&DQFHU,QVWLWXWHYRO
S
>@/HYHQVRQ$6³0&)WKHILUVWKRUPRQHUHVSRQVLYHEUHDVWFDQFHUFHOOOLQH´
GDQV&DQFHU5HVHDUFKYROS
>@6$12*250$,*$$',$//2'³$FWLYLWpVDQDOJpVLTXHHW DQWL
LQIODPPDWRLUHGHVH[WUDLWVGH0D\WHQXVVHQHJDOHQVLV6WHUHRVSHUPXP
NXQWKLDQXPHW7ULFKLOLDHPHWLFDXWLOLVpHVGDQVOHWUDLWHPHQWWUDGLWLRQQHOGHV
G\VPpQRUUKpHVDX0DOL³3KDUP0pG7UDG$IU9RO;,9SS
>@(QMHX[PpGLFDX[GHVFDQFHUV>$UFKLYHV@YRLUVLWHGHO¶LQVHUP
>@%HORW$*URVFODXGH3%RVVDUG1-RXJOD(%HQKDPRX(5HYXH
G¶pSLGpPLRORJLHHWGHVDQWpSXEOLTXH
>@5RXVVHOHW07KqVHGH'RFWRUDWQ8)53KDUPDFLH8QLYHUVLWpGH7RXUV
>@/LJXHFRQWUHOHFDQFHUHQ)UDQFHUDSSRUWMXLQ
>@,QVWLWXWGH9HLOOH6DQLWDLUH%XOOHWLQ(SLGpPLRORJLH+HEGRPDGDLUH
>@6RXUFH,QVHUP>$UFKLYHV@
>@³%DLVVHGHO¶LQFLGHQFHGHVFDQFHUVGXVHLQHQWUHHWHQ)UDQFHXQ
SKpQRPqQHSDUDGR[DO³>$UFKLYHV@%XOOHWLQGXFDQFHU
>@%R\OHHW)HUOH\
>@%HUDO%UHDVW&DQFHUDQGKRUPRQHUHSODFHPHQWWKHUDS\LQWKHPLOOLRQZRPHQ
VWXG\/DQFHW
>@2UJDQLVDWLRQ0RQGLDOHGHOD6DQWp.36WHZDUW%HGLWRUVHGZRUOG
FDQFHUUHSRUW/\RQ/DUF3UHVVSS
>@*HUEHU%%UHDVW&DQFHU5HV7UHDW30,'
>@+DUDOG%&ROOHWW%9HQWDIULGGD9&RKHQ5*DOODFKHU'³6XUYH\RIFKURQLF
SDLQLQ(XURSH3UHYDOHQFHLPSDFWRQGDLO\OLIHDQGWUHDWPHQW³(XURSHDQ
-RXUQDORI3DLQ
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳ͵͵
>@0D[06WHZDUW:)³7KHPROHFXODUHSLGHPLRORJ\RISDLQDQHZGLVFLSOLQHIRU
GUXJGLVFRYHU\³1DWXUDO5HYLHZ'UXJ'LVFRYHU\
>@3HWHU-3³'HODGRXOHXU³(G4XDL9ROWDLUH3DULV
>@/H%UHWRQ'³$QWKURSRORJLHGHODGRXOHXU³(GLW0pWDLOOp3DULV
SDJHV
>@5HORX]DW5HW7KLROOHW-3³&RPEDWWUHODGRXOHXU³$QDJUDPPD(G
>@³/DSULVHHQFKDUJHGHODGRXOHXU³GDQV$QQ3KDUP)UPDUV9RO
QSS
>@5H\5³+LVWRLUHGHODGRXOHXU³(G/D'pFRXYHUWH3RFKHVFLHQFHVKXPDLQHV
HWVRFLDOHV
>@&2//,1()DFXOWpGH0pGHFLQH3LWLp6DOSrWULqUH-DQYLHU
>@'LDOOR'³(WKQRSKDUPDFRORJLFDOVXUYH\RIPHGLFLQDOSODQWVLQ0DOLDQG
SK\WRFKHPLFDOVWXG\RIIRXURIWKHP*OLQXVRSSRVLWLIROLXV$]RDFHDH
'LRVS\URVDE\VVLQLFD(EHQDFHDH(QWDGD$IULFDQD0LPRVDFHDH7ULFKLOLD
HPHWLFD0HOLDFHDH³7KqVHGH'RFWRUDWGH5HFKHUFKH)DFXOWpGHV6FLHQFHV
GHO¶8QLYHUVLWpGH/DXVDQQH/DXVDQQH6XLVVH
>@6RUR7<7UDRUp)6DNDQGH-³$FWLYLWpDQDOJpVLTXHGHO¶H[WUDLWDTXHX[GH
;LPHQLDDPHULFDQD/LQQp2ODFDFHDH³&5%LRORJLHV
>@%HQ0RXVVD$/DPVDRXUL-(OMDRXGL5&KHUUDK<$QVDU0=DKLGL$
7DRXILN-³6\QWKqVHHWpYDOXDWLRQGHO¶DFWLYLWpDQDOJpVLTXHGHVDU\O
K\GUR[\PpWK\OPpWK\O+GLK\GURS\ULGD]LQHRQHV³%LRORJLH 6DQWp
YROQ
>@/DURFKH0³/HVDQLPDX[GHODERUDWRLUHLQO¶H[SHUWLVHWR[LFRORJLTXHGHV
PpGLFDPHQWV³3DULV0DVVRQSS
>@/DURFKH+/HVDQLPDX[GHODERUDWRLUH(WKLTXHHWERQQHVSUDWLTXHV(G
0DVVRQSDUXWLRQ($1
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳ͵Ͷ
&21&/86,21*(1(5$/((73(563(&7,9(6
6L 1 ODWLIROLD 6P HVW XQH SODQWH PpGLFLQDOH WUqV XWLOLVpH HQ PpGHFLQH
WUDGLWLRQQHOOHSDUWLFXOLqUHPHQWDX0DOLHOOHGHPHXUHHQFRUHUHODWLYHPHQWSHXpWXGLpH
HWQHFRQQDLWSDVG¶DSSOLFDWLRQHQPpGHFLQHFRQYHQWLRQQHOOH
/¶HQTXrWHHWKQRERWDQLTXHUpDOLVpHDXSUqVGHVWUDGLWKpUDSHXWHVPDOLHQVQRXV
D SHUPLV GH FRQQDvWUH O¶XVDJH IUpTXHQW GH OD SODQWH SDU OHV SRSXODWLRQV UXUDOHV DILQ
GH UHPpGLHU GXUDEOHPHQW DX[ QRPEUHXVHV PDODGLHV HW LQIHFWLRQV DX[TXHOOHV HOOHV
VRQWH[SRVpHV&HWWHHQTXrWHDUpYpOpSOXVLHXUVXVDJHVQRQGpFULWVjFHMRXUGDQVOD
OLWWpUDWXUH FRPPH O¶XWLOLVDWLRQ GH GpFRFWpV GH UDFLQH SRXU OXWWHU FRQWUH OHV LQIHFWLRQV
RX OD SRXGUH GH IUXLW SRXU VRLJQHU OD WRX[ '¶XQH IDoRQ JpQpUDOH OHV UDFLQHV HW OHV
pFRUFHV GH FHWWH SODQWH VRQW XWLOLVpHV SRXU WUDLWHU OD GRXOHXU YLVFpUDOH HW OHV IHXLOOHV
SRXUOXWWHUFRQWUHOHVFpSKDOpHV
$ O¶LVVXH GX VFUHHQLQJ SK\WRFKLPLTXH QRXV DYRQV D[p QRWUH pWXGH VXU OHV
DOFDORwGHV HQ UpDOLVDQW OHV H[WUDLWV G¶DOFDORwGHV WRWDX[ LVVXV GHV IHXLOOHV pFRUFHV HW
UDFLQHVGHODSODQWH
1RXV DYRQV WHVWp O¶DFWLYLWp DQWLSUROLIpUDWLYH GH FHV H[WUDLWV VXU GHV OLJQpHV GH
FHOOXOHV FDQFpUHXVHV 0&) FDQFHU GX VHLQ 3OXVLHXUV H[WUDLWV RQW PRQWUp GHV
DFWLYLWpV LQWpUHVVDQWHV HW GHX[ G¶HQWUH HX[ LVVXV GHV UDFLQHV GRQQHQW XQH DFWLYLWp
DQWLWXPRUDOHLQIpULHXUHjJPOTXLMXVWLILHUDLWGHVWHVWVSOXVSRXVVpVDILQGHPLHX[
FHUQHUOHXU&,TXLVHUDSSURFKHGHFHOOHGHWDPR[LIqQHPpGLFDPHQWGHUpIpUHQFH
SRXU WUDLWHU FH W\SH GH FDQFHU 8QH pWXGH DSSURIRQGLH GH FHV pFKDQWLOORQV SDU
IUDFWLRQQHPHQW SHUPHWWUDLW XQH LQYHVWLJDWLRQ SOXV SRXVVpH SRXU PHWWUH HQ pYLGHQFH
OHVSULQFLSHVDFWLIV
1RXVDYRQVpJDOHPHQWpYDOXpOHVDFWLYLWpVDQWDOJLTXHVGHFHVPrPHVH[WUDLWV
VXU XQ PRGqOH DQLPDO /D TXDVLWRWDOLWp GHV H[WUDLWV SUpVHQWH HIIHFWLYHPHQW XQH
DFWLYLWp DQWDOJLTXH UpHOOH HW SRXU WURLV G¶HQWUH HX[ XQ H[WUDLW GH IHXLOOHV HW GHX[
H[WUDLWVGHUDFLQHVOHSRXUFHQWDJHG¶LQKLELWLRQGHODGRXOHXUGHHQYLURQHVWWUqV
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳ͵ͷ
SURPHWWHXU &HV SUHPLHUV HVVDLV FRQILUPHQW OD SHUWLQHQFH GH OD UHFKHUFKH GH
PpWDEROLWHVVHFRQGDLUHVH[WUDLWVGH1ODWLIROLD6PSRVVpGDQWXQHDFWLYLWpDQWDOJLTXH
(QFRQFOXVLRQ1ODWLIROLD6PHVWXQHSODQWHjFDUDFWqUHPpGLFLQDOTXLMXVWLILH
VD SODFH GH FKRL[ GDQV OD SKDUPDFRSpH DIULFDLQH 8QH pWXGH SOXV DSSURIRQGLH GHV
H[WUDLWVGHFHWWHSODQWHUpDOLVpVVHORQGLIIpUHQWVSURWRFROHVSHUPHWWUDLWSUREDEOHPHQW
GH WURXYHU GHV PROpFXOHV G¶LQWpUrW DXVVL ELHQ G¶XQ SRLQW GH YXH DQWLWXPRUDO
TX¶DQWDOJLTXH
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳ͵
(WXGHHWKQRERWDQLTXHSK\WRFKLPLTXHHWDFWLYLWpVELRORJLTXHVGH1DXFOHDODWLIROLD6PLWK±
±
±
Ǥ ͳ͵
$11(;(
5(&+(5&+(6'¶$/&$/2Í'(6'$16/(6',))(5(17625*$1(6'(/$
3/$17(35272&2/('07
6ROXWLRQjDQDO\VHU
,QWURGXLUH J GH PDWLqUH YpJpWDOH VpFKpH HW JURVVLqUHPHQW SXOYpULVpH GDQV XQ
HUOHQPH\HU GH PO $MRXWHU XQH VROXWLRQ GH + 62 GLOXpH DX DYHF GH O¶HDX
GLVWLOOpHGDQVOHUDSSRUWYROXPHDFLGHSRLGVGHODSODQWHF
HVWjGLUHJGH
PDWLqUH GDQV FF GH +62 SXLV ERXFKHU O¶HUOHQPH\HU %LHQ DJLWHU HW ODLVVHU
PDFpUHUSHQGDQWKjODWHPSpUDWXUHGXODERUDWRLUH
(QVXLWHILOWUHUVXUSDSLHUHWODYHUjO¶HDXGHPDQLqUHjREWHQLUHQYLURQPOGHILOWUDW
&DUDFWpULVDWLRQV5pDFWLRQVGHSUpFLSLWDWLRQ
3UHQGUH WXEHV j HVVDLV HW LQWURGXLUH PO GH ILOWUDW GDQV FKDFXQ $MRXWHU GDQV OH
WXEH Q JRXWWHV GH UpDFWLI GH 0D\HU VROXWLRQ DTXHXVH GH PHUFXULLRGXUH GH
SRWDVVLXP,QWURGXLUHGDQVOHWXEHQJRXWWHVGHUpDFWLIGH'UDJHQGRUIIVROXWLRQ
DTXHXVHG¶LRGRELVPXWKLWHGHSRWDVVLXP
$WWHQGUHPQSXLVFODVVHUOHVUpVXOWDWVVXLYDQWOHVFULWqUHVG¶REVHUYDWLRQ
3UpFLSLWpDERQGDQW
3UpFLSLWDWLRQPR\HQQH
5pDFWLRQORXFKH
7HVWQpJDWLI
8Q WHVW QpJDWLI SHUPHW GH FRQFOXUH j O¶DEVHQFH G¶DOFDORwGH VRXV WRXWH IRUPH
DOFDORwGHVYUDLVRXDOFDORwGHVTXDWHUQDLUHV
'DQV OH FDV G¶XQ WHVW SRVLWLI LO IDXW FRQILUPHU OD SUpVHQFH G¶DOFDORwGHV SDU XQH
UpDFWLRQG¶H[WUDFWLRQ
,QWURGXLUH PO GH ILOWUDW GDQV XQH DPSRXOH j GpFDQWHU SXLV O¶DOFDOLQLVHU SDU XQH
VROXWLRQ GH 1+2+ GLOXpH DX ò DYHF GH GLVWLOOpH MXVTX¶j S+ $MRXWHU PO GH
FKORURIRUPH DX FRQWHQX GH O¶DPSRXOH $JLWHU VDQV IRUPHU G¶pPXOVLRQ SXLV DSUqV
GpFDQWDWLRQ VRXWLUHU OD SKDVH RUJDQLTXH 5HSUHQGUH FHWWH RSpUDWLRQ IRLV DX WRWDO
5pXQLUOHVSKDVHVRUJDQLTXHVHWOHVVpFKHUSDUOHVXOIDWHGHVRGLXPDQK\GUH)LOWUHU
HWSDUWDJHUODSKDVHRUJDQLTXHREWHQXHHQSDUWLHVpJDOHVHQWUHFDSVXOHV0HWWUHOD
SKDVH RUJDQLTXH VRXV pYDSRUDWLRQ DX EDLQPDULH RX j O¶pWXYH MXVTX¶j VHF (QVXLWH
UHSUHQGUHOHUpVLGXVHFFRQWHQXGDQVODqUHFDSVXOHSDUPOGHVROXWLRQ+&OGLOXpH
DXSDUO¶HDXGLVWLOOpH
3DUWDJHUFHWWHVROXWLRQHQWUHWXEHVjHVVDLVHWHVVD\HUGHQRXYHDXOHVUpYpODWHXUV
JpQpUDX[GHVDOFDORwGHVSXLVFODVVHUOHVUpVXOWDWVVHORQOHVFULWqUHVSUpFpGHQWV
$11(;(
),&+( '¶(9$/8$7,21 '¶(148Ç7( (7+12%27$1,48( 5($/,6(( 685
1$8&/($/$7,)2/,$60,7+$835(6'(675$',35$7,&,(16
4XHOHVWOHQRPORFDOGHQDXFOHDODWLIROLD"
8WLOLVHUWRQFHWWHSODQWHSRXUVRLJQHU"
4XHOOHVVRQWOHVPDODGLHVVRLJQpHVSDUFHWWHSODQWH"
4XHOOHSDUWLHIHXLOOHVIUXLWVJXLpFRUFHVGHWURQFpFRUFHVGHUDFLQHVUDFLQH
WRWDOHGHFHWWHSODQWHHVWHOOHXWLOLVpHGDQVOHWUDLWHPHQWGHVPDODGLHV"
8WLOLVHWRQ FHWWH GURJXH PDWLqUH YpJpWDOH j O¶pWDW IUDLV RX VHF" 6L F¶HVW j
O¶pWDW VHF FRPPHQW SURFqGHWRQ DX VpFKDJH" 6H IDLW WLO DX VROHLO RX j
O¶RPEUH"
&RPPHQWSUpSDUHWRQFHWWHGURJXH"
4XHOOHTXDQWLWp GHGURJXHGRLWRQXWLOLVHURXSUpSDUHUHWGDQVTXHOOH TXDQWLWp
G¶HDX SHQGDQW FRPELHQ GH WHPSV 6¶DJLWLO G¶XQH GpFRFWLRQ G¶XQH LQIXVLRQ
G¶XQHPDFpUDWLRQRXG¶XQHGLJHVWLRQ"
8WLOLVHWRQ OH QDXFOHD ODWLIROLD VHXO SRXU VRLJQHU" 2X HVWLO DVVRFLp DYHF
G¶DXWUHVSODQWHV"
$11(;(
/,67( '( 35(3$5$7,21 '(6 ',))(5(176 5($&7,)6 87,/,6(6 $8
&2856'(/$3$57,((;3(5,0(17$/(
&DUDFWpULVDWLRQGHVDOFDORwGHV
5pDFWLIGH'UDJHQGRUII
1LWUDWHGHELVPXWKSXOYpULVp«««««««««««««««J
,RGH«««««««««««««««««««««««««J
,RGXUHGHVRGLXP««««««««««««««««««««J
(DXGLVWLOOpH««««««««««««««««««««««PO
5pDFWLIGH9DOVHU0D\HU
,RGXUHGHSRWDVVLXP«««««««««««««««««««J
&KORUXUHPHUFXULTXH«««««««««««««««««««J
(DXGLVWLOOpH««««««««««««««««««««««PO
&DUDFWpULVDWLRQGHVSRO\SKpQROV
7DQLQV
5pDFWLIGH6WLDVQ\
)RUPRO+&OFRQFHQWUp««««««««««««««««
)ODYRQRwGHV
5pDFWLRQjODF\DQLGLQH
6ROXWLRQ$
&X62«««««««««««««««««««««««««J
(DXGLVWLOOpH«««««««««««««««««««««PO
+62««««««««««««««««««««««««PO
/DLVVHUUHIURLGLUHWFRPSOpWHUjOLWUHDYHFGHO¶HDXGLVWLOOpH
6ROXWLRQ%
7DUWUDWHGRXEOHGHVRGLXPVHOGHVHLJQHWWH««««««««J
(DXGLVWLOOpH««««««««««««««««««««««PO
/DLVVHU UHIURLGLU HW DMRXWHU PO GH OHVVLYH QRQ FDUERQDWpH SXLV
FRPSOpWHUjOLWUHDYHFGHO¶HDXGLVWLOOpH
&DUDFWpULVDWLRQGHVKpWpURVLGHVF\DQRJpQpWLTXHV
3UpSDUDWLRQGXSDSLHUSLFURVRGp
$FLGHSLFULTXH««««««««««««««««««««««J
(DXGpPLQpUDOLVpHWLqGH«««««««««««««««PO
1D&2+«««««««««««««««««««««J
&KDXIIHUOHOLTXLGHj2&WUHPSHUOHVEDQGHVGHSDSLHUILOWUHSXLV
VpFKHU
&DUDFWpULVDWLRQGHVKpWpURVLGHVFDUGLRWRQLTXHV
5pDFWLIGH%DOMHW
$FLGHSLFULTXH«««««««««««««««««««««J
(WKDQRO«««««««««««««««««««««PO
5pDFWLIGH.HGGH
$FLGHGLQLWUREHQ]RwTXH«««««««««««««««J
(WKDQRO«««««««««««««««««««««PO
5pDFWLIGH5D\PRQG0DUWKRXG
GLQLWUREHQ]qQH«««««««««««««««««««J
(WKDQRO«««««««««««««««««««««PO
5pYpODWHXUGHVSODTXHV&&0
5pYpODWHXUSKRVSKRPRO\EGLTXH
$FLGHSKRVSKRPRO\EGLTXH«««««««««««««««J
(W2+«««««««««««««««««««««««PO
5pYpODWHXU3DUDDQLVDOGpK\GH
3DQLVDOGpK\GH««««««««««««««««««««PO
(W2+««««««««««««««««««««««««PO
$F2+««««««««««««««««««««««««PO
+62«««««««««««««««««««««««PO
$11(;(
6SHFWUH501+GXSURGXLW$LVROpGHODIUDFWLRQ).D
6SHFWUH501&-PRGHGXSURGXLW$LVROpGHODIUDFWLRQ).D
6SHFWUH501HQ'++&26<GXSURGXLW$LVROpGHODIUDFWLRQ).D
6SHFWUH501+&+0%&GXSURGXLW$LVROpGHODIUDFWLRQ).D
6SHFWUH501+&+64&GXSURGXLW$LVROpGHODIUDFWLRQ).D
6SHFWUH501+GXSURGXLW$LVROpGHODIUDFWLRQ).L
6SHFWUH501&GXSURGXLW$LVROpGHODIUDFWLRQ).L
6SHFWUH501HQ'++&26<GXSURGXLW$LVROpGHODIUDFWLRQ)NL
6SHFWUH501&++64&GXSURGXLW$LVROpGHODIUDFWLRQ).L
6SHFWUHVHW501+GXSURGXLW$LVROpGHODIUDFWLRQ).DGDQVOH&'
$11(;(
$&7,9,7( $17,78025$/( '(6 (;75$,76 '¶$/&$/2Í'(6 727$8; '(
1$8&/($/$7,)2/,$60,7+
&ULEODJH1GHVFHOOXOHV0&)H[WUDLWVG¶DOFDORwGHVWRWDX[
3DUWLH,(QVHPHQFHPHQWGHVFHOOXOHV
3UpSDUDWLRQGXPLOLHXFRPSOHW
530,FXOWXUHGXVpUXP69)*OXWDPLQH
([HPSOHPOPO530,PO69)O*OXWDPLQH
5pFXSpUDWLRQGHVFHOOXOHV0&)
3UHQGUHXQIODVTXH70&)HWREVHUYHUO¶pWDWGHVFHOOXOHVDXPLFURVFRSH
OHVFHOOXOHVYLYDQWHVDGKqUHQWDXIRQGHWOHVPRUWHVIORWWHQW
$ O¶DLGH G¶XQH WURPSH j YLGH DVSLUHU OHV FHOOXOHV PRUWHV TXL IORWWHQW GDQV OH
PLOLHXHQPDLQWHQDQWOHVHQVYHUWLFDO
5LQFHUOHVFHOOXOHVDYHFPOGH3%6GpS{WF{WpRSSRVpDX[FHOOXOHVSRXUQH
SDVOHVDEvPHUHWDVSLUHUOH3%6DYHFODWURPSHjYLGH
$MRXWHUPOGHWU\SVLQH[SRXUGpFROOHUOHVFHOOXOHVHWODLVVHUDJLUPQj
O¶LQFXEDWHXUVRXV&
%LHQREVHUYHUO¶pWDWGHVFHOOXOHVDXPLFURVFRSHHQVXLWHLQKLEHUODWU\SVLQHSDU
O¶DMRXWGHPOGXPLOLHXFRPSOHWHQEDOD\DQWGDQVO¶DXWUHVHQV
$VSLUHUHWUHIRXOHUODVXVSHQVLRQSRXUELHQVXVSHQGUHjQRXYHDXOHVFHOOXOHV
HWWUDQVIpUHUOHWRXWGDQVXQIDOFRQGHPO
5HPXHU GH WHPSV HQ WHPSV SRXU TXH OHV FHOOXOHV WRPEHQW DX IRQG GX WXEH
VLQRQHOOHVVpGLPHQWHQW
1XPpUDWLRQGHVFHOOXOHV0&)
3UpSDUHU XQH ODPH GH 0DODVVH] VXUPRQWpH GH ODPHOOHV SRXU OH
GpQRPEUHPHQWGHVFHOOXOHV
(IIHFWXHUXQHGLOXWLRQGHVFHOOXOHVDXHQ%OHXGX7U\SDQ%7O%7
OGHFHOOXOHVjPpODQJHUGDQVXQSXLWVHWUHSUHQGUHODPrPHRSpUDWLRQ
GDQVXQVHFRQGSXLWV
3UpOHYHU XQH SDUWLH GH OD GLOXWLRQ GH FKDTXH SXLWV SRXU IDLUH GpS{W VXU OHV
FRWpVGHODODPHFRQWUHOHVODPHOOHV
)DLUH OH GpFRPSWH DX PLFURVFRSH FRPSWHU FDUUpV [ GH FHOOXOHV
FRQWHQXHVGDQVODODPHGH0DODVVH]VRLWGDQVO
/H QRPEUH GH FHOOXOHV FRPSWpHV j OD PR\HQQH GHV FHOOXOHV SRXU OHV
GpS{WV2QDXUDGRQF
9 1RPEUHGHFHOOXOHVOTXHO¶RQPXOWLSOLHSDUGLOXWLRQDXHW
SDUYROXPHGHODJULOOHHQPO
9 ([HPSOHGHQXPpUDWLRQ
1XPpUDWLRQ 1XPpUDWLRQ 0R\HQQH [[ 1RPEUH
QXPpUDWLRQ FHOOPO &HOOXOHVPO
1
'LOXWLRQGHODVXVSHQVLRQFHOOXODLUH
)DLUH XQH GLOXWLRQ GH OD VXVSHQVLRQ FHOOXODLUH j FHOOXOHV PO
H[HPSOHPOYROXPHILQDO
$SSOLTXHUODIRUPXOH&L9L &I9IDYHF
9 &L 1RPEUHFHOOXOHVPO
9 &I 6XVSHQVLRQFHOOXODLUHjFHOOXOHVPO
9 9I PO
&L &I9I9
(QVHPHQFHPHQW GHV FHOOXOHV GDQV OHV SXLWV SXLWV SDU SODTXH VRLW
FHOOXOHVSDUSXLWV
3ODTXH1
5pSDUWLU O GH GLOXWLRQ GH OD VXVSHQVLRQ FHOOXODLUH SDU SXLWV VHORQ OH
SODQGHODSODTXHSDUWLHYHUWH6RLHQWSXLWVSDUFRORQQH[OLJQHV
'LVWULEXHUOSDUSXLWVG¶HDXVWpULOHDX[DOHQWRXUVSDUWLHURXJH
,QFXEHUKj&
3ODTXH7WpPRLQ
5pSDUWLU O GH GLOXWLRQ GH OD VXVSHQVLRQ FHOOXODLUH SDU SXLWV VXU
FRORQQHVSDUOLJQHV6RLHQWSXLWVSDUOLJQH[FRORQQHV
'LVWULEXHU O G¶HDX VWpULOH DX[ DOHQWRXUV GHV SXLWV FRQWHQDQW OD
VXVSHQVLRQFHOOXODLUH
/DLVVHULQFXEHUKj&
3ODTXH1
$
%
&
'
(
)
*
+
(DXVWpULOH6XVSHQVLRQFHOOXODLUH
3ODTXH7
3DUWLH,,0LVHHQVROXWLRQGHVH[WUDLWVG¶DOFDORwGHVWRWDX[
3UpSDUDWLRQGXPLOLHXFRPSOHW
3UpSDUHUPOGXPLOLHXFRPSOHWPO530,FXOWXUHPO69)O
*OXWDPLQH
3UpSDUDWLRQGHVH[WUDLWVG¶DOFDORwGHVWRWDX[
3HVHUGHjPJG¶H[WUDLWG¶DOFDORwGHVWRWDX[SRXUODVROXWLRQPqUH
'LOXHUGDQVOH'062SRXUFRQFHQWUDWLRQ PJPO
9 ([HPSOH PJ G¶H[WUDLW GH ).R j GLVVRXGUH GDQV O GH
'062HWPJG¶H[WUDLWGH(.DGDQVOGH'062
5pDOLVHUODJDPPHG¶H[WUDLWSRXUH[WUDLWHWVHXOHJDPPH
6FKpPDGHODJDPPHG¶H[WUDLW
)DFWHXUGHGLOXWLRQ&RQFHQWUDWLRQ
PJPO
$SUqVKVRXVLQFXEDWLRQSUHQGUHODSODTXH1
9LGHUOHPLOLHXFRQWHQXGDQVODSODTXH1GDQVXQVDXW
'LVWULEXHUOSDUSXLWVG¶XQHJDPPHG¶H[WUDLWHQUDLVRQG¶XQHFRORQQHSDU
FRQFHQWUDWLRQYRLUOHSODQGHODSODTXH
,QFXEHUODSODTXH1jO¶pWXYHVRXV&SHQGDQWK
JPO
$
%
&
'
(
)
*
+
).R(.D
/HFWXUHGHODSODTXH7
3UpSDUHUXQHVROXWLRQGHUpVD]XULQHGLOXpHDX
OSXLWV[FRORQQHV[OLJQHV OYROXPHWRWDOjSUpSDUHUPO
O OGHUpVD]XULQH
3UpSDUHUPOGHPLOLHXOGHUpVD]XULQH
3UHQGUHODSODTXH7HWYLGHUVRQFRQWHQX
0HWWUH O GH VROXWLRQ PLOLHX UpVD]XULQH SDU SXLWV VHORQ OH SODQ GH OD
SODTXH7FRORQQHVSRXUFHOOXOHVUpVD]XULQHHWFRORQQHSRXUUpVD]XULQH
VHXOH
,QFXEHUGXUDQWKHWIDLUHODOHFWXUHDXIOXRUHVNDQ
$
%
&
'
(
)
*
+
/D OHFWXUH GH OD SODTXH 7 SHUPHW GH PHVXUHU OD SUROLIpUDWLRQ GHV FHOOXOHV
DSUqVK
3DUWLH,,,0HVXUHGHODSUROLIpUDWLRQFHOOXODLUHGHODSODTXH1
3UpSDUDWLRQGHODUpVD]XULQHSRXUODSODTXH1
3UpSDUHUPOGHVROXWLRQGLOXpHGHUpVD]XULQHDX
OSXLWV[FRORQQHV[OLJQHVYROXPHWRWDOjSUpSDUHU§PO
O OGHUpVD]XULQH
OGHPLOLHX530,OGHUpVD]XULQH
9LGHUOHFRQWHQXGHODSODTXH1
'LVWULEXHU OSXLWV GH VROXWLRQ PLOLHX UpVD]XULQH FRORQQH SRXU
FHOOXOHVUpVD]XULQHHWFRORQQHSRXUUpVD]XULQHVHXOH
/DLVVHULQFXEHUKHXUHVSXLVOHFWXUHDXIOXRURVNDQ
7DEOHDX[ FRPSOHWV GH O¶DFWLYLWp DQWLSUROLIpUDWLYH GHV H[WUDLWV DOFDORwGLTXHV VXU
OHVFHOOXOHV0&)
7DEOHDX GpWDLOOp GH O¶H[WUDLW GHV DOFDORwGHV WRWDX[ GHV IHXLOOHV GH
.DQDGMLJXLOD
).D G¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
9DOHXUV
0R\HQQHV
6(0
7DEOHDXGpWDLOOpGHO¶H[WUDLWGHVDOFDORwGHVWRWDX[GHVIHXLOOHVGH.LWD
).L G¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
9DOHXUV
0R\HQQHV
6(0
7DEOHDX GpWDLOOp GH O¶H[WUDLW GHV DOFDORwGHV WRWDX[ GHV IHXLOOHV GH
/DILDERXJRX
)/I G¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
9DOHXUV
0R\HQQHV
6(0
7DEOHDXGpWDLOOpGHO¶H[WUDLWGHVDOFDORwGHVWRWDX[GHVIHXLOOHVGH/DVVD
)/V G¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
9DOHXUV
0R\HQQHV
6(0
7DEOHDXGpWDLOOpGHO¶H[WUDLWGHVDOFDORwGHVWRWDX[GHVIHXLOOHVGH.RXORXED
).R G¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
9DOHXUV
0R\HQQHV
6(0
7DEOHDX GpWDLOOp GH O¶H[WUDLW GHV DOFDORwGHV WRWDX[ GHV pFRUFHV GH
.DQDGMLJXLOD
(.D G¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
9DOHXUV
0R\HQQHV
6(0
7DEOHDX GpWDLOOp GH O¶H[WUDLW GHV DOFDORwGHV WRWDX[ GHV pFRUFHV GH
/DILDERXJRX
(/I G¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
9DOHXUV
0R\HQQHV
6(0
7DEOHDXGpWDLOOpGHO¶H[WUDLWGHVDOFDORwGHVWRWDX[GHVpFRUFHVGH/DVVD
(/V G¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
9DOHXUV
0R\HQQHV
6(0
7DEOHDXGpWDLOOpGHO¶H[WUDLWGHVDOFDORwGHVWRWDX[GHVpFRUFHVGH.RXORXED
(.R G¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
9DOHXUV
0R\HQQHV
6(0
7DEOHDX GpWDLOOp GH O¶H[WUDLW GHV DOFDORwGHV WRWDX[ GHV UDFLQHV GH
.DQDGMLJXLOD
5.D G¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
9DOHXUV
0R\HQQHV
6(0
7DEOHDX GpWDLOOp GH O¶H[WUDLW GHV DOFDORwGHV WRWDX[ GHV UDFLQHV GH
/DILDERXJRX
5/I G¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
9DOHXUV
0R\HQQHV
6(0
7DEOHDXGpWDLOOpGHO¶H[WUDLWGHVDOFDORwGHVWRWDX[GHVUDFLQHVGH/DVVD
5/V G¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
9DOHXUV
0R\HQQHV
6(0
7DEOHDXGpWDLOOpGHO¶H[WUDLWGHVDOFDORwGHVWRWDX[GHVUDFLQHVGH.RXORXED
5.R G¶LQKLELWLRQ
&RQFHQWUDWLRQV JPO JPO JPO JPO JPO
9DOHXUV
0R\HQQHV
6(0
$11(;(
7DEOHDX 1RPEUH GH FUDPSHV FRPSWDELOLVpHV VXU PQ DX QLYHDX GHV
IHXLOOHVpFRUFHVHWUDFLQHVGXVLWHGH.DQDGMLJXLOD
7DEOHDX 1RPEUH GH FUDPSHV FRPSWDELOLVpHV VXU PQ DX QLYHDX GHV
IHXLOOHVpFRUFHVHWUDFLQHVGXVLWHGH/DILDERXJRX
7DEOHDX 1RPEUH GH FUDPSHV FRPSWDELOLVpHV VXU PQ DX QLYHDX GHV
IHXLOOHVHWUDFLQHVGXVLWHGH.RXORXED
7DEOHDX 1RPEUH GH FUDPSHV FRPSWDELOLVpHV VXU PQ DX QLYHDX GHV
IHXLOOHVHWpFRUFHVGXVLWHGH/DVVD
7DEOHDX 1RPEUH GH FUDPSHV FRPSWDELOLVpHV VXU PQ DX QLYHDX GHV
IHXLOOHVGXVLWHGH.LWD
(IIHWGHVH[WUDLWVGHUDFLQHVIHXLOOHVHWpFRUFHVGH/DILDERXJRXVXUOHWHVW
GHVFUDPSHVDEGRPLQDOHVFKH]ODVRXULV
ϯϱ͕ϬϬ
EŽŵďƌĞĚĞĐƌĂŵƉĞƐĂďĚŽŵŝŶĂůĞƐ
ϯϬ͕ϬϬ
Ϯϱ͕ϬϬ
ϮϬ͕ϬϬ sĠŚŝĐƵůĞ
Z>Ĩ
ϭϱ͕ϬϬ &>Ĩ
>Ĩ
ϭϬ͕ϬϬ DŽƌƉŚŝŶĞ
ϱ͕ϬϬ
Ϭ͕ϬϬ
ϬΖͲϱΖ ϱΖͲϭϬΖ ϭϬΖͲϭϱΖ ϭϱΖͲϮϬΖ ϮϬΖͲϮϱΖ
dĞŵƉƐ;ŵŝŶͿ
EŽŵďƌĞƚŽƚĂůĚĞĐƌĂŵƉĞƐƐƵƌϮϱŵŝŶƵƚĞƐ
;>ĂĨŝĂďŽƵŐŽƵͿ
ϭϮϬ͕ϬϬ
ϭϬϬ͕ϬϬ
EŽŵďƌĞĚĞĐƌĂŵƉĞƐ
ϴϬ͕ϬϬ sĠŚŝĐƵůĞ
Z>Ĩ
&>Ĩ
ϲϬ͕ϬϬ
>Ĩ
DŽƌƉŚŝŶĞ
ϰϬ͕ϬϬ
ϮϬ͕ϬϬ
Ϭ͕ϬϬ
*UDSKLTXH1RPEUHGHFUDPSHVVXUPQSRXUOHVH[WUDLWVGHIHXLOOHVpFRUFHVHW
UDFLQHVGXVLWHGH/DILDERXJRX
(IIHWGHVH[WUDLWVG
$7GHVUDFLQHVHWIHXLOOHVGH.RXORXEDVXUOHWHVWGHV
FUDPSHVDEGRPLQDOHVFKH]ODVRXULV
ϯϱ͕ϬϬ
sĠŚŝĐƵůĞ
EŽŵďƌĞĚĞĐƌĂŵƉĞƐĂďĚŽŵŝŶĂůĞƐ
ϯϬ͕ϬϬ Z<Ž
&<Ž
Ϯϱ͕ϬϬ DŽƌƉŚŝŶĞ
ϮϬ͕ϬϬ
ϭϱ͕ϬϬ
ϭϬ͕ϬϬ
ϱ͕ϬϬ
Ϭ͕ϬϬ
ϬΖͲϱΖ ϱΖͲϭϬΖ ϭϬΖͲϭϱΖ ϭϱΖͲϮϬΖ ϮϬΖͲϮϱΖ
dĞŵƉƐ;ŵŝŶͿ
EŽŵďƌĞƚŽƚĂůĚĞĐƌĂŵƉĞƐƐƵƌϮϱŵŝŶƵƚĞƐ
;ŬŽƵůŽƵďĂͿ
ϭϮϬ͕ϬϬ
ϭϬϬ͕ϬϬ
EŽŵďƌĞĚĞĐƌĂŵƉĞƐ
ϴϬ͕ϬϬ
sĠŚŝĐƵůĞ
Z<Ž
ϲϬ͕ϬϬ &<Ž
DŽƌƉŚŝŶĞ
ϰϬ͕ϬϬ
ϮϬ͕ϬϬ
Ϭ͕ϬϬ
*UDSKLTXH1RPEUHGHFUDPSHVVXUPQSRXUOHVH[WUDLWVGHIHXLOOHVHWUDFLQHV
GXVLWHGH.RXORXED
(IIHWGHVH[WUDLWVGHIHXLOOHVHWpFRUFHVGH/DVVDVXUOHWHVWGHVFUDPSHV
DEGRPLQDOHVFKH]ODVRXULV
ϯϱ͕ϬϬ
sĠŚŝĐƵůĞ
EŽŵďƌĞĚĞĐƌĂŵƉĞƐĂďĚŽŵŝŶĂůĞƐ
ϯϬ͕ϬϬ &>Ɛ
>Ɛ
Ϯϱ͕ϬϬ DŽƌƉŚŝŶĞ
ϮϬ͕ϬϬ
ϭϱ͕ϬϬ
ϭϬ͕ϬϬ
ϱ͕ϬϬ
Ϭ͕ϬϬ
ϬΖͲϱΖ ϱΖͲϭϬΖ ϭϬΖͲϭϱΖ ϭϱΖͲϮϬΖ ϮϬΖͲϮϱΖ
dĞŵƉƐ;ŵŝŶͿ
EŽŵďƌĞƚŽƚĂůĚĞĐƌĂŵƉĞƐƐƵƌϮϱŵŝŶƵƚĞƐ
;>ĂƐƐĂͿ
ϭϰϬ͕ϬϬ
ϭϮϬ͕ϬϬ
ϭϬϬ͕ϬϬ
EŽŵďƌĞĚĞĐƌĂŵƉĞƐ
sĠŚŝĐƵůĞ
ϴϬ͕ϬϬ &>Ɛ
>Ɛ
ϲϬ͕ϬϬ DŽƌƉŚŝŶĞ
ϰϬ͕ϬϬ
ϮϬ͕ϬϬ
Ϭ͕ϬϬ
*UDSKLTXH1RPEUHGHFUDPSHVVXUPQSRXUOHVH[WUDLWVGHIHXLOOHVHWpFRUFHV
GXVLWHGH/DVVD
(IIHWGHVH[WUDLWVGHUDFLQHVIHXLOOHVHWpFRUFHVGH.DQDGMLJXLODVXUOHWHVW
GHVFUDPSHVDEGRPLQDOHVFKH]ODVRXULƐ
ϯϱ͕ϬϬ
EŽŵďƌĞĚĞĐƌĂŵƉĞƐĂďĚŽŵŝŶĂůĞƐ
sĠŚŝĐƵůĞ
ϯϬ͕ϬϬ Z<Ă
&<Ă
Ϯϱ͕ϬϬ <Ă
DŽƌƉŚŝŶĞ
ϮϬ͕ϬϬ
ϭϱ͕ϬϬ
ϭϬ͕ϬϬ
ϱ͕ϬϬ
Ϭ͕ϬϬ
ϬΖͲϱΖ ϱΖͲϭϬΖ ϭϬΖͲϭϱΖ ϭϱΖͲϮϬΖ ϮϬΖͲϮϱΖ
dĞŵƉƐ;ŵŝŶͿ
EŽŵďƌĞƚŽƚĂůĚĞĐƌĂŵƉĞƐƐƵƌϮϱŵŝŶƵƚĞƐ
;<ĂŶĂĚũŝŐƵŝůĂͿ
sĠŚŝĐƵůĞ
ϭϮϬ͕ϬϬ Z<Ă
&<Ă
<Ă
ϭϬϬ͕ϬϬ
DŽƌƉŚŝŶĞ
EŽŵďƌĞĚĞĐƌĂŵƉĞƐ
ϴϬ͕ϬϬ
ϲϬ͕ϬϬ
ϰϬ͕ϬϬ
ϮϬ͕ϬϬ
Ϭ͕ϬϬ
*UDSKLTXH1RPEUHGHFUDPSHVVXUPQSRXUOHVH[WUDLWVGHIHXLOOHVpFRUFHV
HWUDFLQHVGXVLWHGH.DQDGMLJXLOD
(IIHWGHVH[WUDLWVGHVIHXLOOHVGH.LWDVXUOHWHVWGHVFUDPSHVDEGRPLQDOHV
FKH]ODVRXULV
ϯϱ͕ϬϬ
EŽŵďƌĞĚĞĐƌĂŵƉĞƐĂďĚŽŵŝŶĂůĞƐ
sĠŚŝĐƵůĞ
ϯϬ͕ϬϬ
&<ŝ
Ϯϱ͕ϬϬ DŽƌƉŚŝŶĞ
ϮϬ͕ϬϬ
ϭϱ͕ϬϬ
ϭϬ͕ϬϬ
ϱ͕ϬϬ
Ϭ͕ϬϬ
ϬΖͲϱΖ ϱΖͲϭϬΖ ϭϬΖͲϭϱΖ ϭϱΖͲϮϬΖ ϮϬΖͲϮϱΖ
dĞŵƉƐ;ŵŝŶͿ
EŽŵďƌĞƚŽƚĂůĚĞĐƌĂŵƉĞƐƐƵƌϮϱŵŝŶƵƚĞƐ;<ŝƚĂͿ
ϭϮϬ͕ϬϬ
ϭϬϬ͕ϬϬ
EŽŵďƌĞĚĞĐƌĂŵƉĞƐ
ϴϬ͕ϬϬ
sĠŚŝĐƵůĞ
ϲϬ͕ϬϬ &<ŝ
DŽƌƉŚŝŶĞ
ϰϬ͕ϬϬ
ϮϬ͕ϬϬ
Ϭ͕ϬϬ
*UDSKLTXH1RPEUHGHFUDPSHVVXUPQSRXUOHVH[WUDLWVGHIHXLOOHVGXVLWHGH
.LWD