• Aucun résultat trouvé

Le blanchiment des coraux : implications microbiennes et nouvelle voie d'investigation

N/A
N/A
Protected

Academic year: 2021

Partager "Le blanchiment des coraux : implications microbiennes et nouvelle voie d'investigation"

Copied!
117
0
0

Texte intégral

(1)
(2)



/H EODQFKLPHQW GHV UpFLIV FRUDOOLHQV IDLW SDUWLH GHV JUDQGHV SUREOpPDWLTXHV HQYLURQQHPHQWDOHVTXLSqVHQWVXUQRWUHSODQqWHGHSXLVTXHOTXHVGL]DLQHVG¶DQQpHV(Q HIIHWOHVpFRV\VWqPHVUpFLIDX[VRQWOHVLqJHGHODSOXVJUDQGHELRGLYHUVLWpPDULQHHWOH IOpDXTXLOHVWRXFKHQHFHVVHG¶DXJPHQWHUHQIUpTXHQFHHQpWHQGXHHWHQLQWHQVLWp,OHVW GRQFSULPRUGLDOG¶pWXGLHUOHVPpFDQLVPHVG¶DFWLRQGHFHSKpQRPqQHDILQGHSRXYRLUHQ SRVVpGHUGHPHLOOHXUHVFRQQDLVVDQFHVHWDLQVLPLHX[SURWpJHUHWSUpYRLUO¶DYHQLUGHFHV pFRV\VWqPHV HVVHQWLHOV j ELHQ GHV pJDUGV 3DU DLOOHXUV GH QRXYHOOHV WHFKQLTXHV HW GH QRXYHDX[ PR\HQV H[SpULPHQWDX[ VRQW VDQV FHVVH UpFODPpV DILQ GH SRXVVHU OHV UHFKHUFKHVGDQVFHGRPDLQH  'DQVFHWWHRSWLTXHOHSUpVHQWWUDYDLOV¶HVWRULHQWp VXUGHX[D[HV7RXWG¶DERUG O¶LPSOLFDWLRQGHPLFURRUJDQLVPHVGDQVOHSKpQRPqQHGHEODQFKLPHQWDpWppWXGLpH HD K\SRWKqVHEDFWpULHQQH /DSHUWLQHQFHG¶XWLOLVHUO¶DQpPRQHGHPHU$LSWDVLDFRPPHRXWLO GDQVO¶pWXGHGXEODQFKLPHQWFRUDOOLHQDHQVXLWHpWpWHVWpH 

3RXU FH IDLUH O¶REVHUYDWLRQ HQ XOWUDVWUXFWXUH GX PXFXV HW GH O¶HQGRGHUPH GH FRUDX[ VDLQV G¶XQH SDUW HW EODQFKLV G¶DXWUH SDUW SURYHQDQW GH PLOLHX[ QDWXUHOV HW G¶DTXDULXPVD pWp UpDOLVpH DILQ GHPHWWUH HQ pYLGHQFH GHV EDFWpULHV HWRX GHV YLUXV DX VHLQ GH FHV VWUXFWXUHV FRUDOOLHQQHV 8QH pWXGH GH IDLVDELOLWp GHV PDQLSXODWLRQV D pWp HIIHFWXpHHQYXHGHUpDOLVHUXQHFRPSDUDLVRQGHGLYHUVLWpJpQpWLTXHGHVFRPPXQDXWpV EDFWpULHQQHV SUpVHQWHV GDQV O¶HDX GHPHU G¶XQH SDUW HW DVVRFLpHV DX[FRUDX[ VDLQV HW EODQFKLV DVVRFLpV RX QRQ GHV SRLVVRQV G¶DXWUH SDUW ¬ FHWWH RFFDVLRQ OHV SURWRFROHV H[SpULPHQWDX[QpFHVVDLUHVjFHJHQUHG¶pWXGHRQWSXrWUHGpWHUPLQpV(QVXLWHVHORQOH VHFRQG D[H GH FH WUDYDLO GHV DQpPRQHV GH PHU RQW pWp REVHUYpHV HQ PLFURVFRSLH pOHFWURQLTXH WRXW FRPPH OHV FRUDX[ HW RQW IDLW O¶REMHW GH FRPSWDJHV GH GHQVLWpV HQ ]RR[DQWKHOOHV 3DU DLOOHXUV XQ EODQFKLPHQW DUWLILFLHO LQGXLW SDU XQ FKRF WKHUPLTXH D pJDOHPHQWpWpWHVWpVXUFHVLQGLYLGXV



/HVUpVXOWDWVREWHQXVRQWPRQWUpODSUpVHQFHG¶XQHGHQVLWpHQ]RR[DQWKHOOHVSOXV pOHYpHGDQVO¶HQGRGHUPHGHVRUJDQLVPHVVDLQVDQpPRQHVRXPDGUpSRUHVSDUUDSSRUWj OHXUVKRPRORJXHVEODQFKLV/¶REVHUYDWLRQGHODVWUXFWXUHILQHGHVGLIIpUHQWVpFKDQWLOORQV PRQWUH TXH OHV ]RR[DQWKHOOHV GHV LQGLYLGXV EODQFKLV RQW WHQGDQFH j SUpVHQWHU XQ SKpQRPqQH GH UpWUDFWLRQUpVRUSWLRQ SDU UDSSRUW j OD YDFXROH GHV FHOOXOHV K{WHV OHV KpEHUJHDQW &HV DOJXHV VH UHWURXYHQW G¶DLOOHXUV SDUIRLV OLEUHV HW GLVVRFLpHV GX WLVVX HQGRGHUPLTXHFRUDOOLHQHQFRXUVGHEODQFKLPHQW8QDXWUHFULWqUHGHGLDJQRVWLFTXLDSX rWUHpWDEOLHVWODSURSRUWLRQHWODERQQHGLVWLQFWLRQGHVRUJDQLWHVFRQVWLWXWLIVGHVDOJXHV V\PELRWLTXHV $X QLYHDX GH OD SUpVHQFH GH PLFURRUJDQLVPHV GDQV OHV DQLPDX[ pFKDQWLOORQQpV GHV EDFWpULHV RQW SX rWUH PLVHV HQ pYLGHQFH FKH] GHV FRUDX[ VDLQV HW EODQFKLV'HVYLUXVRQWSXrWUHPRQWUpVDXQLYHDXGHO¶HQGRGHUPHG¶DQpPRQHVVDLQHVHW EODQFKLHVpJDOHPHQW&HVGHX[REVHUYDWLRQVPRQWUHQWTXHOHSUHPLHUVWDGHQpFHVVDLUHDX SKpQRPqQHGHEODQFKLPHQWSRXUUDLWELHQrWUHO¶LQIHFWLRQSDUXQW\SHGHPLFURRUJDQLVPH LQGXLVDQW SDU OD VXLWH O¶H[SXOVLRQ RX OD GpJUDGDWLRQ GHV ]RR[DQWKHOOHV /¶pWXGH GHV DQpPRQHV GH PHU D pJDOHPHQW PLV HQ pYLGHQFH XQH GLVWULEXWLRQ KpWpURJqQH GHV ]RR[DQWKHOOHV OH ORQJ GHV WHQWDFXOHV HW OH IDLW TXH O¶DSSOLFDWLRQ G¶XQ FKRF WKHUPLTXH FKDXG RX IURLG RFFDVLRQQH XQ VWUHVV VXSSOpPHQWDLUH"  LQGXLW O¶H[SXOVLRQ GHV V\PELRQWHV /HV WHFKQLTXHV G¶pWXGH GH OD GLYHUVLWp GHV EDFWpULHV DVVRFLpHV DX[ FRUDX[ VRQW RSpUDWLRQQHOOHV HW SHXYHQW rWUH DSSOLTXpHV j XQH pWXGH SOXV SRXVVpH GH O¶LPSOLFDWLRQEDFWpULHQQHGDQVOHEODQFKLPHQWFRUDOOLHQ

(3)

 0HVSUHPLHUVUHPHUFLHPHQWVYRQWELHQHQWHQGXDX'RFWHXU0DWKLHX3RXOLFHN VDQVTXLFHPpPRLUHQHVHUDLWSDV0HUFLG¶DYRLUFUXHQPRLFRPPHWXO¶DVIDLWHWPHUFL GHP¶DYRLURXYHUWOHV\HX[DXGRPDLQHGHO¶pFRORJLHGHVUpFLIVFRUDOOLHQVpFRV\VWqPHV ULFKHVHWLPSRUWDQWVjELHQGHVpJDUGV 

-H GpVLUHUDLV UHPHUFLHU HQVXLWH OH 3URIHVVHXU -HDQ3LHUUH 7KRPp TXL P¶D DFFXHLOOLH FKDOHXUHXVHPHQW DX VHLQ GX ODERUDWRLUH G¶pFRORJLH DQLPDOH HW G¶pFRWR[LFRORJLH OH 3URIHVVHXU 3LHUUH 9DQGHZDOOH SRXU VRQ VRXWLHQ ILQDQFLHU GDQV O¶DFKDWGHVVRXFKHVEDFWpULHQQHVHWGHOD©ELEOHªHQPDWLqUHGHPDODGLHVFRUDOOLHQQHV HW j FH PrPH WLWUH OHV )RQGDWLRQV &DPLOOH +HOD HW 'RFTXLHU SRXU O¶RFWURL GH OHXUV ERXUVHVG¶pWXGHVSUpFLHXVHVjODSULVHHQFKDUJHGXFR€WGHFHWWHDQQpHG¶pWXGH  -HWLHQVjUHPHUFLHUFKDOHXUHXVHPHQWOHV'RFWHXUV$QQLFN:LOPRWWHHW3KLOLSSH &RPSqUHTXLP¶RQWHQVHLJQpGHQRPEUHXVHVFKRVHVP¶RQWJXLGpHFRQVHLOOpHHWpSDXOpH GDQVOHVGHX[JUDQGVYROHWVGHFHWUDYDLO0HUFLSRXUYRWUHJHQWLOOHVVH  4X¶DXUDLVMHIDLWVDQV1LFROH'HFORX["IRLVPHUFLSRXUODSUpSDUDWLRQGHV pFKDQWLOORQVSRXUO¶XOWUDVWUXFWXUHWHVGpSDQQDJHVHWVXUWRXWWDGLVSRQLELOLWpHWWDERQQH KXPHXUWRXMRXUVELHQDJUpDEOH  -HUHPHUFLHpJDOHPHQWOHV'UV30RWWH-3LHWWHHW9'HPRXOLQSRXUOHXUVDYLV SUpFLHX[HWFRQVHLOVDYLVpVFRQFHUQDQWOHVSKRWRVSULVHVDX7(0 

&H PpPRLUH Q¶DXUDLW SDV SX rWUH UpDOLVp VDQV pFKDQWLOORQV j REVHUYHU HW j DQDO\VHU 0HUFL j (ULF 3DUPHQWLHU GH 8/J  SRXU OHV pFKDQWLOORQV GH 0DGDJDVFDU j /XFLH3HQLQ GHO¶8QLYHUVLWpGH3HUSLJQDQ SRXUOHVpFKDQWLOORQVGH3RO\QpVLHIUDQoDLVH j$OH[DQGUH6QHHVVHQV GHO¶8&/ SRXUOHVpFKDQWLOORQVGH1DXVLFDjHWj/HDK5HVKHI GHO¶8QLYHUVLWpGH7HO$YLY SRXUOHVGLYHUVpFKDQWLOORQVHWFRXSHVSRXUVDJHQWLOOHVVH HWVHVQRPEUHX[FRQVHLOV



0HUFL j PHV FRPSDUVHV GX ODERUDWRLUH GH F\DQREDFWpULHV GX 'U :LOPRWWH  &pGULF 5DID /DHWLWLD HW **HW GH O¶XQLWp GH PRUSKRORJLH XOWUDVWUXFWXUDOH GX 'U &RPSqUH  /DXUH HW &DUR SRXU OHXUV QRPEUHX[ FRXSV GH PDLQ OHXU ERQQH KXPHXU HW OHXUERQQHKXPHXU VLVLF¶pWDLWELHQFKRXHWWHGHYRXVF{WR\HU   -HVRXKDLWHGLUHPHUFLj&KULVWLDQ0LFKHOFRQVHUYDWHXUGHO¶$TXDULXP0XVHXP GHO¶8QLYHUVLWpGH/LqJHSRXUP¶DYRLUSHUPLVGHOHGpEDUUDVVHUGHTXHOTXHVDQpPRQHV GHPHUXQSHXWURSHQYDKLVVDQWHVjVRQJR€W  -HUHPHUFLHDXVVLWRXWHO¶pTXLSHGXGpFDQDWHWGHO¶DSSDULWRUDWGHOD)DFXOWpGHV 6FLHQFHV SRXU OH MRE OHXUV HQFRXUDJHPHQWV KHEGRPDGDLUHV HW OHXU JUDQGH V\PSDWKLH 0RQVLHXUOH'R\HQDELHQGHODFKDQFHGHYRXVDYRLUjVHVF{WpV



8QPHUFLGXIRQGGXF°XUjPDIDPLOOHHWPHVDPLV TXLVHUHFRQQDvWURQW TXL PHVRXWLHQQHQWHWFURLHQWHQPRLGHSXLVOHGpEXWHWWRXWDXORQJGHVHVORQJXHVDQQpHV G¶pWXGHV 0HUFLj 'DPLHQ 0DULH HW 0DPDQ SRXU OHV UHOHFWXUHV 0HUFL j 7RP SRXU OD FRXYHUWXUH0HUFL3DSDSRXUOHVSRQVRULQJ RUGLOLYUHV« HWSRXUrWUHWRXMRXUVOj



(W XQ PHUFL SDUWLFXOLHU j 'DPLHQ VDQV TXL OD YLH VHUDLW PRLQV EHOOH WRXW VLPSOHPHQW«

(4)







3$57,(,PSOLFDWLRQVPLFURELHQQHVGXEODQFKLPHQW

FRUDOOLHQ



&+$3,75(, ,1752'8&7,21











,/HVUpFLIVFRUDOOLHQV 













,%LRORJLHHWPRUSKRORJLHGHVFRUDX[KHUPDW\SLTXHV   ,$VVRFLDWLRQFRUDX[]RR[DQWKHOOHV     ,5{OHGHVEDFWpULHV       ,5pSDUWLWLRQHWLQWpUrWVGHVUpFLIV    

,,/HEODQFKLPHQWGHVFRUDX[











,,/HSKpQRPqQHGHEODQFKLPHQW     ,,+LVWRULTXH        ,,+\SRWKqVHVjODEDVHGXEODQFKLPHQW     $ )DFWHXUVHQYLURQQHPHQWDX[     % +\SRWKqVHDGDSWDWLYH      & +\SRWKqVHEDFWpULHQQH      ' +\SRWKqVHGH©SURWHFWLRQFRQWUHOHEODQFKLPHQWª SDUO¶DVVRFLDWLRQDYHFGHVSRLVVRQV     ( &DXVHYLUDOHRXIRQJLTXH      ,,0pFDQLVPHVG¶DGDSWDWLRQ      ,,,PSDFWVGXEODQFKLPHQW     



&+$3,75(,,2%-(&7,)6















&+$3,75(,,,0$7e5,(/6(70e7+2'(6







,'HVFULSWLRQGHVpFKDQWLOORQV











,,0RUSKRORJLH8OWUDVWUXFWXUH











,,0LFURVFRSHpOHFWURQLTXHjEDOD\DJH     $ 3UpSDUDWLRQGHVpFKDQWLOORQV     % )RQFWLRQQHPHQWGXPLFURVFRSHHWFRQGLWLRQV G¶REVHUYDWLRQ       ,,0LFURVFRSHpOHFWURQLTXHjWUDQVPLVVLRQ    $ 3UpSDUDWLRQGHVpFKDQWLOORQV     % )RQFWLRQQHPHQWGXPLFURVFRSHHWFRQGLWLRQV G¶REVHUYDWLRQ       ,,0LFURVFRSHRSWLTXH      

,,,'LYHUVLWpJpQpWLTXHGHVFRPPXQDXWpVEDFWpULHQQHV



,,,3UpSDUDWLRQGHVpFKDQWLOORQV      ,,,([WUDFWLRQGHO¶$'1EDFWpULHQ     $ ([WUDFWLRQGHILOWUHV      % ([WUDFWLRQGHIUDJPHQWVGHFRUDLO    ,,,$PSOLILFDWLRQGHO¶$'1SDU3&5     $ 3ULQFLSH       

(5)

 ,,,(OHFWURSKRUqVHVXUJHOG¶DJDURVH     $ 3ULQFLSH        % 0RGHRSpUDWRLUH       ,,,'HQDWXULQJ*UDGLHQW*HO(OHFWURSKRUHVLV    $ 3ULQFLSH        % 0RGHRSpUDWRLUH       ,,,6pTXHQoDJHHWDQDO\VHGHVEDQGHV'**(   



&+$3,75(,95e68/7$76













,2EVHUYDWLRQVHQPLFURVFRSLHpOHFWURQLTXH







,0LFURVFRSHpOHFWURQLTXHjEDOD\DJH 6(0     ,0LFURVFRSHpOHFWURQLTXHjWUDQVPLVVLRQ 7(0   ,0LFURVFRSHRSWLTXHjpSLIOXRUHVFHQFH   

,,'LYHUVLWpJpQpWLTXHGHVFRPPXQDXWpVEDFWpULHQQHVDVVRFLpHV





















,,9pULILFDWLRQGHVUpDFWLIVHWGHVFRQGLWLRQV3&5  ,,'**( 'HQDWXULQJ*UDGLHQW*HO(OHFWURSKRUHVLV   ,,6pTXHQoDJHGHVEDQGHV'**(    



&+$3,75(9',6&866,21(7&21&/86,216

35e/,0,1$,5(6















,'LVFXVVLRQGHVREVHUYDWLRQVPRUSKRORJLTXHVHW

XOWUDVWUXFWXUDOHV 













,2EVHUYDWLRQVDX6(0      ,2EVHUYDWLRQVDX7(0      ,2EVHUYDWLRQVHQPLFURVFRSLHRSWLTXHjpSLIOXRUHVFHQFH ,&RQFOXVLRQSUpOLPLQDLUH     



,,'LVFXVVLRQGHO¶DSSURFKHPROpFXODLUH 





,,&KRL[GHODELEOLRJUDSKLHHWGHVDPRUFHV   ,,'LVFXVVLRQGHVSURWRFROHV     ,,4XHSHXWRQWLUHUGHVUpVXOWDWVREWHQXV"   ,,&RQVHLOVHWSHUVSHFWLYHV     ,,&RQFOXVLRQSUpOLPLQDLUH    



3$57,(1RXYHOOHYRLHG¶LQYHVWLJDWLRQDYHFO¶DQpPRQHGH

PHU$LSWDVLDSXOFKHOOD



&+$3,75(,,1752'8&7,21 







&+$3,75(,,2%-(&7,)6$'',7,211(/6





&+$3,75(,,,0$7e5,(/6(70e7+2'(6





,

0HVXUHGHODGHQVLWpHQ]RR[DQWKHOOHV





,,

([SpULHQFHGHEODQFKLPHQWDUWLILFLHO





(6)





&+$3,75(,95e68/7$76











,

0HVXUHGHODGHQVLWpHQ]RR[DQWKHOOHV





,,

([SpULHQFHGHEODQFKLPHQWDUWLILFLHO





,,, 2EVHUYDWLRQVHQPLFURVFRSLHpOHFWURQLTXHjWUDQVPLVVLRQ

7(0 



















&+$3,75(9',6&866,21











,'LVFXVVLRQGHODGHQVLWpHQ]RR[DQWKHOOHVGDQVOHVDQpPRQHV

VDLQHVHWEODQFKLHV













,,'LVFXVVLRQGHO¶H[SpULHQFHDUWLILFLHOOHGHEODQFKLPHQW

,,,'LVFXVVLRQGHVREVHUYDWLRQVUpDOLVpHVDX7(0



,9&RQFOXVLRQGHODSDUWLH 













3$57,(&21&/86,21*e1e5$/((7

3(563(&7,9(6 

















,&RQFOXVLRQJpQpUDOH 











,,3HUVSHFWLYHV 

















5pIpUHQFHVELEOLRJUDSKLTXHV 













$QQH[HV





$QQH[H3URGXLWVHWUpDFWLIVGHELRORJLHPROpFXODLUH



$QQH[H3URWRFROHVGHELRORJLHPROpFXODLUH

$QQH[H(OpPHQWVGXVTXHOHWWHFRUDOOLHQXWLOHVjOD

FDUDFWpULVDWLRQV\VWpPDWLTXHGHODFRORQLH

$QQH[H7DEOHDX[GHFDOFXOVGHGHQVLWpVHQ]RR[DQWKHOOHVGDQV

O¶HQGRGHUPHGHVDQpPRQHVGHPHUHWFDOFXOVGHO¶H[SXOVLRQGHV

]RR[DQWKHOOHVORUVGXEODQFKLPHQWDUWLILFLHO

(7)

             

3DUWLH,

,PSOLFDWLRQVPLFURELHQQHV

GXEODQFKLPHQWFRUDOOLHQ



(8)

 

&KDSLWUH,

,1752'8&7,21

 

'HSXLV TXHOTXHV GpFHQQLHV OD GpJUDGDWLRQ HW OD UpGXFWLRQ HQ QRPEUH HW HQ VXUIDFH GHV UpFLIV FRUDOOLHQV RQW SX rWUHFRQVWDWpHV GH SDU OH PRQGH /H EODQFKLPHQW GHVFRUDX[HVWXQHGHVQRPEUHXVHVPDQLIHVWDWLRQVGHVGpVpTXLOLEUHVTXLPHQDFHQWQRWUH SODQqWH(QHIIHWOHVpFRV\VWqPHVUpFLIDX[DEULWHQWODSOXVJUDQGHELRGLYHUVLWpGXPRQGH PDULQHWSHXYHQWrWUHFRPSDUpVVXUWHUUHDX[IRUrWVWURSLFDOHVKXPLGHV&¶HVWSRXUTXRL O¶pWXGHHWODFRPSUpKHQVLRQGHVPpFDQLVPHVGHGHVWUXFWLRQGHFHV]RQHVVWUDWpJLTXHVj LQWpUrWV PXOWLSOHV SRXU O¶KRPPH IRQW SDUWLH GHV SULQFLSDOHV SUpRFFXSDWLRQV GH FHV GHUQLqUHVDQQpHVHWGRLYHQWFHUWDLQHPHQWOHUHVWHU 

, /HVUpFLIVFRUDOOLHQV



, %LRORJLHHWPRUSKRORJLHGHVFRUDX[KHUPDW\SLTXHV

 /HVVHXOVFQLGDLUHVFDSDEOHVG¶pGLILHUGHVFRQVWUXFWLRQVUpFLIDOHVVRQWGHVFRUDX[ GHO¶RUGUHGHV0DGUHSRUDULDRX6FOHUDFWLQLDGHODFODVVHGHV$QWKR]RD/¶HQVHPEOHGHV FRUDX[ GXUV TXH UHSUpVHQWHQW OHV PDGUpSRUHV HVW FDUDFWpULVp SDU OD IRUPDWLRQ G¶XQ H[RVTXHOHWWH FDOFDLUH DUDJRQLWH  SHUPLVH SDU OD V\PELRVH TX¶LOV pWDEOLVVHQW DYHF GHV DOJXHV V\PELRWLTXHV XQLFHOOXODLUHV DSSHOpHV ]RR[DQWKHOOHV /HV FRUDX[ LPSOLTXpV GDQV FH W\SH GH V\PELRVH VRQW DSSHOpV FRUDX[ KHUPDW\SLTXHV HW VRQW SRXU OD SOXSDUW FRORQLDX[



/HV SRO\SHV GH PDGUpSRUHV VRQW FRPPH FKH] OHV DXWUHV FQLGDLUHV j V\PpWULH UDGLDLUHHWGLEODVWLTXHV/HWLVVXOHSOXVH[WHUQHDSSHOpHFWRGHUPHHVWVpSDUpGXWLVVX SOXVLQWHUQH O¶HQGRGHUPH RX JDVWURGHUPH  SDU XQH VXEVWDQFH JpODWLQHXVH TXDVLPHQW DQK\VWHDSSHOpHPpVRJOpH )LJ /¶HFWRGHUPHSRVVqGHOHVGLIIpUHQWVW\SHVGHFHOOXOHV VXLYDQWV FQLGRF\WHV FHOOXOHV SLOLHUV FHOOXOHV GH UHPSODFHPHQW FHOOXOHV GH UHFRXYUHPHQWHWFHOOXOHVQHUYHXVHV/¶HQGRGHUPHHVWFRQVWLWXpGHFHOOXOHVJODQGXODLUHV GHFHOOXOHVFLOLpHVHWGHFHOOXOHVPXVFXODLUHV 3RXOLFHN  )LJ 



/HVFRUDX[UpFLIDX[VRQWFDUQLYRUHV&HSHQGDQWFRPPHLOVVHWURXYHQWGDQVGHV ]RQHV WURSLFDOHV SDXYUHV HQ VXEVWDQFHV QXWULWLYHV LOV QpFHVVLWHQW GHV UHVVRXUFHV DOLPHQWDLUHV VXSSOpPHQWDLUHV /¶DOLPHQWDWLRQ HW GRQF OD VXUYLH GHV PDGUpSRUDLUHV UHSRVHQW GqV ORUV VXU WURLV EDVHV LQGpSHQGDQWHV OH SODQFWRQ DQLPDO OHV VXEVWDQFHV



8QUpFLIDXVHQVELRORJLTXHGXWHUPHHVWXQHFRQVWUXFWLRQpGLILpHHVVHQWLHOOHPHQWSDUGHVrWUHVYLYDQWV

V¶pOHYDQW GX IRQG GH OD PHU YHUV OD VXUIDFH GRQW OD VWUXFWXUH HVW JpQpUDOHPHQW HQ IRUPH GH EDQF HW VXIILVDPPHQWJUDQGHSRXUH[HUFHUXQHLQIOXHQFHGpWHUPLQDQWHVXUOHVFRQGLWLRQVSK\VLTXHVHWGHFHIDLW pFRORJLTXHVGXPLOLHXDPELDQW6DFRQVLVWDQFHHVWDVVH]IHUPHSRXUUpVLVWHUDXUHVVDFHWSHUPHWWUHDLQVL O¶H[LVWHQFH G¶XQ pGLILFH GXUDEOH WRXW j IDLW FDUDFWpULVWLTXH KDELWp SDU GHV RUJDQLVPHV VSpFLILTXHPHQW DGDSWpV 3RXOLFHN 

WLVVXVGLIIpUHQFLpV HQFRXFKHV  $QK\VWHV\QRQ\PHG¶DFHOOXODLUH

(9)

  GLVVRXWHVGDQVO¶HDXRXUpJpQpUpHVSDUOHVEDFWpULHVV\PELRQWHVGXPXFXV VHFWLRQ, S HWOHVSURGXLWVGXPpWDEROLVPHGHV]RR[DQWKHOOHV VHFWLRQ,S        )LJXUH6WUXFWXUHG¶XQSRO\SHG¶$QWKR]RDLUH$&RXSHORQJLWXGLQDOH%FRXSHWUDQVYHUVDOHDXQLYHDX GXSKDU\Q[&FRXSHWUDQVYHUVDOHVRXVOHSKDU\Q[ 5XSSHUW %DUQHV  )LJXUH&RXSHVFKpPDWLTXHj WUDYHUV OHV WLVVXV G¶XQ PDGUpSRUH  1% &RHOHQWHURQ  FDYLWp JDVWULTXH

(10)

 

, $VVRFLDWLRQFRUDX[]RR[DQWKHOOHV



/HVPDGUpSRUDLUHVRXVFOpUDFWLQLDLUHVQHVRQWSDVOHVVHXOVRUJDQLVPHVPDULQVj KpEHUJHU GHV DOJXHV V\PELRWLTXHV GDQV OHXUV WLVVXV '¶DXWUHV DQLPDX[ WHOV TXH OHV PROOXVTXHV EpQLWLHUV FHUWDLQHV DQpPRQHV GH PHU GHV pSRQJHV HW FRUDX[ PRXV SRVVqGHQW pJDOHPHQW GHV ]RR[DQWKHOOHV &HV GLQRIODJHOOpV HQGRV\PELRQWHV TXL DSSDUWLHQQHQW SULQFLSDOHPHQW DX JHQUH 6\PELRGLQLXP VHPEOHQW MRXHU OH U{OH SULQFLSDO GDQV OH PpWDEROLVPH DOLPHQWDLUH GHV FRUDX[ (Q HIIHW OHXUV ]RQHV GH UpSDUWLWLRQ VRQW SDXYUHVHQQXWULPHQWVHWGRQFpJDOHPHQWSDXYUHVHQSODQFWRQ



/HV]RR[DQWKHOOHVVHWURXYHQWGDQVOHVYDFXROHVGHVFHOOXOHVGHO¶HQGRGHUPHGX FRUDLO HW QH VRQW MDPDLV GLJpUpHV SDU OHV SRO\SHV /H SRO\SH UHFXHLOOH FHUWDLQHV VXEVWDQFHVSURGXLWHVSDUO¶DFWLYLWpPpWDEROLTXHGHV]RR[DQWKHOOHVWHOOHVTXHOHVVXFUHVHW OHV DFLGHV DPLQpV WDQGLV TXH OHV DOJXHV YLYHQW GDQV XQH ©VHUUHª VDWXUpH HQ DFLGH FDUERQLTXHHWSURILWHQWGHVSURGXLWVGXPpWDEROLVPHGHODFHOOXOHFRUDOOLHQQHK{WHWHOV TXHOHVSKRVSKDWHVHWOHVVXEVWDQFHVD]RWpHV/¶DEVRUSWLRQFRQVWDQWHGH&2QpFHVVDLUH

j OD SKRWRV\QWKqVH HW SURYHQDQW GH O¶RUJDQLVPH DQLPDO SDU OHV DOJXHV V\PELRWLTXHV IDFLOLWHFRQVLGpUDEOHPHQWODSUpFLSLWDWLRQGHFDOFDLUHFULVWDOOLVp )LJ &HOOHFLSHUPHW DX UpFLI GH FRQWUHEDODQFHU RX GH GpSDVVHU OHV SURFHVVXV GH GpJUDGDWLRQ TXL O¶DIIHFWHQW UHVVDFSUpGDWHXUV« 



 

&HWWHDVVRFLDWLRQVHPEOHWUqVpWURLWH(QHIIHWOHVSHUWHVVRQWIDLEOHVYRLUHQXOOHV DX QLYHDX GHV pFKDQJHV HQWUH OH YpJpWDO HW O¶DQLPDO &HSHQGDQW GHV FKDQJHPHQWV QpIDVWHVGHVSDUDPqWUHVHQYLURQQHPHQWDX[FRQGXLVHQWjODGpJUDGDWLRQGHODV\PELRVH OHV ]RR[DQWKHOOHV DIIHFWpHV QH VH WURXYHQW DORUV SOXV GDQV GHV FRQGLWLRQV GH YLH RSWLPDOHV&HFLRFFDVLRQQHSDUFRQVpTXHQWXQ ©PDOrWUHªGXFRUDLOSXLVTXHFHOXLFL QHGLVSRVHSOXVGHVRQSDUWHQDLUHHVVHQWLHO  /DPLVHHQpYLGHQFHGHV]RR[DQWKHOOHVIXWUpDOLVpHSDU%UDQGWHQPDLVFHV DOJXHVQHIXUHQWPLVHVHQFXOWXUHHWGpFULWHVTX¶jSDUWLUGHVDQQpHVFLQTXDQWH¬FHWWH )LJXUH,QWHUDFWLRQVHQWUH OHV ]RR[DQWKHOOHV HW OHV WLVVXV FRUDOOLHQV SRXU OD V\QWKqVH GX VTXHOHWWH 3RXOLFHN 

(11)

  pSRTXHLOpWDLWDGPLVTXHWRXVOHVGLQRIODJHOOpVV\PELRWLTXHVDSSDUWHQDLHQWjXQHVHXOH HVSqFHSDQGpPLTXH6\PELRGLQLXPPLFURDGULDWLFXP )LJ 



1RXV VDYRQV DFWXHOOHPHQW TXH OH JHQUH 6\PELRGLQLXP HVW WUqV GLYHUVLILp 'HV UHFKHUFKHV PHQpHV GXUDQW OHV WURLV GHUQLqUHV GpFHQQLHV GpPRQWUHQW TXH GLIIpUHQWV V\PELRQWHVSUpVHQWHQWGHVYDULDWLRQVFRPSRUWHPHQWDOHVPRUSKRORJLTXHVELRFKLPLTXHV SK\VLRORJLTXHV HW JpQpWLTXHV FRQVLGpUDEOHV 7UHQFK   ,O H[LVWH FHSHQGDQW SHX G¶pWXGHVHIIHFWXpHVVXUODPDQLqUHGRQWODGLYHUVLWpGHVV\PELRQWHVDIIHFWHODELRORJLHGH OHXUV K{WHV (QFRUH UpFHPPHQW OHV GLVWULEXWLRQV GH V\PELRQWHV pWDLHQW FRQVLGpUpHV FRPPHKDXWHPHQWK{WHVSpFLILTXHVDYHFGHVHVSqFHVLQGLYLGXHOOHVG¶K{WHVFRQWHQDQWXQ VHXOW\SHG¶DOJXH  /HJHQUH6\PELRGLQLXPFRQWLHQWSDUPLVHHQpYLGHQFHPROpFXODLUHVHSWFODGHV SULQFLSDX[ $* GRQWFKDFXQFRQWLHQWGHPXOWLSOHV©WD[Dª 3DZORZVNLHWDO 3RFKRQHWDO%DNHU/D-HXQHVVHHWDO 'HSOXVOHJHQUHHVWWUqV FODLUHPHQW GLYHUVLILp (Q HIIHW LO FRQWLHQW GH QRPEUHX[ PHPEUHV TXL VRQW LQGXELWDEOHPHQW GLIIpUHQWV OHV XQV GHV DXWUHV &HFL HVW LPSRUWDQW SRXU QRWUH FRPSUpKHQVLRQ GHV V\PELRVHV TXH FHV DOJXHV IRUPHQW DYHF GHV K{WHV SURWLVWHV HW LQYHUWpEUpV 5RZDQ 



/HV V\PELRVHV LPSOLTXDQW 6\PELRGLQLXP PRQWUHQW TXH G¶XQH SDUW FHUWDLQHV HVSqFHV K{WHV VRQW KDXWHPHQW VSpFLILTXHV HW FRQWLHQQHQW H[FOXVLYHPHQW XQ VHXO WD[RQ V\PELRQWH VSpFLILFLWp VWULFWH HW TXH G¶DXWUH SDUW G¶DXWUHV HVSqFHV K{WHV VRQW PRLQV VSpFLILTXHVHWFRQWLHQQHQWGHPXOWLSOHVW\SHVGHV\PELRQWHV/HVV\PELRQWHVSUpVHQWHQW SDUDLOOHXUVXQHJDPPHGHVSpFLILFLWpVSOXVUHVWUHLQWHTXHFHOOHGHOHXUVK{WHV %DNHU /D-HXQHVVHHWDO       'DQVOHVFRUDX[VFOpUDFWLQLHQVGHQRPEUHX[FDVGHGLYHUVLWpLQWUDVSpFLILTXHGX V\PELRQWH PRQWUHQW pJDOHPHQW GHV SDWURQV GH ]RQDWLRQV SKRWLTXHV &HV GLVWULEXWLRQV VXJJqUHQWTXHOHVV\PELRQWHVYDULHQWGDQVOHXUVRSWLPDSKRWLTXHV(QHIIHWGHVKDELWDWV VH SDUWLWLRQQHQW HW VH UpSDUWLVVHQW HQWUH OHV GLIIpUHQWV V\PELRQWHV HQ IRQFWLRQ GH OD OXPLQRVLWp 'HV pWXGHV H[SpULPHQWDOHV VRXWLHQQHQW FHWWH LQWHUSUpWDWLRQ HW GpPRQWUHQW pJDOHPHQWTXHOHVFRUDX[UpFLIDX[SHXYHQWKpEHUJHUGHVFRPPXQDXWpVG\QDPLTXHVGH V\PELRQWHV GH SOXVLHXUV HVSqFHV HW TXH GDQV FHUWDLQV FDV  OD FRORQLH UHSUpVHQWH XQ



5pSDUWLHVXUXQH]RQHJpRJUDSKLTXHWUqVpWHQGXH

)LJXUH  3KRWR GH ]RR[DQWKHOOHV GDQV GH O¶HQGRGHUPH G¶DQpPRQH GH PHU $LSWDVLD

SXOFKHOOD  SULVH DX PLFURVFRSH RSWLTXH 0

(12)

  SD\VDJH VXU OHTXHO OHV V\PELRQWHV VRQW HQ FRPSpWLWLRQ SRXU O¶HVSDFH 5RZDQ HW DO   &HSHQGDQW RQ FRQQDvW WUqV PDO O¶LPSDFW G¶DXWUHV JUDGLHQWV HQYLURQQHPHQWDX[ WHOVTXHODWHPSpUDWXUH VXUODGLVWULEXWLRQGHVDOJXHVV\PELRWLTXHV



*UkFHjODJUDQGHGLYHUVLWpGHVV\PELRQWHVDOJDX[GHVUpFLIVFRUDOOLHQVHWJUkFHj OD UHODWLYH IOH[LELOLWp GH FHWWH DVVRFLDWLRQ FRUDLODOJXH LO HVW pPLV O¶K\SRWKqVH TXH OHV HIIHWVFDXVpVSDUO¶DXJPHQWDWLRQGHVWHPSpUDWXUHVGHVXUIDFHVRLHQWDWWpQXpVSDU  OD SHUVLVWDQFHHWODSURSDJDWLRQG¶K{WHVFRUDOOLHQVFRQWHQDQWGHVV\PELRQWHVUpVLVWDQWVDX EODQFKLPHQWHWRX  ODSRVVLELOLWpTXHOHVFRUDX[SXLVVHQWFKDQJHUOHXUVV\PELRQWHV HQ UpSRQVH j O¶DXJPHQWDWLRQ GHV WHPSpUDWXUHV HWRX j XQ EODQFKLPHQW UpFXUUHQW &IU +\SRWKqVHDGDSWDWLYHGXEODQFKLPHQWVHFWLRQ,,%S 

 

, 5{OHGHVEDFWpULHV



¬ OD VXUIDFH GHV SRO\SHV VH WURXYH XQ ILOP PXTXHX[ FRXFKH GH PXFRSRO\VDFFKDULGHV  TXL HVW VpFUpWp SDU O¶DQLPDO HW UHSUpVHQWH XQH pQRUPH GpSHQVH pQHUJpWLTXH MXVTX¶j  GX SRLGV IUDLV GX SRO\SH SDU MRXU &H PXFXV V¶pYDFXH UpJXOLqUHPHQW VRXV IRUPH GH IORFV PDLV LO Q¶HVW SDV WRWDOHPHQW SHUGX FDU OD ULFKH SRSXODWLRQ GH EDFWpULHV KpWpURWURSKHV TXL YLW HQ VRQ VHLQ HVW FDSDEOH G¶K\GURO\VHU OHV FRPSRVpVSRO\PpULTXHVHQFRPSRVpVSOXVVLPSOHV DFLGHVJUDVDFLGHVDPLQpV«  )LJ  &HVPRQRPqUHVVRQWHQSDUWLHUpFXSpUpVSDUOHVFHOOXOHVVRXVMDFHQWHVDXPXFXVHQ GpFRPSRVLWLRQRXELRGpJUDGpVSDUODPLFURIORUHEDFWpULHQQHXQHIRLVOHIORFpPLVHQHDX OLEUH &H PpFDQLVPH HVW DVVLPLOp j XQH SURGXFWLRQ SDUDSULPDLUH GX IDLW TXH FH V\PELRFRVPHFRXUWFLUFXLWHODFKDvQHGHVGpFRPSRVHXUV 3RXOLFHN 



$X VHLQ GHV FRPPXQDXWpV EDFWpULHQQHV DVVRFLpHV DX[ FRUDX[ SHXYHQW VH UHWURXYHU GHV EDFWpULHV GH SDWKRJpQLFLWpV YDULDEOHV HQ IRQFWLRQ GHV FRQGLWLRQV HQYLURQQHPHQWDOHV FIU 6HFWLRQ ,, & S  (Q HIIHW GXUDQW OHV YLQJW GHUQLqUHV DQQpHVODSOXSDUWGHVUHFKHUFKHVHQPLFURELRORJLHGHVFRUDX[VHVRQWOLPLWpHVjO¶pWXGH GHV EDFWpULHV DVVRFLpHV DX[ SDWKRJHQqVHV FRUDOOLHQQHV HD 0LWFKHOO  &KHW  (GPXQGHV5LWFKLHHWDO5LWFKLH 6PLWK.XVKPDURHWDO 6DQWDY\ 3HWHUV3DWWHUVRQHWDO)ULDV/RSH]HWDO %HQ+DLP 5RVHQEHUJ 3DUDLOOHXUVODFRQWULEXWLRQJpQpUDOHGHVEDFWpULHVjOD ELRPDVVH HW DX ELODQ pQHUJpWLTXH GX UpFLI FRUDOOLHQ D IDLW O¶REMHW GH TXHOTXHV pWXGHV 5LWFKLH 6PLWK.XVKPDURHWDO5RKZHUHWDO &HVpWXGHVRQW PRQWUp XQH ELRFpQRVH PLFURELHQQH G\QDPLTXH YLYDQW j OD VXUIDFH HW GDQV OH WLVVX GH EHDXFRXS G¶HVSqFHV GH FRUDLO GRQW OH U{OH DX VHLQ GH O¶pFRV\VWqPH UpFLIDO UHVWH HQ JUDQGH SDUWLH XQ P\VWqUH '¶DXWUH SDUW HQYLURQ   VHXOHPHQW GHV EDFWpULHV WURXYpHV GDQV O¶HQYLURQQHPHQWPDULQ VRQW FXOWLYDEOHV VXU PLOLHXDJDU VWDQGDUG 'HV UHFKHUFKHV UpFHQWHV XWLOLVDQW GHV RXWLOV PROpFXODLUHV HD 3&5 3RO\PHUDVH &KDLQ 5HDFWLRQ  HW '**( 'HQDWXULQJ *UDGLHQW *HO (OHFWURSKRUHVLV  RQW pWXGLp GHV EDFWpULHV QRQ FXOWLYDEOHV 5RKZHU HW DO    PDLV OHV IRQFWLRQV HW DVVRFLDWLRQV GH FHV EDFWpULHVVRQWHQFRUHPDOFRPSULVHV

 

(13)

        



,5pSDUWLWLRQHWLQWpUrWGHVUpFLIV

 $XVHLQGHODV\PELRVHF¶HVWOHSDUWHQDLUHYpJpWDOTXLYDGLFWHUOHVFRQGLWLRQVGH YLH HW GH FH IDLW OLPLWHU OD UpSDUWLWLRQ JpRJUDSKLTXH GHV UpFLIV FRUDOOLHQV /¶KHUPDW\SLVPH GHV FRUDX[ UpFLIDX[ V¶pWDEOLW GDQV GHV ]RQHV FKDXGHV ƒ& RSWLPXP ƒ&  SDXYUHV HQ QXWULPHQWV SHX SURIRQGHV R OD OXPLQRVLWp HVW VXIILVDPPHQW LPSRUWDQWH HW R OHV DSSRUWV GpWULWLTXHV VRQW OLPLWpV /D VDOLQLWp GRLW VH VLWXHUHQWUHHWÅ



'¶DLOOHXUVO¶LVRFKU\PHGHƒ& GDQVO¶+pPLVSKqUH1RUGHWGDQVO¶+pPLVSKqUH 6XG  GpOLPLWH SUHVTXH SDUIDLWHPHQW OD SUpVHQFH GHV UpFLIV FRUDOOLHQV VXU OH JOREH WHUUHVWUH GpVLJQDQW DLQVL OD WHPSpUDWXUH GH O¶HDX FRPPH IDFWHXU GpFLVLI GH OHXU GLVWULEXWLRQJpQpUDOH )LJ /HEHVRLQGHOXPLqUHGHVFRUDX[V¶H[SOLTXHSDUO¶DFWLYLWp SKRWRV\QWKpWLTXHGHV]RR[DQWKHOOHVDFWLYLWpLQGLVSHQVDEOHTXLSHUPHWDXFRUDLOG¶DYRLU XQHFURLVVDQFHVXIILVDPPHQWUDSLGHSRXUFRQWUHUOHVHIIHWVGHVWUXFWHXUVGXUHVVDFHWSRXU pGLILHU G¶LPSRVDQWHV VWUXFWXUHV VXU SDUIRLV G¶LPSRUWDQWHV pWHQGXHV (QILQ OD VpGLPHQWDWLRQFRQVWLWXHOHWURLVLqPHIDFWHXUSULPRUGLDOGDQVODGLVWULEXWLRQUpJLRQDOHGHV FRUDX[ &HWWH VpGLPHQWDWLRQ GRLW rWUH UHODWLYHPHQW IDLEOH (Q HIIHW FHV DQLPDX[ VRQW VHVVLOHVLOVQHSHXYHQWGRQFSDVERXJHUORUVTX¶LOVVRQWHQVDEOpV$LQVLODWHPSpUDWXUH GHO¶HDXHWODVpGLPHQWDWLRQVRQWOHVSULQFLSDX[IDFWHXUVGHGLVWULEXWLRQKRUL]RQWDOHGHV UpFLIV FRUDOOLHQV DORUV TXH OD OXPLqUH GpWHUPLQH HVVHQWLHOOHPHQW OHXU GLVWULEXWLRQ YHUWLFDOH 3RXOLFHN 





 /HV LVRFKU\PHV VRQW GHV OLJQHV UHOLDQW OHV WHPSpUDWXUHV PR\HQQHV KLYHUQDOHV LGHQWLTXHV 3RXOLFHN

 

)LJXUH  $  0LFUREHV DVVRFLpV DX[ FRUDX[ FRPPH LQKLELWHXUV GH FRORQLVDWLRQ SDU G¶DXWUHV RUJDQLVPHV'DQVFHPRGqOHOHVFRUDX[HQFRXUDJHQWODFURLVVDQFHG¶XQHPLFURELRFpQRVHVSpFLILTXHSDU ODVpFUpWLRQGHPXFXV% 3KRWRDXPLFURVFRSHpOHFWURQLTXHjEDOD\DJHGHFRORQLHVPLFURELHQQHVjOD VXUIDFHGH'LSORULDVWULJRVD/HVFRORQLHVSURGXLVHQWOHVUpVHDX[GXPXFXV& &RXSHG¶XQFRUDLOIL[p HW HQFKDVVp FRORUp DX %OHX 7U\SDQ /HV PLFUREHV VRQW UDUHPHQW REVHUYpV VRXV OD FRXFKH GH PXFXV %\WKHOOHWDOGDQV5RVHQEHUJ /R\D 00XFRF\WHV=]RR[DQWKHOOHV

(14)

  'HX[UpJLRQVUpFLIDOHVSULQFLSDOHVVRQWjGLVWLQJXHUODUpJLRQLQGRSDFLILTXHHW OD UpJLRQ DWODQWLTXH /D UpJLRQ LQGRSDFLILTXH FRQWLHQW WRXWHIRLV XQH SURYLQFH UpFLIDOH DXWRQRPHOD0HU5RXJHTXLDFFXHLOOHOHVUpFLIVOHVSOXVSURFKHVGHO¶(XURSHHWDEULWH GH QRPEUHXVHV HVSqFHV HQGpPLTXHV DX QLYHDX GHV IDXQHV DVVRFLpHV /D UpJLRQ LQGRSDFLILTXH HVW OD SOXV JUDQGH HW OD SOXV GLYHUVLILpH GHV GHX[ HOOH UHWLHQGUD GRQF SULQFLSDOHPHQWQRWUHDWWHQWLRQ       

/HV UpFLIV FRUDOOLHQV FRPSWHQW SDUPL OHV pFRV\VWqPHV OHV SOXV DQFLHQV GH OD 7HUUHLOVVRQWDSSDUXVLO\DSOXVGHPLOOLRQVG¶DQQpHVHWVHVRQWGpYHORSSpVVRXV OHXUIRUPHDFWXHOOHGqVOH7HUWLDLUH,OVIRQWpJDOHPHQWSDUWLHGHVpFRV\VWqPHVOHVSOXV ULFKHVDYHFXQQRPEUHWRWDOG¶HVSqFHVVXSSRVpHQWUHHWGRQWjSHLQH DXUDLHQWpWpUpSHUWRULpV  2XWUHOHIDLWTXHFHVUpFLIVFRQVWLWXHQWGHVKDELWDWVHVVHQWLHOVSRXUERQQRPEUH G¶HVSqFHV DQLPDOHV LOV VRQW XQH VRXUFH LPSRUWDQWH GH QRXUULWXUH GH UHYHQXV HW G¶HPSORLVSRXUGHQRPEUHX[SD\VSRXUODSOXSDUWGX7LHUV0RQGH(QHIIHWOHVUpFLIV UHPSOLVVHQW GHV LQWpUrWV GLYHUV /H SUHPLHU LQWpUrW SRXU OHV SRSXODWLRQV HW OHV SD\V FRQFHUQpV HVW OD SrFKH HW O¶H[SORLWDWLRQ GHV GLYHUVHV UHVVRXUFHV YLYDQWHV (Q HIIHW LO IDXW VDYRLU TX¶XQ .Pð GH UpFLI FRUDOOLHQSURGXLW FKDTXH DQQpH HQYLURQ  WRQQHV GH SRLVVRQV HW DXWUHV RUJDQLVPHV FRPHVWLEOHV '¶DXWUHV LQGXVWULHV WHOOHV TXH O¶LQGXVWULH SHUOLqUHHQ3RO\QpVLHIUDQoDLVHVRQWpJDOHPHQWGpSHQGDQWHVGHFHWpFRV\VWqPH



)LJXUH7UDMHWGHVFRXUDQWVPDULQVFKDXGV RPEUDJHVRPEUH HWIURLGV RPEUDJHFODLU  HWGpOLPLWDWLRQGHV]RQHVjUpFLIVGHPDGUpSRUHV KDFKXUHVKRUL]RQWDOHV  3RXOLFHNFKDS  

(15)

  3DU DLOOHXUV XQ GHV LQWpUrWV pFRQRPLTXHV SULQFLSDX[ HVW FRQVWLWXp SDU OH WRXULVPH&HOXLFLFRQVWLWXHGDQVFHUWDLQVFDVODVHXOHVRXUFHGHUHYHQXHWG¶pFRQRPLH ORFDOH/HWRXULVPHFRPSUHQGELHQHQWHQGXODSORQJpHVRXVPDULQHSULQFLSDOHDFWLYLWp WRXULVWLTXHGHFHVUpJLRQVGHSDUODEHDXWpGHVIRQGVPDULQVPDLVpJDOHPHQWWRXWHVOHV DXWUHVSUDWLTXHVQDXWLTXHV MHWVNLEDWHDX[FKDVVHVRXVPDULQH« 



/HV LQWpUrWV QH VRQW pYLGHPPHQW SDV TX¶pFRQRPLTXHV /HV UpFLIV SURWqJHQW OHV OLWWRUDX[YXOQpUDEOHVGHO¶DFWLRQGHVYDJXHVHWGHVWHPSrWHVHQGLPLQXDQWODIRUFHGHOD KRXOH OH WVXQDPL GH GpFHPEUH  O¶D FODLUHPHQW GpPRQWUp  HW OD ODJXQH VH VLWXDQW HQWUHOHUpFLIHWOHOLWWRUDOSHUPHWODQDYLJDWLRQHWGLYHUVHVDFWLYLWpVKXPDLQHV



3DU DLOOHXUV OHV UpFLIV FRUDOOLHQV IRXUQLVVHQW pJDOHPHQW GHV FRPSRVpV XWLOLVpV GDQVODIDEULFDWLRQGHSURGXLWVFRVPpWLTXHVHWGHSURGXLWVSKDUPDFHXWLTXHVWHOVTXHGHV DQWLFDQFpUHX[ DQWLPLJUDLQHX[ HW UpJXODWHXUV GH WHQVLRQ DUWpULHOOH /HV DYDQFpHV SRWHQWLHOOHVGDQVODUHFKHUFKHSKDUPDFHXWLTXHRXPpGLFDOHHQJpQpUDOSHUPLVHVSDUFHV VRXUFHVGHPROpFXOHVGLYHUVHVHQFRUHLQFRQQXHVjFHMRXUULVTXHQWG¶rWUHFRPSURPLVHV SDUO¶DSSDXYULVVHPHQWYRLUHODGLVSDULWLRQGHFHVpFRV\VWqPHV



,OIDXWpJDOHPHQWQRWHUTXHOHVUpFLIVFRUDOOLHQVVRQWjO¶RULJLQHGHODJHQqVHGHV DWROOV 'H QRPEUHXVHV vOHV GH O¶,QGRSDFLILTXH VRQW FRQVWLWXpHV G¶DWROOV HQ 3RO\QpVLH IUDQoDLVHDWROOVVRQWUHFHQVpVSDUPLOHVvOHV

(16)

 

,, /HEODQFKLPHQW



GHVFRUDX[



,, /HSKpQRPqQHGHEODQFKLPHQW

 'XUDQWFHVYLQJWGHUQLqUHVDQQpHVXQQRPEUHFURLVVDQWGHPDODGLHVGHFRUDX[ GpFULWHV FRPPH ©EODQFKLPHQW FRUDOOLHQª RQW pWp UDSSRUWpHV %URZQ  *O\QQ +RHJK*XOGEHUJ 6DOYDQW /HEODQFKLPHQWGHVFRUDX[HVWODUXSWXUHGH O¶DVVRFLDWLRQ V\PELRWLTXH HQWUH OHV K{WHV FRUDOOLHQV HW OHXUV HQGRV\PELRQWHV PLFURDOJDX[SKRWRV\QWKpWLTXHV ]RR[DQWKHOOHV  %DQLQHWDO /HEODQFKLPHQWRX ODSHUWHGHFRORUDWLRQUpVXOWHGHODUpGXFWLRQGHGHQVLWpGHV]RR[DQWKHOOHVGDQVOHWLVVX JDVWURGHUPLTXH GX FRUDLO HWRX GH FRQFHQWUDWLRQV GpFURLVVDQWHV HQ SLJPHQWV SKRWRV\QWKpWLTXHVGDQVOHVFHOOXOHVDOJDOHV *DWHVHWDO 



/H EODQFKLPHQW FRUDOOLHQ DSSDUDvW ORUVTXH OHV FRQGLWLRQV HQYLURQQHPHQWDOHV RFFDVLRQQHQWXQVWUHVVHWURPSHQWODV\PELRVHFHTXLFRQGXLWjODGpJpQpUHVFHQFHHWRX O¶H[SXOVLRQGHV]RR[DQWKHOOHVGXFRUDLOK{WH /DSHUWHGHVSLJPHQWVSKRWRV\QWKpWLTXHV UHQG OH VTXHOHWWH EODQF YLVLEOH j WUDYHUV OH WLVVX FRUDOOLHQ WUDQVSDUHQW HW GRQQH j O¶RUJDQLVPHXQHDSSDUHQFH©EODQFKLHª )LJ /HEODQFKLPHQWHVWIDWDOSRXUOHFRUDLO VLODUHODWLRQV\PELRWLTXHQ¶HVWSDVUDSLGHPHQWUpWDEOLH -RNLHOGDQV5RVHQEHUJ /R\D FKDS     

/H IDFWHXU GH VWUHVV OH SOXV IUpTXHPPHQW UDSSRUWp HVW O¶DXJPHQWDWLRQ GH OD WHPSpUDWXUHGHO¶HDX %URZQ'¶(OLDHWDO*O\QQ-RNLHO &ROHV .XVKPDURHWDO   

,, +LVWRULTXH



'HSXLV OHV DQQpHV TXDWUHYLQJWV GH VSHFWDFXODLUHV SKpQRPqQHV UpJLRQDX[ GH EODQFKLPHQWVRQWDSSDUXVDXQLYHDXGHV]RQHVGHUpFLIVFRUDOOLHQVGDQVOHPRQGHHQWLHU DYHF XQH IUpTXHQFH HW XQH pWHQGXH JpRJUDSKLTXHFURLVVDQWHV &HV pYpQHPHQWVPDVVLIV GHEODQFKLPHQWVRQWFRUUpOpVjGHVWHPSpUDWXUHVGHVXUIDFHpOHYpHV 6676HD6XUIDFH



/HWHUPHGH EODQFKLPHQWDpWpFKRLVL SUpIpUHQWLHOOHPHQWjFHOXL GH EODQFKLVVHPHQW(QHIIHWVHORQ OH

GLFWLRQQDLUH LOV IRQW WRXV GHX[ UpIpUHQFH DX IDLW GH GHYHQLU EODQF &HSHQGDQW OH SUHPLHU WHUPH IDLW DLVpPHQWUHVVRUWLUO¶DVSHFWPDOVDLQGXSKpQRPqQH )LJXUH  3KRWR G¶XQH FRORQLH FRUDOOLHQQH GH 2FXOLQD SDWDJRQLFD SUpVHQWDQW GHV WLVVXV VDLQV HW EODQFKLV ZZZFDODFDGHP\RUJ RX 5RVHQEHUJ /R\DS 

(17)

  7HPSHUDWXUH  $FWXHOOHPHQW OD FRPPXQDXWp VFLHQWLILTXH SHQVH TXH OH SKpQRPqQH GH EODQFKLPHQWPDVVLIHVWDVVRFLpDXUpFKDXIIHPHQWJOREDOG€jO¶pPLVVLRQDQWKURSLTXHGH GLR[\GHGHFDUERQHHWDXWUHVJD] -RNLHOGDQV5RVHQEHUJ /R\DFKDS 



&¶HVW DX QLYHDX GH O¶2FpDQ ,QGLHQ TXH OH EODQFKLPHQW FRUDOOLHQ HW OD PRUWDOLWp GHV FRUDX[ j ODUJH pFKHOOH RQW pWp OH SOXV UDSSRUWpV 'HSXLV OHV SUHPLHUV UDSSRUWV GH EODQFKLPHQW LO D pWp UHFRQQX TXH OD SOXSDUW GHV pSLVRGHV GH EODQFKLPHQW j JUDQGH pFKHOOH RQW VXLYL OHV (162 (O 1LxR 6RXWKHUQ 2VFLOODWLRQ  /¶REVHUYDWLRQ GH EODQFKLPHQW FRUDOOLHQ D DFFRPSDJQp OHV SKDVHV FKDXGHV QRWDPPHQW DX FRXUV GHV DQQpHV     HW OH SOXV JUDQG pYpQHPHQW HQ  +XSSHUW  6WRQH   6HORQ FHUWDLQHV HVWLPDWLRQV HQYLURQ XQ VL[LqPH GHVUpFLIVFRUDOOLHQVGXPRQGHDpWpGpWUXLWVXUXQHVHXOHSpULRGHGHPRLVGXUDQWOH SKpQRPqQH GH EODQFKLPHQW GH  :LONLQVRQ   &HSHQGDQW GLIIpUHQWHV ]RQHVGHFRUDLOYLYDQWVHVRQWPDLQWHQXHVHWODFDSDFLWpGHJXpULVRQIXWSOXVLPSRUWDQWH TXHSUpYXHjFHUWDLQVHQGURLWV2QSHXWGqVORUVV¶LQWHUURJHUVXUODUpVLVWDQFHGHVUpFLIVj FH JHQUH G¶pYqQHPHQW HW VXU OD PDQLqUH GRQW SHXW FKDQJHU FHWWH UpVLVWDQFH RX UpFXSpUDWLRQ DX FRXUV GX WHPSV HQ UpSRQVH j GHV WHPSpUDWXUHV FURLVVDQWHV HW GHV pSLVRGHVUpFXUUHQWVGHEODQFKLPHQW %DNHUFKDSGH5RVHQEHUJ /R\D   

,, +\SRWKqVHVjODEDVHGXEODQFKLPHQW



$ )DFWHXUVHQYLURQQHPHQWDX[

 8QHUpGXFWLRQGHODGHQVLWpRXGXFRQWHQXSLJPHQWDLUHGHVDOJXHVV\PELRWLTXHV SHXW rWUH DWWULEXpH j XQH YDULpWp GH IDFWHXUV HQYLURQQHPHQWDX[ LQFOXDQW XQH IDLEOH *RUHDX   RX XQH IRUWH 1DNDQR HWDO   VDOLQLWp GHV QLYHDX[ G¶pFODLUHPHQW EDV HW pOHYp GRQW VSpFLDOHPHQW OD UDGLDWLRQ G¶XOWUDYLROHWV %DQDV]DN  7UHQFK  /HVVHU 6KLFN OHVPDODGLHV .XVKPDURHWDO5RVHQEHUJ /R\D  HW OHV KDXWHV ,JOHVLDV3ULHWR HW DO  :DUQHU HW DO   HW EDVVHV 6WHHQ  0XVFDWLQH  .REOXN  /\VHQNR   WHPSpUDWXUHV WRXW DXWDQW TXH GHV FRPELQDLVRQVGHFHVIDFWHXUV/HEODQFKLPHQWGHJUDQGHpWHQGXHDJpQpUDOHPHQWpWpOLp jGHVWHPSpUDWXUHVpOHYpHVGHO¶HDXVXUGHODUJHVpFKHOOHVJpRJUDSKLTXHVVXUWRXWFHOOHV DVVRFLpHVDX[SKpQRPqQHV(O1LxR *O\QQ&RIIURWKHWDO 



¬ OD VXLWH GH WHOV pYpQHPHQWV OD SHUWH GHV ]RR[DQWKHOOHV SHXW rWUH SDUWLHOOH RX FRPSOqWH 'DQVFH GHUQLHU FDV OD JXpULVRQ QH VH SURGXLW JpQpUDOHPHQW SDVHWODPRUW VXEVpTXHQWHG¶XQJUDQGQRPEUHG¶LQYHUWpEUpVV\PELRWLTXHVUpFLIDX[SHXWGUDVWLTXHPHQW DOWpUHUODFRPSRVLWLRQGHODFRPPXQDXWpUpFLIDOH *RUHDX   

% +\SRWKqVHDGDSWDWLYH $%+$GDSWDWLYH%OHDFKLQJ+\SRWKHVLV 

 /DSHUVLVWDQFHGHVUpFLIVDXFRXUVGHVWHPSVJpRORJLTXHV .LQ]LH %XGGHPHLHU %XGGHPHLHUHWDO HWO¶DVSHFWPXOWLIDFHWWHGHODUHODWLRQV\PELRWLTXHTXL VHPEOH DSSDUDvWUH GDQV FHUWDLQV K{WHV 5RZDQ  3RZHUV D %DNHU  5RZDQ  5RZDQ   RQW GRQQp OH MRXU j ©O¶K\SRWKqVH DGDSWDWLYH GX EODQFKLPHQWª $%+  %XGGHPHLHU  )DXWLQ   &HWWH K\SRWKqVH VXJJqUH TXH GLIIpUHQWV SDUWHQDLUHV DOJDX[ j O¶LQWpULHXU GH OHXUV K{WHV VH GpSODFHQW GDQV O¶HVSDFH HW GDQV OH WHPSV GRQQDQW OLHX j XQ FRPSOH[H V\PELRWLTXH DX[ QRPEUHXVHV FRPELQDLVRQV

(18)

  SRVVLEOHV FHUWDLQHV pWDQW SOXV IRQFWLRQQHOOHV TXH G¶DXWUHV VRXV FHUWDLQHV FRQGLWLRQV HQYLURQQHPHQWDOHV .LQ]LHHWDO 



/¶K\SRWKqVH DGDSWDWLYH GX EODQFKLPHQW $%+  SHXW rWUH EULqYHPHQW GpILQLH FRPPH VXLW OD SHUWH GH SKRWRV\PELRQWHV SHUPHWWUDLW j FHUWDLQV UHSUpVHQWDQWV GH O¶HVSqFHK{WHGHUpWDEOLUXQHV\PELRVHDYHFXQHDOJXHGRPLQDQWHGLIIpUHQWHUpVXOWDQWHQ XQQRXYHOKRORELRQWHTXLHVWPLHX[DGDSWpDX[FRQGLWLRQVHQYLURQQHPHQWDOHVDOWpUpHV %XGGHPHLHU  )DXWLQ  :DUH HW DO   /H PpFDQLVPH j OD EDVH GH O¶K\SRWKqVH $%+ UHSRVH VXU FLQT SULQFLSHV IRQGDPHQWDX[   GH PXOWLSOHV W\SHV GH ]RR[DQWKHOOHV HW G¶HVSqFHV K{WHV FRH[LVWHQW KDELWXHOOHPHQW   XQH GLYHUVLWp GH SKRWRV\PELRQWHVSHXWYLYUHDYHFEHDXFRXSG¶K{WHV PDLVSDVQpFHVVDLUHPHQWWRXV HW YLFH YHUVD   GHV FRPELQDLVRQV K{WHV\PELRQWH SHXYHQW GLIIpUHU SK\VLRORJLTXHPHQW SRXU GHV DVSHFWV SDUWLFXOLqUHPHQW DX QLYHDX GHV UpSRQVHV DX VWUHVV  TXL DIIHFWHQW OD VXUYLH GH O¶KRORELRQWH GH O¶K{WHHW SHXWrWUH GX V\PELRQWH   OH EODQFKLPHQW GRQQH XQHRSSRUWXQLWpGHUHSHXSOHPHQWG¶XQK{WHDYHFGLIIpUHQWVSKRWRV\PELRQWHVGRPLQDQWV DOORFKWRQHV RX DXWRFKWRQHV  HW   OHV KRORELRQWHV VHQVLEOHV DX VWUHVV RQW GHV DYDQWDJHV FRPSpWLWLIV HQ O¶DEVHQFH GH VWUHVV FH TXL LPSOLTXH XQ UHWRXU j GHV FRPELQDLVRQV GH VXMHWV VHQVLEOHV DX VWUHVV VRXV GHV FRQGLWLRQV QRQ VWUHVVDQWHV %XGGHPHLHU  )DXWLQ  :DUH HW DO   (Q DFFRUG DYHF /D-HXQHVVH HW DO   O¶$%+ VXSSRVH TXH OHV DVVRFLDWLRQV V\PELRWLTXHV VRQW WUqV IOH[LEOHV HW V¶DGDSWHQWUDSLGHPHQWjXQFKDQJHPHQWHQYLURQQHPHQWDO



3DU DLOOHXUV OHV FRUDX[ EODQFKLUDLHQW VXLWH j XQH GLPLQXWLRQ GH OD GLYHUVLWp JpQpWLTXHGHV]RR[DQWKHOOHVKpEHUJpHV/HSKpQRPqQHGH©FDSWXUHSRVWEODQFKLPHQWª DXUDLWFRPPHUpVXOWDWGHUHVWDXUHUXQQLYHDXpOHYpGHGLYHUVLWp HWGRQFFRQWULEXHUDLWj H[SOLTXHUSRXUTXRLOHVFRUDX[D\DQWGpMjEODQFKLRQWPRLQVGH©ULVTXHVªGHEODQFKLUj QRXYHDX ORUV G¶XQ pSLVRGH XOWpULHXU  GDQV XQ GpODL UHODWLYHPHQW FRXUW *O\QQ FRPPXQLFDWLRQSHUVRQQHOOHj3RXOLFHN    &

+\SRWKqVHEDFWpULHQQH

  /HEODQFKLPHQWGHVFRUDX[FRUUHVSRQGELHQjODGpILQLWLRQGH©PDODGLHªGDQVOH VHQV R O¶RQ VH WURXYH GDQV GHV FRQGLWLRQV TXL YRQW j O¶HQFRQWUH GH OD VDQWp GHV RUJDQLVPHV WRXFKpV /H EODQFKLPHQW FRUDOOLHQ SUpVHQWH GHV V\PSW{PHV HW VLJQHV FDUDFWpULVWLTXHVHQSOXVG¶XQWDX[GHFURLVVDQFHUpGXLWOHEODQFKLPHQWRFFDVLRQQHXQH UpGXFWLRQ GH OD UHSURGXFWLRQ VH[XpH 6]PDQW  *DVVPDQ  )LQH HW DO   HW XQHDXJPHQWDWLRQGHODPRUWDOLWpGHVFRUDX[ %URZQ 6XKDUVRQR*O\QQ 



&RPPHEHDXFRXSGHPDODGLHVOHEODQFKLPHQWSHXWDYRLUSOXVG¶XQHFDXVH&HOD DGpMjpWpVRXOLJQpSOXVKDXWGHVUpVXOWDWVGpPRQWUHQWTXHOHEODQFKLPHQWGHVFRUDX[ SHXW rWUH LQGXLW SDU GLYHUV IDFWHXUV GRQW GDQV OH FDV GH OD SUpVHQWH K\SRWKqVH OD FRPELQDLVRQG¶XQHWHPSpUDWXUHpOHYpHHWG¶XQHLQIHFWLRQEDFWpULHQQH .XVKPDURHWDO  (QHIIHWO¶DFWLRQVHXOHGHO¶pOpYDWLRQGHWHPSpUDWXUHQHVHPEOHSDVFRQGXLUHDX EODQFKLPHQW ,O V¶DJLUDLW VHORQ .XVKPDUR HW DO   HW %HQ+DLP  5RVHQEHUJ  G¶XQHDFWLRQVLPXOWDQpHGHODWHPSpUDWXUHHWG¶XQDJHQWSDWKRJqQH&HGHUQLHU GHYLHQGUDLWYLUXOHQWHQIRQFWLRQGHO¶DXJPHQWDWLRQGHODWHPSpUDWXUH



(19)

  /HV GpFOHQFKHXUV HQYLURQQHPHQWDX[ GX EODQFKLPHQW FRUDOOLHQ RQW pWp GpFULWV FRPPH pWDQW GHV VWUHVV %URZQ   /¶LQIHFWLRQ EDFWpULHQQH SHXW rWUH FRQVLGpUpH FRPPHXQVWUHVVELRORJLTXH&HSHQGDQWGXSRLQWGHYXHG¶XQPLFURELRORJLVWHXQDJHQW LQIHFWLHX[ Q¶HVW SDV XQ IDFWHXU GH VWUHVV PDLV XQ RUJDQLVPH YLYDQW DYHF XQ UpSHUWRLUH FRPSOHW GH JqQHV FRGDQW SRXU GHV IDFWHXUV GH YLUXOHQFH /HV IDFWHXUV GH VWUHVV HQYLURQQHPHQWDX[ WHOV TX¶XQH WHPSpUDWXUH FURLVVDQWH SHXYHQW UHQGUH O¶K{WH FRUDOOLHQ SOXV VHQVLEOH j O¶LQIHFWLRQ RX SHXYHQW SHUPHWWUH j O¶DJHQW LQIHFWLHX[ GH GHYHQLU SOXV YLUXOHQW/¶LQWpUrWGHGLVWLQJXHUXQVWUHVVG¶XQDJHQWLQIHFWLHX[Q¶DSOXVGHUDLVRQG¶rWUH jSDUWLUGXPRPHQWRO¶RQFRQVLGqUHOHPpFDQLVPHG¶XQHPDODGLHHWOHVWHFKQRORJLHV SRWHQWLHOOHVSRXUSUpYHQLURXVRLJQHUFHWWHPDODGLH 5RVHQEHUJFKDSGH5RVHQEHUJ /R\D 



3RXU GpPRQWUHU TX¶XQ PLFURRUJDQLVPH SDUWLFXOLHU HVW O¶DJHQW FDXVDWLI UHVSRQVDEOH  G¶XQH PDODGLH OHV SRVWXODWV GH .RFK GRLYHQW rWUH VDWLVIDLWV   O¶RUJDQLVPHHVWUpJXOLqUHPHQWWURXYpGDQVOHVOpVLRQVGHODPDODGLH  LOSHXWrWUHLVROp HQ FXOWXUH SXUH VXU PLOLHX DUWLILFLHO   O¶LQRFXODWLRQ GH FHWWH FXOWXUH SXUH GDQV GHV DQLPDX[ VDLQV SURGXLW XQH PDODGLH VLPLODLUHHW   O¶RUJDQLVPH SHXW rWUH UpFXSpUp GHV OpVLRQVGHFHVDQLPDX[(QXWLOLVDQWFHVFULWqUHVLODpWpGpPRQWUpTXH9LEULRVKLORL )LJ   HVW O¶DJHQW FDXVDWLI GX EODQFKLPHQW G¶2FXOLQD SDWDJRQLFD )LJ S  HQ 0HU 0pGLWHUUDQpH .XVKPDURHWDO ,ODHQVXLWHpWpGpPRQWUpVXUOHWHUUDLQHW HQ ODERUDWRLUH TX¶XQH KDXWH WHPSpUDWXUH GH O¶HDX pWDLW QpFHVVDLUH SRXU TXH O¶LQIHFWLRQ FRQGXLVHjXQHPDODGLHGHEODQFKLPHQWFRUDOOLHQ .XVKPDURHWDO       6HORQ.XVKPDURHWDO  O¶DJHQWFDXVDWLIUpIpUHQFpFRPPH9LEULRVS$. 9LEULRVKLORL pWDLWSUpVHQWGDQVWRXVOHVFRUDX[2SDWDJRQLFDEODQFKLVHWDEVHQWGHV FRUDX[VDLQV QRQEODQFKLV H[DPLQpV'HVFXOWXUHVSXUHVGH9VKLORLSURYRTXDLHQWOH EODQFKLPHQW ORUVTX¶HOOHV pWDLHQW LQRFXOpHV GDQV GHV FRUDX[ QRQ EODQFKLV ORUV G¶H[SpULHQFHV HQ DTXDULXP FRQWU{Op /D SUHPLqUH pWDSH GX SURFHVVXV G¶LQIHFWLRQ HVW O¶DGKpVLRQGH$.DX[FHOOXOHVGXFRUDLOYLDXQUpFHSWHXUȕJDODFWRS\UDQRVLGH 7RUHQHW DO   'H PDQLqUH LQWpUHVVDQWH OD OLDLVRQ VH SURGXLW XQLTXHPHQW ORUVTXH OHV EDFWpULHVVRQWFXOWLYpHVjGHVWHPSpUDWXUHVpOHYpHVGHO¶HDXGHPHUFHTXLH[SOLTXHUDLW OD PDQLqUH GRQW GHV WHPSpUDWXUHV FURLVVDQWHV FDXVHQW OH EODQFKLPHQW GHV FRUDX[ .XVKPDURHWDO $SUqVO¶DGKpVLRQ$.SpQqWUHjO¶LQWpULHXUGXWLVVXFRUDOOLHQ

)LJXUH  3KRWR DX PLFURVFRSH pOHFWURQLTXH j WUDQVPLVVLRQ GH 9LEULR

VKLORL SHQGDQW XQH FURLVVDQFH

H[SRQHQWLHOOH HQ FXOWXUH SXUH EDUUH —P 5RVHQEHUJ /R\D 

(20)

  VHPXOWLSOLHLQWUDFHOOXODLUHPHQW %DQLQHWDO HWSURGXLWGHVWR[LQHVTXLLQKLEHQWOD SKRWRV\QWKqVHHWO\VHQWOHV]RR[DQWKHOOHVLQWUDFHOOXODLUHV %HQ+DLPHWDO 



0rPH VL OHV PHPEUHV GX JHQUH 9LEULR VRQW GHV SDWKRJqQHV FRPPXQV GH O¶HQYLURQQHPHQWPDULQ9LEULRVKLORLHVWOHSUHPLHUYLEULRQTXLDWWDTXHOHV]RR[DQWKHOOHV HWGRQWLODpWpSURXYpTX¶LOHVWUHVSRQVDEOHGHODPDODGLHGHEODQFKLPHQWFRUDOOLHQ



(QSKDVHGHFURLVVDQFHH[SRQHQWLHOOH9LEULRVKLORL$.HVWXQHEDFWpULH*UDP QpJDWLYH PRELOH HQ IRUPH GH EkWRQQHW [ —P  SRVVpGDQW XQ IODJHOOH SRODLUH JDLQp XQLTXH )LJ   &HSHQGDQW ORUVTX¶HOOH VH PXOWLSOLH LQWUDFHOOXODLUHPHQW GDQV OH WLVVXFRUDOOLHQHOOHSHUGVRQIODJHOOHHWHVWSOXVSHWLWH [—P)LJ  .XVKPDUR HWDO ¬FHVWDGHODEDFWpULHHVWYLDEOHPDLVQRQFXOWLYDEOH ,VUDHO\HWDO      /DSURSULpWpTXLFRQGXLWjO¶LVRODWLRQGH9VKLORL$.HVWVDFDSDFLWpjLQIHFWHU HWjEODQFKLUVRQK{WHFRUDOOLHQ&HWWHSURSULpWpGHYLUXOHQFHQ¶HVWSDVVHXOHPHQWG¶XQH LPSRUWDQFHpFRORJLTXHFRQVLGpUDEOHHOOHPqQHpJDOHPHQWjXQVW\OHGHYLHXQLTXH 9 VKLORL $. DGKqUH GH IDoRQ VSpFLILTXH j VRQ K{WH FRUDOOLHQ SpQqWUH GDQV OH WLVVX GX FRUDLOVHPXOWLSOLHSDUYRLHLQWUDFHOOXODLUHHWHQVXLWHWXHOHV]RR[DQWKHOOHVFRUDOOLHQQHV FH TXL PqQH DX EODQFKLPHQW GX FRUDLO %DQLQ HW DO %HQ+DLP HW DO  

9LEULR PHGLWHUUDQHL VRXFKH j ODTXHOOH pWDLW DVVRFLp $. DX GpSDUW Q¶HVW SDV XQ SDWKRJqQH GX FRUDLO HW Q¶D MDPDLV pWp UHWURXYpH HQ PXOWLSOLFDWLRQ LQWUDFHOOXODLUH .XVKPDURHWDO 



/D WHPSpUDWXUH GH FURLVVDQFH EDFWpULHQQH HVW FULWLTXH SRXU O¶DGKpVLRQ GH 9 VKLORL j VRQ K{WH FRUDOOLHQ 2 SDWDJRQLFD /RUVTXH OD EDFWpULH HVW FXOWLYpH j EDVVH WHPSpUDWXUH ƒ&  LO Q¶\ D SDV G¶DGKpVLRQ DX FRUDLO HW FH TXHOOH TXH VRLW OD WHPSpUDWXUHjODTXHOOHOHFRUDLODpWpPDLQWHQX(QRXWUHGHVEDFWpULHVFXOWLYpHVjKDXWHV WHPSpUDWXUHV ƒ&  DGKqUHQW DYLGHPHQW DXVVL ELHQ DX[ FRUDX[ PDLQWHQXV j EDVVH WHPSpUDWXUHTX¶jFHX[PDLQWHQXVjKDXWHWHPSpUDWXUH/¶LPSRUWDQWHUDPLILFDWLRQGHFHV GpFRXYHUWHVHVWTX¶XQHFRQGLWLRQGHVWUHVVpFRORJLTXH KDXWHWHPSpUDWXUH HVWQpFHVVDLUH DX SDWKRJqQH GH EODQFKLPHQW FRUDOOLHQ SRXU LQLWLHU O¶LQIHFWLRQ HW GHYHQLU YLUXOHQW 5RVHQEHUJGDQV5RVHQEHUJ /R\D 



/DSUpVHQFHGH9LEULRVKLORLDXVHLQGHVWLVVXVGH2FXOLQDSDWDJRQLFDDpWpUpYpOpH SDU PLFURVFRSLH HQ pSLIOXRUHVFHQFH j SOXVLHXUV UHSULVHV HD .XVKPDUR HW DO 

)LJXUH  9LEULR VKLORL $. DX PLFURVFRSH pOHFWURQLTXH j WUDQVPLVVLRQ ORUV GH VD FURLVVDQFH LQWUDFHOOXODLUH GDQV OHV WLVVXV FRUDOOLHQV%DUUH —P .XVKPDUR

(21)

  ,VUDHO\HWDO%DQLQHWDO (QHIIHWOHFRUDLODG¶DERUGpWpPLVHQSUpVHQFH G¶DQWLFRUSV DQWL9 VKLORL PDUTXpV /HV EDFWpULHV G¶LQWpUrW DVVRFLpHV DX[ DQWLFRUSV SHXYHQWHQVXLWHrWUHYLVXDOLVpHVHQIOXRUHVFHQFH



8Q VHFRQG DJHQW SDWKRJqQH GH FRUDLO SHUPHW G¶DSSX\HU FHWWH K\SRWKqVH EDFWpULHQQH GX EODQFKLPHQW FRUDOOLHQ &HW DJHQW SDWKRJqQHOD EDFWpULH 9LEULR FRUDOOLLO\WLFXV )LJ HVWOHUHVSRQVDEOHGXEODQFKLPHQWGH 3RFLOORSRUDGDPLFRUQLV &RPPHSRXU9VKLORLOHSDUDPqWUHHQYLURQQHPHQWDOFULWLTXHTXLGpWHUPLQHODUpXVVLWH GHO¶LQIHFWLRQHVWODWHPSpUDWXUHGHO¶HDXGHPHU %HQ±+DLPHWDO      /DSUHPLqUHVRXFKHGH9FRUDOOLLO\WLFXVLVROpHGH3GDPLFRUQLVEODQFKLVVXUOH UpFLIGH0DZL,VODQGSUqVGH=DQ]LEDUGDQVO¶2FpDQ,QGLHQDpWpSUpVHQWpHFRPPHXQH QRXYHOOHHVSqFHGXJHQUH 9LEULRHQVHEDVDQWVXUVDPRUSKRORJLHVHVFDUDFWpULVWLTXHV ELRFKLPLTXHV HW VD VpTXHQFH G¶$'1 ULERVRPLDO 6 %HQ+DLP  5RVHQEHUJ   9FRUDOOLLO\WLFXV<%HVWXQHEDFWpULH*UDPQpJDWLYHPRELOHHQIRUPHGHEkWRQQHWGH VXU—PDYHFXQIODJHOOHSRODLUHJDLQpXQLTXH )LJ 



'XUDQWO¶pWpODWHPSpUDWXUHGHO¶HDXDXWRXUGXUpFLIGH(LODW 0HU5RXJH D DWWHLQW ƒ& FH TXL HVW SOXV pOHYp TXH OHV WHPSpUDWXUHV PD[LPDOHV KDELWXHOOHV 3HQGDQWFHWWHSpULRGHXQEODQFKLPHQWHWXQHO\VHSDUWLHOOHGHVWLVVXVGH 3GDPLFRUQLV RQW pWp REVHUYpV $ILQ GH GpWHUPLQHU VL FHV HIIHWV VRQW DVVRFLpV j OD SUpVHQFH G¶XQH EDFWpULHVSpFLILTXHGHVIUDJPHQWVGHFRUDX[RQWpWpSUpOHYpVULQFpVjO¶HDXGHPHUHW pFUDVpV HW XQH VpULH GH GLOXWLRQV D pWp pWDOpH VXU DJDU 7&%6 WKLRVXOIDWHFLWUDWHELOH VXFURVH  9 FRUDOOLLO\WLFXV pWDLW SUpVHQWH GDQV OHV GLIIpUHQWV FRUDX[ EODQFKLV HW OHV FRUDX[SDUWLHOOHPHQWO\VpVPDLVpWDLWDEVHQWHGHVFRUDX[VDLQVH[DPLQpV %HQ+DLPHW DO   /¶LQRFXODWLRQGHFRUDX[jGHVWHPSpUDWXUHVRVFLOODQWHQWUHHWƒ&DYHF9 FRUDOOLLO\WLFXVDFDXVpOHEODQFKLPHQWRXODO\VHGXWLVVXFRUDOOLHQ/DILJXUHPRQWUH GHVIUDJPHQWVGH3GDPLFRUQLVVDLQEODQFKLSDUOHVEDFWpULHVHWO\VpSDUOHVEDFWpULHV¬  HW ƒ& OHV FRUDX[ VRQW GHPHXUpV VDLQV GXUDQW  MRXUV /H EODQFKLPHQW D FRPPHQFpMRXUVDSUqVO¶LQRFXODWLRQHWDSUqVMRXUVODSOXSDUWGHVFRUDX[DYDLHQW EODQFKL 'HX[ VHPDLQHV SOXV WDUG OHV FRUDX[ pWDLHQW WRXMRXUV EODQFV HW QH PRQWUDLHQW DXFXQVLJQHGHO\VH3DUFRQWUHOHVFRUDX[H[SRVpVjGHVWHPSpUDWXUHVGHƒ&RQW SUpVHQWpGHVV\PSW{PHVGLIIpUHQWVGHVFRUDX[LQIHFWpVjSOXVEDVVHWHPSpUDWXUH$SUqV

)LJXUH3KRWRHQPLFURVFRSLHpOHFWURQLTXHj WUDQVPLVVLRQ GH 9LEULR FRUDOOLLO\WLFXV <% %DUUH —P %HQ±+DLPHWDO 

(22)

  MRXUVODSOXSDUWGHVFRUDX[pWDLHQWO\VpVHWDSUqVMRXUVOHVFRUDX[pWDLHQWO\VpV HWPRXUUDLHQW,OQ¶\DYDLWSDVGHVLJQHGHEODQFKLPHQWjFHVWHPSpUDWXUHV/HVFRUDX[ LQIHFWpVjHWƒ&QHPRQWUHQWQLEODQFKLPHQWQLO\VHHWFHGXUDQWVHPDLQHV      

/D ILJXUH  SUpVHQWH XQH SKRWR GH PLFURVFRSLH pOHFWURQLTXH j WUDQVPLVVLRQ G¶XQHVHFWLRQILQHGH3GDPLFRUQLVLQIHFWpSDU9FRUDOOLLO\WLFXV      

'DQV FKDFXQ GHV GHX[ FDV GH EODQFKLPHQW EDFWpULHQ XQHHVSqFH VSpFLILTXH GH 9LEULRGLIIpUHQWHpWDLWOHSDWKRJqQHUHVSRQVDEOHHWODYLUXOHQFHGHFHOXLFLGpSHQGDLWGH ODWHPSpUDWXUHGHO¶HDX )LJXUH3RFLOORSRUDGDPLFRUQLV D VDLQ E EODQFKLSDUGHVEDFWpULHV F O\VpSDUGHVEDFWpULHV %HQ+DLPHWDO  )LJXUH0LFURJUDSKLHpOHFWURQLTXHG¶XQHVHFWLRQILQHGHFRUDLO 3RFLOORSRUDGDPLFRUQLVMRXUV DSUqVXQHLQIHFWLRQDYHF9LEULRFRUDOOLLO\WLFXVjƒ&%DUUH —P %HQ+DLPHWDO 

(23)

 

' +\SRWKqVHGH©SURWHFWLRQFRQWUHOHEODQFKLPHQWªSDUO¶DVVRFLDWLRQ

DYHFGHVSRLVVRQV



8QH QRXYHOOH K\SRWKqVH D GHSXLV SHX YX OH MRXU (OOH H[SORLWH O¶LQWHUDFWLRQ WULSDUWLWHSRWHQWLHOOH©SRLVVRQV3RPDFHQWULGDHEDFWpULHVFRUDX[ª FRPPXQLFDWLRQRUDOH DX FRQJUqV LQWHUQDWLRQDO VXU OHV UpFLIV FRUDOOLHQV 3HUSLJQDQ  6XHIXML  9DQ :RHVLN &HUWDLQV3RPDFHQWULGDHYLYHQWHQDVVRFLDWLRQDYHFGHVFRUDX[EUDQFKXV SULQFLSDOHPHQW$FURSRUDHW3RFLOORSRUD &HVFRUDX[OHXUVHUYHQWG¶DEULGHWHUULWRLUH HWGHOLHXGHQRXUULVVDJH/HVFRUDX[DVVRFLpVjGHVSRLVVRQVDXUDLHQWGHULVTXHVHQ PRLQVGHEODQFKLUSDUUDSSRUWjGHVFRORQLHVGHODPrPHHVSqFHGDQVGHVFRQGLWLRQV LGHQWLTXHVPDLVVDQVSRLVVRQVDVVRFLpV FRPPXQLFDWLRQRUDOH3RXOLFHN   'LIIpUHQWHVFDPSDJQHVj0DGDJDVFDUHW0RRUHD 3RO\QpVLHIUDQoDLVH RQWUpYpOp XQH DXJPHQWDWLRQ VLJQLILFDWLYH GH OD GHQVLWp HW GH OD GLYHUVLWp IRQFWLRQQHOOH GHV PLFURRUJDQLVPHV GX PXFXV GHV FRUDX[ ORUVTX¶LOV VRQW DVVRFLpV j GHV SRLVVRQV GHPRLVHOOHV 7KHXQLV  7KHXQLV  3RXOLFHN   3DU DLOOHXUV FHV PLFURRUJDQLVPHV PRQWUHQW GHV DFWLYLWpV PpWDEROLTXH HW UHVSLUDWRLUH QHWWHPHQW SOXV pOHYpHV 7KHXQLV7KHXQLV 3RXOLFHN &HWWHDXJPHQWDWLRQGHODYLWDOLWpHW GH OD GLYHUVLWp GHV FRPPXQDXWpV PLFURELHQQHV SRXUUDLW UHMRLQGUH O¶LGpH pPLVH SDU 6XHIXML  9DQ :RHVLN   VHORQ ODTXHOOH OHV 3RPDFHQWULGDH DXUDLHQW XQ HIIHW SURWHFWHXUYLVjYLVGXEODQFKLPHQWFRUDOOLHQ,OHQGpFRXOHUDLWXQHDXJPHQWDWLRQGHOD FRPSpWLWLRQ GHV DXWUHV EDFWpULHV SDU UDSSRUW j 9LEULR VKLORL RX j G¶DXWUHV SDWKRJqQHV 9DQGHZDOOH 3RXOLFHNQRQSXEOLp7KHXQLV7KHXQLV 3RXOLFHN 

 

( &DXVHYLUDOHRXIRQJLTXH



/HV PLFURRUJDQLVPHV LPSOLTXpV GDQV OHV PDODGLHV GX EODQFKLPHQW FRUDOOLHQ QH VRQW SDV IRUFpPHQW GHV EDFWpULHV /HV DJHQWV FDXVDWLIV GHFHV PDODGLHV SRXUUDLHQW rWUH pJDOHPHQWGHVYLUXVRXGHVFKDPSLJQRQV

 

,, 0pFDQLVPHVG¶DGDSWDWLRQ



/H SUHPLHU PpFDQLVPH FRQWU{ODQW O¶DGDSWDWLRQ j GHV WHPSpUDWXUHV SOXV pOHYpHV HVWODVpOHFWLRQQDWXUHOOH 'DUZLQ /DYDULDWLRQGHODUpSRQVHGHEODQFKLPHQWDX VHLQ G¶HVSqFHV YDULpHV H[LVWH 8QH DGDSWDWLRQ JpQpWLTXH DSSDUDvW ORUVTXH OHV PHPEUHV OHV PRLQV UpVLVWDQWV G¶XQH SRSXODWLRQ VRQW pOLPLQpV SDU OHV FRQGLWLRQV pFRORJLTXHV ODLVVDQWOHVRUJDQLVPHVD\DQWXQHPHLOOHXUHDSWLWXGHjVHUHSURGXLUHHWjV¶pWDEOLUVXUXQ KDELWDWGLVSRQLEOH



3RXU UDSSHO OHV pYqQHPHQWV GH EODQFKLPHQW Q¶RQW MDPDLV UpVXOWp HQ XQH PRUWDOLWp FRPSOqWH G¶XQH SRSXODWLRQ HQWLqUH GH FRUDLO /HV JpQRW\SHV TXL RQW VXUYpFX RQW SUREDEOHPHQW XQH WROpUDQFH DX[ KDXWHV WHPSpUDWXUHV /H SURFHVVXV GH VpOHFWLRQ QDWXUHOOH SRXU OD WROpUDQFH DX EODQFKLPHQW DX[ KDXWV QLYHDX[ GH WHPSpUDWXUH HW G¶LUUDGLDQFH HVW GpMj VRXOLJQp /H WHPSVUHTXLV SRXU XQHWHOOHDGDSWDWLRQ JpQpWLTXH DX VHLQ GHV UpFLIV FRUDOOLHQV HVW LQFRQQX PDLV GHYUDLW FHSHQGDQW V¶pWHQGUH VXU GH QRPEUHXVHVJpQpUDWLRQVFRUDOOLHQQHVGXUDQWGHVFHQWDLQHVYRLUHGHVPLOOLHUVG¶DQQpHV

(24)

  /H WHPSV QpFHVVDLUH j O¶DGDSWDWLRQ SHXW rWUH GLPLQXp VXEVWDQWLHOOHPHQW VL OHV FRUDX[VRQWFDSDEOHVGHVXEVWLWXHUGHV]RR[DQWKHOOHVUpVLVWDQWHVWKHUPLTXHPHQWFRQWUH OHXUVW\SHVPRLQVUpVLVWDQWVFRPPHSURSRVpSDUO¶K\SRWKqVHDGDSWDWLYHGXEODQFKLPHQW FIU3RLQW,,% /¶DGDSWDWLRQGHVFRUDX[UpFLIDX[jGHVWHPSpUDWXUHVSOXVpOHYpHVSDU FH PpFDQLVPH GRLW HQFRUH rWUH GpPRQWUp 'H QRPEUHXVHV HVSqFHV HW W\SHV GH ]RR[DQWKHOOHV VRQW DFWXHOOHPHQW UHFRQQXV HW OHXU UpSRQVH j OD WHPSpUDWXUH HW j O¶LUUDGLDQFH YDULH FHUWDLQHPHQW 'H SOXV FHUWDLQHV HVSqFHV GH FRUDLO SRVVqGHQW GHV FRORQLHV TXL FRQWLHQQHQW GLIIpUHQWV W\SHV GH ]RR[DQWKHOOHV OHVTXHOOHV SHXYHQW LQGXLUH XQH SHUWH VpOHFWLYH GX W\SH OH SOXV VHQVLEOH GXUDQW XQ VWUHVV WKHUPLTXH 5RZDQ HW DO   'HV H[SpULHQFHV GHWUDQVSODQWV UpFLSURTXHV VXU XQH JDPPH GH SURIRQGHXUV RQW URPSXOHVV\PELRVHVFRUDOOLHQQHVHWRQWPRQWUpTXHOHEODQFKLPHQWSRXUUDLWIRXUQLUXQH RSSRUWXQLWpGHUHPSODFHUOHV]RR[DQWKHOOHVH[SXOVpHVSDUG¶DXWUHVW\SHVGHV\PELRQWHV %DNHU   'H QRXYHOOHV FRPELQDLVRQV GH V\PELRQWHV HW G¶K{WHV VHURQW GqV ORUV VXMHWWHV DX PrPH SURFHVVXV GH VpOHFWLRQ QDWXUHOOH TXH OHV DXWUHV FRUDX[ GX UpFLI HW SRXUURQWVXUYLYUHRXrWUHpOLPLQpHVGHODSRSXODWLRQ -RNLHOGDQV5RVHQEHUJ  /R\D    

,, ,PSDFWVGXEODQFKLPHQW



6L OH SURFHVVXV GH EODQFKLPHQW Q¶HVW SDV UHQGX UpYHUVLEOH HQGpDQV TXHOTXHV VHPDLQHVYRLUHTXHOTXHVPRLVOHFRUDLOPRXUUDIDXWHG¶DSSRUWVpQHUJpWLTXHVVXIILVDQWV OHV]RR[DQWKHOOHVD\DQWpWpH[SXOVpHVRXGpJUDGpHV 3DUFRQWUHVLOHVWUHVVHVWGHIDLEOH DPSOLWXGHRXV¶LOHVWEUHIOHVFRUDX[SHXYHQWSKDJRF\WHUGHV]RR[DQWKHOOHVOLEUHVGDQV O¶HDX GH PHU HQYLURQQDQWH TXL VH PXOWLSOLHURQW GDQV OHV FHOOXOHV GH O¶K{WH HW OD V\PELRVH VHUD UHVWDXUpH FIU +\SRWKqVH DGDSWDWLYH GX EODQFKLPHQW  ,OV SHXYHQW pJDOHPHQWODLVVHUVHPXOWLSOLHUOHV]RR[DQWKHOOHVTXLQ¶RQWSDVpWpH[SXOVpHV(QHIIHWOH EODQFKLPHQWQ¶HVWMDPDLVFRPSOHWHWLOHVWSRVVLEOHTXHSDUPLOHVVRXFKHVUHVWDQWHVLO\ DLW GHV VRXFKHV EHDXFRXS SOXV UpVLVWDQWHV TXL pWDLHQW PRLQV FRPSpWLWLYHV GDQV OD VLWXDWLRQDQWpULHXUH



(Q RXWUH OH SKpQRPqQH GH EODQFKLPHQW DIIHFWH IRUWHPHQW HW QpJDWLYHPHQW OD FURLVVDQFH HW OHV FDSDFLWpV UHSURGXFWULFHV GHV FRUDX[ 6]PDQW  *DVVPDQ   3DU DLOOHXUV XQH FRXYHUWXUH LPSRUWDQWH G¶DOJXHV FRORQLVDWULFHV GHV ]RQHV DIIHFWpHV SDU OH EODQFKLPHQWSHXWHPSrFKHUODUHFRORQLVDWLRQSDUGHQRXYHDX[FRUDX[HWGRQFDOWpUHUOD GLYHUVLWp GHV HVSqFHV FRUDOOLHQQHV HW SURYRTXHU XQH UHVWUXFWXUDWLRQ FRQVLGpUDEOH GH OD FRPPXQDXWp



/D GLVSDULWLRQ GHV FRUDX[ VXLWH DX SKpQRPqQH GH EODQFKLPHQW GpWUXLUD OHV SHXSOHPHQWVGHSRLVVRQVDVVRFLpVjFHVPDGUpSRUHVDXSURILWGHVSRLVVRQVKHUELYRUHV,O HQUpVXOWHUDXQDSSDXYULVVHPHQWGHODELRGLYHUVLWpLFKW\RORJLTXH&HFLDXUDXQLPSDFW VDQV SUpFpGHQW VXU OD SrFKH ORFDOH HW VXU OH WRXULVPH OLp j OD SORQJpH VRXVPDULQH  /¶pFRQRPLHGHWRXWHODUpJLRQFRQFHUQpHVHUDGqVORUVIRUWHPHQWDIIHFWpH'HSOXVOHV VXUIDFHV QpFURVpHV SRXUUDLHQW rWUH OH VLqJH G¶DSSDULWLRQV GH QRXYHOOHV PDODGLHV /HV VWUXFWXUHVpGLILpHVSDUOHVFRUDX[SRXUUDLHQWpJDOHPHQWVHYRLUIUDJLOLVpHVHWpURGpHV/D F{WH QH EpQpILFLHUDLW DORUV SOXV GX U{OH SURWHFWHXU GHV UpFLIV IDFH j OD KRXOH HW GHV FDWDVWURSKHVGHW\SHWVXQDPLSRXUUDLHQWYRLUOHXUVLPSDFWVDPSOLILpV

(25)

  

&KDSLWUH,,

2%-(&7,)6'80e02,5(

 /HEODQFKLPHQWFRUDOOLHQHVWXQGHVSUREOqPHVHQYLURQQHPHQWDX[PDMHXUVGHFH VLqFOH$ILQG¶HQpWXGLHUHWG¶HQFRPSUHQGUHOHVPpFDQLVPHVLOHVWGRQFSULPRUGLDOGH GpYHORSSHU OHV UHFKHUFKHV GDQV FH GRPDLQH 8QH PHLOOHXUH FRQQDLVVDQFH GH FH SKpQRPqQH QRXV SHUPHWWUDLW GH PLHX[ SUpYRLU O¶DYHQLU GH FHV pFRV\VWqPHV ULFKHV HW HVVHQWLHOVjELHQGHVpJDUGVHWGHPLHX[OHVSURWpJHU



,O H[LVWH FHSHQGDQW GLIIpUHQWHV PDQLqUHV G¶DERUGHU O¶pWXGH GX EODQFKLPHQW FRUDOOLHQ /H SUpVHQW WUDYDLO VH EDVH VXU GHX[ K\SRWKqVHV '¶XQH SDUW O¶K\SRWKqVH EDFWpULHQQHGXEODQFKLPHQWXQHWKpRULHVHORQODTXHOOHO¶H[SXOVLRQHWRXODGpJUDGDWLRQ GHV]RR[DQWKHOOHVV\PELRWLTXHVVHUDLHQWSURYRTXpHVSDUGHVDJHQWVSDWKRJqQHVGRQWOD YLUXOHQFHVHUDLWIDYRULVpHSDUGHVIDFWHXUVHQYLURQQHPHQWDX[WHOVTXHO¶DXJPHQWDWLRQGH OD WHPSpUDWXUH GH O¶HDX HW G¶DXWUH SDUW O¶K\SRWKqVH ©SURWHFWULFHª VHORQ ODTXHOOH OHV FRUDX[SUpVHQWHUDLHQWPRLQVGHULVTXHVGHEODQFKLUV¶LOVYLYHQWHQDVVRFLDWLRQDYHFGHV SRLVVRQV



6HORQ FHWWH DSSURFKH QRXV DYRQV HVVD\p GH PHWWUH HQpYLGHQFH OD SUpVHQFH GH EDFWpULHVHWGH9/3 9LUXVOLNH3DUWLFOHV HQWHUPHGHPRUSKRORJLHXOWUDVWUXFWXUDOH   jODVXUIDFHGXPXFXVGHPDGUpSRUHVVDLQVHWEODQFKLVSURYHQDQWGHPLOLHX[QDWXUHOVHW G¶DTXDULXPVjO¶DLGHGHODPLFURVFRSLHpOHFWURQLTXHjEDOD\DJHHW  GDQVOHVWLVVXVGH FHVFRUDX[jO¶DLGHGHODPLFURVFRSLHpOHFWURQLTXHjWUDQVPLVVLRQ(QRXWUHODGLYHUVLWp JpQpWLTXH GHV FRPPXQDXWpV PLFURELHQQHV DVVRFLpHV DX PXFXV GHV FRUDX[D pWp WHVWpH DILQG¶pWDEOLUTXHOOHVpWDLHQWOHVGLIIpUHQFHVGHFHVFRPPXQDXWpV  DXVHLQGHFRORQLHV VDLQHV   GH FRORQLHV EODQFKLHV   GHFRORQLHV DVVRFLpHV j GHV SRLVVRQV HW   GDQV GLIIpUHQWVpFKDQWLOORQVG¶HDXHWOHOLHQpYHQWXHOGHFHVFRPPXQDXWpVDYHFWURLVVRXFKHV GHEDFWpULHVFRQQXHVFRPPHpWDQWSDWKRJqQHVGHFHUWDLQHVHVSqFHVFRUDOOLHQQHV

(26)

 

&KDSLWUH,,,

0$7e5,(/6(70e7+2'(6



 $ILQG¶DWWHLQGUHOHVGLIIpUHQWVREMHFWLIVGHFHPpPRLUHXQHVpULHGHWHFKQLTXHVD pWp XWLOLVpH /D SOXSDUW GHV SURWRFROHV RQW pWp PLV DX SRLQW HW DGDSWpV HQ IRQFWLRQ GX W\SH G¶pFKDQWLOORQ DQDO\Vp SRXU rWUH GH FHWWH PDQLqUH GDQV GHV FRQGLWLRQV G¶pWXGH RSWLPDOHV



,'HVFULSWLRQGHVpFKDQWLOORQV



'LIIpUHQWVpFKDQWLOORQVHQSURYHQDQFHGH3RO\QpVLHIUDQoDLVHGH0DGDJDVFDUGH 0HU 0pGLWHUUDQpH ,VUDsO  RX HQFRUH GH O¶DTXDULXP 1DXVLFDj GH %RXORJQHVXUPHU )UDQFH  RQW pWp SUpOHYpV HW UDPHQpV SDU GHV FROODERUDWHXUV GDQV OHV FRQGLWLRQV TXH QRXVOHXUDYLRQVSUHVFULWHV&HVSUpOqYHPHQWVRQWpWpWUDLWpVHWSUpSDUpVVHORQOHVUqJOHV VXJJpUpHV SRXU OHV GLYHUVHV H[SpULHQFHV RX REVHUYDWLRQV j UpDOLVHU HQ YRLFL OHXU SUpVHQWDWLRQ



¾ 0XFXV GH PDGUpSRUH HDX LQWHUVWLWLHOOH GH IRQG HW GH VXUIDFH 0RRUHD PDUV  



&HV pFKDQWLOORQV RQW pWp FROOHFWpV HQ SORQJpH DXWRQRPH ORUV G¶XQH PLVVLRQ j 0RRUHD 3RO\QpVLH IUDQoDLVH HQ PDUV  SDU /DHWLWLD 7KHXQLV /H VLWH G¶pFKDQWLOORQQDJHVHVLWXHVXUOHUpFLIIUDQJHDQWIDFHj3DSHWRLDHWSUqVGHODSDVVHGH 7DUHX/HPDWpULHODpWpSUpOHYpjO¶DLGHGHVHULQJXHVVWpULOHVGHPOHWILOWUpVXUILOWUHV VWpULOHVGHPPGHGLDPqWUHHW—PGHSRURVLWp&KDTXHILOWUHDHQVXLWHpWpSODFp GDQVXQWXEH)DOFRQŠVWpULOHGHPODYHFaPOG¶pWKDQRODXUpIULJpUDWHXU SRXU ODELRORJLHPROpFXODLUH 'HUHWRXUHQ%HOJLTXHFHVWXEHVRQWpWpSODFpVDXFRQJpODWHXU j ±ƒ& ,O IDXW QRWHU TXH FH PRGH GH FRQVHUYDWLRQ Q¶HVW SDV LGpDO ,O DXUDLW pWp SUpIpUDEOHGHWUDYDLOOHUVXUGXPDWpULHOIUDLVFRQJHOpPDLVODFKDvQHGXIURLGHVWGLIILFLOH jPDLQWHQLUGHOD3RO\QpVLHIUDQoDLVHjOD%HOJLTXH  9RLFLODOLVWHGHVpFKDQWLOORQVXWLOLVpV  x &302(DX©LQWHUVWLFLHOOHªG¶XQHFRORQLHGH3RFLOORSRUDVSG¶PGH

GLDPqWUH HQ pWURLWH DVVRFLDWLRQ DYHF  SRLVVRQV &KURPLV EOHXV j  P GH SURIRQGHXU

x &02  (DX ©LQWHUVWLFLHOOHª G¶XQH FRORQLH GH 3RFLOORSRUD G¶ P GH

GLDPqWUH j  P GH SURIRQGHXU VLWXpH j  P GH OD FRORQLH 32 PDLV GpSRXUYXHGHSRLVVRQVDVVRFLpV x (/6(DXGH©VXUIDFHª SUpOHYpHjPGHSURIRQGHXU DXGHVVXVGHOD FRORQLHFLGHVVXV x (/)(DXGH©IRQGªSUpOHYpHjP PGHSURIRQGHXU DXGHVVXV GXVpGLPHQWHQWUHOHVFRORQLHV&02HW&302 x )810XFXVGH)XQJLDFRQFLQQDGHFPGHORQJSUpOHYpDXQLYHDXGX VpGLPHQWSURFKHGHVFRORQLHV&302HW&02

(27)

  ¾ &RUDX[SUpOHYpVj7XOpDU 0DGDJDVFDUQRYHPEUH 



 pFKDQWLOORQV RQW pWp UDSSRUWpV GH 0DGDJDVFDU SDU (ULF 3DUPHQWLHU &HV pFKDQWLOORQVRQWpWpSUpOHYpVVXUODSHQWHH[WHUQHGXUpFLIEDUULqUHGX©*UDQG5pFLIªGH 7XOpDU ,OV UHJURXSHQW  HVSqFHV FRUDOOLHQQHV j FKDFXQH FRUUHVSRQGHQW  pFKDQWLOORQ G¶RUJDQLVPHVDLQHWpFKDQWLOORQG¶RUJDQLVPHEODQFKL )LJ &HVSUpOqYHPHQWVRQW pWp IL[pV GDQV GX JOXWDUDOGpK\GH SRXU O¶REVHUYDWLRQ HQ PLFURVFRSLH pOHFWURQLTXH /HV pFKDQWLOORQVRQWpWpFRGLILpVFRPPHVXLW GpWHUPLQDWLRQSDU03RXOLFHN   x 6$FURSRUDGLJLWLIHUD $FURSRULGDH  'DQD VDLQ "  x %$GLJLWLIHUDEODQFKL x 6$FURSRUDGDQDL $FURSRULGDH  (GZDUGV +DLQH VDLQ x %$GDQDLEODQFKL x 6(FKLQRSRUDSUREKLUVXWLVVLPD )DYLGDH  (GZDUGV +DLQH VDLQ x %(KLUVXWLVVLPDEODQFKL x 63RULWHV 6\QDUHD UXV 3RULWLGDH  )RUVNDO VDLQ x %3UXVEODQFKL x 6$FURSRUDKXPLOLV $FURSRULGDH  'DQD VDLQ SDVGHSKRWR  x %$KXPLOLVEODQFKL                            )LJXUH3KRWRVGHVpFKDQWLOORQVSUpOHYpVj0DGDJDVFDU VDXIO¶HVSqFH    6 % % 6 6% 6 %

(28)

  ¾ &RUDX[SUpOHYpVj0RRUHD 3RO\QpVLHIUDQoDLVHDYULO 



/XFLH3HQLQGHO¶8QLYHUVLWpGH3HUSLJQDQDUpFROWppFKDQWLOORQVGHFRUDX[VWRFNpV HQVXLWH GDQV GH O¶pWKDQRO  SRXU OD GpWHUPLQDWLRQ GH OD GLYHUVLWp JpQpWLTXH GHV FRPPXQDXWpVPLFURELHQQHVYLYDQWDXVHLQGXPXFXVGHFHVFRUDX[/HVpFKDQWLOORQVRQW pWpSUpOHYpVVXUODSHQWHH[WHUQHGXUpFLIDXQLYHDXGX©7UDQVHFWGH7LDKXUDª'HX[ HVSqFHVRQWIDLWO¶REMHWGHFHWpFKDQWLOORQQDJH$FURSRUDODWLVWHOOD HVSqFHEUDQFKXH HW /HSWRVHULV P\FHWRVHURLGHV HVSqFH HQFUR€WDQWH j IROLDFpH  SRXU OHVTXHOOHV GHX[ IUDJPHQWVG¶HQYLURQFPñG¶XQRUJDQLVPHVDLQHWGHX[G¶XQRUJDQLVPHEODQFKLRQWpWp SUpOHYpVHWSODFpVGDQVGHVWXEHVVWpULOHV DXWRWDO 8QVHXOpFKDQWLOORQGH /HSWRVHULV P\FHWRVHURLGHVQRQEODQFKL/QEDpWpXWLOLVpGDQVOHSUpVHQWWUDYDLOPDLVOHVDXWUHV pFKDQWLOORQVVHURQWXWLOLVpVXOWpULHXUHPHQW  x $EHW$E$FURSRUDODWLVWHOODEODQFKLVHW x $QEHW$QE$FURSRUDODWLVWHOODQRQEODQFKLVHW x /EHW/E/HSWRVHULVP\FHWRVHURLGHVEODQFKLVHW x /QEHW/QE/HSWRVHULVP\FHWRVHURLGHVQRQEODQFKLVHW   ¾ &RUDX[GH1DXVLFDj PDUV   'HVpFKDQWLOORQVGHFRUDLORQWpWpSUpOHYpVHQPDUVSDU$OH[DQGUH6QHHVVHQVj O¶DTXDULXP 1DXVLFDj GH %RXORJQHVXUPHU /¶HVSqFH SUpOHYpH HVW3RFLOORSRUD GDPLFRUQLV  pFKDQWLOORQV VDLQV HW  EODQFKLV RQW pWp IL[pV DX JOXWDUDOGpK\GH SRXU O¶REVHUYDWLRQ HQ PLFURVFRSLH pOHFWURQLTXH HW  pFKDQWLOORQV GH FKDTXH ©pWDWª RQW pWp FRQVHUYpV GDQV O¶pWKDQRO  SRXU G¶pYHQWXHOOHV H[SpULHQFHV PROpFXODLUHV 8QLTXHPHQW OHV KXLW SUHPLHUV pFKDQWLOORQV RQW IDLW O¶REMHW G¶REVHUYDWLRQV PRUSKRORJLTXHV,OVRQWpWpFRGLILpVFRPPHVXLW1DXQE SRXU1DXVLFDjQRQEODQFKL Qƒ 1DXE EODQFKL 1DXQE1DXE1DXQE1DXE1DXQEHW1DXE   ¾ 6RXFKHVEDFWpULHQQHV 8QLYHUVLWpGH*DQG0DL   FXOWXUHVGHVRXFKHVEDFWpULHQQHVG¶LQWpUrWRQWpWpDFKHWpHVjO¶XQLWp%&&0/0* GHO¶8QLYHUVLWpGH*DQG  x 9LEULRVKLORQLL 9VKLORL  5RVHQEHUJ$. /0* x 9LEULRFRUDOOLLO\WLFXV 5RVHQEHUJ<% /0* x 9LEULRFRUDOOLO\WLFXV 5RVHQEHUJ<% /0*  &HVVRXFKHVRQWIDLWO¶REMHWG¶H[WUDFWLRQVHWG¶REVHUYDWLRQVHQPLFURVFRSLHpOHFWURQLTXH 1RWRQVTXHOHVFXOWXUHVGHFHVWURLVVRXFKHVRQWpWpUHSLTXpHVGHIDoRQKHEGRPDGDLUH VXUPLOLHXVROLGH   ¾ &RUDX[SUpOHYpVHQ0HU0pGLWHUUDQpH 8QLYHUVLWpGH7HO$YLY,VUDsOpWp KLYHU   *UkFHjXQHFROODERUDWLRQDYHFO¶8QLYHUVLWpGH7HO$YLYQRXVDYRQVSXREVHUYHU HQPLFURVFRSLHjpSLIOXRUHVFHQFHGHVFRXSHVUpDOLVpHVVXUGXFRUDLO2FXOLQDSDWDJRQLFD

(29)

  LQIHFWp HQ ODERUDWRLUH SDU OD EDFWpULH 9LEULR VKLORL HW PDUTXp SDU GHV DQWLFRUSV DQWL9 VKLORL pFKDQWLOORQ / IL[p  K DSUqV LQIHFWLRQ  4XHOTXHV FRXSHV GH FRUDLO VDLQ pFKDQWLOORQ+SUpOHYpHQKLYHU SDUWLHOOHPHQWEODQFKL pFKDQWLOORQ/SUpOHYp HQMXLOOHW HWWUqVEODQFKL pFKDQWLOORQ /SUpOHYpHQMXLOOHW RQWpJDOHPHQW pWpREVHUYpHVDXPLFURVFRSHpOHFWURQLTXHjWUDQVPLVVLRQ 7(0 7RXVOHVpFKDQWLOORQV RQWpWpIL[pVGDQVGXJOXWDUDOGpK\GHGXUDQWKSXLVFRQVHUYpVGDQVGX1D1 P0GDQVGXWDPSRQ3%6 3KRVSKDWH%XIIHUHG6DOLQH 

,,0RUSKRORJLH8OWUDVWUXFWXUH

  $ILQG¶pWDEOLUXQpWDWGHVOLHX[HWGHPHWWUHHQpYLGHQFHO¶pYHQWXHOOHSUpVHQFHGH PLFURRUJDQLVPHVDXVHLQGHVWLVVXVFRUDOOLHQVOHVpFKDQWLOORQVGHFRUDX[HWOHVVRXFKHV EDFWpULHQQHVRQWSXrWUHREVHUYpVjO¶DLGHGHODPLFURVFRSLHpOHFWURQLTXHG¶XQHSDUWHW GHODPLFURVFRSLHRSWLTXHG¶DXWUHSDUW&HVPRGHVG¶REVHUYDWLRQVVRQWGLIIpUHQWVGHSDU OHXU UpVROXWLRQ HW OHXU QLYHDX G¶REVHUYDWLRQ PDLV LOV VRQW FHSHQGDQW WRXW j IDLW FRPSOpPHQWDLUHV &KDTXH SUpOqYHPHQW D pWp GLYLVp HQ GHX[SDUWLHV SRXU OHV GHX[ WHFKQLTXHV GH PLFURVFRSLHV pOHFWURQLTXHV XWLOLVpHV 6(0 HW 7(0  (QVXLWH DSUqV SUpSDUDWLRQV GHV pFKDQWLOORQV GHV FRXSHV VHPLILQHV HW ILQHV VRQW UpDOLVpHV YRLU FL DSUqV  /HV FRXSHV VHPLILQHV VRQW G¶DERUG REVHUYpHV HQ PLFURVFRSLH RSWLTXH SRXU DFTXpULUXQHYXHJpQpUDOHGHODSDUWLHGHO¶RUJDQLVPHREVHUYpH /HVFRXSHVILQHV IRQW HQVXLWHO¶REMHWG¶XQHREVHUYDWLRQDXPLFURVFRSHpOHFWURQLTXHjWUDQVPLVVLRQ 7(0  



,,0LFURVFRSHpOHFWURQLTXHjEDOD\DJH

6(06FDQQLQJ(OHFWURQ0LFURVFRSH 



 /H PLFURVFRSH pOHFWURQLTXH j EDOD\DJH XWLOLVp -60 $ -(2/  D SHUPLV O¶REVHUYDWLRQ GH OD VXUIDFH GHV pFKDQWLOORQV PDVVLIV  GH FRUDX[ HW GHV VRXFKHV EDFWpULHQQHVLVVXHVGHFXOWXUHVSXUHV/HPXFXVGHVPDGUpSRUHVDDLQVLSXrWUHREVHUYp DILQG¶HQFRQQDvWUHO¶DVSHFWPDLVpJDOHPHQWDILQGHGpWHFWHUGHVpOpPHQWVjVDVXUIDFH WHOVTXHGHVEDFWpULHV&HWWHWHFKQLTXHDpJDOHPHQWSHUPLVGHFRQILUPHUODGpWHUPLQDWLRQ GHVHVSqFHVFRUDOOLHQQHVpFKDQWLOORQQpHV 

$ 3UpSDUDWLRQGHVpFKDQWLOORQV



/HV pFKDQWLOORQV SODFpV GDQV GX JOXWDUDOGpK\GH  $JDU 6FLHQWLILFŠ (0 *UDGH VRQWHQVXLWHFRQVHUYpVGDQVGHO¶HDXGHPHUILOWUpH RXGXWDPSRQFDFRG\ODWHGH VRGLXP0jS+SRXUOHVEDFWpULHV DYHFGX1D1P08QIUDJPHQWGHFKDTXH

pFKDQWLOORQ HVW SUpOHYp /H UHVWH GHV pFKDQWLOORQV HVW FRQVHUYp DX UpIULJpUDWHXU /HV IUDJPHQWV VRQW ULQFpV WURLV IRLV j O¶HDX GH PHU ILOWUpH RX GX WDPSRQ FDFRG\ODWH GH VRGLXPSRXUOHVEDFWpULHV 3XLVVRXVKRWWHOHVPRUFHDX[SUpOHYpVVRQWEDLJQpVSHQGDQW KGDQVGXWHWUR[\GHG¶RVPLXP $JDU6FLHQWLILFŠ $SUqVFHEDLQWURLVULQoDJHVj O¶HDX GLVWLOOpH VRQW HIIHFWXpV HW XQ TXDWULqPH EDLQ HVW PDLQWHQX SRXU OD QXLW DX FRQJpODWHXUj±ƒ&/HVpFKDQWLOORQVVRQWHQVXLWHO\RSKLOLVpV  $SUqVO\RSKLOLVDWLRQOHVpFKDQWLOORQVVRQWFROOpVVXUGHVVXSSRUWVHQDOXPLQLXP jO¶DLGHGHFROOHjO¶DUJHQW $JDU6FLHQWLILFŠRXGHSDSLHUFDUERQHFROODQWGRXEOHIDFH SRXUOHVEDFWpULHV /HOHQGHPDLQOHVpFKDQWLOORQVVRQWPpWDOOLVpVDXSODWLQHVRXVDUJRQ GDQVXQpYDSRUDWHXUjSODVPD %DO]HUVŠ6&'  

Références

Documents relatifs

1RXV JpQpURQV XQH VRXUFH FRQWLQXXP SXLV QRXV XWLOLVRQV XQ GpPXOWLSOH[HXU :'0 DILQ G¶REWHQLU SDU GpFRXSDJH VSHFWUDO 1 FDQDX[ :'0 /HV WUDLQV G¶LPSXOVLRQV REWHQXV GDQV FKDTXH FDQDO

‡ ,O IDXW pYDOXHU O¶LQWpUrW UHODWLI SRXU OD VDQWp GDQV OH PRQGH GHV SURJUqV GH OD JpQRPLTXH DX QLYHDX GH OD SUDWLTXH HW GH OD SUHVWDWLRQ GHV VRLQV SDU UDSSRUW DX FR€W HW j

HQ H[LVWH GDQV FHUWDLQV JDEEURVGLRULWHV XQH VHFRQGH EOHXkWUH ILEUHXVH j LQGLFHV QRWDEOHPHQW SOXV EDV HW j FDUDFWqUHV RSWLTXHV VXLYDQWV SODQ GHV D[HV 9 ² ƒ H[WLQFWLRQ ƒ QJ ² QS QJ

/pRQ: &amp;ROOHW HW 5 3HUUHW RQW VLJQDOp HQ OD SUpVHQFH GH 7ULDV HW GH 0DOP DXWRFKWRQHV GDQV OH &amp;LUTXH GHV )RQWV. &amp;RPPH OH 0DOP DXWRFKWRQH VXSSRUWH OD QDSSH GH

7RXV OHV HVVDLV TXL SUpFqGHQW RQW PRQWUp HQ HIIHW TXH OH ELWXPH GH OD PRODVVH SDXYUH HQ SURGXLWV YRODWLOV HVW SOXV R[\Gp TXH FHOXL GH OXUJRQLHQ ELHQ SOXV ULFKH HQ SURGXLWV SOXV

8QH DXWUH V\QWKqVH XWLOLVH FRPPH UpDFWLI GDQV OD SUHPLqUH pWDSH O¶DFLGH PDORQLTXH RX DFLGH SURSDQHGLRwTXH &amp;HOXL FL HVW WUDLWp SDU OH PpWKDQRO HQ SUpVHQFH G¶DFLGH VXOIXULTXH

/HV FRXUEHV GH GLVSHUVLRQ GHV PRGHV 6+ GDQV XQH WUL FRXFKH$OXPLQXP$UDOGLWH$OXPLQLXPRQWpWpGpWHUPLQpHV HQ XWLOLVDQW OD PpWKRGH 6$)( 8Q PRGqOH QXPpULTXH SUpGLFWLI HVW GpYHORSSp DX

&amp;RPPHWRXWHWHFKQLTXHFKLUXUJLFDOHO·8566SRXUFDOFXO QpFHVVLWHXQDSSUHQWLVVDJHHWGHVFRPSOLFDWLRQVSRWHQWLHOOH