Epidémiosurveillance du lièvre européen dans la région Midi-Pyrénées de 2001 à 2003

        $11((7+(6(±728± 





e3,'e0,26859(,//$1&('8/,Ê95((8523e(1

'$16/$5e*,210,',3<5e1e(6

'(¬



BBBBBBBBBBBBBBBBB

 7+(6( SRXUREWHQLUOHJUDGHGH '2&7(859(7(5,1$,5(  ',3/20('¶(7$7  SUpVHQWpHHWVRXWHQXHSXEOLTXHPHQWHQ GHYDQWO¶8QLYHUVLWp3DXO6DEDWLHUGH7RXORXVH  SDU  9DQHVVD%ULJLWWH&\QWKLD%(6621 1pHOHDR€Wj$1*28/(0(&KDUHQWH BBBBBBBBBBB 'LUHFWHXUGHWKqVH0RQVLHXUOH'RFWHXU-HDQ<YHV-28*/$5  BBBBBBBBBBB  -85<   35(6,'(17 0*pUDUG&$03,67521     $66(66(85 0-HDQ<YHV-28*/$5 03DXO&$%$1,e      3URIHVVHXUjO¶8QLYHUVLWp3DXO6DEDWLHUGH728/286(   0DvWUHGH&RQIpUHQFHVjO¶(FROH1DWLRQDOH9pWpULQDLUHGH728/286( 3URIHVVHXUjO¶(FROH1DWLRQDOH9pWpULQDLUHGH728/286(                

  7RXORXVH  120%(662135(1209DQHVVD    7,75((SLGpPLRVXUYHLOODQFHGX/LqYUH(XURSpHQGDQVODUpJLRQ0LGL3\UpQpHVGHj    

5(680( $SUqV DYRLU UDSSHOp OHV SULQFLSDX[ pOpPHQWV GH ELRORJLH GX /LqYUH HXURSpHQ /HSXVHXURSDHXV3DOODVO¶DXWHXUSUpVHQWHGDQVXQHSUHPLqUHSDUWLHOHVJUDQGHVPDODGLHVHW FDXVHVGHPRUWDOLWpDIIHFWDQWFHWWHHVSqFHjO¶pWDWVDXYDJH



'DQV XQH GHX[LqPH SDUWLH O¶DXWHXU VH FRQFHQWUH VXU O¶pSLGpPLRVXUYHLOODQFH GX /LqYUH HXURSpHQ j SDUWLU GH GRQQpHV GX UpVHDX 6$*,5 UpVHDX QDWLRQDO IUDQoDLV GDQV OD UpJLRQ 0LGL 3\UpQpHVGHjHWHQGUHVVHXQELODQHQVRXOLJQDQWVHVSRLQWVIRUWVHWVHVIDLEOHVVHV3RXU ILQLULOSURSRVHTXHOTXHVPHVXUHVYLVDQWjDPpOLRUHUOHV\VWqPHG¶pSLGpPLRVXUYHLOODQFHDXVVLELHQVXU OHSODQUpJLRQDOTXHQDWLRQDO   

0276&/(6  /LqYUH HXURSpHQ ± /HSXV HXURSDHXV ± UpJLRQ 0LGL3\UpQpHV ± UpVHDX 6$*,5±pSLGpPLRVXUYHLOODQFHPRUWDOLWp        

(1*/,6+ 7,7/( %URZQ KDUH¶V HSLGHPLRORJLF FRQWURO LQ WKH 0LGL3\UHQHHV UHJLRQ IURP WR

  

$%675$&7  $IWHU UHPLQGLQJ WKH PDLQ HOHPHQWV RI WKH ELRORJ\ RI WKH EURZQ KDUH /HSXV HXURSDHXV3DOODVWKHDXWKRUGHVFULEHVLQDILUVWSDUWWKHSULQFLSDOGLVHDVHVDQGFDXVHVRI GHDWKDIIHFWLQJWKLVVSHFLHVLQWKHZLOGOLIH  ,QWKHVHFRQGSDUWWKHDXWKRUIRFXVHVRQWKHEURZQKDUH¶VHSLGHPLRORJLFFRQWUROEDVHGRQ WKH³UpVHDX6$*,5´GDWDLQWKH0LGL3\UHQHHVUHJLRQIURPWRDQGGUDZVXSDEDODQFH VKHHWZLWKHPSKDVL]LQJLWVVWURQJSRLQWVDQGLWVZHDNQHVVHV7KHQKHVXJJHVWVVRPHPHDVXUHVLQ RUGHUWRLPSURYHWKHHSLGHPLRORJLFV\VWHPRQDUHJLRQDOEXWDOVRQDWLRQDOILHOG    .(<:25'6%URZQ+DUH±/HSXVHXURSDHXV±0LGL3\UHQHHVUHJLRQ±UpVHDX6$*,5± HSLGHPLRORJLFFRQWUROGHDWK  

MINISTERE DE L'AGRICULTURE ET DE LA PECHE

ECOLE NATIONALE VETERINAIRE DE TOULOUSE

Directeur : M. P. DESNOYERS

Directeurs honoraires……. : M. R. FLORIO

M. J. FERNEY M. G. VAN HAVERBEKE

Professeurs honoraires….. : M. A. BRIZARD

M. L. FALIU M. C. LABIE M. C. PAVAUX M. F. LESCURE M. A. RICO M. A. CAZIEUX Mme V. BURGAT M. D. GRIESS M. J. CHANTAL M. J.-F. GUELFI M. M. EECKHOUTTE PROFESSEURS CLASSE EXCEPTIONNELLE

M. CABANIE Paul, Histologie, Anatomie pathologique

M. DARRE Roland, Productions animales

M. DORCHIES Philippe, Parasitologie et Maladies Parasitaires

M. TOUTAIN Pierre-Louis, Physiologie et Thérapeutique PROFESSEURS 1ère CLASSE

M. AUTEFAGE André, Pathologie chirurgicale

M. BODIN ROZAT DE MANDRES NEGRE Guy, Pathologie générale, Microbiologie, Immunologie

M. BRAUN Jean-Pierre, Physique et Chimie biologiques et médicales

M. DELVERDIER Maxence, Histologie, Anatomie pathologique

M. EUZEBY Jean, Pathologie générale, Microbiologie, Immunologie

M. FRANC Michel, Parasitologie et Maladies Parasitaires

M. MARTINEAU Guy-Pierre, Pathologie médicale du Bétail et des Animaux de basse-cour

M. MILON Alain, Pathologie générale, Microbiologie, Immunologie

M. PETIT Claude, Pharmacie et Toxicologie

M. REGNIER Alain, Physiopathologie oculaire

M. SAUTET Jean, Anatomie

M. SCHELCHER François, Pathologie médicale du Bétail et des Animaux de basse-cour PROFESSEURS 2e _CLASSE

Mme BENARD Geneviève, Hygiène et Industrie des Denrées Alimentaires d'Origine Animale M. BERTHELOT Xavier, Pathologie de la Reproduction

M. CONCORDET Didier, Mathématiques, Statistiques, Modélisation

M. CORPET Denis, Science de l'Aliment et Technologies dans les industries agro-alimentaires

M. DUCOS Alain, Zootechnie

M. DUCOS DE LAHITTE Jacques, Parasitologie et Maladies parasitaires

M. ENJALBERT Francis, Alimentation

M. GUERRE Philippe, Pharmacie et Toxicologie

Mme KOLF-CLAUW Martine, Pharmacie -Toxicologie M. LEFEBVRE Hervé, Physiologie et Thérapeutique

M. LIGNEREUX Yves, Anatomie

M. PICAVET Dominique, Pathologie infectieuse PROFESSEUR ASSOCIE

M. HENROTEAUX Marc, Médecine des carnivores INGENIEUR DE RECHERCHES

M. TAMZALI Youssef, Responsable Clinique équine PROFESSEURS CERTIFIES DE L’ENSEIGNEMENT AGRICOLE

Mme MICHAUD Françoise, Professeur d'Anglais M. SEVERAC Benoît, Professeur d'Anglais

MAÎTRE DE CONFERENCES HORS CLASSE

M. JOUGLAR Jean-Yves, Pathologie médicale du Bétail et des Animaux de basse-cour MAÎTRE DE CONFERENCES CLASSE NORMALE

M. ASIMUS Erik, Pathologie chirurgicale

M. BAILLY Jean-Denis, Hygiène et Industrie des Denrées Alimentaires d'Origine Animale

M. BERGONIER Dominique, Pathologie de la Reproduction

M. BERTAGNOLI Stéphane, Pathologie infectieuse

Mme BOUCRAUT-BARALON Corine, Pathologie infectieuse Mlle BOULLIER Séverine, Immunologie générale et médicale

Mme BOURGES-ABELLA Nathalie, Histologie, Anatomie pathologique M. BOUSQUET-MELOU Alain, Physiologie et Thérapeutique

Mme BRET-BENNIS Lydie, Physique et Chimie biologiques et médicales

M. BRUGERE Hubert, Hygiène et Industrie des Denrées Alimentaires d'Origine Animale

Mlle CADIERGUES Marie-Christine, Dermatologie

Mme CAMUS-BOUCLAINVILLE Christelle, Biologie cellulaire et moléculaire Mme COLLARD-MEYNAUD Patricia, Pathologie chirurgicale

Mlle DIQUELOU Armelle, Pathologie médicale des Equidés et des Carnivores

M. DOSSIN Olivier, Pathologie médicale des Equidés et des Carnivores

M. FOUCRAS Gilles, Pathologie du bétail

Mme GAYRARD-TROY Véronique, Physiologie de la Reproduction, Endocrinologie M. GUERIN Jean-Luc, Productions animales

Mme HAGEN-PICARD Nicole, Pathologie de la Reproduction M. JACQUIET Philippe, Parasitologie et Maladies Parasitaires

M. JAEG Jean-Philippe, Pharmacie et Toxicologie

M. LYAZRHI Faouzi, Statistiques biologiques et Mathématiques

M. MARENDA Marc, Pathologie de la reproduction

M. MATHON Didier, Pathologie chirurgicale

Mme MESSUD-PETIT Frédérique, Pathologie infectieuse M. MEYER Gilles, Pathologie des ruminants

M. MONNEREAU Laurent, Anatomie, Embryologie

Mme PRIYMENKO Nathalie, Alimentation

Mme RAYMOND-LETRON Isabelle, Anatomie pathologique M. SANS Pierre, Productions animales

Mlle TRUMEL Catherine, Pathologie médicale des Equidés et Carnivores

M. VERWAERDE Patrick, Anesthésie, Réanimation MAÎTRE DE CONFERENCES CONTRACTUELS

M. CASSARD Hervé, Pathologie du bétail

N. DESMAIZIERES Louis-Marie, Clinique équine

M. LEON Olivier, Elevage et santé en productions avicoles et porcines

MAÎTRE DE CONFERENCES ASSOCIE

M. REYNOLDS Brice, Pathologie médicale des Equidés et Carnivores ASSISTANTS D'ENSEIGNEMENT ET DE RECHERCHE CONTRACTUELS

M. CORBIERE Fabien, Pathologie des ruminants

Mlle LACROUX Caroline, Anatomie pathologique des animaux de rente

Mme MEYNADIER-TROEGELER Annabelle, Alimentation M. MOGICATO Giovanni, Anatomie, Imagerie médicale

5(0(5&,(0(176







 -HUHPHUFLHVLQFqUHPHQWPRQMXU\GHWKqVH     0RQVLHXUOH3URIHVVHXU*pUDUG&$03,67521 3URIHVVHXUGHV8QLYHUVLWpV 3UDWLFLHQKRVSLWDOLHU 3K\VLRORJLHHWKpPDWRORJLH 4XLP¶DIDLWO¶KRQQHXUG¶DFFHSWHUODSUpVLGHQFHGHPDWKqVH      0RQVLHXUOH3URIHVVHXU-HDQ<YHV-28*/$5 0DvWUHGHFRQIpUHQFHVGHO¶(FROH1DWLRQDOH9pWpULQDLUHGH7RXORXVH 3DWKRORJLHPpGLFDOHGX%pWDLOHWGHV$QLPDX[GHEDVVHFRXU 4XLP¶DIDLWO¶KRQQHXUGHGLULJHUPDWKqVH      0RQVLHXUOH3URIHVVHXU3DXO&$%$1,( 3URIHVVHXUGHO¶(FROH1DWLRQDOH9pWpULQDLUHGH7RXORXVH +LVWRORJLH$QDWRPLHSDWKRORJLTXH 4XLP¶DIDLWO¶KRQQHXUGHSDUWLFLSHUjPRQMXU\GHWKqVH 

 

-H UHPHUFLH WRXW SDUWLFXOLqUHPHQW 0DGHPRLVHOOH .DULQH 6$,17+,/$,5( )pGpUDWLRQ 5pJLRQDOH GHV &KDVVHXUV GH 0LGL3\UpQpHV SRXU VHV FRQVHLOV HW VRQ DLGH SUpFLHXVH WRXW DX ORQJ GH OD UpDOLVDWLRQ GH FHWWH WKqVH DLQVL TXH WRXV OHV PHPEUHV HW OHV WHFKQLFLHQV GHV GLIIpUHQWHV )pGpUDWLRQV 'pSDUWHPHQWDOHV GHV &KDVVHXUVGHODUpJLRQ0LGL3\UpQpHVSRXUOHXUGLVSRQLELOLWpHWOHXUJHQWLOOHVVHORUV GHQRVHQWUHWLHQV

 

-H WLHQV pJDOHPHQW j UHPHUFLHU 0DGDPH 0DULH(YH 7(55,(5 $)66$ 1DQF\ HW 0RQVLHXU -HDQ5RFK *$,//(7 2IILFH 1DWLRQDO GH OD &KDVVH HW GH OD )DXQH6DXYDJHSRXUOHXUGpYRXHPHQWjUpSRQGUHjPHVTXHVWLRQVHWjPHIRXUQLU OHVGRFXPHQWVQpFHVVDLUHVjO¶pODERUDWLRQGHFHWUDYDLO

 

0HUFLDXVVLj0RQVLHXU-HDQ0DUF'(/&$662SUpVLGHQWGHOD)pGpUDWLRQ 'pSDUWHPHQWDOH GHV &KDVVHXUV GH +DXWHV3\UpQpHV DLQVL TX¶j OD )pGpUDWLRQ 5pJLRQDOHGHV&KDVVHXUVGH0LGL3\UpQpHVSRXUOHXUVRXWLHQPRUDOHWILQDQFLHUORUV GHO¶DFKqYHPHQWGHFHWWHWKqVH   (QILQMHGpGLHFHWUDYDLOjWRXWHVOHVSHUVRQQHVVXLYDQWHVQRQOHVPRLQGUHV HWWLHQVjOHVUHPHUFLHUSRXUOHXUDWWHQWLRQGHWRXVOHVMRXUVHWOHXUVRXWLHQWRXWDX ORQJGHFHVDQQpHVG¶pWXGHVjO¶(FROH1DWLRQDOH9pWpULQDLUHGH7RXORXVH  

 PHV SDUHQWV SRXU P¶DYRLU WRXMRXUV VRXWHQXH HW HQFRXUDJpH GDQV PHV FKRL[SURIHVVLRQQHOV   ;DYLHUPRQIUqUHSRXUOHVLQRXEOLDEOHVSDUWLHVGHULJRODGHVHWOHVPRPHQWV GHFRPSOLFLWpTXLRQWMDORQQpQRWUHHQIDQFHHWpJD\HQWQRVYLHVG¶DGXOWH   1HOO\PDEHOOHV°XUHW1DWKDQPRQDGRUDEOHQHYHX   6WpSKDQHSRXUO¶DYHQLU«   PHVJUDQGVSDUHQWVRQFOHVHWWDQWHVFRXVLQVHWFRXVLQHVDPLHVTXLRQW WRXMRXUVFUXHQPRL   (ORGLH1LFR'HOSKLQH$XGUH\HW6WHUHQQSRXUOHVVRXYHQLUVLPSpULVVDEOHV GHVFLQTDQQpHVSDVVpHVjO¶(197  

 %ORQGLH +pO\V 0HOND 5DIDOH 8SVLD HW WRXV OHV DXWUHV TXL P¶RQW HQFRUH SOXVGRQQpHQYLHGHIDLUHFHPpWLHU

 

7$%/('(60$7,(5(6

     7$%/('(60$7,(5(6   7$%/('(6,//8675$7,216   7$%/('(6$11(;(6     ,1752'8&7,21   35(0,(5(3$57,((78'(%,%/,2*5$3+,48(    $/(/,(95((8523((1/HSXVHXURSDHXV3DOODV    ,35(6(17$7,21  ƒ6\VWpPDWLTXH   ƒ0RUSKRORJLHHWSDUWLFXODULWpVDQDWRPLTXHV   ƒ'pWHUPLQDWLRQGHO¶kJH   ƒ$LUHGHUpSDUWLWLRQ  D5pSDUWLWLRQJpQpUDOH   E5pSDUWLWLRQHQ)UDQFH   ƒ+DELWDW   ,,$/,0(17$7,21   ƒ$OLPHQWDWLRQGHVOHYUDXWV  ƒ$OLPHQWDWLRQGHVDGXOWHV  ƒ8QHSDUWLFXODULWpSK\VLRORJLTXHODFDHFRWURSKLH    ,,,&203257(0(17  ƒ*pQpUDOLWpV  ƒ*HVWLRQGHO¶HVSDFH  ƒ&RPSRUWHPHQWVRFLDO   D&RPSRUWHPHQWLQWUDVSpFLILTXH  E&RPSRUWHPHQWLQWHUVSpFLILTXH  ƒ&RPSRUWHPHQWVH[XHO   ,95(352'8&7,21   ƒ/¶DFWLYLWpVH[XHOOH   D/DVDLVRQGHUHSURGXFWLRQ   E/¶kJHGHODSXEHUWp   ƒ/HF\FOHRHVWUDOGHODKDVH  ƒ'pURXOHPHQWHWGXUpHGHODJHVWDWLRQ  ƒ8QHSDUWLFXODULWpSK\VLRORJLTXHODVXSHUIRHWDWLRQ   ƒ3URGXFWLYLWp  D1RPEUHGHOHYUDXWVSDUSRUWpH  E1RPEUHGHSRUWpHVSDUDQHWSDUKDVH  F1RPEUHGHOHYUDXWVSDUDQHWSDUKDVH     %  /(6 35,1&,3$/(6 &$86(6 '( 0257$/,7( '8 /,(95( (8523((1 /HSXV  HXURSDHXV3DOODV$/¶(7$76$89$*(   ,/(60$/$',(6  ƒ/¶(%+6(XURSHDQEURZQ+DUH6\QGURPH  

  ƒ/DSVHXGRWXEHUFXORVHRX\HUVLQLRVH   ƒ/DFRFFLGLRVH   ƒ/DSDVWHXUHOORVH  ƒ/DWXODUpPLH   ƒ4XHOTXHVDXWUHVPDODGLHV    ,,/(60257$/,7(6$875(648(3$50$/$',(   ƒ/DPRUWDOLWpGXHjODFKDVVH   ƒ/HVWUDXPDWLVPHV  ƒ/HVLQWR[LFDWLRQV  ƒ/DSUpGDWLRQ   ƒODPRUWDOLWpLQGLUHFWHSDUGpUqJOHPHQWGXPLOLHX        '(8;,(0( 3$57,( (3,'(0,26859(,//$1&( '8 /,(95( (8523((1    $/(5(6($86$*,5    ,+,6725,48((72%-(&7,)6   ,,)21&7,2111(0(17'85(6($86$*,5  ƒ/HV)pGpUDWLRQV'pSDUWHPHQWDOHVGHV&KDVVHXUV)'&  ƒ/HV/DERUDWRLUHV9pWpULQDLUHV'pSDUWHPHQWDX[   ƒ/H/DERUDWRLUHFHQWUDOLVDWHXU    ,,,48(/48(65(68/7$76     % %,/$1 '( /¶(3,'(0,26859(,//$1&(  '8 /,(95( '$16 /$ 5(*,21 0,', 3<5(1((6'($    ,5(3$57,7,21'(6$1$/<6(6$86(,1'(6'(3$57(0(176   ƒ5pSDUWLWLRQGHVDQDO\VHVHQ  ƒ5pSDUWLWLRQGHVDQDO\VHVHQ  ƒ5pSDUWLWLRQGHVDQDO\VHVHQ  ƒ%LODQGHODUpSDUWLWLRQGHVDQDO\VHVGHj    ,,5(3$57,7,21'(6&$86(6'(0257$/,7(  ƒ5pSDUWLWLRQGHVFDXVHVGHPRUWDOLWpHQ  ƒ5pSDUWLWLRQGHVFDXVHVGHPRUWDOLWpHQ  ƒ5pSDUWLWLRQGHVFDXVHVGHPRUWDOLWpHQ   ,,, (92/87,21 '(6 ',))(5(17(6 &$86(6 '( 0257$/,7( (1 )21&7,21 '(6 02,6  ƒ(YROXWLRQGHVGLIIpUHQWHVFDXVHVGHPRUWDOLWpHQ   ƒ(YROXWLRQGHVGLIIpUHQWHVFDXVHVGHPRUWDOLWpHQ   ƒ(YROXWLRQGHVGLIIpUHQWHVFDXVHVGHPRUWDOLWpHQ   ƒ%LODQGHO¶pYROXWLRQGHVGLIIpUHQWHVFDXVHVGHPRUWDOLWpHQIRQFWLRQGHVPRLV       

  &&2167$7$7,216(7$0(/,25$7,216(19,6$*($%/(6    ,&2167$7$7,216$/¶,668('(&(77((78'(  ƒ+pWpURJpQpLWpGHVUpVXOWDWV   D(QWUHOHVGpSDUWHPHQWV  E(QWUHOHVDQQpHV  ƒ&RQFRUGDQFHHQWUHOH©WHUUDLQªHWOHVUpVXOWDWV6$*,5  ƒ/HV©LQGpWHUPLQpVª  ƒ&DVGHVOLqYUHVWURXYpVPRUWVPDLVQRQDQDO\VpV  ƒ6WDQGDUGLVDWLRQGHVDQDO\VHV   ƒ6DLVRQQDOLWpGHVDQDO\VHV     ,,0(685(6(7$0(/,25$7,216(19,6$*($%/(6  ƒ0rPH©LPSOLFDWLRQªGHODSDUWGHVGpSDUWHPHQWV   ƒ5HFXHLOFRPSOHWHWSUpFLVGHVFRPPpPRUDWLIV   ƒ(QUHJLVWUHUWRXVOHVFDVGHPRUWDOLWp  ƒ6HQVLELOLVHUOHVWHFKQLFLHQVOHVFKDVVHXUVHWWRXWHVOHVDXWUHVSHUVRQQHVFRQFHUQpHV  ƒ6WDQGDUGLVHUOHVDQDO\VHV  ƒ$QDO\VHUWRXVOHVOLqYUHVPRUWV   ƒ2SWLPLVHUODUpFROWHGHVFDGDYUHV     &21&/86,21    %,%/,2*5$3+,(   $11(;(6  

 

7$%/('(6,//8675$7,216

   /LVWHGHVSKRWRJUDSKLHV  3KRWRJUDSKLH2UJDQHVJpQLWDX[H[WHUQHVPkOHjJDXFKHHWIHPHOOHjGURLWHGX /LqYUHHXURSpHQFOLFKpV/XF%DUELHUG¶DSUqV3pURX[_{ }

3KRWRJUDSKLH  7UDFKpLWH KpPRUUDJLTXH j JDXFKH HW KpSDWLWH QpFURVDQWH j GURLWHREVHUYpHVORUVG¶(%+6FKH]XQOLqYUHHXURSpHQFOLFKpV-HDQ<YHV-RXJODU(FROH 1DWLRQDOH9pWpULQDLUHGH7RXORXVH  3KRWRJUDSKLH1RPEUHX[SHWLWVQRGXOHVVXUOHUHLQjJDXFKHHWOHIRLHjGURLWH FKH]XQOLqYUHHXURSpHQDWWHLQWGH\HUVLQLRVHFOLFKpV-HDQ<YHV-RXJODU(FROH1DWLRQDOH 9pWpULQDLUHGH7RXORXVH   3KRWRJUDSKLH,QWHVWLQVFRQJHVWLRQQpVHWSDUVHPpVGHSHWLWVQRGXOHVEODQFKkWUHV FKH] XQ OLqYUH HXURSpHQ DWWHLQW GH FRFFLGLRVH FOLFKpV -HDQ<YHV -RXJODU (FROH 1DWLRQDOH9pWpULQDLUHGH7RXORXVH  3KRWRJUDSKLH)RUWHK\SHUWURSKLHGHODUDWHjJDXFKHHWSHWLWVIR\HUVQpFURWLTXHV FDVpHX[VXUOHIRLHjGURLWHG¶XQOLqYUHHXURSpHQDWWHLQWGHWXODUpPLHFOLFKpV-HDQ<YHV -RXJODU(FROH1DWLRQDOH9pWpULQDLUHGH7RXORXVH      /LVWHGHVILJXUHV  )LJXUH6WDGHVGHFURLVVDQFHHWG¶RVVLILFDWLRQGXFXELWXVG¶DSUqV%URHNKXLVHQHW 0DDVNDPS  

)LJXUH   &DUWH GH UpSDUWLWLRQ PRQGLDOH DFWXHOOH GX /LqYUH HXURSpHQ /HSXV HXURSDHXVG¶DSUqV&KDSPDQHW)OX[ _{ }

)LJXUH   &DUWH GH UpSDUWLWLRQ IUDQoDLVH GX /LqYUH HXURSpHQ /HSXV HXURSDHXV G¶DSUqV3pURX[  

)LJXUH)RQFWLRQQHPHQWGX5pVHDX6$*,5G¶DSUqV7HUULHU   )LJXUH  &DUWH DGPLQLVWUDWLYH GH OD UpJLRQ 0LGL3\UpQpHV G¶DSUqV OD )pGpUDWLRQ 1DWLRQDOHGHV2IILFHVGH7RXULVPH _{ }    /LVWHGHVWDEOHDX[  7DEOHDX&RPSRVLWLRQGXODLWGHODKDVHHQJJGHODLWFRPSDUpHjFHOOHGHOD ODSLQHHWGHODYDFKHG¶DSUqV0DUWLQHW 'HPDUQH       /LVWHGHVGLDJUDPPHV  'LDJUDPPH5pSDUWLWLRQGHVDQDO\VHVGH/LqYUHVHXURSpHQVGDQVODUpJLRQ0LGL 3\UpQpHVHQHQIRQFWLRQGHVGpSDUWHPHQWV  'LDJUDPPH5pSDUWLWLRQGHVDQDO\VHVGH/LqYUHVHXURSpHQVGDQVODUpJLRQ0LGL 3\UpQpHVHQHQIRQFWLRQGHVGpSDUWHPHQWV  'LDJUDPPH5pSDUWLWLRQGHVDQDO\VHVGH/LqYUHVHXURSpHQVGDQVODUpJLRQ0LGL 3\UpQpHVHQHQIRQFWLRQGHVGpSDUWHPHQWV  'LDJUDPPH5pSDUWLWLRQGHVDQDO\VHVGH/LqYUHVHXURSpHQVGDQVODUpJLRQ0LGL 3\UpQpHVGHjHQIRQFWLRQGHVGpSDUWHPHQWV 

'LDJUDPPH  5pSDUWLWLRQ GHV FDXVHV GH PRUWDOLWp GX /LqYUH HXURSpHQ GDQV OD UpJLRQ0LGL3\UpQpHVHQ  

 

'LDJUDPPH  5pSDUWLWLRQ GHV FDXVHV GH PRUWDOLWp GX /LqYUH HXURSpHQ GDQV OD UpJLRQ0LGL3\UpQpHVHQ  

'LDJUDPPH  5pSDUWLWLRQ GHV FDXVHV GH PRUWDOLWp GX /LqYUH HXURSpHQ GDQV OD UpJLRQ0LGL3\UpQpHVHQ      /LVWHGHVJUDSKLTXHV  *UDSKLTXH1RPEUHGHFDVSDUFDXVHGHPRUWDOLWpHQIRQFWLRQGHVPRLVSHQGDQW O¶DQQpH   *UDSKLTXH1RPEUHGHFDVSDUFDXVHGHPRUWDOLWpHQIRQFWLRQGHVPRLVSHQGDQW O¶DQQpH   *UDSKLTXH1RPEUHGHFDVSDUFDXVHGHPRUWDOLWpHQIRQFWLRQGHVPRLVSHQGDQW O¶DQQpH  

   

7$%/('(6$11(;(6

   $QQH[H )LFKH6$*,5     $QQH[H &RPSWHUHQGXG¶DXWRSVLHGHO¶(FROH1DWLRQDOH9pWpULQDLUHGH7RXORXVH     $QQH[H 3ULQFLSHGHO¶LQWHUSUpWDWLRQVWDWLVWLTXH   

 

,1752'8&7,21

     /HWUDYDLOSUpVHQWpFLDSUqVHVWOHIUXLWG¶XQHFRQYHQWLRQGHUHFKHUFKHpWDEOLH HQWUHOD&OLQLTXHGHVRLVHDX[GHODIDXQHVDXYDJHHWGXJLELHUGHO¶(FROH1DWLRQDOH 9pWpULQDLUH GH 7RXORXVH GLULJpH SDU OH 3URIHVVHXU -HDQ<YHV -28*/$5 HW OD )pGpUDWLRQ5pJLRQDOHGHV&KDVVHXUVGH0LGL3\UpQpHV

  

&RQQXHWFKDVVpGHSXLVGHVVLqFOHVSDUO¶+RPPHOH/LqYUHHXURSpHQ/HSXV HXURSDHXV 3DOODV  Q¶HQ GHPHXUH SDV PRLQV XQ DQLPDO P\VWpULHX[ GRQW OD ELRORJLHHWOHPRGHGHYLHpWRQQHURQWWRXMRXUVFHX[TXLV¶\LQWpUHVVHQW

  

*LELHU WUqV DSSUpFLp HQ )UDQFH HW HQ (XURSH LO HVW VRXPLV FRPPH WRXW DQLPDO VDXYDJH j GLIIpUHQWHV PDODGLHV EDFWpULHQQHV YLUDOHV HW SDUDVLWDLUHV HW FDXVHV GH PRUWDOLWp SURYRTXDQW HQWUH DXWUHV IDFWHXUV GHV YDULDWLRQV GH VD SRSXODWLRQ HW GRQW O¶REVHUYDWLRQ OH UHFHQVHPHQW HW O¶pWXGH SHUPHWWHQW XQH VXUYHLOODQFHVDQLWDLUHJpQpUDOHGHFHWWHHVSqFH&HFLFRQVWLWXHOHEXWLQLWLDOGXUpVHDX 6$*,5V\VWqPHGHVXUYHLOODQFHVDQLWDLUHGRQWODFUpDWLRQHQYLVHjLQVWDXUHU XQ UpVHDX G¶DOHUWH GHVWLQp j GpWHFWHU XQH PRUWDOLWp LPSRUWDQWH RX XQ SKpQRPqQH SDWKRORJLTXH PDMHXU VXUYHQDQW VXU OD IDXQH VDXYDJH HQ )UDQFH &H UpVHDX G¶pSLGpPLRVXUYHLOODQFH JUkFH j VD GpFHQWUDOLVDWLRQ GDQV FKDTXH GpSDUWHPHQW SHUPHWDLQVLXQHUDSLGHUHPRQWpHGHVLQIRUPDWLRQVHWXQGpODLG¶LQWHUYHQWLRQOHSOXV FRXUWSRVVLEOHORUVGHPRUWDOLWpDQRUPDOH    $SUqVXQHSUHPLqUHSDUWLHFRQVDFUpHjODELRORJLHGX/LqYUHHXURSpHQHWOHV GLYHUVHV PDODGLHV HW FDXVHV GH PRUWDOLWp O¶DIIHFWDQW O¶pWXGH SUpVHQWpH GDQV OD GHX[LqPH SDUWLH SRUWHUD VXU O¶LPSODQWDWLRQ GX UpVHDX 6$*,5 GDQV OD UpJLRQ 0LGL 3\UpQpHV HW SHUPHWWUD GH GUHVVHU XQ ELODQ GH O¶pSLGpPLRVXUYHLOODQFH GX /LqYUH HXURSpHQGDQVFHWWHUpJLRQDXFRXUVGHWURLVDQQpHVG¶pWXGHGHj(OOH PHWWUDDLQVLHQDYDQWOHEpQpILFHDSSRUWpSDUO¶LQVWDXUDWLRQGHFHUpVHDXjWRXVOHV DFWHXUV GX PRQGH DQLPDO WRXW HQ FKHUFKDQW j DPpOLRUHU OH V\VWqPH SRXU OH UHQGUH SOXVHIILFDFHHWSOXVUHSUpVHQWDWLIGHO¶pWDWVDQLWDLUHJOREDOGX/LqYUHHXURSpHQGDQV OHPLOLHXQDWXUHO

 



























35(0,(5(3$57,(



(78'(%,%/,2*5$3+,48(





$/(/,(95((8523((1



%/(635,1&,3$/(6&$86(6'(0257$/,7('8

/,(95((8523((1$/¶(7$76$89$*(

 

&HWWH SUHPLqUH SDUWLH FRQVDFUpH j O¶pWXGH ELEOLRJUDSKLTXH GX /LqYUH HXURSpHQ HW GH VHV PDODGLHV QRXV SHUPHWWUD GDQV XQ SUHPLHU WHPSV GH QRXV IDPLOLDULVHU DYHF FHWWH HVSqFH HQ GpFRXYUDQW VD V\VWpPDWLTXH VHV SDUWLFXODULWpV SK\VLTXHV VRQ PLOLHX GH YLH VRQ FRPSRUWHPHQW HW VD ELRORJLH SXLV GDQV XQ GHX[LqPHWHPSVQRXVLQGLTXHUDOHVSULQFLSDOHVFDXVHVGHPRUWDOLWpO¶DIIHFWDQWjO¶pWDW VDXYDJH







$/(/,(95((8523((1/HSXVHXURSDHXV3DOODV





/H /LqYUH HXURSpHQ HVW FHUWDLQHPHQW SDUPL OH SHWLW JLELHU O¶DQLPDO OH SOXV FRQQXGHWRXVOHVFKDVVHXUVF¶HVWXQPDPPLIqUHWUqVSUpVHQWGDQVWRXWHO¶(XURSH _{*LELHUWUqVSULVpVHVSUpOqYHPHQWVDQQXHOVVRQWHVWLPpVjLQGLYLGXVFH} TXLOHSODFHDXGL[LqPHUDQJGHVHVSqFHVFKDVVpHVHQ)UDQFH



$ILQ GH PLHX[ OD FRQQDvWUH QRXV DOORQV WRXW G¶DERUG GDQV FHWWH SUHPLqUH SDUWLH QRXV LQWpUHVVHU j OD GHVFULSWLRQ GH FHWWH HVSqFH QRXV UDSSHOOHURQV VD V\VWpPDWLTXHGpYHORSSHURQVVHVSDUWLFXODULWpVPRUSKRORJLTXHVHWDQDWRPLTXHVVRQ PLOLHX GH YLH HW VRQ FRPSRUWHPHQW SXLV QRXV pWXGLHURQV TXHOTXHV pOpPHQWV GH VD ELRORJLHQRWDPPHQWVRQDOLPHQWDWLRQHWVDUHSURGXFWLRQ     ,35(6(17$7,21   ƒ6\VWpPDWLTXH  0DPPLIqUHGHO¶RUGUHGHV/DJRPRUSKHVOHOLqYUHDORQJWHPSVpWpFODVVpj WRUWSDUPLOHV5RQJHXUVFDUGpSRXUYXGHFDQLQHVHWGRWpFRPPHHX[G¶XQQRPEUH UpGXLW G¶LQFLVLYHV j FURLVVDQFH FRQWLQXH FHSHQGDQW FHV GHX[ RUGUHV VRQW ELHQ GLIIpUHQWVDXVVLELHQVXUOHSODQpYROXWLITXHELRORJLTXHOHV/DJRPRUSKHVSRVVqGHQW HQ HIIHW GHX[ LQFLVLYHV GH SOXV TXH OHV 5RQJHXUV VXU OHXU PkFKRLUH VXSpULHXUH SODFpHV MXVWH GHUULqUH OHV LQFLVLYHV FHQWUDOHV DLQVL TXH GHV PRXYHPHQWV WUDQVYHUVDX[ GH OD PDQGLEXOH SHUPLV SDU O¶RULHQWDWLRQ WUDQVYHUVDOH GH OHXU IRVVH PDQGLEXODLUH  'H SOXV LO H[LVWH FKH] OHV /DJRPRUSKHV XQH SHWLWH LQFLVLYH WHPSRUDLUHSRVWpURPpGLDQHjODPkFKRLUHVXSpULHXUHTXLWRPEHOHqPHRXqPH MRXUGHYLHHWQ¶HVWSDVUHPSODFpH_  /DIRUPXOHGHQWDLUHGXOLqYUHjVDYRLU,  _&  _30  _0  _{OHFODVVHGDQV} ODIDPLOOHGHV/pSRULGpVTXLVHGLIIpUHQFLHQWGHV2FKRWRQLGpVSDUODSUpVHQFHG¶XQH PRODLUH VXSSOpPHQWDLUH j OD PkFKRLUH VXSpULHXUH DLQVL TXH SDU XQH WDLOOH SOXV LPSRUWDQWHHWGHVPHPEUHVSRVWpULHXUVSOXVORQJVTXHOHVDQWpULHXUV

 

 

/HOLqYUHIDLWSDUWLHGXJHQUH/HSXVGRQWOHVSULQFLSDX[UHSUpVHQWDQWVVRQW /HSXVHXURSDHXV3DOODVRX/LqYUHHXURSpHQTXLQRXVLQWpUHVVHUD GDQVFHWWHpWXGHSUpVHQWHQ(XURSH2FFLGHQWDOHHW&HQWUDOH

 /HSXV WLPLGXV RX /LqYUH YDULDEOH YLYDQW GH O¶(XURSH 6HSWHQWULRQDOH MXVTX¶DX[$OSHV

/HSXVFDSHQVLVRX /LqYUHGX &DSTXH O¶RQUHQFRQWUHGHOD)LQODQGHjOD 0pGLWHUUDQpHHQ$IULTXHHQ$VLHRFFLGHQWDOHHWHQ$VLHPLQHXUH /HSXVJUDQDWHQVLVRX/LqYUHLEpULTXHQ¶RFFXSDQWTXHODPDMHXUHSDUWLHGH O¶(VSDJQHOH3RUWXJDOHWOHV%DOpDUHV     ƒ0RUSKRORJLHHWSDUWLFXODULWpVDQDWRPLTXHV 

6RXYHQW FRPSDUp ± YRLUH FRQIRQGX SDU OHV SURIDQHV ± DYHF OH ODSLQ 2U\FWRODJXVFXQLFXOXVOH/LqYUHHXURSpHQV¶HQGLVWLQJXHSDUXQHWDLOOHQHWWHPHQW VXSpULHXUHGHjFPGHORQJXHXUHWGHjFPGHKDXWHXUDXJDUURWGH WUqVJUDQGHVRUHLOOHVjFPDYHFXQHH[WUpPLWpWRXMRXUVQRLUHHWGHVPHPEUHV SRVWpULHXUVWUqVGpYHORSSpVHWWUqVPXVFOpVGHX[IRLVSOXVORQJVTXHOHVDQWpULHXUV OXLSHUPHWWDQWGHVSHUIRUPDQFHVDWKOpWLTXHVUHPDUTXDEOHVGHVVDXWVGHSOXVGHP HQ KDXWHXU HW GH P HQ ORQJXHXU DLQVL TXH GHV FRXUVHV DWWHLJQDQW OHV NPK HQ YLWHVVHGHSRLQWHHWSRXYDQWGXUHUjFHWWHYLWHVVHSUqVGHPLQXWHV_



,O SRVVqGH GHV \HX[ GH JUDQGH WDLOOH SURpPLQHQWV SODFpV ODWpUDOHPHQW FH TXLOXLSURFXUHXQFKDPSGHYLVLRQGHƒPDLVXQHPDXYDLVHYXH,OVVRQWDGDSWpV jODYLVLRQFUpSXVFXODLUHHWjODSHUFHSWLRQGHVPRXYHPHQWV  6RQSHODJHYDULHDXFRXUVGHGHX[PXHVDQQXHOOHVO¶XQHGHPLVHSWHPEUH jRFWREUHO¶DXWUHGHIpYULHUMXVTX¶HQMXLOOHWDR€WGXEUXQURX[HQpWpDXJULVEHLJHHQ KLYHUOXLDVVXUDQWXQH[FHOOHQWFDPRXIODJHHWXQHERQQHSURWHFWLRQWKHUPLTXHSDUOHV SRLOVGHERXUUHODLQHX[/DTXHXHHVWELFRORUHQRLUHVXUOHGHVVXVEODQFKHGHVVRXV (OOHHVWSRUWpHUDEDWWXHYHUVOHEDVYRLUHSDUIRLVUHFRXUEpHVXUOHGRV  /HOLqYUHQHVHGpSODFHTXHSDUERQGVFHTXLOXLGRQQHXQHDOOXUHDPSOHHW GpOLpH ELHQ GLIIpUHQWH GH FHOOH VDXWLOODQWH GX ODSLQ ,O VH GUHVVH SDUIRLV VXU VHV SRVWpULHXUV SRXU KXPHU O¶DLU RX ELHQ HQFRUH ORUV GH OD SpULRGH GH UHSURGXFWLRQ FI SUHPLqUHSDUWLH,,,ƒDXFRXUVGH©FRPEDWVª  6RQSRLGVYDULHGHNJSRXUOHVPkOHVjNJSRXUOHVIHPHOOHVFHV GRQQpHVSRXYDQWIRUWHPHQWGLIIpUHUVHORQODVDLVRQHWO¶LQGLYLGX  /DGLVWLQFWLRQHQWUHOHPkOHRXERXTXLQHWODIHPHOOHRXKDVHHVWGpOLFDWH HW UHSRVH VXU XQ H[DPHQ PLQXWLHX[ GH O¶DSSDUHLO JpQLWDO H[WHUQH (OOH QH SHXW V¶HIIHFWXHUDYHFFHUWLWXGHTXHSDUXQREVHUYDWHXUH[SpULPHQWpHWVFUXSXOHX[

 

 

 

3KRWR  2UJDQHV JpQLWDX[ H[WHUQHV PkOH j JDXFKH HW IHPHOOH j GURLWH GX /LqYUH HXURSpHQFOLFKpV/XF%DUELHUG¶DSUqV3pURX[_    ƒ'pWHUPLQDWLRQGHO¶kJH  6DYRLUGpWHUPLQHUO¶kJHG¶XQOLqYUHSHXWV¶DYpUHUWUqVXWLOHQRWDPPHQWGDQV ODJHVWLRQGHVSRSXODWLRQVDILQGHFRQQDvWUHOHWDX[GHUHQRXYHOOHPHQWHWO¶HIILFDFLWp GHODUHSURGXFWLRQGDQVXQHSRSXODWLRQGRQQpH,OH[LVWHGLIIpUHQWVFULWqUHVSOXVRX PRLQVILDEOHVSRXUGpWHUPLQHUO¶kJHG¶XQOLqYUH  /HSRLGVGHVDQLPDX[

2Q HVWLPH OH SRLGV G¶XQ OHYUDXW j OD QDLVVDQFH HQWUH  HW J DX[ HQYLURQVGHJHQWUHHWPRLVHWYHUVJHQWUHHWPRLV

$LQVL DSUqV  j  PRLV G¶kJH FH FULWqUH Q¶HVW SOXV XWLOLVDEOH OHV OHYUDXWV SHVDQWGpMjDXWDQWTXHOHVDGXOWHV,OQHVHUWGRQFjGLVWLQJXHUGHIDoRQFHUWDLQHTXH OHVWUqVMHXQHVOLqYUHVFHTXLSUpVHQWHXQLQWpUrWWUqVOLPLWp



/¶RVVLILFDWLRQGHVPHPEUHVDQWpULHXUV

&KH] OHV MHXQHV OLqYUHV VH WURXYH VXU O¶H[WUpPLWp GLVWDOH GH O¶XOQD XQ FDUWLODJHGHFRQMXJDLVRQIRUPDQWXQH©ERVVHªGpWHFWDEOHMXVTXHYHUVO¶kJHGHj  PRLV /D SDOSDWLRQ FKH] OHV DQLPDX[ YLYDQWV SDU XQ RSpUDWHXU H[SpULPHQWp RX O¶LQFLVLRQGHODSHDXHWODPLVHjQXGHFHWWH]RQHFKH]OHVDQLPDX[PRUWVSHUPHW GRQFGHGLVWLQJXHUGHX[FODVVHVG¶kJHOHVDQLPDX[GHPRLQVGHRXPRLVHWOHV DXWUHV

     )LJ6WDGHVGHFURLVVDQFHHWG¶RVVLILFDWLRQGXFXELWXVG¶DSUqV%URHNKXLVHQHW0DDVNDPS    /HSRLGVGXFULVWDOOLQ

/H FULVWDOOLQ HVW OH VHXO RUJDQH GHV PDPPLIqUHV GRQW OD FURLVVDQFH HVW FRQWLQXHWRXWDXORQJGHOHXUYLH$SUqVGHVVqFKHPHQWOHVFULVWDOOLQVSUpOHYpVjOD FKDVVH VRQW SHVpV HW XQH FRXUEH GH UpIpUHQFH SHUPHW GH GpWHUPLQHU WUqV SUpFLVpPHQW O¶kJH GHV MHXQHV QpV GDQV O¶DQQpH j TXHOTXHV VHPDLQHV SUqV HW GH IDoRQWRXWjIDLWDFFHSWDEOHOHVDQLPDX[SOXVYLHX[_     ƒ$LUHGHUpSDUWLWLRQ   D5pSDUWLWLRQJpQpUDOH 

$ O¶RULJLQH OH /LqYUH HXURSpHQ D XQH DLUH GH UpSDUWLWLRQ TXL FRXYUH WRXWH O¶(XURSHVDXIOHVvOHVEULWDQQLTXHVHWOHVSD\VVFDQGLQDYHVRLODpWpLQWURGXLWDYHF VXFFqVUHVSHFWLYHPHQWDXHUHWDXqPHVLqFOHVDSUqV-&OH3RUWXJDOHWODPDMRULWp GHO¶(VSDJQH$O¶(VWLORFFXSHVXLWHjXQHIRUWHH[WHQVLRQDXFRXUVGXqPH_VLqFOH DSUqV-&jWUDYHUVOH.D]DNKVWDQWRXWOHVXGGHODSODLQHGH6LEpULH



/D JUDQGH pWHQGXH GH VRQ DLUH GH UpSDUWLWLRQ WpPRLJQH GH VD IDFXOWp G¶DGDSWDWLRQ j GHV FRQGLWLRQV GH YLH WUqV YDULpHV H[SOLTXDQW OD UpXVVLWH GH VRQ LPSODQWDWLRQ GDQV GLYHUVHV UpJLRQV GX JOREH *UDQGH %UHWDJQH 6FDQGLQDYLH $XVWUDOLH$PpULTXHGXQRUGRXHQFRUH1RXYHOOH=pODQGHHW$UJHQWLQH_

 



)LJ   &DUWH GH UpSDUWLWLRQ PRQGLDOH DFWXHOOH GX /LqYUH HXURSpHQ /HSXV HXURSDHXV G¶DSUqV&KDSPDQHW)OX[_    E5pSDUWLWLRQHQ)UDQFH 

/H /LqYUH HXURSpHQ HVW SUpVHQW GDQV WRXV OHV GpSDUWHPHQWV IUDQoDLV VDQV H[FHSWLRQ \ FRPSULV HQ &RUVH GHSXLV OHV ERUGV GH PHU MXVTX¶j OD PR\HQQH PRQWDJQHDOWLWXGHGHPHQYLURQ



,O HVW SDUWLFXOLqUHPHQW DERQGDQW GDQV OHV SODLQHV R DOWHUQHQW SkWXUDJHV FpUpDOHVHWDXWUHVFXOWXUHVLQGXVWULHOOHVRXIRXUUDJqUHVVRLWGDQVOH3DVGH&DODLVOD 3LFDUGLHO¶$OVDFHHWOD%HDXFH/HV]RQHVGHSRO\FXOWXUHpOHYDJHHWGHYLJQHOXLVRQW pJDOHPHQW WUqV IDYRUDEOHV VXUWRXW VL OD SURSRUWLRQ GH FpUpDOHV G¶KLYHU UHVWH LPSRUWDQWHHWOHWDX[GHERLVHPHQWPRGpUp(QUHYDQFKHVHVSRSXODWLRQVGLPLQXHQW GDQVOHVUpJLRQVRO¶DJULFXOWXUHUpJUHVVHHWROHVIRUrWVSURJUHVVHQWDLQVLTXHGDQV OHV]RQHVGHFXOWXUHVLQWHQVLYHVGHPDwVRXGHIRXUUDJHVDUWLILFLHOV

 



)LJ   &DUWH GH UpSDUWLWLRQ IUDQoDLVH GX /LqYUH HXURSpHQ /HSXV HXURSDHXV G¶DSUqV 3pURX[    ƒ+DELWDW  2ULJLQDLUHGHVUpJLRQVGHVVWHSSHVHXUDVLHQQHVOH/LqYUHHXURSpHQPRQWUH XQH QHWWH SUpIpUHQFH SRXU OHV SD\VDJHV RXYHUWV SHX ERLVpV DYHF XQH YpJpWDWLRQ UDVHRXFODLUVHPpHSOXW{WTXHSRXUOHVYDVWHVpWHQGXHVG¶KHUEHVKDXWHVHWGHQVHV _



/H PLOLHX OH SOXV SURSLFH j VRQ GpYHORSSHPHQW HVW FRQVWLWXp SDU XQH PRVDwTXHGHFKDPSVGHFXOWXUHVYDULpHVHWGHSUDLULHVQDWXUHOOHVRXDUWLILFLHOOHV_ OXL DVVXUDQW FRXYHUW QRXUULWXUH HW HVSDFHV OLEUHV WRXWH O¶DQQpH F¶HVW DLQVL TXH OH GpYHORSSHPHQWGHO¶DJULFXOWXUHTXLV¶HVWIDLWDXGpWULPHQWGHVHFWHXUVERLVpVOXL D pWpWUqVIDYRUDEOH_{(QHIIHWODGHQVLWpGHO¶HVSqFHDWHQGDQFHjEDLVVHUORUVTXH} OHV UpJLRQV VRQW WURS ERLVpHV SOXV GH  GH OD VXUIDFH RX ELHQ GqV TXH OH SD\VDJHDJULFROHGHYLHQWWURSXQLIRUPH  /HOLqYUHHVWFHSHQGDQWFDSDEOHGHV¶DGDSWHUjGLIIpUHQWVW\SHVGHPLOLHX[ GHSXLVOHVSROGHUVHWOHVPDUDLVVDODQWVMXVTX¶DX[SHORXVHVDOSLQHVSDUIRLVjSOXV GHPG¶DOWLWXGHHQSDVVDQWSDUOHVODQGHVWRXUEHXVHVHWOHVFRWHDX[FDOFDLUHV SODQWpVGHYLJQHV_  'HPrPHLOSHXWYLYUHVRXVODSOXSDUWGHVFOLPDWVWHPSpUpVDYHFWRXWHIRLV XQHSUpIpUHQFHSRXUOHVFOLPDWVVHFVjWHQGDQFHFRQWLQHQWDOH/RUVGHPRGLILFDWLRQV PDUTXpHVGHFHFOLPDWGHEDVHLOODLVVHVDSODFHjG¶DXWUHVHVSqFHVGHOLqYUHVSOXV

  DGDSWpHVFRPPHOH/LqYUHYDULDEOHHQPLOLHXIURLGHWKXPLGHRXOH/LqYUHGX&DS HQPLOLHXFKDXGHWVHF     ,,$/,0(17$7,21   ƒ$OLPHQWDWLRQGHVOHYUDXWV  /HVOHYUDXWVQHVRQWDOODLWpVTX¶XQHVHXOHIRLVSDUMRXUHQJpQpUDOXQHKHXUH DSUqVOHFRXFKHUGXVROHLO_{SHQGDQWXQHGXUpHWUqVEUqYHLQIpULHXUHjFLQTPLQXWHV} &HSHQGDQW FHWWH XQLTXH WpWpH HVW VXIILVDQWH j OD ERQQH FURLVVDQFH GHV OHYUDXWV JUkFHjODFRPSRVLWLRQWUqVULFKHHQJUDLVVHVODFWRVHHWSURWpLQHVGXODLWGHODKDVH   +$6( /$3,1( 9$&+( (OpPHQWV &RORVWUXP /DLW /DLW /DLW 06     0*     0$7     /DFWRVH      060DWLqUH6qFKH 0*0DWLqUH*UDVVH 0$70DWLqUH$]RWpH7RWDOH  7DEOHDX&RPSRVLWLRQGXODLWGHODKDVHHQJJGHODLWFRPSDUpHjFHOOHGHODODSLQH HWGHODYDFKHG¶DSUqV0DUWLQHW 'HPDUQH_    /¶DOODLWHPHQWPDWHUQHOQ¶HVWUpHOOHPHQWLQGLVSHQVDEOHTXHSHQGDQWOHVTXLQ]H SUHPLHUVMRXUVPrPHV¶LOGXUHODSOXSDUWGXWHPSVHQYLURQXQPRLVF¶HVWODKDVHTXL \PHWILQHQDUUrWDQWGHYHQLUDOODLWHUVHVSHWLWV  /HVOHYUDXWVFRPPHQFHQWjFRQVRPPHUGHO¶KHUEHGqVO¶kJHGHjMRXUV FHWWHFRQVRPPDWLRQDXJPHQWDQWHQVXLWHWUqVUDSLGHPHQWDSUqVODGHX[LqPHVHPDLQH _{SRXUGHYHQLUTXDVLH[FOXVLYHDSUqVOHVHYUDJH}     ƒ$OLPHQWDWLRQGHVDGXOWHV  /HVJUDPLQpHVTX¶HOOHVVRLHQWQDWXUHOOHVRXFXOWLYpHVFRQVWLWXHQWODEDVHGH O¶DOLPHQWDWLRQGXOLqYUHWRXWDXORQJGHO¶DQQpHFHFLpWDQWFHUWDLQHPHQWG€jOHXU ORQJXH SpULRGH GH FURLVVDQFH SRVVLEOH GDQV GLIIpUHQWV PLOLHX[ SUpV FKDPSV FXOWLYpVERUGVGHFKHPLQVERLV«

 

0DLV FHOXLFL FRQVRPPH pJDOHPHQW XQ JUDQG QRPEUH G¶DOLPHQWV YDULDEOHV VHORQODVDLVRQHWOHPLOLHXGHYLHHQHIIHWVDQRXUULWXUHHVWODSOXVYDULpHOjROHV FXOWXUHVFpUpDOLqUHVVRQWOHVPRLQVDERQGDQWHV



2QSHXWUpVXPHUO¶DOLPHQWDWLRQGXOLqYUHVHORQODVDLVRQFRPPHVXLW

HQDXWRPQHODGLYHUVLWpGHVRQDOLPHQWDWLRQHVWPD[LPDOH_{JUDPLQpHV} EOp FRO]D IUXLWV FKDUQXV GLIIpUHQWHV SODQWHV KHUEDFpHV GRQW LO DLPH FKRLVLU OHV SDUWLHV OHV SOXV ULFKHV MHXQHV SRXVVHV RX IOHXUV HQ ERXWRQV pFRUFH WHQGUH G¶DUEULVVHDX[«_ HQKLYHUOHOLqYUHVHQRXUULWSULQFLSDOHPHQWGHFpUpDOHVFXOWLYpHVHQKHUEH _{HWHVWFDSDEOHGHFUHXVHUODQHLJHSRXUV¶DOLPHQWHU3DUFRQWUHVLO¶HQQHLJHPHQW} HVWWURSLPSRUWDQWLOVHUDEDWVXUGHVERXUJHRQVGHVDUEULVVHDX[GHVWLJHV«_ DXSULQWHPSVLOPDQJHVXUWRXWOHVpSLVGHVFpUpDOHVSOXW{WTXHOHVIHXLOOHV PDLVOHVDEDQGRQQHORUVTX¶LOVFRPPHQFHQWjVpFKHU

 HQILQ HQ pWp XQH DVVH] IDLEOH YDULpWp G¶DOLPHQWV HVW FRQVRPPpH SDUPL OHVTXHOVGHVpSLVGHFpUpDOHVDLQVLTXHTXHOTXHVIUXLWVHWEHWWHUDYHVORUVTX¶LO\DXQ PDQTXH GH YpJpWDX[ YHUWV /¶KHUEH FRQVWLWXH DXVVL XQH LPSRUWDQWH VRXUFH GH QRXUULWXUHORUVTXHOHVFpUpDOHVYLHQQHQWjPDQTXHU  6RQDOLPHQWDWLRQpWDQWVXIILVDPPHQWULFKHHQHDXOHOLqYUHQHERLWTXHWUqV SHXVDXIVLOHVGHQUpHVTX¶LOFRQVRPPHVRQWWURSVqFKHV     ƒ8QHSDUWLFXODULWpSK\VLRORJLTXHODFDHFRWURSKLH  0RURWHQGpFRXYUHTXHOHOLqYUHH[FUqWHGHX[W\SHVGHIqFHVOHV XQHV QRUPDOHPHQW H[FUpWpHV HW UHWURXYpHV VXU OH VRO VRQW DSSHOpHV ©FURWWHV GXUHVª WDQGLV TXH OHV DXWUHV DSSHOpHV ©FDHFRWURSKHVª VRQW SUpOHYpHV GLUHFWHPHQWjO¶DQXVHWUpLQJpUpHV&HWWHSDUWLFXODULWpSURSUHDX[/DJRPRUSKHVHWj FHUWDLQV5RQJHXUVFRQVLVWHHQXQHGRXEOHGLJHVWLRQLQGLVSHQVDEOHSRXUREWHQLUXQH ERQQHGLJHVWLELOLWpGHVDOLPHQWVPDOJUpOHXUIRUWHWHQHXUHQFHOOXORVH



$SUqVLQJHVWLRQHWSDVVDJHGDQVO¶HVWRPDFSXLVO¶LQWHVWLQJUrOHOHVDOLPHQWV DUULYHQW GDQV OH FDHFXP R LOV VXELVVHQW XQH IHUPHQWDWLRQ EDFWpULHQQH SHQGDQW OD QXLW VXLYLH GH OD IRUPDWLRQ GDQV OH F{ORQ GH FDHFRWURSKHV &HX[FL VRQW WUqV GLIIpUHQWV GHV FURWWHV LOV VRQW PRXV KXPLGHV EULOODQWV HQYHORSSpV GH PXFXV HW ULFKHVHQEDFWpULHVHQYLWDPLQHVHWHQQXWULPHQWV,OVWUDQVLWHQWMXVTX¶jO¶DQXVROH OLqYUHOHVSUpOqYHGLUHFWHPHQWHWOHVLQJqUHSHUPHWWDQWDLQVLOHXUDVVLPLODWLRQORUVGH OHXUSDVVDJHGDQVOHV]RQHVG¶DEVRUSWLRQ

  ,,,&203257(0(17   ƒ*pQpUDOLWpV 

/H /LqYUH HXURSpHQ HVW XQH HVSqFH j DFWLYLWp HVVHQWLHOOHPHQW QRFWXUQH HW FUpSXVFXODLUHPrPHVLGHVSpULRGHVG¶DFWLYLWpVRQWSDUIRLVREVHUYpHVHQILQG¶DSUqV PLGLQRWDPPHQWDXSULQWHPSVHWHQpWpORUVGHVSpULRGHVGHUHSURGXFWLRQ  ,OSDVVHVHVMRXUQpHVWDSLGDQVXQJvWHTXLQ¶HVWTX¶XQHVLPSOHGpSUHVVLRQ GXVROQDWXUHOOHRXIDoRQQpHSDUVRQFRUSVTXLFKDQJHSUHVTXHFKDTXHMRXU,OHVW VRXYHQWVLWXpHQSOHLQGpFRXYHUWRXDORUVGDQVGHKDXWHVKHUEHVOHORQJG¶XQHKDLH RXVRXVXQEXLVVRQ_  /HOLqYUH\HVWSODFpIDFHDXYHQWFHFLOXLSHUPHWWDQWG¶XQHSDUWGHEpQpILFLHU G¶XQHPHLOOHXUHGpWHFWLRQGHVpYHQWXHOVLQWUXVSDUVRQRGRUDWHWVRQRXwHHWG¶DXWUH SDUWG¶rWUHSURWpJpGXIURLGHWGHODSOXLHSDUVRQSHODJH'DQVFHWDEULOHOLqYUHQ¶HVW TXHGLIILFLOHPHQWGpWHFWDEOHHWQ¶HQVRUWTXHORUVTX¶LOHVWGpUDQJpjPRLQVG¶P SDUGHSXLVVDQWVERQGVTXLOHIRQWUDSLGHPHQWV¶pORLJQHUGXGDQJHU&¶HVWDLQVLTX¶LO HVW WUqV IDFLOH HQ VH SURPHQDQW GH SDVVHU WRXW SUqV G¶XQ OLqYUH VDQV PrPH VRXSoRQQHUVDSUpVHQFH



/HOLqYUHTXLWWHVRQJvWHODQXLWWRPEpHSRXUUHWURXYHUjTXHOTXHVFHQWDLQHV GH PqWUHV GH Oj VHV FRQJpQqUHV ,OV VH UHJURXSHQW SDU SHWLWHV WURXSHV SRXU VH QRXUULU SHQGDQW WRXWH OD QXLW FHOOHFL pWDQW HQWUHFRXSpH GH SKDVHV GH SULVH GH QRXUULWXUH GH UHSRV HW GH WRLOHWWDJH 3XLV SHX DYDQW OH OHYHU GX MRXU OHV /LqYUHV V¶pORLJQHQW OHV XQV GHV DXWUHV SRXU WURXYHU XQH QRXYHOOH SODFH GH JvWH SRXU OD MRXUQpHSHXGLVWDQWHGHODSUpFpGHQWH  /RUVGHOHXUVGpSODFHPHQWVOHVOLqYUHVXWLOLVHQWVRXYHQWOHVPrPHVSRLQWVGH SDVVDJHGHPrPHTX¶LOVVRQWILGqOHVjOHXUVWUDMHWVGHIXLWHORUVTX¶LOVVRQWGpUDQJpV _     ƒ*HVWLRQGHO¶HVSDFH  /HOLqYUHHVWXQDQLPDOVpGHQWDLUHTXLVHGpSODFHSHXHWGHPHXUHIDFLOHPHQW WRXWHVDYLHGDQVODPrPH]RQHG¶XQHVXUIDFHYDULDQWGHjKHFWDUHV  %LHQTXHOHVGRPDLQHVG¶DFWLYLWpGHV GLIIpUHQWVOLqYUHVVHFKHYDXFKHQWWUqV ODUJHPHQWFHX[FLQHPRQWUHQWDXFXQFRPSRUWHPHQWWHUULWRULDO       

  ƒ&RPSRUWHPHQWVRFLDO   D&RPSRUWHPHQWLQWUDVSpFLILTXH 

/HV OLqYUHV DX FRXUV GH OHXUV DFWLYLWpV QRFWXUQHV VH UHWURXYHQW SDU SHWLWV JURXSHVGHGHX[jVL[LQGLYLGXVSDUIRLVSOXVSRXUV¶DOLPHQWHU&¶HVWXQHHVSqFHWUqV VRFLDEOH DYHF XQH KLpUDUFKLH PDUTXpH VWUXFWXUpH HQ SOXVLHXUV QLYHDX[ GH GRPLQDQFH/HVOLqYUHVFRPPXQLTXHQWHQWUHHX[SDUGLYHUVVHQVHWDWWLWXGHVSDUPL OHVTXHOVOHXURGRUDWOHGpS{WGHIqFHVGHVVpFUpWLRQVJODQGXODLUHVGHVYDULDWLRQV GDQV OH SRUW GH OHXUV RUHLOOHV«&HWWH FRPPXQLFDWLRQ SRXVVpH OHXU SHUPHW GH VH UHFRQQDvWUHHWGHV¶LGHQWLILHUjO¶HVSqFH±GHVSKpQRPqQHVG¶LPLWDWLRQFROOHFWLYHRQW G¶DLOOHXUV pWp GpFULWV_{ ± HW G¶pYLWHU XQ JUDQG QRPEUH GH FRQIOLWV OHV SOXV VRXPLV} V¶HIIDoDQWGHYDQWOHVGRPLQDQWV    E&RPSRUWHPHQWLQWHUVSpFLILTXH  1HVRQWWUDLWpHVLFLTXHOHVLQWHUDFWLRQVDYHFOHVDQLPDX[QRQSUpGDWHXUVGX OLqYUHYLYDQWGDQVOHPrPHPLOLHXTXHOXL/HFDVGHVSUpGDWHXUVHVWH[SRVpGDQVOD SDUWLH%GHFHWWHSUHPLqUHSDUWLHTXLWUDLWHGHVFDXVHVGHPRUWDOLWpGXOLqYUH  /HVGRPDLQHVYLWDX[GHVOLqYUHVFKHYDXFKHQWVRXYHQWFHX[GHVODSLQVVDQV TXH FHFL QH VHPEOH DYRLU XQH WURS JUDQGH LPSRUWDQFH DXFXQH HVSqFH QH PRQWUH G¶DQLPRVLWpYLVjYLVGHO¶DXWUHPrPHVLHOOHVQHVHPpODQJHQWTXHWUqVUDUHPHQWOD QXLW DX FRXUV GH OD UHFKHUFKH GH QRXUULWXUH &HSHQGDQW ORUV GH O¶DXJPHQWDWLRQ PDUTXpHGHO¶XQHGHVSRSXODWLRQVRQDSXREVHUYHUTXHO¶DXWUHWHQGDLWjGLPLQXHU



(QILQODSUpVHQFHGHWURXSHDX[SkWXUDQWGDQVOHV]RQHVG¶DFWLYLWpGHVOLqYUHV QH VHPEOHQW SDV OHXU QXLUH ,OV UpXWLOLVHQW OHV SUDLULHV TXHOTXHV MRXUV DSUqV TXH OH WURXSHDXVRLWSDUWLDWWHQGDQWSHXWrWUHTXHOHVIRUWHVRGHXUVGLVSHUVpHVSDUFHOXLFL VHVRLHQWpYDQRXLHV     ƒ&RPSRUWHPHQWVH[XHO 

/HV SDUDGHV QXSWLDOHV GHV OLqYUHV DXVVL DSSHOpHV ©ERXTXLQDJHVª FRQVLVWHQW WRXW G¶DERUG HQ GHV SRXUVXLWHV QRFWXUQHV DFKDUQpHV HQWUH SOXVLHXUV LQGLYLGXVGHVGHX[VH[HVSXLVHQXQDIIURQWHPHQWHQWUHXQPkOHHWXQHIHPHOOHVH GUHVVDQWVXUOHXUVSDWWHVSRVWpULHXUHVHWVH©ER[DQWªDYHFOHXUVDQWpULHXUV&HIDX[ FRPEDW GXUH TXHOTXHV LQVWDQWV SXLV OHV GHX[ LQGLYLGXV V¶pORLJQHQW O¶XQ GH O¶DXWUH DSUqV DFFRXSOHPHQW RX QRQ 7DQW TXH OD KDVH Q¶HVW SDV SUrWH j DFFHSWHU OHV DFFRXSOHPHQWV FH ULWXHO ©SRXUVXLWHFRPEDWª LQGLVSHQVDEOH SRXU SURYRTXHU O¶RYXODWLRQHVWUpSpWpGHQRPEUHXVHVIRLVVRXYHQWVXFFHVVLYHPHQWDYHFGLIIpUHQWV PkOHV_

 

  ,95(352'8&7,21   ƒ/¶DFWLYLWpVH[XHOOH   D/DVDLVRQGHUHSURGXFWLRQ  /HOLqYUHQHVHUHSURGXLWSDVWRXWHO¶DQQpHVRQDFWLYLWpVH[XHOOHHVWHQIDLW GpWHUPLQpHSDUODSKRWRSpULRGH_{(OOHGpPDUUHDX[DOHQWRXUVGXVROVWLFHG¶KLYHU}_ SRXUV¶DFKHYHUjPRLVSOXVWDUG  /HVPkOHVREVHUYHQWXQUHSRVVH[XHOYHUVODILQGXPRLVG¶DR€WGXUDQWOHTXHO OHVWHVWLFXOHVSUHQQHQWXQHSRVLWLRQLQWUDDEGRPLQDOH/DUHSULVHGHO¶DFWLYLWpVH[XHOOH HVW SUpFpGpH G¶XQH DXJPHQWDWLRQ GH OD WDLOOH GHV WHVWLFXOHV TXL UHGHVFHQGHQW HQ SRVLWLRQVFURWDOHHOOHV¶HIIHFWXHHQJpQpUDOjSDUWLUGXPRLVG¶RFWREUHSRXUOHVSOXV SUpFRFHVMXVTX¶DXGpEXWGHGpFHPEUHSRXUOHVSOXVWDUGLIV



/HVPLVHEDVGpEXWHQWYHUVODPLMDQYLHUFRQQDLVVHQWXQSLFGHPDUVjMXLOOHW HWV¶DFKqYHQWYHUVODPLVHSWHPEUH/RUVTXHOHFOLPDWHVWIDYRUDEOHHWODQRXUULWXUH DERQGDQWH OD SURGXFWLRQ GH OHYUDXWV SHXW V¶pWHQGUH DXGHOj GH FHWWH SpULRGH KDELWXHOOH_    E/¶kJHGHODSXEHUWp  /HOLqYUHpWDQWXQHHVSqFHjUHSURGXFWLRQVDLVRQQLqUHOHGpFOHQFKHPHQWGH ODSXEHUWpUHSRVHVXUXQHDGpTXDWLRQHQWUHODWDLOOHFRUSRUHOOHDWWHLQWHYHUVO¶kJHGH PRLVHWO¶DOORQJHPHQWGHVMRXUV&HFLHVWGRQFVRXVODGpSHQGDQFHGLUHFWHGHOD GDWHGHQDLVVDQFHGHVOHYUDXWVHQHIIHWOHVOLqYUHVQpVDXGpEXWGHO¶DQQpHDYDQW ODPLDYULOSRXUURQWVHUHSURGXLUHGqVO¶pWpTXLVXLW_{WDQGLVTXHFHX[QpVSOXVWDUG} GDQV OD VDLVRQ QH VH UHSURGXLURQW TXH O¶DQQpH VXLYDQWH YHUV MDQYLHU RX IpYULHU &HSHQGDQWODWDLOOHHWOHQRPEUHGHSRUWpHVUHVWHQWOLPLWpVXQHVHXOHSRUWpHGHGHX[ OHYUDXWVOHSOXVVRXYHQWSRXUOHVMHXQHVKDVHVGHO¶DQQpH_     ƒ/HF\FOHRHVWUDOGHODKDVH  /DKDVHSUpVHQWHGHVF\FOHVRHVWUDX[QHXIPRLVSDUDQGHILQGpFHPEUHj ILQVHSWHPEUH7DQWTX¶LOQ¶\DSDVJHVWDWLRQHOOHUHYLHQWHQFKDOHXUVWRXVOHVVHSW MRXUVHQYLURQ/¶RYXODWLRQDOLHXjKDSUqVO¶DFFRXSOHPHQWTXLHVWLQGLVSHQVDEOH jVRQGpFOHQFKHPHQW     

 

ƒ'pURXOHPHQWHWGXUpHGHODJHVWDWLRQ 

/HV °XIV IpFRQGpV GDQV O¶RYLGXFWH DWWHLJQHQW O¶XWpUXV OH qPH_{ MRXU HW} V¶LPSODQWHQWOHqPHRXqPHMRXUDSUqVO¶DFFRXSOHPHQW



/DJHVWDWLRQYDDORUVGXUHUGHjMRXUV_{HWODKDVHYDPHWWUHEDVGHXQ} j WURLV OHYUDXWV FRXYHUWV GH SRLOV OHV \HX[ RXYHUWV HW GH IRUWH WDLOOH J HQ PR\HQQH'HSOXVLOVVRQWFDSDEOHVGHVHGpSODFHUSUHVTXHLPPpGLDWHPHQWFHTXL OHXUYDXWOHTXDOLILFDWLIGHQLGLIXJHV



'DQV FHWWH HVSqFH OD IHPHOOH HVW FDSDEOH GH V¶DFFRXSOHU DYHF OH PkOH HW G¶RYXOHUVDQVTX¶LOQ¶\DLWIpFRQGDWLRQ8QHSVHXGRJHVWDWLRQG¶XQHGXUpHGHXQHj GHX[ VHPDLQHV VH PHW DORUV HQ SODFH HW UHWDUGH O¶LQWHUYDOOH HQWUH GHX[ PLVHEDV FHOXLFLSDVVDQWGHMRXUVjMRXUV     ƒ8QHSDUWLFXODULWpSK\VLRORJLTXHODVXSHUIRHWDWLRQ 

&¶HVW XQ SKpQRPqQH SUHVTXH SURSUH j OD KDVH UHVWDQW H[WUrPHPHQW UDUH FKH]OHVDXWUHVPDPPLIqUHV_



6DGpFRXYHUWHDUHSRVpVXUO¶REVHUYDWLRQG¶XQHGLIIpUHQFHHQWUHODGXUpHGH OD JHVWDWLRQ  MRXUV HW O¶LQWHUYDOOH HQWUH GHX[ PLVHEDV VXFFHVVLYHV  MRXUV&HFLHVWSRVVLEOHSDUODSHUVLVWDQFHGHVDFWLYLWpVVH[XHOOHVHWRYDULHQQHVGHOD KDVH SHQGDQW OD JHVWDWLRQ FHOOHFL SHXW DORUV V¶DFFRXSOHU DYDQW OD ILQ GH VD JHVWDWLRQ  j  MRXUV DYDQW OD PLVHEDV HQ JpQpUDO &HW DFFRXSOHPHQW SURYRTXH O¶RYXODWLRQHWODIpFRQGDWLRQGHVRYRF\WHVSDUOHVVSHUPDWR]RwGHVGHO¶DFFRXSOHPHQW SUpFpGHQWFRQVHUYpVYLYDQWVGDQVOHVJODQGHVXWpULQHVGHODKDVHDXQLYHDXGHOD MRQFWLRQ XWpURWXEDLUH &HFL D pWp GpPRQWUp H[SpULPHQWDOHPHQW SDU O¶DFFRXSOHPHQW G¶XQH KDVH JHVWDQWH DYHF XQ PkOH YDVHFWRPLVp OD IpFRQGDWLRQ D ELHQ HX OLHX IRUFpPHQW DYHF OHV VSHUPDWR]RwGHV D\DQW IpFRQGp OD SRUWpH SUpFpGHQWH $LQVL SHQGDQWjMRXUVODKDVHSRUWHGHX[SRUWpHVG¶kJHVGLIIpUHQWVHQPrPHWHPSV VDQVTXHFHFLQ¶LQIOXHVXUO¶XQHRXO¶DXWUHGHVSRUWpHV



3pURX[ HQ  HVWLPH TXH  j   GHV SRUWpHV SURYLHQQHQW G¶XQH VXSHUIRHWDWLRQHWGHSOXVTXHOHQRPEUHPR\HQG¶RYRF\WHVpPLVHVWGHj VXSpULHXUjFHOXLREVHUYpORUVTXHO¶RYXODWLRQDOLHXDSUqVODPLVHEDV  &HWWHSDUWLFXODULWpFRQGXLWDLQVLjGLPLQXHUO¶LQWHUYDOOHHQWUHGHX[JpQpUDWLRQV HQSHUPHWWDQWjXQHPrPHKDVHG¶DYRLUXQQRPEUHpOHYpGHSRUWpHVGDQVO¶DQQpH        

  ƒ3URGXFWLYLWp   D1RPEUHGHOHYUDXWVSDUSRUWpH 

/D KDVH SUpVHQWH XQH WDLOOH GH SRUWpH DVVH] IDLEOH OH SOXV VRXYHQW  j  OHYUDXWVVHXOHPHQWPrPHVLGHVYDOHXUVH[FHSWLRQQHOOHVDOODQWMXVTX¶jOHYUDXWV RQWpWpUDSSRUWpHVGDQVODOLWWpUDWXUH



&HSHQGDQWODWDLOOHGHVSRUWpHVYDULHDXFRXUVGHO¶DQQpHOHVSUHPLqUHVHW OHVGHUQLqUHVpWDQWOHVSOXVUpGXLWHV'HSOXV)U\OHVWDPDPRQWUpTXHODWDLOOH GHODSUHPLqUHSRUWpHYDULHHQIRQFWLRQGXQRPEUHWRWDOGHSRUWpHVTX¶DXUDODKDVH DXFRXUVGHVDYLH    E1RPEUHGHSRUWpHVSDUDQHWSDUKDVH  /HQRPEUHPR\HQGHSRUWpHVSDUDQELHQTX¶LOVRLWWUqVYDULDEOHVXLYDQWOHV FRQGLWLRQVFOLPDWLTXHVOHPLOLHXGHYLHHWO¶DQQpHV¶pOqYHHQWUHHWSRUWpHVSRXUOD PDMRULWpGHVKDVHVFHUWDLQHVSRXYDQWDOOHUMXVTX¶jSRUWpHV    F1RPEUHGHOHYUDXWVSDUDQHWSDUKDVH 

/D KDVH PHW EDV HQ PR\HQQH HQWUH  HW  OHYUDXWV SDU DQ GRQW VHXOHPHQWOHWLHUVRXOHTXDUWHVWHQFRUHHQYLHjO¶RXYHUWXUHGHODFKDVVHOHWDX[GH PRUWDOLWpGHVMHXQHVDXFRXUVGHOHXUVjSUHPLqUHVVHPDLQHVpWDQWWUqVpOHYpHW VXUWRXW G€ j GHV FDXVHV SDWKRORJLTXHV FRFFLGLRVH HQWpULWHV EDFWpULHQQHV HW WUDXPDWLTXHVLQRQGDWLRQVIHX[WUDYDX[DJULFROHV«/DSUpGDWLRQVHPEOHDXVVL MRXHUXQU{OHLPSRUWDQWGDQVODPRUWDOLWpGHVMHXQHV       $SUqVDYRLUUDSSHOpOHVSULQFLSDOHVFDUDFWpULVWLTXHVPRUSKRORJLTXHVHW ELRORJLTXHV GX /LqYUH HXURSpHQ QRXV DOORQV PDLQWHQDQW QRXV DWWDFKHU j SUpVHQWHU OHV FDXVHV PDMHXUHV GH PRUWDOLWp GXHV j GHV PDODGLHV RX QRQ GH FHWWHHVSqFHjO¶pWDWVDXYDJH

 

% /(6 35,1&,3$/(6 &$86(6 '( 0257$/,7( '8 /,(95(

(8523((1/HSXVHXURSDHXV3DOODV$/¶(7$76$89$*(





1RXVDOORQVPDLQWHQDQWQRXVLQWpUHVVHUDX[SULQFLSDOHVFDXVHVGHPRUWDOLWp GX /LqYUH HXURSpHQ j O¶pWDW VDXYDJH HQ GpYHORSSDQW WRXW G¶DERUG OHV GLIIpUHQWHV PDODGLHVSRXYDQWO¶DIIHFWHUSXLVOHVDXWUHVFDXVHVGHPRUWDOLWpQRQSURYRTXpHVSDU XQHSDWKRORJLHSDUWLFXOLqUHFKDVVHWUDXPDWLVPHVLQWR[LFDWLRQVSUpGDWLRQ«





  ,/(60$/$',(6  

/HV PDODGLHV VRQW OD FDXVH PDMRULWDLUH GH PRUWDOLWp FKH] OH OLqYUH SOXV GH  GHV OLqYUHV WURXYpV PRUWV HQ )UDQFH HQWUH  HW  O¶pWDLHQW GH PDODGLH SULQFLSDOHPHQW G¶(%+6 (XURSHDQ %URZQ +DUH 6\QGURPH  HW GH \HUVLQLRVH SXLVGHSDVWHXUHOORVHGHFRFFLGLRVHHWGHWXODUpPLH  /HVSRSXODWLRQVGHOLqYUHVVRQWjOHXUPD[LPXPHQ DXWRPQHDYHFXQIRUW SRXUFHQWDJHGHMHXQHV&¶HVWGRQFjFHWWHpSRTXHTXHODPDODGLHSHXWHQWUDvQHUXQ IRUWWDX[GHPRUWDOLWpODIRUWHGHQVLWpSHUPHWWDQWXQHWUDQVPLVVLRQUDSLGH     ƒ/¶(%+6(XURSHDQ%URZQ+DUH6\QGURPH  /¶(%+6RXV\QGURPHGX/LqYUHEUXQHXURSpHQIXWGpFULWSRXUODSUHPLqUHIRLV HQ6XqGHHQSDU*DYLHU:LGpQ_{HWSURYRTXDLWFRPPHVHXOHOpVLRQFRQVWDQWH} XQHDWWHLQWHKpSDWLTXHVXUGHVDQLPDX[HQERQpWDWJpQpUDO'pWHFWpHSDUODVXLWH DX'DQHPDUNHQHOOHHVWDSSDUXHHQ)UDQFHHQHQPrPHWHPSVTXH GDQV XQH JUDQGH SDUWLH GH O¶(XURSH %HOJLTXH ,WDOLH $XWULFKH $OOHPDJQH«_ $XMRXUG¶KXLHOOHHVWPrPHSUpVHQWHHQ$PpULTXHGXVXGQRWDPPHQWHQ$UJHQWLQH _



3HQGDQW TXHOTXHV DQQpHV SOXVLHXUV K\SRWKqVHV IXUHQW DYDQFpHV SRXU H[SOLTXHU OH V\QGURPH SDUPL OHVTXHOOHV XQH pWLRORJLH WR[LTXH LQJHVWLRQ GH PHUFDSWRGLPpWKXU KpOLFLGH RX FRQVRPPDWLRQ H[DJpUpH GH FRO]D GH W\SH ©22ª DLQVL TX¶XQH pWLRORJLH EDFWpULHQQH j FDXVH GH O¶LVROHPHQW IUpTXHQW GH &ORVWULGLXP VRUGHOOLLVXUOHVFDGDYUHVGHOLqYUHV



&H Q¶HVW TX¶HQ  TXH O¶pWLRORJLH YLUDOH GH O¶(%+6 HVW PLVH HQ pYLGHQFH DYHFFHUWLWXGHHWHQOHYLUXVHVWFODVVpGDQVODIDPLOOHGHV&DOLFLYLULGDH



&HWWH PDODGLH TXL WRXFKH HVVHQWLHOOHPHQW OH /LqYUH G¶(XURSH /HSXV HXURSDHXVHWSDUIRLVOH/LqYUHYDULDEOH/HSXVWLPLGXV _{WRXMRXUVkJpVGHSOXV} GH GHX[ PRLV  D pWp GLYHUVHPHQW DSSHOpH +pSDWLWH YLUDOH QpFURVDQWH GHV

 

/pSRULGpV6\QGURPHKpPRUUDJLTXHGX/LqYUH&DOLFLYLURVHKpPRUUDJLTXHGX/LqYUH HXURSpHQ«



$SUqV DYRLU FDXVp ORFDOHPHQW GH IRUWHV PRUWDOLWpV HQ  HW  OD PDODGLH HVW PDLQWHQDQW SUpVHQWH GH IDoRQ VSRUDGLTXH GDQV WRXWH OD )UDQFH (OOH SUpVHQWH XQH pYROXWLRQ VDLVRQQLqUH OD PDMRULWp GHV FDV pWDQW UpSDUWLH GH MXLOOHW j IpYULHUDYHFXQSLFHQRFWREUH



/D FRQWDPLQDWLRQ WUqV IDFLOH VH IDLW SDU YRLH RUDOH HVVHQWLHOOHPHQW SDUIRLV UHVSLUDWRLUHFRQMRQFWLYDOHRXVDQJXLQH_{HWGHPDQLqUHGLUHFWHLQGLYLGXVRXIpFHV} FRQWDPLQpV RX LQGLUHFWH LQJHVWLRQ G¶HDX RX G¶DOLPHQWV FRQWDPLQpV OH YLUXV pWDQW WUqVUpVLVWDQWGDQVOHPLOLHXH[WpULHXU



/HVV\PSW{PHVREVHUYpVGpSHQGHQWGHODIRUPHG¶DSSDULWLRQGHODPDODGLH  _{ 'DQV OD IRUPH VXUDLJXs OHV DQLPDX[ PHXUHQW EUXWDOHPHQW DORUV TX¶LOV} SDUDLVVHQW HQ ERQQH VDQWp VDQV DXFXQ V\PSW{PH &¶HVW OD IRUPH TXL VHPEOH SUpGRPLQHU ORUV G¶pSL]RRWLH /D IRUPH DLJXs VH WUDGXLW SDU GHV WURXEOHV QHUYHX[ WRXUQHU HQ URQG FRQYXOVLRQV RSLVWKRWRQRV SDUDO\VLHV GHV PHPEUHV LQIpULHXUV« DFFRPSDJQpVRXSUpFpGpVGHWURXEOHVGXFRPSRUWHPHQWSURVWUDWLRQHWG¶DIIHFWLRQV RFXODLUHV YDULDEOHV NpUDWRFRQMRQFWLYLWH FpFLWp 8QH pSLVWD[LV HVW IUpTXHPPHQW REVHUYpH /D PRUW VXUYLHQW UDSLGHPHQW TXHOTXHV KHXUHV DSUqV OH GpEXW GHV V\PSW{PHV_



$O¶DXWRSVLHXQV\QGURPHKpPRUUDJLTXHHWXQHKpSDWLWHGRPLQHQWOHWDEOHDX OpVLRQQHO_{/HIRLHGHWDLOOHQRUPDOHjIDLEOHPHQWDXJPHQWpHRUDQJpHWSkOHSHXW} SUpVHQWHU XQH FRQJHVWLRQ HW GHV IR\HUV GH QpFURVH H[WHQVLYH &HWWH DWWHLQWH SHXW V¶DFFRPSDJQHU G¶LFWqUH /D WUDFKpH HW OHV SRXPRQV VRQW PDVVLYHPHQW FRQJHVWLRQQpV KpPRUUDJLTXHV HW RHGpPDWHX[ 8Q pSDQFKHPHQW GH VDQJ QRQ RX PDOFRDJXOpGDQVOHVFDYLWpVWKRUDFLTXHVRXDEGRPLQDOHVDLQVLTXHGHVSpWpFKLHV VXUOHVSRXPRQVODUDWHODWUDFKpHOHVUHLQVHWOHVLQWHVWLQVWUDGXLVHQWGHVWURXEOHV GHODFRDJXODWLRQ



/¶H[DPHQ PLFURVFRSLTXH GHV IR\HUV KpSDWLTXHV UpYqOH OH SOXV VRXYHQW GHV OpVLRQV GpJpQpUDWLYHV HW XQH QpFURVH DYHF DFFXPXODWLRQ GH SLJPHQWV ELOLDLUHV HW G¶KpPRVLGpULQHGDQVOHVKpSDWRF\WHVHWOHVFHOOXOHVGH.SIHU/HVKpSDWRF\WHVVRQW K\SHUWURSKLpVHWOHXUQR\DXSUpVHQWHGHILQHVJUDQXODWLRQVGHFDOFLXPDLQVLTX¶XQH PDUJLQDOLVDWLRQ GH OD FKURPDWLQH /H WDX[ GH FDOFLXP SUpVHQW GDQV XQ IRLH DWWHLQW SHXWPrPHDOOHUMXVTX¶jYLQJWIRLVFHOXLG¶XQIRLHQRUPDOQRQDWWHLQW



/¶(%+6HVWIRUWHPHQWVXVSHFWpGqVO¶DXWRSVLHORUVGHODSUpVHQFHVLPXOWDQpH G¶XQH WUDFKpLWH KpPRUUDJLTXH HW G¶XQ IRLH FRQJHVWLRQQp ORFDOHPHQW QpFURWLTXH GH FRXOHXU MDXQH RUDQJpH &HSHQGDQW OH UHFRXUV j GHV H[DPHQV GH ODERUDWRLUH HIIHFWXpVVXUOHIRLHSULQFLSDOHPHQWHVWLQGLVSHQVDEOHSRXUFRQILUPHUFHGLDJQRVWLF LOVUHSRVHQWVXUXQGpSLVWDJHYLURORJLTXHSRXYDQWV¶HIIHFWXHUGHGLYHUVHVPDQLqUHV SDULPPXQRpOHFWURPLFURVFRSLH_{PLVHHQpYLGHQFHGHSDUWLFXOHVYLUDOHV} GDQVOHIRLH  SDU XQH WHFKQLTXH (/,6$ (Q]\PH /LQNHG ,PPXQR6RUEHQW $VVD\ XWLOLVDWLRQG¶XQVpUXPSRO\FORQDOGHOLqYUHSRXUFDSWXUHUGHVSDUWLFXOHVYLUDOHVHWG¶XQ DQWLFRUSV PRQRFORQDO GLULJp VSpFLILTXHPHQW FRQWUH OH YLUXV (%+6 SRXU UpYpOHU OD FDSWXUH

 

 SDU XQ GpSLVWDJH VpURORJLTXH  IRUW XWLOH SRXU PHQHU GHV HQTXrWHV pSLGpPLRORJLTXHVQHWWHPHQWPRLQVORUVTX¶RQVHWURXYHFRQIURQWpjXQHpSL]RRWLHVXU OHWHUUDLQ       3KRWR7UDFKpLWHKpPRUUDJLTXHjJDXFKHHWKpSDWLWHQpFURVDQWHjGURLWHREVHUYpHV ORUV G¶(%+6 FKH] XQ OLqYUH HXURSpHQ FOLFKpV -HDQ<YHV -RXJODU (FROH 1DWLRQDOH 9pWpULQDLUH GH7RXORXVH

  

7UqV VXUYHLOOp SDU O¶2IILFH 1DWLRQDO GH OD &KDVVH HW GH OD )DXQH 6DXYDJH 21&)6 HW OHV )pGpUDWLRQV 'pSDUWHPHQWDOHV 'HV &KDVVHXUV )'& O¶LPSDFW GH O¶(%+6 Q¶HVW SHXWrWUH SDV DXVVL LPSRUWDQW VXU OHV SRSXODWLRQV GH OLqYUHV TX¶LO Q¶\ SDUDvWGDQVOHVVWDWLVWLTXHVGHVODERUDWRLUHVG¶DXWRSVLHV(QHIIHWFRQWUDLUHPHQWjFH TXL HVW REVHUYp FKH] OH ODSLQ 2U\FWRODJXV FXQLFXOXV ORUV GH O¶DSSDULWLRQ G¶XQH PDODGLH VHPEODEOH QRPPpH 9+' 9LUDO +DHPRUUKDJLF 'LVHDVH O¶(%+6 QH SURYRTXH SDV FKH] OH OLqYUH GH PRUWDOLWp EUXWDOH HW PDVVLYH (OOH HVW PrPH SUREDEOHPHQW WUqV IUpTXHQWH GDQV OD SOXSDUW GHV SRSXODWLRQV GH OLqYUHV VDQV TXH FHX[FL Q¶HQ PHXUHQW V\VWpPDWLTXHPHQW_{ 2U OHV ODERUDWRLUHV OD GpWHFWHQW WUqV} VRXYHQWHWODWLHQQHQWDORUVSRXUUHVSRQVDEOHGHODPRUW&¶HVWSRXUTXRLVRQLPSDFW HVWSUREDEOHPHQWH[DJpUpFHFLpWDQWV€UHPHQWUHQIRUFpSDUO¶DWWLWXGHTXHFKDFXQD ORUV GH O¶DSSDULWLRQ G¶XQH QRXYHOOH PDODGLH DXJPHQWDWLRQ GHV FROOHFWHV HW GHV WUDQVPLVVLRQV GH FDGDYUHV DX[ ODERUDWRLUHV HW OpJHU ©DIIROHPHQWª JpQpUDO SDVVDJHU



&RQFHUQDQW OD WUDQVPLVVLRQ GX 9+' DX /LqYUH HW GH O¶(%+6  DX /DSLQ OHV DYLV VRQW SDUWDJpV OD SOXSDUW GHV DXWHXUV HVWLPH TX¶DXFXQH WUDQVPLVVLRQ Q¶HVW SRVVLEOH OHV LQRFXODWLRQV H[SpULPHQWDOHV V¶DYpUDQW QpJDWLYHV PDLV FHSHQGDQW 0RULVVH_{UDSSHOOHTXHODUHSURGXFWLRQH[SpULPHQWDOHFKH]OH/DSLQG¶XQHPDODGLH} VHPEODEOHHQWRXVSRLQWVjOD9+'HVWSRVVLEOHSDULQRFXODWLRQGHEUR\DWVGHIRLHGH OLqYUHV LQIHFWpV FH TXL SODLGHUDLW HQ IDYHXU G¶XQH pYHQWXHOOH WUDQVPLVVLRQ G¶XQH HVSqFHjO¶DXWUH  (QILQDXFXQHWUDQVPLVVLRQjO¶KRPPHQ¶DMDPDLVpWpGpFULWHPrPHGDQVOHV SRSXODWLRQVjULVTXHWHOOHVTXHOHVpOHYHXUVOHVFKDVVHXUVOHVHPSOR\pVG¶DEDWWRLUV RXOHVFKHUFKHXUV_ 

     ƒ/DSVHXGRWXEHUFXORVHRX\HUVLQLRVH 

&HWWH PDODGLH EDFWpULHQQH GRQW O¶DJHQW SDWKRJqQH HVW <HUVLQLD SVHXGRWXEHUFXORVLV WRXFKH GLYHUVHV HVSqFHV DQLPDOHV ODJRPRUSKHV FHUWDLQV URQJHXUV FHUWDLQV RQJXOpV RX FDUQLYRUHV YRLUH PrPH TXHOTXHV RLVHDX[ FRPPH OH SLJHRQ UDPLHU PDLV HQ SULRULWp OH OLqYUH _{ &¶HVW G¶DLOOHXUV OD SDWKRORJLH OD SOXV} IUpTXHQWH HW OD SOXV PHXUWULqUH FKH] FHWWH HVSqFH QRWDPPHQW HQ )UDQFH TXL UHSUpVHQWHWRXMRXUVSOXVGHGHPRUWDOLWpHWPrPHVRXYHQWSUqVGHODPRLWLpGHV FDVGHPRUWDOLWpGXOLqYUHSDUPDODGLH_  6RQFDUDFWqUHKLYHUQDOHVWPDQLIHVWHHOOHGpEXWHHQQRYHPEUHHWV¶DFKqYH HQMXLQDYHFXQSLFHQWUHMDQYLHUHWPDUVOHSOXVVRXYHQWHQPDUVHQYLURQGHOD PRUWDOLWpWRWDOH'HSXLVHOOHVXUYLHQWGHIDoRQpSL]RRWLTXH_{HQSDUWLFXOLHUjOD} VXLWH G¶DXWRPQHV WUqV SOXYLHX[ (OOH VpYLW VXUWRXW GDQV OHV ]RQHV R O¶DXWRPQH HW O¶KLYHUVRQWKXPLGHVFRPPHOH%DVVLQ3DULVLHQO¶2XHVWHWOH1RUGGHOD)UDQFHHW WRXFKHSULQFLSDOHPHQWOHVPkOHV_  <HUVLQLDSVHXGRWXEHUFXORVLVHVWSUpVHQWFKH]OHVDQLPDX[HWGDQVOHVROTXL MRXHOHU{OHSULQFLSDOGHUpVHUYRLUHOOHHVWFDSDEOHG¶\SHUVLVWHUHQSURIRQGHXUWRXWH O¶DQQpHGDQVGHVFRQGLWLRQVIDYRUDEOHVDORUVTX¶HQVXUIDFHHOOHGLVSDUDvWSHQGDQW O¶pWp 

/D FRQWDPLQDWLRQ GLUHFWH VH IDLW SDU YRLH RUDOH DEVRUSWLRQ GH QRXUULWXUH VRXLOOpH FRQWDFW DYHF XQ PLOLHX FRQWDPLQp 3DU FRQWUH OD WUDQVPLVVLRQ GH OLqYUH j OLqYUHHVWSHXIUpTXHQWHFHTXL H[SOLTXH O¶DEVHQFH GHUHODWLRQ HQWUHODGHQVLWpGHV DQLPDX[HWOHSRXUFHQWDJHG¶DQLPDX[SRUWHXUVGH<HUVLQLDSVHXGRWXEHUFXORVLV_  /DEDFWpULHVHGpYHORSSHGDQVOHVQ°XGVO\PSKDWLTXHVPpVHQWpULTXHVSXLV VHGLVVpPLQHSDUYRLHO\PSKDWLTXHGDQVWRXWO¶RUJDQLVPHPDLVSULQFLSDOHPHQWGDQV OHIRLHHWOHVUHLQV 

/HV V\PSW{PHV VRQW GLVFUHWV HW SHX VSpFLILTXHV SURVWUDWLRQ DQRUH[LH GLDUUKpH SURIXVH VLJQHV QHUYHX[ RX SDUDO\WLTXHV_{ HW SHXYHQW H[LVWHU VRXV GHV} IRUPHV DLJXsV RX FKURQLTXHV (Q JpQpUDO VHXOV O¶DPDLJULVVHPHQW HW OH PDQTXH GH YLYDFLWpVRQWREVHUYpVGDQVOHPLOLHXQDWXUHOFHTXLH[SOLTXHTXHODPDODGLHSDVVH VRXYHQWLQDSHUoXH



/H WDEOHDX OpVLRQQHO HVW OXL EHDXFRXS SOXV FDUDFWpULVWLTXH RQ QRWH XQH K\SHUWURSKLH GHV Q°XGV O\PSKDWLTXHV PpVHQWpULTXHV HW GH OD UDWH DYHF WUqV VRXYHQWODSUpVHQFHGHSHWLWVQRGXOHVFDVpHX[EODQFVMDXQkWUHVVLQRPEUHX[TX¶LOV SHXYHQWGpIRUPHUODUDWHOHIRLHOHVUHLQVHWSOXVUDUHPHQWOHVSRXPRQV8QLFWqUH YLHQWSDUIRLVFRPSOpWHUFHWDEOHDX/HGLDJQRVWLFGHFHUWLWXGHUHSRVHVXUXQHFXOWXUH EDFWpULHQQHjSDUWLUGHVJDQJOLRQVPpVHQWpULTXHVGHODUDWHGXIRLHHWGHODPRsOOH RVVHXVH  

     3KRWR1RPEUHX[SHWLWVQRGXOHVVXUOHUHLQjJDXFKHHWOHIRLHjGURLWHFKH]XQOLqYUH HXURSpHQDWWHLQWGH\HUVLQLRVHFOLFKpV-HDQ<YHV-RXJODU(FROH1DWLRQDOH9pWpULQDLUHGH7RXORXVH   

/D WUDQVPLVVLRQ GH OD PDODGLH j O¶KRPPH HVW SRVVLEOH ELHQ TX¶HOOH UHVWH UHODWLYHPHQWUDUHTXHOTXHVFDVSDUDQHQ)UDQFHHOOHQHVHIDLWTXHSDUYRLHRUDOH HWUpVXOWHOHSOXVVRXYHQWG¶XQPDQTXHG¶K\JLqQHORUVGHODPDQLSXODWLRQGHOLqYUHV FRQWDPLQpVRXG¶DQLPDX[GHFRPSDJQLHSRUWHXUVGHODEDFWpULHFRED\HRXDXWUHV URQJHXUVIDPLOLHUVFHTXLH[SOLTXHTX¶HOOHQHFRQFHUQHSUHVTXHTXHO¶HQIDQW_(OOH VH WUDGXLW SDV GHV DGpQLWHV PpVHQWpULTXHV pYROXDQW WUqV UDUHPHQW YHUV XQH VHSWLFpPLH3ULVHjWHPSVF¶HVWXQH]RRQRVHTXLVHVRLJQHELHQDYHFXQWUDLWHPHQW DQWLELRWLTXH     ƒ/DFRFFLGLRVH 

&¶HVW OD PDODGLH SDUDVLWDLUH OD SOXV LPSRUWDQWH FKH] OH OLqYUH TXL QH VH PDQLIHVWH TX¶HQ FDV G¶LQIHVWDWLRQ PDVVLYH QRXV Q¶HQ pWXGLHURQV TXH VD IRUPH LQWHVWLQDOHODFRFFLGLRVHKpSDWLTXHpWDQWWUqVUDUHFKH]FHWWHHVSqFH(OOHHVWGXHj GHVSURWR]RDLUHVGXJHQUH(LPHULDGRQWKXLWHVSqFHVRQWpWpGpFRXYHUWHVjFHMRXU FKH]OHOLqYUHPrPHVLOHXUU{OHSDWKRJqQHQ¶DSXrWUHGpWHUPLQpDYHFSUpFLVLRQSRXU WRXWHV



'HX[ IDFWHXUV PpWpRURORJLTXHV VHPEOHQW DJLU VXU OD IUpTXHQFH GH OD FRFFLGLRVHLOV¶DJLWGHODWHPSpUDWXUHHWGHO¶KXPLGLWp(QHIIHWXQSULQWHPSVRXXQ pWp KXPLGH IDYRULVH OD PXOWLSOLFDWLRQ GHV FRFFLGLHV HW GRQF OD FRQWDPLQDWLRQ GHV OLqYUHV GH PrPH TX¶XQH VXFFHVVLRQ G¶KLYHUV GRX[ DYHF GHV WHPSpUDWXUHV VXSpULHXUHV j ƒ& 3DU FRQWUH XQH WHPSpUDWXUH KLYHUQDOH SOXV EDVVH TXH OHV QRUPDOHVVDLVRQQLqUHVQHVHPEOHSDVGLPLQXHUODSUpYDOHQFHGHODPDODGLHVDXIVL OHVYDOHXUVVRQWYUDLPHQWWUqVEDVVHV_{2QQRWHHQJpQpUDOXQHDXJPHQWDWLRQGH} OD IUpTXHQFH GHV FRFFLGLRVHV FOLQLTXHV HQ DXWRPQH DYHF XQH VWDELOLVDWLRQ GH GpFHPEUHjPDLFHVWjGLUHGXUDQWWRXWO¶KLYHU



(Q FH TXL FRQFHUQH OD FRQWDPLQDWLRQ HQ IRQFWLRQ GH O¶kJH OHV OHYUDXWV VHPEOHQW OHV SOXV VpULHXVHPHQW DIIHFWpV GDQV OHV VHPDLQHV VXLYDQW OHXU VHYUDJH

 

VXUWRXWGHILQDR€WjQRYHPEUH&HFLHVWFHUWDLQHPHQWG€jXQGpIDXWG¶LPPXQLWpGHV MHXQHVDQLPDX[FRQGXLVDQWSOXVVRXYHQWHWSOXVUDSLGHPHQWTXHSRXUOHVDGXOWHV jODPRUW



$SUqV FRQWDPLQDWLRQ RUDOH OHV RRF\VWHV LQIHVWDQWV HQYDKLVVHQW OHV FHOOXOHV HQGRWKpOLDOHV LQWHVWLQDOHV V¶\ PXOWLSOLHQW SDU UHSURGXFWLRQ DVH[XpH SXLV OHV GpWUXLVHQW$SUqVTXHOTXHVMRXUVODSpULRGHSUpSDWHQWHGpSHQGDQWGHO¶HVSqFHGH QRXYHDX[RRF\VWHVVRQWUHMHWpVGDQVOHPLOLHXH[WpULHXUDYHFOHVPDWLqUHVIpFDOHV LOV QH VRQW SDV HQFRUH LQIHVWDQWV PDLV OH GHYLHQQHQW DSUqV PDWXUDWLRQ VL OHV FRQGLWLRQVVRQWIDYRUDEOHV'HSOXVLOVDFTXLqUHQWjFHVWDGHXQHH[WUrPHUpVLVWDQFH _



/HVV\PSW{PHVGpFULWVVRQWSHXSDWKRJQRPRQLTXHV_{FRPPHGDQVWRXWH} SDUDVLWRVH LQWHVWLQDOH RQ REVHUYH GH OD GLDUUKpH HQWUDvQDQW XQ DPDLJULVVHPHQW UDSLGH SDU GpVK\GUDWDWLRQ DLQVL TX¶XQ DIIDLEOLVVHPHQW LPSRUWDQW (Q ILQ G¶pYROXWLRQ SHXYHQW DSSDUDvWUH GHV WURXEOHV QHUYHX[ pSLOHSWLIRUPHV RX SDUDSOpJLTXHV _{ /D} GXUpHG¶pYROXWLRQGHODPDODGLHYDULHGHTXHOTXHVMRXUVjTXHOTXHVVHPDLQHV



/H WDEOHDX OpVLRQQHO HVW OXL SOXV VSpFLILTXH VXUWRXW HQ FDV GH FRFFLGLRVH PDVVLYH OD PXTXHXVH LQWHVWLQDOH DSSDUDvW FRQJHVWLRQQpH FRQVWHOOpH GH SHWLWV QRGXOHV EODQFKkWUHV WUqV VRXYHQW YLVLEOHV SDU WUDQVSDUHQFH DYDQW PrPH O¶LQFLVLRQ ORQJLWXGLQDOHGHO¶LQWHVWLQ/RUVG¶LQIHVWDWLRQOpJqUHVHXOHODFRQJHVWLRQLQWHVWLQDOHHVW REVHUYpH       3KRWR,QWHVWLQVFRQJHVWLRQQpVHWSDUVHPpVGHSHWLWVQRGXOHVEODQFKkWUHVFKH]XQOLqYUH HXURSpHQDWWHLQWGHFRFFLGLRVHFOLFKpV-HDQ<YHV-RXJODU(FROH1DWLRQDOH9pWpULQDLUHGH7RXORXVH  

/H GLDJQRVWLF Q¶HVW SRVp DYHF FHUWLWXGH TX¶DSUqV H[DPHQ DX PLFURVFRSH G¶RRF\VWHVSUpVHQWVGDQVOHVIHFqVRXOHFRQWHQXLQWHVWLQDOSHUPHWWDQWGHSOXVXQH TXDQWLILFDWLRQJURVVLqUHGHO¶LQIHVWDWLRQ



3DUDLOOHXUVHQO¶DEVHQFHGHOpVLRQVOHGLDJQRVWLFGHFRFFLGLRVHPDODGLHQH GRLW rWUH SRVp TX¶HQ FDV G¶LQIHVWDWLRQ PDVVLYH VXSpULHXUH j  RRF\VWHV SDU JUDPPHGHIpFHV_