Professional Documents
Culture Documents
"
"
/HVFDOFXODWULFHVVRQWLQWHUGLWHV
/HVXMHWFRPSRUWHFLQTSDUWLHVLQGpSHQGDQWHV
/HVSDUWLHV,HW,,SRUWHQWVXUO¶RSWLTXHGHODSDJHjODSDJH
/HVSDUWLHV,,,j9SRUWHQWVXUO¶pOHFWURPDJQpWLVPHGHODSDJHjODSDJH
/HVFDOFXODWULFHVQHVRQWSDVDXWRULVpHVOHVDSSOLFDWLRQVQXPpULTXHVVRQWSRXUWDQWLPSRUWDQWHVSRXU
FRQFOXUHHWGHYURQWrWUHUpDOLVpHVjODPDLQ2QQHGHPDQGHSDVXQHYDOHXUH[DFWHPDLVXQHERQQH
YDOHXUDSSURFKpH
237,48(/(60,52,56'(7(/(6&23(
/HVSDUWLHV,HW,,VRQWLQGpSHQGDQWHV
3$57,(,0(685('85$<21'(&285%85('¶810,52,53$581(0(7+2'(
,17(5)(5(17,(//(
, ,QWHUIpUHQFHVGHGHX[VRXUFHVSRQFWXHOOHV
/¶HVSDFH HVW UDSSRUWp j XQ UHSqUH RUWKRQRUPp GLUHFW 5 2 [\] 'HV LQWHUIpUHQFHV OXPLQHXVHV
VRQW REWHQXHV j O¶DLGH G¶XQ GLVSRVLWLI LQWHUIpUHQWLHO SHUPHWWDQW GH FUpHU GHX[ VRXUFHV SRQFWXHOOHV
FRKpUHQWHV 6 HW 6 jSDUWLUG¶XQHPrPHVRXUFHSRQFWXHOOHPRQRFKURPDWLTXHGHORQJXHXUG¶RQGH
GDQVO¶DLU O /HVGHX[VRXUFHV 6 HW 6 GLVWDQWHVGHDpPHWWHQWGHVRQGHVOXPLQHXVHVVSKpULTXHV
HQSKDVHHWGHPrPHLQWHQVLWpRXpFODLUHPHQW , /HPLOLHX6GXVHJPHQW 66 HVWVLWXpVXUO¶D[H
2[ /¶pFUDQ G¶REVHUYDWLRQ HVW SODFp GDQV OH SODQ \2] j OD GLVWDQFH G GH 6 /H GLVSRVLWLI
LQWHUIpUHQWLHO HVW SODFp GDQV O¶DLU G¶LQGLFH ,O SHUPHW G¶RULHQWHU O¶D[H GHV VRXUFHV VRLW
SDUDOOqOHPHQWjO¶pFUDQVHORQO¶D[H 2] ILJXUHVRLWSHUSHQGLFXODLUHPHQWjO¶pFUDQVHORQO¶D[H 2[
ILJXUH
] ]
0\] 0\]
6
D L L
6 2 [ 6 6 6 2 [
6 D
G G
)LJXUH )LJXUH
, ([SULPHU O¶LQWHQVLWp OXPLQHXVH RX O¶pFODLUHPHQW , 0 HQ XQ SRLQW 0 \ ] GH
O¶pFUDQHQIRQFWLRQGHO¶LQWHQVLWp , GHFKDFXQHGHVVRXUFHVHWGXGpSKDVDJH 'I 0
DXSRLQW0HQWUHOHVGHX[RQGHVLVVXHVGH 6 HW 6
, 5HOLHU 'I 0 j OD GLIIpUHQFH GH PDUFKH JpRPpWULTXH '/ 0 DX SRLQW 0 HQWUH OHV
GHX[RQGHVOXPLQHXVHVSURYHQDQWGHVVRXUFHV 6 HW 6 HWDWWHLJQDQW0
, 2Q VH SODFH GDQV OH FDV R O¶D[H GHV GHX[ VRXUFHV HVW SDUDOOqOH DX SODQ GH O¶pFUDQ
ILJXUH SDJH 3RXU REVHUYHU GHV LQWHUIpUHQFHV OH GLVSRVLWLI LQWHUIpUHQWLHO HVW
pFODLUpDYHFXQHVRXUFHPRQRFKURPDWLTXHGHORQJXHXUG¶RQGH O QP HWUpJOpGH
IDoRQ j REWHQLU XQH ILJXUH G¶LQWHUIpUHQFH GRQW OHV GLPHQVLRQV VRQW GH O¶RUGUH GX
FHQWLPqWUHDYHF D PP HW G P
,D (Q IRQFWLRQ GHV UpJODJHV LPSRVpV DX GLVSRVLWLI LQWHUIpUHQWLHO H[SULPHU OD
GLIIpUHQFH GH PDUFKH '/ 0 HQ IRQFWLRQ GH D G HW GH OD SRVLWLRQ GX
SRLQW0
,E ([SULPHU O¶LQWHQVLWp , 0 VXU O¶pFUDQ G¶REVHUYDWLRQ HQ IRQFWLRQ GH OD
SRVLWLRQGXSRLQW0
,F &DOFXOHUO¶RUGUHG¶LQWHUIpUHQFH S DXSRLQW2&RPPHQWHU
,G 'pFULUHO¶DOOXUHGHODILJXUHG¶LQWHUIpUHQFHREVHUYpHVXUO¶pFUDQ'pWHUPLQHU
HQ IRQFWLRQ GH D O HW G OD GLVWDQFH GL HQWUH GHX[ IUDQJHV EULOODQWHV
LQWHUIUDQJH
,H $SSOLFDWLRQ QXPpULTXH FDOFXOHU OD SRVLWLRQ GX SUHPLHU PD[LPXP
G¶LQWHQVLWpOXPLQHXVHVLWXpHQGHKRUVGXFHQWUH2GHO¶pFUDQ
, 2QVHSODFHPDLQWHQDQW GDQV OHFDV RO¶D[HGHV GHX[VRXUFHV HVW SHUSHQGLFXODLUHDX
SODQGHO¶pFUDQILJXUHSDJH/HGLVSRVLWLILQWHUIpUHQWLHOHVWWRXMRXUVpFODLUpDYHF
OD PrPH VRXUFH HW LO HVW UpJOp GH IDoRQ j REWHQLU XQH ILJXUH G¶LQWHUIpUHQFH GRQW OHV
GLPHQVLRQVVRQWGHO¶RUGUHGXFHQWLPqWUHDYHF D PP HW G P
,D (QIRQFWLRQGHVUpJODJHVLPSRVpVDXGLVSRVLWLILQWHUIpUHQWLHOPRQWUHUTXHOD
GLIIpUHQFHGHPDUFKH '/ 0 DXSRLQW0V¶H[SULPHHQIRQFWLRQGHDHWGH
O¶DQJOH L IRUPp HQWUH OH VHJPHQW 60 HW O¶D[H 2[ SDU OD UHODWLRQ
'/ 0 D FRV L
,OVHUDMXGLFLHX[G¶XWLOLVHUO¶pJDOLWp 60 60 66 60
6 66
,E '¶DSUqVOHVGLPHQVLRQVGHODILJXUHG¶LQWHUIpUHQFHO¶DQJOHLHVWYRLVLQGH
HWRQSHXWXWLOLVHUOHVGpYHORSSHPHQWVOLPLWpVGHVLQXVFRVLQXVHWWDQJHQWHj
O¶RUGUH([SULPHUODGLIIpUHQFHGHPDUFKH '/ 0 DXSRLQW0HQIRQFWLRQ
GHGDHWGHODSRVLWLRQGXSRLQW0
,F 'RQQHU O¶H[SUHVVLRQ GH O¶LQWHQVLWp , 0 VXU O¶pFUDQ G¶REVHUYDWLRQ HQ
IRQFWLRQGHODGLVWDQFH U 20
,G $SSOLFDWLRQ QXPpULTXH FDOFXOHU O¶RUGUH G¶LQWHUIpUHQFH S DX SRLQW 2
&RPPHQWHU
,H 5HSUpVHQWHUHQODMXVWLILDQWO¶DOOXUHGHODILJXUHG¶LQWHUIpUHQFHREVHUYpHVXU
O¶pFUDQ
,I (YDOXHU DSSUR[LPDWLYHPHQW OD SRVLWLRQ GX SUHPLHU PD[LPXP G¶LQWHQVLWp
OXPLQHXVHVLWXpHQGHKRUVGXFHQWUH2GHO¶pFUDQ
, &RPPHQW IDXWLO PRGLILHU OH V\VWqPH SRXU REVHUYHU OHV ILJXUHV G¶LQWHUIpUHQFHV
ORFDOLVpHVjO¶LQILQL"
,'LVSRVLWLILQWHUIpUHQWLHO
/HGLVSRVLWLILQWHUIpUHQWLHO HVW UHSUpVHQWp ILJXUH 6RQSULQFLSHGHIRQFWLRQQHPHQWHVW VLPLODLUH j
FHOXLGHO¶LQWHUIpURPqWUHGH0LFKHOVRQ,OHVWFRPSRVpG¶XQVpSDUDWHXUGHIDLVFHDXFRQVWLWXpGHGHX[
SULVPHV GURLWV GH VHFWLRQ UHFWDQJOH LVRFqOH LGHQWLTXHV DFFROpV SDU OHXUV EDVHV HW GH GHX[ PLURLUV
SODQV 0 HW 0 GHFHQWUHUHVSHFWLI 2 HW 2 ,OHVWpFODLUpSDUXQHVRXUFHSRQFWXHOOH 6 / REWHQXH
JUkFH j XQ IDLVFHDX GH OXPLqUH SDUDOOqOH PRQRFKURPDWLTXH GH ORQJXHXU G¶RQGH
O QP SURYHQDQWG¶XQODVHUOHIDLVFHDXODVHUHVWH[SDQVpJUkFHjXQHOHQWLOOHGHIRFDOHLPDJH
I
FP SODFpHHQWUHOHIDLVFHDXODVHUHWODIDFHG¶HQWUpHGXVpSDUDWHXU/HVpSDUDWHXUGHIDLVFHDX
VHFRPSRUWHFRPPHXQHODPHVpSDUDWULFH / S XQLTXHG¶pSDLVVHXUQXOOHIDFHFRPPXQHDX[GHX[
SULVPHVTXLWUDQVPHWGHO¶LQWHQVLWpOXPLQHXVHO¶DXWUHSDUWLHpWDQWUpIOpFKLH
2QQRWH 6/2S FP ODGLVWDQFHHQWUHODVRXUFHSRQFWXHOOH 6 / HWOHFHQWUH 2 S GHODVpSDUDWULFH
HW / 232 FP ODGLVWDQFHHQWUHODVpSDUDWULFHHWO¶pFUDQ(
/HVGHX[PLURLUVVRQWPRELOHVHWSHXYHQWSLYRWHUDXWRXUGHOHXUVD[HV 2 \ HW 2 \ 2QQRWH D HW
D OHV DQJOHV GH URWDWLRQ GH FKDFXQ GHV PLURLUV SULV UHVSHFWLYHPHQW HQWUH 2 ] HW 0 HW 2 [
HW 0
0 D
2
/S
D
6/ 23 2 ]
0
(FUDQ(
2
]
[
)LJXUHGLVSRVLWLILQWHUIpUHQWLHO
, 2QVHSODFHGDQVOHFDVROHVGHX[PLURLUV 0 HW 0 VRQWRUWKRJRQDX[ 0 HVWGDQV
OHSODQ \2 ] HW 0 GDQVOHSODQ [2 \ /HVSRVLWLRQVGHVPLURLUVVRQWGRQQpHVSDU
OHVGLVWDQFHV G 2S2 HW G 2S2 DYHF G t G
,D (QYRXVDLGDQWG¶XQVFKpPDFODLUGpWHUPLQHUOHVFRRUGRQQpHVGDQVOHUHSqUH
2 [\] GHV VRXUFHV VHFRQGDLUHV 6 HW 6 FUppHV SDU O¶LQWHUIpURPqWUH HQ
IRQFWLRQ GH / G HW G 6 HVW O¶LPDJH GH OD VRXUFH 6 / LVVXH GHV
UpIOH[LRQVVXU / S HW 0 6 HVWO¶LPDJHGH 6 / LVVXHGHVUpIOH[LRQVVXU 0
HW / S
,E (QGpGXLUHODGLVWDQFHDTXLVpSDUHOHVVRXUFHV 6 HW 6 HWODGLVWDQFHGGH
OHXUPLOLHX6jO¶pFUDQHQIRQFWLRQGH / G HW G
,F /HPLURLU 0 UpJOpj G UHVWDQWIL[HOHPLURLU 0 HVWWUDQVODWpGHIDoRQ
jREWHQLUXQpFODLUHPHQWXQLIRUPHGHO¶pFUDQ'RQQHUGDQVFHVFRQGLWLRQVOD
YDOHXUGHD
, $SDUWLUGHODSRVLWLRQSUpFpGHQWHOHPLURLU 0 HVWGpSODFpSDUDOOqOHPHQWjO¶D[H2]
G¶XQHGLVWDQFHHWHOOHTXH G G H ! DYHF H G HW H G
,D 'pFULUHODILJXUHG¶LQWHUIpUHQFHREVHUYpHVXUO¶pFUDQ
,E /H FHQWUH GH OD ILJXUH G¶LQWHUIpUHQFH HVW EULOODQW /D SUHPLqUH IUDQJH
EULOODQWHKRUVGHO¶D[HHVWVLWXpHjPPGXFHQWUHGHODILJXUH&DOFXOHUj
SDUWLUGHVUpVXOWDWVREWHQXVGDQVODSDUWLH,ODGLVWDQFHH
,F &DOFXOHUO¶RUGUHG¶LQWHUIpUHQFHDXFHQWUHGHODILJXUHG¶LQWHUIpUHQFH
, $ SDUWLU GH OD SRVLWLRQ GHV PLURLUV REWHQXV TXHVWLRQ ,F RQ IDLW VXELU j FKDTXH
PLURLUXQHWUqVIDLEOHURWDWLRQGDQVOHPrPHVHQVHWGXPrPHDQJOHD D D D
,D 0RQWUHUHQYRXV DLGDQW G¶XQVFKpPDTXHOHVVRXUFHVVHFRQGDLUHV 6HW 6
FUppHVSDUO¶LQWHUIpURPqWUHVRQWVLWXpHVVXUXQD[HSDUDOOqOHj 2] OHPLOLHX6
GH 66 pWDQWVXUO¶D[H 2[
,E 'pWHUPLQHU OD GLVWDQFH D HQWUH OHV GHX[ VRXUFHV HW OD GLVWDQFH G GX PLOLHX
GHVVRXUFHVjO¶pFUDQHQIRQFWLRQGH D HW G RX G
,F 'pFULUHODILJXUHG¶LQWHUIpUHQFHREVHUYpHVXUO¶pFUDQ
,G /D GLVWDQFH HQWUH GHX[ IUDQJHV EULOODQWHV FRQVpFXWLYHV HVW pJDOH j
GL PP &DOFXOHUjSDUWLUGHVUpVXOWDWVREWHQXVGDQVODSDUWLH,O¶DQJOH
D HQUDGLDQV
,H &RPPHQWYDULHODGLVWDQFHHQWUHOHVIUDQJHVVLRQDXJPHQWHO¶DQJOH D "
,0HVXUHGXUD\RQGHFRXUEXUHG¶XQPLURLU
/¶LQWHUIpURPqWUH GH OD TXHVWLRQ SUpFpGHQWH HVW LQLWLDOHPHQW UpJOp HQ SODoDQW OHV GHX[ PLURLUV
RUWKRJRQDOHPHQWHWjODPrPHGLVWDQFHGHODVpSDUDWULFH G G /HPLURLU 0 HVWXQPLURLU
GHUpIpUHQFHSDUIDLWHPHQWSODQ /HPLURLU 0 HVWDORUVUHPSODFpSDUXQPLURLUVSKpULTXHFRQYH[H
0
GRQWOHVRPPHWHVWSRVLWLRQQpHQ 2 HWGHFHQWUH & ILJXUH/¶D[H 2S ] HVWO¶D[HRSWLTXH
GXPLURLU 0
HW 5 2& VRQUD\RQ
0
2
/S
0
6/ 23 2 & ]
(FUDQ(
2
]
[
)LJXUHPHVXUHGXUD\RQGHFRXUEXUHG¶XQPLURLU
, 'pWHUPLQHUODSRVLWLRQ 2 6 /c GH 6 /c LPDJHGH 6 / SDU 0
HQO¶DEVHQFHGXVpSDUDWHXU
GHIDLVFHDXHQIRQFWLRQGH 5 HW
, 'pWHUPLQHUOHVFRRUGRQQpHVGDQVOHUHSqUH 2 [\] GHVVRXUFHVVHFRQGDLUHV 6 HW 6
FUppHVSDUO¶LQWHUIpURPqWUHHQIRQFWLRQGH /HW 5
, 0RQWUHUTXHGDQVOHFDVR 5 !! ODGLVWDQFHDHQWUHOHVGHX[VRXUFHVVHPHWVRXV
OD IRUPH D | HW TXH OD GLVWDQFH G GX PLOLHX GHV VRXUFHV j O¶pFUDQ HVW YRLVLQH GH
5
G | /
, (QGpGXLUHO¶DVSHFWGHODILJXUHG¶LQWHUIpUHQFHREVHUYpHVXUO¶pFUDQ
, /HFHQWUHGHODILJXUHG¶LQWHUIpUHQFHHVWXQSRLQWEULOODQW/DFLQTXLqPHIUDQJHEULOODQWH
HVWVLWXpHjPPGXFHQWUH&DOFXOHUODYDOHXUGXUD\RQ 5 GXPLURLU 0
3$57,(,,/(67(/(6&23(63285/
2%6(59$7,21'(/$7(55(
6327 HW OHV 3OpLDGHV VRQW GHV VDWHOOLWHV RSWLTXHV G¶REVHUYDWLRQ GH OD 7HUUH /HV VDWHOOLWHV
G¶REVHUYDWLRQGHOD7HUUHIRXUQLVVHQWGHVLPDJHVQXPpULTXHVGHODVXUIDFHGHOD7HUUHFRPSRVpHVGH
SL[HOV/¶LPDJHQXPpULTXHHVWXQHPDWULFHGH /OLJQHVHW&FRORQQHVGHSHWLWVpOpPHQWVG¶LPDJHV
DSSHOpVSL[HOV&KDTXHSL[HOUHSUpVHQWHO¶LPDJHIRUPpHVXUXQGHVFDSWHXUVFDUUpVGHF{Wp F& G¶XQH
SHWLWHVXUIDFHWHUUHVWUHGRQWOHVORQJXHXUVGHVF{WpVVRQW F7 HW O7 /DUpVROXWLRQHVWODWDLOOH F7 RX O7
DX QLYHDX GX VRO FRUUHVSRQGDQW j XQ SL[HO GH O¶LPDJH GH OD VXUIDFH WHUUHVWUH /¶DFTXLVLWLRQ GHV
LPDJHV VH IDLW SDU OLJQHV VXFFHVVLYHV GH ODUJHXU DX VRO /7 JUkFH j GHV FDSWHXUV MX[WDSRVpV
OLQpDLUHPHQWVXUXQHEDUUHWWH/HGpSODFHPHQWGXVDWHOOLWHDVVXUHOHSDVVDJHG¶XQHOLJQHjO¶DXWUH
/¶RUELWHGXVDWHOOLWHHVW FLUFXODLUHHWSRODLUHHWVRQDOWLWXGH KGHPHXUHFRQVWDQWHORUVGHVSULVHV GH
YXHV /D YLWHVVH OLQpDLUH GX VDWHOOLWH VXU VRQ RUELWH HVW Y6 HW OD YLWHVVH Y67 SDU UDSSRUW DX VRO GX
SURMHWp GX VDWHOOLWH 7 VXU OD VXUIDFH WHUUHVWUH HVW VHQVLEOHPHQW SDUDOOqOH j XQ PpULGLHQ WHUUHVWUH
ILJXUH
EDUUHWWHGHFDSWHXUV
FDSWHXU ] GpWHFWHXU
Ϛ
Y6 FHQWUHRSWLTXH2
D[HGHYLVpHYHUWLFDO
WUDFHDXVRO DOWLWXGHK
DQJOHGHYLVpH E
VRO
OLJQH/ O7
OLJQH/ 7 F7
Ϛ
Y 67
/7
)LJXUHSULQFLSHGHO¶DFTXLVLWLRQG¶LPDJHVVDWHOOLWDLUHV
,,/H VDWHOOLWH 3OpLDGHV$ HVW VLWXp j K NP G¶DOWLWXGH /H V\VWqPH RSWLTXH GX VDWHOOLWH
SHXW rWUH DVVLPLOp j XQH OHQWLOOH PLQFH GH GLVWDQFH IRFDOH LPDJH I
HW GH FHQWUH RSWLTXH 2
/¶D[H RSWLTXH DSSHOp D[H GH YLVpH HVW YHUWLFDO VHORQ 2] /H UD\RQ GH OD 7HUUH HVW
57 NP
,, /HV\VWqPHRSWLTXHHVWLOFRQYHUJHQWRXGLYHUJHQW"-XVWLILHUYRWUHUpSRQVH
,, ([SULPHUOHJUDQGLVVHPHQWWUDQVYHUVDO *W GXV\VWqPHRSWLTXHHQIRQFWLRQGH F7 HW F&
SXLVHQIRQFWLRQGH K HW I
,, /HVLPDJHVHQQRLUHWEODQFPRGHSDQFKURPDWLTXHRQWXQHUpVROXWLRQjODYHUWLFDOHGH
PDXVRO F7 O7 P (OOHVFRPSRUWHQWOLJQHVHWFRORQQHV/D
WDLOOHGHFKDTXHFDSWHXUHVW F& ȝP
,,D &DOFXOHU OD GLVWDQFH IRFDOH I
GX V\VWqPH RSWLTXH (VWLO FRQFHYDEOH GH
UpDOLVHUO¶LQVWUXPHQWG¶RSWLTXHDYHFXQHVHXOHOHQWLOOH"-XVWLILHU
,,E &DOFXOHUODODUJHXU /7 G¶XQHOLJQHGHSULVHGHYXHDXVRO
,, /HV LPDJHV HQ FRXOHXUV PRGH PXOWLVSHFWUDO FRPSRUWHQW OLJQHV HW
FRORQQHV 8QH VpULH GH TXDWUH FDSWHXUV IRUPH XQ SL[HO /HV FDSWHXUV VRQW
UHJURXSpVSDUVXUXQHEDUUHWWHHWXQILOWUHLQWHUIpUHQWLHOVpOHFWLRQQHODORQJXHXU
G¶RQGH &KDFXQ GHV TXDWUH FDSWHXUV GH FKDTXH FRXOHXU D OD PrPH JpRPpWULH TX¶HQ
PRGH SDQFKURPDWLTXH 4XHOOH HVW OD UpVROXWLRQ O
7 DX VRO GHV LPDJHV HQ PRGH
PXOWLVSHFWUDOGXVDWHOOLWH3OpLDGHV$"
,,'RQQHU O¶RUGUH GH JUDQGHXU GH O¶DQJOH GH FKDPS GH SULVH GH YXH E G¶XQH OLJQH /H
V\VWqPH RSWLTXH GX VDWHOOLWH 3OpLDGHV$ IRQFWLRQQHWLO GDQV OHV FRQGLWLRQV GH
*DXVV"-XVWLILHU
,,/DSpULRGHGHUpYROXWLRQGXVDWHOOLWH3OpLDGHV$HVW 76 KPLQ
,,D &DOFXOHUODYLWHVVHDXVRO Y67
,,E &DOFXOHU HQ PRGH SDQFKURPDWLTXH OD GXUpH G¶DFTXLVLWLRQ 'W G¶XQH OLJQH
VDFKDQWTX¶HQYLVpHYHUWLFDOH F7 O7 P
,,F /D GXUpH G¶DFTXLVLWLRQ 'W
HVWHOOH OD PrPH HQ PRGH PXOWLVSHFWUDO" /D
FDOFXOHUVDFKDQWTX¶HQYLVpHYHUWLFDOH F
7 O
7
,, /HV V\VWqPHV RSWLTXHV GHV VDWHOOLWHV G¶REVHUYDWLRQ GH OD 7HUUH VRQW FRPSRVpV GH WpOHVFRSHV
/HWpOHVFRSHGXVDWHOOLWH6327HVWGpULYpGXWpOHVFRSHGH6FKPLGW,OHVWFRPSRVpG¶XQPLURLU
SODQ 0 G¶XQ PLURLU VSKpULTXH FRQFDYH 0 FHQWUH &0 HW VRPPHW 6 0 G¶XQ V\VWqPH
DIRFDOGHFRUUHFWLRQG¶RXYHUWXUHFRPSRVpGHGHX[OHQWLOOHVPLQFHV / HW / DXTXHOV¶DMRXWH
XQ PLURLU RULHQWDEOH GH FKDQJHPHQW GH YLVpH SODFp j O¶HQWUpH GX V\VWqPH RSWLTXH ILJXUH
SDJH
VHQVGHGpSODFHPHQW
GXVDWHOOLWH
/ / Ϛ
Y6 D[HRSWLTXH
PLURLUSODQ
GHYLVpHREOLTXH
' GpWHFWHXU
jr
PLURLUSODQ0
YHUWLFDOH PLURLUVSKpULTXH0
)LJXUHLQVWUXPHQWG¶RSWLTXHGXVDWHOOLWH6327
,, /DGLVWDQFHIRFDOHGXPLURLU 0 HVW I
0 PP 'pWHUPLQHUVRQUD\RQ 50
,,/HVDWHOOLWHHVWSODFpjO¶DOWLWXGH K NP HQRUELWHFLUFXODLUHDXWRXUGHOD7HUUH6L
RQ FRQVLGqUH TXH OHV UD\RQV TXL WRPEHQW VXU OH V\VWqPH RSWLTXH VRQW TXDVLPHQW
SDUDOOqOHVjO¶D[HGHYLVpHFDOFXOHUODSRVLWLRQ 6 0 ' GXGpWHFWHXUIRUPpGHSOXVLHXUV
EDUUHWWHVGHFDSWHXUV"
,,(QYLVpHYHUWLFDOHODODUJHXUDXVROGHVLPDJHVGH6327TXLFRPSRUWHQWOLJQHV
HWFRORQQHVGHSL[HOVHQPRGHSDQFKURPDWLTXHHVW /7 NP (VWLPHUODWDLOOH
FF G¶XQFDSWHXUGXVDWHOOLWH6327
,, /D SULVH GH YXH SHXW FRQFHUQHU XQH ]RQH GH IDLEOH DOWLWXGH SURFKH GH OD PHU RX XQH
UpJLRQ KLPDOD\HQQH R O¶DOWLWXGH SHXW DWWHLQGUH P (VWLPHU OD YDULDWLRQ GH OD
SRVLWLRQ GX GpWHFWHXU ' 60 ' HQ IRQFWLRQ GH OD YDULDWLRQ G¶DOWLWXGH 'K GX VDWHOOLWH
/¶LQVWUXPHQWG¶RSWLTXHGH6327GRLWLOGLVSRVHUG¶XQGLVSRVLWLIGHPLVHDXSRLQW"
,, /HV\VWqPHDIRFDOHVWIRUPpSDUXQHOHQWLOOHFRQYHUJHQWH / GHFHQWUH 2/ GHIR\HUV
REMHW )/ HWLPDJH )
/ HWG¶XQHOHQWLOOHGLYHUJHQWH / GHFHQWUH 2/ GHIR\HUVREMHW
)/ HW LPDJH )
/ /D GLVWDQFH TXL VpSDUH OHV GHX[ FHQWUHV RSWLTXHV GHV OHQWLOOHV
HVW H/ 2/ 2/
,,D 4XHOOH UHODWLRQ H[LVWHWLO HQWUH OHV GLVWDQFHV IRFDOHV LPDJHV I
/ HW I
/
GHVGHX[OHQWLOOHVUHVSHFWLYHPHQW / HW / HWODGLVWDQFH H/ "
,,E 6LWXHUVXUXQVFKpPDODSRVLWLRQGHVIR\HUVGHVOHQWLOOHV
,,F 7UDFHUVXUOHPrPHVFKpPDODPDUFKHG¶XQUD\RQSDVVDQWSDU 2/ HWLQFOLQp
SDUUDSSRUWjO¶D[HRSWLTXHGHVGHX[OHQWLOOHV
,,/¶LQVWUXPHQWGXVDWHOOLWH6327SRVVqGHXQPLURLUGHYLVpHREOLTXH4XHOHVWO¶LQWpUrW
G¶XQWHOGLVSRVLWLI"
(/(&7520$*1(7,60(*60*
'RQQpHV
FpOpULWpGHVRQGHVpOHFWURPDJQpWLTXHVGDQVOHYLGHRXO¶DLU F PV
SHUPLWWLYLWpGLpOHFWULTXHGXYLGHRXGHO¶DLU H ) P
S
,,,F([SOLFLWHUOHVGHX[WHUPHVGHO¶pTXDWLRQGHSURSDJDWLRQHQIRQFWLRQGHN Z
HW ( 0 W
,,,G(QGpGXLUHODUHODWLRQGHGLVSHUVLRQGXPLOLHX
G
,,, 'DQVO¶K\SRWKqVHGHODTXHVWLRQSUpFpGHQWHH[SOLFLWHUOHFKDPS %0 W GDQVODEDVH
FDUWpVLHQQH % HQIRQFWLRQGH ( P FNHWZ
,,, (QQRWDQW ( P (P H MM M pWDQWXQHFRQVWDQWHH[SOLFLWHUOHVFKDPSVUpHOV ( 0 W
HW % 0 W
,,,3XLVVDQFHHWUD\RQQHPHQW
G
,,, 'RQQHUODGpILQLWLRQGXYHFWHXUGH3R\QWLQJ 50 W HQIRQFWLRQGHVFKDPSVHWVRQ
LQWHUSUpWDWLRQSK\VLTXH4XHOOHHVWVDGLPHQVLRQSK\VLTXH"
G
,,, 0RQWUHU TXH OD YDOHXU PR\HQQH WHPSRUHOOH GH OD QRUPH GH 50 W SHXW V¶pFULUH
5 D FH (P SRXUOHVFKDPSVGHO¶2336GpILQLHGDQVODSDUWLH,,,2QGRQQHUD
ODYDOHXUGHODFRQVWDQWH D
,,, 'DQV OH FDV G¶XQH DQWHQQH UpHOOH O¶K\SRWKqVH GH O¶2336 Q¶HVW YDODEOH TXH
G
ORFDOHPHQW2QVDLWDORUVTXHODYDOHXUGH 5 GpSHQGGHODGLVWDQFHGjO¶DQWHQQHGH
OD SXLVVDQFH 3D G¶DOLPHQWDWLRQ HW GH VRQ JDLQ * OHTXHO GpSHQG GH OD GLUHFWLRQ
G¶REVHUYDWLRQ 2Q SHXW DLQVL pFULUH S G 5 G 3D * ([SULPHU O¶DPSOLWXGH
(P GXFKDPSHQIRQFWLRQGHF H 3D *HWG
,,,([SRVLWLRQ
,OHVWSDUIRLVQpFHVVDLUHGHSULYLOpJLHUXQVHQVGHIRQFWLRQQHPHQWGHO
DQWHQQH/¶pQHUJLHUD\RQQpH
SDU XQH DQWHQQH HVW DORUV UpSDUWLH GH PDQLqUH LQpJDOH GDQV O¶HVSDFH HW LO H[LVWH GHV GLUHFWLRQV
SULYLOpJLpHVDSSHOpHVOREHVGHUD\RQQHPHQW&HVGLIIpUHQWHVGLUHFWLRQVSHXYHQWrWUHYLVXDOLVpHVj
O¶DLGH GX GLDJUDPPH GH UD\RQQHPHQW UpDOLVp HQ WURLV GLPHQVLRQV /H OREH OH SOXV LPSRUWDQW HVW
DSSHOp OREH SULQFLSDO ,O HVW GLULJp YHUV O¶DYDQW GH O¶DQWHQQH /HV OREHV VHFRQGDLUHV PRLQV
LPSRUWDQWVVRQWGLULJpVYHUVO¶DUULqUHRXVXUOHVF{WpVGHO¶DQWHQQH
/D QRUPH VDQLWDLUH SRXU FH W\SH GH UD\RQQHPHQW HVW DFWXHOOHPHQW HQ )UDQFH (PD[ 9 P (OOH
FRUUHVSRQG j XQ VHXLO GpILQL VXU OD EDVH GHV HIIHWV WKHUPLTXHV pFKDXIIHPHQW OLpV DX FKDPS
pOHFWURPDJQpWLTXH $ WLWUH GH FRPSDUDLVRQ OD QRUPH HQ ,WDOLH 5XVVLH 3RORJQH HW &KLQH HVW GH
( 9 P
,,, 'DQVOHFDGUHG¶XQHLPSODQWDWLRQXUEDLQHLOVHSHXWTXHFHUWDLQVORFDX[LQWHUFHSWHQW
OH OREH SULQFLSDO (Q FRQVLGpUDQW GDQV FH FDV XQH SXLVVDQFH 3D : XQ JDLQ
* HWXQHGLVWDQFHG PFDOFXOHUO¶LQWHQVLWpGXFKDPS (P &RPPHQWHUOH
UpVXOWDW
,,, 8QHDXWUHSRVVLELOLWpG¶rWUHH[SRVpDXUD\RQQHPHQWG¶XQHDQWHQQHUHODLVFRQFHUQHOH
OREH VHFRQGDLUH RULHQWp YHUV OH VRO 'DQV FH FDV OH JDLQ HVW SOXV IDLEOH PDLV OD
GLVWDQFH pJDOHPHQW &DOFXOHU SRXU OD PrPH SXLVVDQFH 3D : OH FKDPS (P
GDQVOHFDVR * HW G P &RPPHQWHUOHUpVXOWDW
3$57,(,95()/(;,21'¶81(23363$581085'(%(721
'H IDoRQ SUpOLPLQDLUH RQ FRQVLGqUH XQH LQWHUIDFH DLU ± PpWDO SDUIDLW GDQV OH SODQ ] /¶DLU
RFFXSHO¶HVSDFHGHV ] HWOHPpWDOFHOXLGHV ] ! /¶RQGHLQFLGHQWHHVWXQH2336VHSURSDJHDQW
G
GDQVO¶DLUSRODULVpHVHORQ H[ HWTXLDUULYHQRUPDOHPHQWjO¶LQWHUIDFH2QQRWH ( PL (P H MM HW ( PU
G G
UHVSHFWLYHPHQW OHV DPSOLWXGHV FRPSOH[HV GHV FKDPSV LQFLGHQW HW UpIOpFKL 2Q QRWH N L HW N U OHV
YHFWHXUV G¶RQGHV DVVRFLpV UHVSHFWLIV 2Q DGPHW TXH O¶RQGH UpIOpFKLH D OD PrPH SRODULVDWLRQ TXH
O¶RQGHLQFLGHQWH
,9([SUHVVLRQVGHVFKDPSV
G G
,9 ([SULPHU OHV FKDPSV pOHFWULTXH ( L 0 W HW PDJQpWLTXH % L 0 W LQFLGHQWV HQ
G Z
IRQFWLRQGH ( PL ]ZWHW N NL
F
G G
,9 ([SULPHU OHV FKDPSV pOHFWULTXH ( U 0 W HW PDJQpWLTXH % U 0 W UpIOpFKLV HQ
G Z
IRQFWLRQGH ( PU ]ZWHW N NL
F
,9 5DSSHOHUOHVSURSULpWpVG
XQFRQGXFWHXUjO
pTXLOLEUH4XHOOHVVRQWOHVH[SUHVVLRQVGHV
G G
FKDPSV ( F 0 W HW % F 0 W GDQVOHFRQGXFWHXU"
,9 (QRQFHUVRXVVDIRUPHODSOXVJpQpUDOHODUHODWLRQGHSDVVDJHSRXUOHVFRPSRVDQWHV
WDQJHQWLHOOHVGXFKDPSpOHFWULTXH
( PU
,9 (QGpGXLUHODYDOHXUGXFRHIILFLHQWGHUpIOH[LRQHQFKDPS U
( PL
,9&KDPSWRWDOHWRQGHVVWDWLRQQDLUHV
,9 'pWHUPLQHUO¶H[SUHVVLRQGXFKDPSWRWDOUpHO ( WRWDO 0 W
,9 4XHOOHHVWVDSDUWLFXODULWp"-XVWLILHU
,9 5HSUpVHQWHU O¶DPSOLWXGH GH ( WRWDO 0 W HQ IRQFWLRQ GH OD SRVLWLRQ GH 0 SRXU WURLV
YDOHXUVGLIIpUHQWHVGHW
,9 /RFDOLVHUHWQRPPHUOHVSRLQWVUHPDUTXDEOHVGHODUHSUpVHQWDWLRQ
,9 'RQQHUODGLVWDQFH G P HQWUHXQPLQLPXPHWXQPD[LPXPDGMDFHQWVHQIRQFWLRQGHOD
ORQJXHXUG¶RQGH O GHO
RQGH
2Q UHPSODFH j SUpVHQW OH PpWDO SDUIDLW SDU GX EpWRQ 2Q UHSUHQG O¶HQVHPEOH GX SUREOqPH HW GHV
QRWDWLRQVFRQVLGpUpHVGDQVOHVSDUWLHV,9HW,92QGRQQHOHQRXYHDXFRHIILFLHQWGHUpIOH[LRQHQ
FKDPS U U H MD GDQVODJDPPHGHIUpTXHQFHGHODEDQGH0+]DYHF U HW D q
G
,9 0HWWUHOHFKDPSWRWDO ( WRWDO 0 W GDQVO¶DLUVRXVODIRUPH ( WRWDO 0 W ª¬ I ] º¼ ( L 0 W HW
H[SULPHU I ] HQIRQFWLRQGHU D ]HW N
,9 (QFRQVWDWDQWTXH ( WRWDO I ] ( L H[SULPHUOHVYDOHXUVPD[LPDOH ( WRWDO HWPLQLPDOH
PD[
G
( WRWDO GHO¶DPSOLWXGHGH ( WRWDO HQIRQFWLRQGHUHW (P
PLQ
,9 3RXU OH FRHIILFLHQW GH UpIOH[LRQ GRQQp FLGHVVXV SRXU OH EpWRQ FDOFXOHU OH UDSSRUW
( WRWDO
U PD[
pJDOHPHQWDSSHOp5DSSRUWG¶2QGH6WDWLRQQDLUHRX526
( WRWDO
PLQ
,9 'RQQHUODGLVWDQFH G P HQWUHXQPLQLPXPHWXQPD[LPXPDGMDFHQWV
,9 3RXU XQ YpKLFXOH VH GpSODoDQW j Y NP K FDOFXOHU OH WHPSV TXL V¶pFRXOH HQWUH XQ
PD[LPXPHWXQPLQLPXPGHFKDPS(QTXRLFHODSHXWLODIIHFWHUODFRPPXQLFDWLRQ"
3$57,(97(&+12/2*,(0,02
/¶XQHGHVFOpVSRXUO¶pOpYDWLRQGXGpELWGHOD*UpVLGHGDQVODFDSDFLWpGHVDQWHQQHVjGLIIpUHQFLHU
OHV VLJQDX[ HQ IRQFWLRQ GH OHXU GLUHFWLRQ G¶DUULYpH RX G¶HQYRL 3RXU LOOXVWUHU FHWWH IRQFWLRQ
FRQVLGpURQVOHFDVGHGHX[2336GHPrPHDPSOLWXGH (P PDLVGHSKDVHVjO¶RULJLQHGLIIpUHQWHV
(QDVVRFLDQWFHWWHRULJLQHjODSUHPLqUHRQGHRQD ( P (P z (P H MM ( P (OOHVXWLOLVHQWOHPrPH
G
FDQDO HW GRQF OD PrPH SXOVDWLRQ Z (OOHV RQW OD PrPH SRODULVDWLRQ UHFWLOLJQH H[ /HV GLUHFWLRQV
G
G¶DUULYpH HQ XQ SRLQW TXHOFRQTXH GH O¶HVSDFH VRQW N N VLQ T H\ FRV T H] HW
G G
G
N N VLQ T H\ FRV T H]
G G
9 &KDPSVpOHFWULTXHV
9(QYRXVDSSX\DQWVXUXQVFKpPDFODLUUHSUpVHQWHUGDQVOHUHSqUHFDUWpVLHQOHVYHFWHXUV
G G G G G G
N HW N DLQVL TXH OHV FKDPSV DVVRFLpV ( % HW ( % HQ UHVSHFWDQW OD
YUDLVHPEODQFHOLpHjODVWUXFWXUHGHV2336
9 ([SULPHU OHV FRPSRVDQWHV ([ 0 W HW ( [ 0 W UHVSHFWLYHPHQW GHV FKDPSV
G G G
( 0 W HW ( 0 W VHORQODGLUHFWLRQ H[ HQIRQFWLRQGH (P MZWN]\HWT
9 'pWHFWLRQ0,02
92QGLVSRVHGHX[DQWHQQHVGHUpFHSWLRQHQPHVXUHGHGpWHFWHUOHFKDPSpOHFWULTXHDX[
§ O · § O ·
SRLQWV 3¨ [3 \3 ] 3 ¸ HW 4¨ [4 \4 ]4 ¸ ([SULPHU OHV
© ¹ © ¹
FRPSRVDQWHV ([ 3 W ([ 4 W ( [ 3 W HW ( [ 4 W GHV FKDPSV HQ IRQFWLRQ GH
(P M Z W HW T SXLV H[SULPHU OHV FKDPSV WRWDX[ ( WRWDO 3 W HW ( WRWDO 4 W HQ
IRQFWLRQGHFHVPrPHVSDUDPqWUHV
9 2QLQWURGXLWOHSDUDPqWUHUpHOHWYDULDEOH I*UkFHjXQFDOFXODWHXUQXPpULTXHRQSHXW
HVWLPHU OD TXDQWLWp ( W I ( WRWDO 3 W H MI ( WRWDO 4 W SRXU GLYHUVHV YDOHXUV GH I
G G
0RQWUHU TXH OHV FRQWULEXWLRQV LVVXHV GHV FKDPSV ( HW ( IRQW DSSDUDvWUH
UHVSHFWLYHPHQWOHVIDFWHXUV I I H M I S VLQT HW I I H M I S VLQT
9 3URSRVHU GHX[ YDOHXUV SDUWLFXOLqUHV I HW I UHVSHFWLYHPHQW WHOOHV TX¶DSUqV FDOFXO
GH (
G
RQDQQXOHODFRQWULEXWLRQGH ( GDQV ( W I
G
RQDQQXOHODFRQWULEXWLRQGH ( GDQV ( W I
9 2QSHXWGRQFFRQFOXUHTXHVLOHVGLUHFWLRQVG¶DUULYpHVRQWFRQQXHVHWTXHO¶RQGLVSRVH
G¶XQH FDSDFLWp GH FDOFXO VXIILVDQWH RQ SHXW VpSDUHU OHV GHX[ VLJQDX[ &RPPHQWHU
O¶LQWpUrWGHFHWUDLWHPHQWGDQVOHFRQWH[WHGXVXMHW
)LQGHO¶pQRQFp
I M P R I M E R I E N A T I O N A L E – 14 1308 – D’après documents fournis