HAL Id: tel-00452680
https://tel.archives-ouvertes.fr/tel-00452680
Submitted on 2 Feb 2010HAL is a multi-disciplinary open access
archive for the deposit and dissemination of sci-entific research documents, whether they are pub-lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.
L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.
Rôle des récepteurs Toll-like et de CD14 dans la réponse
à Listeria monocytogenes et à la flagelline extraite de
Salmonella typhimurium
Laure Janot
To cite this version:
Laure Janot. Rôle des récepteurs Toll-like et de CD14 dans la réponse à Listeria monocytogenes et à la flagelline extraite de Salmonella typhimurium. Sciences agricoles. Université d’Orléans, 2009. Français. �NNT : 2009ORLE2014�. �tel-00452680�
UNIVERSITÉ D’ORLÉANS
ÉCOLE DOCTORALE SCIENCES ET TECHNOLOGIES
LABORATOIRE d’IMMUNOLOGIE ET d’EMBRYOLOGIE MOLECULAIRE
THÈSE
présentée par :Laure JANOT
soutenue le : 18 février 2009
pour obtenir le grade de :
Docteur de l’université d’Orléans
Discipline/ Spécialité
: Biologie cellulaire et moléculaire/Immunologie
Rôle des récepteurs Toll-like et de CD14 dans la réponse à
Listeria monocytogenes et à la flagelline extraite de
Salmonella typhimurium
THÈSE dirigée par :
Dr. François Erard Professeur, Université des Sciences d’Orléans
Dr. Bernard Ryffel Directeur de recherche, UMR 6218 Orléans
RAPPORTEURS :
Dr. Irène Garcia-Gabay Chargée de cours, Université de Genève
Dr. Dominique Buzoni-Gatel Directrice de recherche, INRA de Tours
_____________________________________________________________________
JURY
Dr. Pascale Cossart Directrice de recherche, Institut Pasteur Paris
Dr. Irène Garcia-Gabay Chargée de cours, Université de Genève
Dr. Dominique Buzoni-Gatel Directrice de recherche, INRA de Tours Dr. Jean-Claude Sirard Chargé de recherche, INSERM U801 Lille
Dr. François Erard Professeur, Université des Sciences d’Orléans
5(0(5&,(0(176
$XWHUPHGHFHWUDYDLOMHVRXKDLWHUDLVUHPHUFLHUFKDOHXUHXVHPHQWWRXVFHX[TXL P·RQWSHUPLVGHSUqVRXGHORLQGHPHQHUjELHQFHVpWXGHV
-H UHPHUFLH HQ SUHPLHU OLHX 9DOpULH 4XHVQLDX[ HW %HUQKDUG 5\IIHO TXL P·RQW DFFXHLOOLHDXVHLQGXODERUDWRLUHHWFRQVHLOOpHGXUDQWFHVWURLVDQQpHV
-H WLHQV pJDOHPHQW j UHPHUFLHU )UDQoRLV (UDUG SRXU FHWWH SHWLWH YLVLWH GX ODERUDWRLUHHOOHDXUDILQDOHPHQWGXUpSUHVTXHFLQTDQV0HUFLSRXUYRVFRQVHLOVYRWUH SDVVLRQ GH O·LPPXQRORJLH HW SRXU WRXWHV OHV GLVFXVVLRQV DQLPpHV SDV IRUFpPHQW VFLHQWLILTXHV TXH QRXV DYRQV SX DYRLU 0HUFL G·rWUH UHVWp KXPDLQ HW G·DYRLU VX P·HQFRXUDJHUGDQVFHUWDLQVPRPHQWVGHGRXWHV 0HUFLDX['U,UqQH*DUFLDHW'RPLQLTXH%X]RQL*DWHOGHP·DYRLUIDLWO·KRQQHXU G·rWUHUDSSRUWHXUVGHPHVWUDYDX[0HUFLpJDOHPHQWDX['U3DVFDOH&RVVDUWHW-HDQ &ODXGH6LUDUGG·DYRLUDFFHSWpGHIDLUHSDUWLHGHPRQMXU\ -·DLXQHSHQVpHSDUWLFXOLqUHSRXUPDSHWLWH9LROHWWH%LHQSOXVTX·XQHFROOqJXHRX FRSLQH GH EXUHDX WX HV XQH DPLH FRPPH LO \ HQ D SHX 0HUFL SRXU WD VLQFpULWp WRQ LQWpJULWp WD JHQWLOOHVVH WD ERQQH KXPHXU HW WHV FRXSV GH JXHXOHV DXVVL7X YDV PH PDQTXHU 7X DXUDV FRQWULEXp GH EHDXFRXS j PRQ pSDQRXLVVHPHQW 1RXYHOOH=pODQGH &DQDGDRX$XVWUDOLHTX·LPSRUWHMHVDLVTXHO·RQVHUHYHUUD
-·DLPHUDLVpJDOHPHQWDGUHVVHUXQFOLQG·±LOVSpFLDOj6WpSKDQLHPDSHWLWH5RVH 4XHOTX·XQDGLWXQMRXUTXHWXpWDLVOHSLOLHUGXODER« F·HVWYUDL7DOHQWXHXVHFDOPH UpVHUYpHMXVWHFHTX·LOIDXWSOHLQHG·KXPRXUWXHVWRXWjODIRLV-·DLDLPpWRQUHJDUG VRXYHQW PDOLFLHX[ HW WRQ UHFXO VXU EHDXFRXS GH FKRVHV GH OD YLH 7X QH OH VDLV VDQV GRXWH SDV PDLV WX DV WRXMRXUV pWp SRXU PRL XQ H[HPSOH G·LQWHOOLJHQFH G·LQWpJULWp GH JHQWLOOHVVHPDLVDXVVLG·HVSULWFULWLTXH7XP·DVEHDXFRXSWRXFKpH
8QJUDQGPHUFLjWRXVOHVPHPEUHVGHO·,(0SRXUWRXVOHVERQVPRPHQWVTXHO·RQ D SDUWDJp 7KRPDV 3DPpOD 6DELQH 1DWKDOLH 0DWKLOGH $QQH*DsOOH ,VD 1LFRODV
'LHXGRQQpH5DFKHO,VDEHOOHHW$Pp]LDQH9RXVP·DYH]SHUPLVGHSDVVH]VHUHLQHPHQW
WURLVVXSHUEHVDQQpHVGDQVODERQQHKXPHXUHWOHG\QDPLVPH
8Q FOLQ G·±LO VSpFLDO DX[ ©DQFLHQVª 0DULHOOH 1LFRODV OH SLUDWH 9LFWRULQH
(PLOLH0DWKLDVHW&DUROLQH0HUFLSRXUYRWUHFRQYLYLDOLWpYRVLGpHVQRXYHOOHV SDUIRLV
IDUIHOXHVLOIDXWOHGLUH HWQRVGLVFXVVLRQVSRXUUHIDLUHOHPRQGH
-H UHPHUFLH pJDOHPHQW DX[ *'3 SRXU OHXU HQWKRXVLDVPH HW OHXU ERQQH KXPHXU DLQVLTXHOH&'7$SRXUWRXWHODJHVWLRQGHVOLJQpHVGHVRXULV 0HUFLjOD0DJ)DPLO\SRXUYRWUHVRXWLHQYRVpFODWVGHULUHHWQRVUHSDVDQLPpV GHSXLVPDLQWHQDQWDQV-HVXLVKHXUHXVHGHIDLUHSDUWLHGHYRWUHIDPLOOH 8QPHUFLWRXWSDUWLFXOLHUjPDSHWLWHWULEX 3DSD0DPDQ/XFLH/DXUHQWPDLV DXVVL -XOLHQ HW -XVWLQH /HV PRWV PH PDQTXHQW SRXU H[SULPHU WRXWH PD JUDWLWXGH -H YRXV GLUDL VLPSOHPHQW TXH YRV HQFRXUDJHPHQWV HW YRWUH DPRXU P·RQW SRUWpH MXVTX·LFL 0HUFLSRXUWRXWOHERQKHXUTXHYRXVP·DSSRUWH] 0HVGHUQLHUVUHPHUFLHPHQWVYRQWQDWXUHOOHPHQWYHUVPRQPDUL)UDQoRLV0HUFL G·rWUHOjWRXVOHVMRXUVSRXUPHVRXWHQLUHWP·DLPHU-·HVSqUHrWUHjODKDXWHXUGHWRXW FHERQKHXUTXHWXPHGRQQHV%LHQSOXVTX·XQPDULWXHVPDPRLWLpHWFHWWHUpXVVLWHHVW ODWLHQQH0HUFLpJDOHPHQWGHP·DYRLUGRQQpXQDXVVLEHDX©SHWLWª/pDQGUH«MHSHQVH TX·LOVHUDDXVVLDGRUDEOHTXHWRL-HYRXVDLPHWRXVOHVGHX[
/,67('(6$%%5(9,$7,216
$F $QWLFRUSV $FW$ $FWLQH$ $'1 $FLGH'pVR[\ULERQXFOpLTXH $)66$ $JHQFH)UDQoDLVHGH6pFXULWp6DQLWDLUHGHV$OLPHQWV $J $QWLJqQH $0'& $LUZD\0XFRVDO'HQGULWLF&HOO $51 $FLGH5LERQXFOpLTXH $51GE $FLGH5LERQXFOpLTXH'RXEOH%ULQ $US $FWLQ5HODWHG3URWHLQ $6& $SRSWRVLVDVVRFLDWHG6SHFNOLNHSURWHLQFRQWDLQLQJD&$5'GRPDLQ %&* %DFLOOHGH&DOPHWWHHW*XpULQ %,5 %DFXORYLUXV,QKLELWRURI5HSHDW %/3 %DFWHULDO/LSRSHSWLGH 3DP&\V6HU/\V &&5 &&FKHPRNLQHUHFHSWRU &15/ &HQWUH1DWLRQDOGH5pIpUHQFHGHV/LVWpULD &5' &\VWHLQ5LFK'RPDLQ &5 &RPSOpPHQW5HFHSWRU &0+ &RPSOH[H0DMHXUG·+LVWRFRPSDWLELOLWp &3$ &HOOXOH3UpVHQWDWULFHG·$QWLJqQH '& 'HQGULWLF&HOO '' 'HDWK'RPDLQ '171) 'RPLQDQW²QHJDWLYH71) *$*V *O\FRDPLQRJO\FDQHV *)3 *UHHQ)OXRUHVFHQW3URWHLQ *0&6) *UDQXORF\WH0DFURSKDJH&RORQ\6WLPXODWLQJ)DFWRU *3, *O\FR3KRVSKDWLG\O,QRVLWRO +%' +XPDQǀ'HIHQVLQ +*) +pSDWRF\WH*URZWK)DFWRU+./0 +HDW.LOOHG/LVWHULDPRQRF\WRJHQHV ,)1 ,QWHUIpURQ ,J ,PPXQRJOREXOLQH ,.. ,κ%.LQDVH ,/ ,QWHUOHXNLQH ,QO ,QWHUQDOLQH L126 LQGXFLEOH1LWULF2[LG6\QWDVH ,Q9V ,QVWLWXWGH9HLOOH6DQLWDLUH ,SDI ,FH3URWHDVH$FWLYDWLQJ)DFWRU ,3 ,)1ǁLQGXFHG3URWHLQRIN'D ,5$. ,/5HFHSWRU$VVRFLDWHG.LQDVH ,5) ,QWHUIHURQ5HJXODWHG)DFWRU .& .HUDWLQRF\WHGHULYHG&KHPRNLQH .2 .QRFN2XW /$0 /LSRDUDELQRPDQQDQH /% /\PSKRF\WH% /%3 /36%LQGLQJ3URWHLQ /)$ /HXNRF\WHV)XQFWLRQ$VVRFLDWHG$QWLJHQ //2 /LVWpULRO\VLQH /P /LVWHULDPRQRF\WRJHQHV /36 /LSR3RO\6DFFKDULGH /55 /HXFLQH5LFK5HSHDW /7$ /LSR7HLFKRLF$FLG /7 /\PSKRWR[LQH 0$/3 /LSRSHSWLGHGLDF\OpP\FREDFWpULHQ 0DQ/$0 /$0SRUWDQWXQHFRLIIHPDQQRV\Op 0%/ 0DQQRVH%LQGLQJ/HFWLQH 0&3 0RQRF\WHV&KHPRDWWUDFWDQW3URWHLQ 0'$ 0HODQRPD'LIIHUHQFLDWLRQ$VVRFLDWHGJHQH 0'3 0XUDP\O'L3HSWLGH 0HP71) 71)0HPEUDQDLUH
0&6) 0DFURSKDJH&RORQ\6WLPXODWLQJ)DFWRU 077 0LWRQFKRQGULDO7H7UD]ROLXP 0\' 0\HORLG'LIIHUHQWLDWLRQIDFWRU 1DLS 1/5IDPLO\DSRSWRVLVLQKLELWRU\SURWHLQ 1%' 1XFOHRWLGH%LQGLQJ'RPDLQ 1(02 ,..ǁ1)dž%(VVHQWLDO0RGXODWRU 1)κκκκ% 1XFOHDU)DFWRUNDSSD% 1/5 1XFOHRWLGHELQGLQJ2OLJRPHUL]DWLRQ'RPDLQ 12' /LNHUHFHSWRU 1. 1DWXUDO.LOOHU 12 1LWULF2[LGH2[\GH1LWULTXH 3$03 3DWKRJHQ$VVRFLDWHG0LFURELDO3DWWHUQV 3*1 3HSWLGR*O\FD1HV S+ 3RWHQWLHO+\GURJqQH 3,3/& 3KRVSKDWLG\O,QRVLWRO3KRVSKR/LSDVH& 3RO\,& 3RO\LQRVLQHGHR[\F\WLG\OLFDFLG 355 3DWWHUQ5HFRJQLWLRQ5HFHSWRUV 5( 5HWLFXOXP(QGRSODVPLTXH 5,3 5HFHSWRU,QWHUDFWLYH3URWHLQ 5/+ 5HWLQRLF$FLGLQGXFWLEOHJHQH, 5,*, OLNH+HOLFDVH 6&,' 6HYHUH&RPELQHG,PPXQRGHILFLHQF\ 62' 6XSHUR[\GH'LVPXWDVH 63 6XUIDFWDQW3URWpLTXH 65$ &ODVV$VFDYHQJHU5HFHSWRU V71) VROXEOH7XPRU1HFURVLV)DFWRU 7$&( 71)α&RQYHUWLQJ(Q]\PH 7$. 7*)DFWLYDWHGNLQDVH 7&5 7&HOO5HFHSWRU 7*)ǀ WUDQVIRUPLQJ*URZWK)DFWRU 7LS'&V 71)DQGL1263URGXFLQJ'HQGULWLF&HOOV 7,5 7ROO,/5HFHSWRU 7,5$30DO 7,5GRPDLQFRQWDLQLQJ$GDSWRU3URWHLQ0\'DGDSWRUOLNH
7/5 7ROO/LNH5HFHSWRU 71) 7XPRU1HFURVLV)DFWRU 71)5 7XPRU1HFURVLV)DFWRU5HFHSWRU 75$'' 71)5$VVRFLDWHG'HDWK'RPDLQ 75$) 71)5HFHSWRU$VVRFLDWHG)DFWRU 75$0 7ULI5HODWHG$GDSWRU0ROHFXOH 75,)7,&$0 7,5 GRPDLQFRQWDLQLQJ DGDSWRU LQGXFLQJ ,)1β7,5 GRPDLQ FRQWDLQLQJ$GDSWRU0ROHFXOH 9$63 9$VRGLODWRU6WLPXODWHG3URWHLQ 9,+ 9LUXVGHO·,PPXQRGpILDQFH+XPDLQH
7$%/('(60$7,(5(6
/,67('(6$%%5(9,$7,216
7$%/('(60$7,(5(6
2%-(&7,)6
,1752'8&7,21
&KDSLWUH /·LPPXQLWpLQQpHXQHGpIHQVHUDSLGH ... 14 /DPLVHHQSODFHGHO·LQIODPPDWLRQ ... 14 /HVF\WRNLQHVGHO·LQIODPPDWLRQ ... 16 /H71)PpGLDWHXUGHO·LQIODPPDWLRQ ... 16 /HPpFDQLVPHGHSKDJRF\WRVH... 21 /HVUpFHSWHXUV7ROOOLNH ... 23 /DGpFRXYHUWHGHV7/5 ... 23 /DVWUXFWXUHGHV7/5 ... 23 /HV7/5HWOHXUVOLJDQGV ... 24 /HVYRLHVGHVLJQDOLVDWLRQLQGXLWHVSDUO·DFWLYDWLRQGHV7/5 ... 25 /DORFDOLVDWLRQFHOOXODLUHGHV7/5 ... 28 &'HVWXQGHVFRUpFHSWHXUVDVVRFLpVDX[7/5... 28 /HVUpFHSWHXUV1/5HW5,*, GHVUpFHSWHXUV/55LQWUDF\WRSODVPLTXHV... 30 &KDSLWUH
/LVWHULDPRQRF\WRJHQHV
... 35 'pFRXYHUWHHWGHVFULSWLRQGH/PRQRF\WRJHQHV
... 35 0DQLIHVWDWLRQVFOLQLTXHVGHODOLVWpULRVHHWSRSXODWLRQjULVTXH... 36 (SLGpPLRORJLHHWYHLOOHVDQLWDLUH... 37 7UDLWHPHQWV... 38 0RGHG·LQIHFWLRQDXQLYHDXGHVRUJDQHV ... 39 'LVVpPLQDWLRQLQWUDFHOOXODLUH ... 40 0LVHHQSODFHGHODUpSRQVHLPPXQLWDLUHGHO·K{WHHQUpSRQVHj O·LQIHFWLRQSDU/LVWpULDPRQRF\WRJHQHV
... 46 &KDSLWUH (WXGHGHO·LQIODPPDWLRQSXOPRQDLUHLQGXLWHSDUODIODJHOOLQH H[WUDLWHGH6DOPRQHOODW\SKLPXULXP
... 54 /HV\VWqPHUHVSLUDWRLUH ... 54 /HVV\VWqPHVGHGpIHQVHVSXOPRQDLUHVQRQVSpFLILTXHV... 56 /·pSLWKpOLXPSXOPRQDLUH... 56 /DFODLUDQFHPXFRFLOLDLUH... 57 &RPSRVLWLRQGXPXFXV... 58 /HVDFWHXUVGXV\VWqPHLPPXQLWDLUHSXOPRQDLUH... 59 /HVPDFURSKDJHVDOYpRODLUHV ... 59/HVFHOOXOHVGHQGULWLTXHV ... 61 /HVQHXWURSKLOHV ... 63 /DIODJHOOLQHFRQVWLWXDQWGXIODJHOOHEDFWpULHQ ... 63 'pWHFWLRQGHODIODJHOOLQHSDUOHV\VWqPHLPPXQLWDLUH... 65 'pWHFWLRQH[WUDFHOOXODLUHGHODIODJHOOLQHHWVLJQDOLVDWLRQ ... 66 'pWHFWLRQGHODIODJHOOLQHF\WRSODVPLTXHHWVLJQDOLVDWLRQ... 68 4XHOOHHVWODFRQWULEXWLRQGH7/5HWG·,SDIGDQVODGpWHFWLRQGHOD IODJHOOLQH" ... 69
5(68/7$76
&KDSLWUH (WXGHGHODUpSRQVHLPPXQLWDLUHLQQpHDSUqVDGPLQLVWUDWLRQ SDUYRLHYHLQHXVHGH/LVWpULDPRQRF\WRJHQHV
... 72 $UWLFOH &':RUNV:LWK7ROO/LNH5HFHSWRU7R&RQWULEXWH7R 5HFRJQLWLRQDQG&RQWURORI/LVWHULDPRQRF\WRJHQHV
,QIHFWLRQ /DXUH-DQRW7KRPDV6HFKHU'DYLG7RUUHV,VDEHOOH0DLOOHW-RVHI3IHLOVFKLIWHU9DOHULH) -4XHVQLDX[5HJLQH/DQGPDQQ%HUQKDUG5\IIHODQG)UDQoRLV(UDUG-RXUQDORI,QIHFWLRQ GLVHDVH ... 72 $UWLFOH 0HPEUDQH7XPRU1HFURVLV)DFWRU&RQIHUV3DUWLDO3URWHFWLRQWR/LVWHULD
,QIHFWLRQ 'DYLG7RUUHV/DXUH-DQRW9DOpULH)-4XHVQLDX[6HUJHL,*ULYHQQLNRY,VDEHOOH0DLOOHW -RQDWKRQ'6HGJZLFN%HUQKDUG5\IIHODQG)UDQoRLV(UDUG$PHULFDQ-RXUQDORI3DWKRORJ\ ... 85 $UWLFOH 'RPLQDQW1HJDWLYH,QKLELWRURI6ROXEOH71)$WWHQXDWH ([SHULPHQWDO$UWKULWLV:LWKRXW6XSSUHVVLQJ,QQDWH,PPXQH5HVSRQVH -RQDWKDQ=DOHYVN\7KRPDV6HFKHU6HUJXHL$(]KHYVN\/DXUH-DQRW3DXO06WHHG &KULVWRSKHU2·%ULHQ$UD](LYD]L-DPHV.XQJ'XF+DQK71JX\HQ6WHSKHQ.'REHUVWHLQ )UDQoRLV(UDUG%HUQKDUG5\IIHODQG'DYLG(6]\PNRZVNL7KH-RXUQDO2I,PPXQRORJ\ ... 98 &KDSLWUH (WXGHGXU{OHGHV7/57/5HWGXFRUpFHSWHXU&'GDQV O·LQIODPPDWLRQSXOPRQDLUHLQGXLWHSDUODIODJHOOLQH ... 111 $UWLFOH 5DGLRUHVLVWDQWFHOOVH[SUHVVLQJWROOOLNHUHFHSWRUFRQWUROWKH UHVSLUDWRU\HSLWKHOLXPVLQQDWHLPPXQHUHVSRQVHVWRIODJHOOLQ HQqPH UHYXHj(XURSHDQ-RXUQDORI,PPXQRORJ\ /DXUH-DQRW-HDQ&ODXGH6LUDUG7KRPDV6HFKHU1LFRODV1RXOLQ/L]HWWH)LFN6KL]XR $NLUD6DWRVKL8HPDWVX$UQDXG'LGLHUODXUHQW7UDF\+XVVHOO%HUQKDUG5\IIHO)UDQoRLV (UDUG... 111',6&866,21
/HV pWXGHV TXH M·DL UpDOLVpHV GXUDQW PD WKqVH SRUWHQW SULQFLSDOHPHQW VXU OHV UpFHSWHXUV HW PpGLDWHXUV GH OD UpSRQVH LPPXQLWDLUH LQQpH j/LVWHULDPRQRF\WRJHQHV /P HWjODIODJHOOLQHLVVXHGH6DOPRQHOODW\SKLPXULXP
/D UpSRQVH LPPXQLWDLUH LQQpH FRQWUH /LVWpULD UHTXLHUW O·LQWHUYHQWLRQ GH 355 VSpFLILTXHV QRPPpV 7ROO/LNH 5HFHSWRU 7/5 /P HVW DLQVL UHFRQQX SDU OH 7/5 DILQ G·LQIRUPHUO·RUJDQLVPHGHO·HQWUpHGHODEDFWpULH/HV7/5QpFHVVLWHQWTXHOTXHIRLVO·DLGH GHFRUpFHSWHXUDILQG·RSWLPLVHUODUpSRQVHLPPXQLWDLUH-·DLDLQVLpWXGLpO·LPSOLFDWLRQGX FRUpFHSWHXU &' GDQV O·LQIHFWLRQ SDU /LVWpULD &' SDUWLFLSH DYHF 7/5 GDQV OD UHFRQQDLVVDQFH GH FRPSRVpV FRPPH OH OLSRSRO\VDFFKDULGH /36 GHV EDFWpULHV *UDP QpJDWLYH&HFRUpFHSWHXUSHUPHWjO·RUJDQLVPHjGpWHFWHUGHIDLEOHVTXDQWLWpVGH/36 HW SHUPHW DLQVL O·DFWLYDWLRQ GHV FHOOXOHV LPPXQLWDLUHV HW OD V\QWKqVH GH F\WRNLQHV HQ UpSRQVHjO·LQIHFWLRQ0HVWUDYDX[GHWKqVHRQWDQDO\VpO·LQWHUYHQWLRQGH&'GDQVOD UpSRQVHLPPXQLWDLUHLQQpHFRQWUH/LVWpULDDGPLQLVWUpHSDUYRLHYHLQHXVH
/·LQIHFWLRQ SDU /P HQJHQGUH SDU DLOOHXUV OD SURGXFWLRQ GH F\WRNLQHV SUR LQIODPPDWRLUHVFRPPHOH71)αO·,/RXO·,/71)ĴHVWXQHPROpFXOHLPSRUWDQWHGH ODUpJXODWLRQGHO·LQIODPPDWLRQHWGXUHFUXWHPHQWGHFHOOXOHVLPPXQLWDLUHVVXUOHOLHXGH O·LQIODPPDWLRQ&HWWHSURWpLQHHVWV\QWKpWLVpHVRXVIRUPHPHPEUDQDLUH 0HP71) HW SHXWrWUHFOLYpHHQ71)VROXEOH V71) %HDXFRXSG·pWXGHVRQWPRQWUpO·LPSOLFDWLRQGX 71)VROXEOHGDQVODPLVHHQSODFHGHODUpSRQVHLQQpHFRQWUH/LVWpULD(QUHYDQFKHOH U{OHGX0HP71)GDQVO·LQIODPPDWLRQHVWEHDXFRXSPRLQVFRQQX/·XWLOLVDWLRQGHVRXULV Q·H[SULPDQWTXHODIRUPHQRQFOLYDEOHGX71)P·DSHUPLVGHPHWWUHHQpYLGHQFHOHU{OH GHFHGHUQLHUGDQVO·LQIHFWLRQSDU/LVWpULD/·pWXGHGXPRGqOHG·LQIHFWLRQSDU/PYLHQW DLQVLFRPSOpWHUQRWUHFRQQDLVVDQFHGHVPpFDQLVPHVGHGpIHQVHHWRXYUHGHVSRUWHVVXU G·DXWUHV SURMHWV LQWpUHVVDQWV SRUWDQW SDU H[HPSOH VXU OHV WUDLWHPHQWV DQWL71) DGPLQLVWUpV j FHUWDLQV SDWLHQWV VRXIIUDQW GH PDODGLHV DXWRLPPXQHV FRPPH OD SRO\DUWKULWHUKXPDWRwGHODPDODGLHGH&URKQRXOHSVRULDVLV(QHIIHWFHVWUDLWHPHQWV UHSRVHQW VXU OD QHXWUDOLVDWLRQ DXVVL ELHQ GX V71) TXH GX 0HP71) SURYRTXDQW GHV HIIHWV VHFRQGDLUHV OLpV j O·DIIDLEOLVVHPHQW GX V\VWqPH LPPXQLWDLUH GH O·RUJDQLVPH &HUWDLQVSDWLHQWVVRQWDLQVLVXMHWVDX[PDODGLHVRSSRUWXQLVWHVHWGHQRXYHOOHVVWUDWpJLHV VRQW PLVHV HQ SODFH DILQ GH VRLJQHU OHV PDODGHV VDQV SRXU DXWDQW WURS DIIDLEOLU OHXU V\VWqPH LPPXQLWDLUH /D IDEULFDWLRQ G·XQ GRPLQDQW QpJDWLI GX 71) SHUPHW G·LQKLEHU
XQLTXHPHQWOHV71)HWODLVVHDFWLIOH0HP71)FRQWUDLUHPHQWDX[WUDLWHPHQWVDFWXHO TXLLQKLEHQWOHVGHX[IRUPHVGHFHWWHF\WRNLQH
8QHGHX[LqPHSDUWLHGHPDWKqVHP·DpJDOHPHQWSHUPLVG·pWXGLHUO·LPPXQLWpLQQpH DX QLYHDX GH OD PXTXHXVH SXOPRQDLUH 0HV WUDYDX[ RQW SRUWp VXU OD UpSRQVH GH O·pSLWKpOLXP SXOPRQDLUH LQGXLWH SDU DGPLQLVWUDWLRQ LQWUDQDVDOH GH IODJHOOLQH REWHQXH j SDUWLUGH6DOPRQHOODW\SKLPXULXP/DIODJHOOLQHHVWXQFRPSRVDQWGXIODJHOOHGHFHUWDLQHV EDFWpULHV HW UHFRQQXH SDU 7/5 &HUWDLQV WUDYDX[ RQW PRQWUp TXH OH 7/5 SRXYDLW IRUPHU XQ KpWpURGLPqUH DYHF 7/5 GDQV OD UpSRQVH j OD IODJHOOLQH HW M·DL GRQF YRXOX YpULILHU FHWWH K\SRWKqVH JUkFH j O·XWLOLVDWLRQ GH VRXULV GpILFLHQWHV 'H SOXV OH FR UHFHSWHXU &' LQWHUYLHQW FRPPH QRXV O·DYRQV YX DYHF 7/5 7/5 HW 7/5 GDQV OD GpWHFWLRQ GH OHXU OLJDQG &·HVW GRQF QDWXUHOOHPHQW TXH M·DL YRXOX pWXGLHU OD SLVWH GH OD GpWHFWLRQGHODIODJHOOLQHSDU&'DVVRFLpDX7/5RX7/5 /DJpQpUDWLRQGHVRXULVFKLPpULTXHVSRXU7/5P·DSDUDLOOHXUVSHUPLVG·pWXGLHUOHVU{OHV UHVSHFWLIVGHVFHOOXOHVpSLWKpOLDOHVHWGHVFHOOXOHVG·RULJLQHP\pORwGHGDQVODSURGXFWLRQ GHFKLPLRNLQHVHWGHF\WRNLQHVHQUpSRQVHjO·LQKDODWLRQGHIODJHOOLQH /HVREMHFWLIVGHPDWKqVHDXURQWpWpG·pWXGLHUO·LPSOLFDWLRQGX&'DYHF7/5 GDQV OD UpSRQVH j O·LQIHFWLRQ V\VWpPLTXH SDU /LVWpULD /D GpWHFWLRQ GH FH SDWKRJqQH LQGXLW OD SURGXFWLRQ GH F\WRNLQHV LQIODPPDWRLUHV HW MH PH VXLV SDUWLFXOLqUHPHQW LQWpUHVVpHDXU{OHGX0HP71)GDQVO·LQIHFWLRQSDUFHWWHEDFWpULH
3DU DLOOHXUV O·DGPLQLVWUDWLRQ LQWUDQDVDOH GH OD IODJHOOLQH P·D SHUPLV G·pWXGLHU SUpFLVpPHQW OD UpSRQVH GH OD PXTXHXVH SXOPRQDLUH $LQVL &' SHXWLO LQWHUYHQLU DYHF 7/5 RX DYHF O·KpWpURGLPqUH 7/57/5 GDQV OD UHFRQQDLVVDQFH GH FHWWH SURWpLQH PLFURELHQQH"'HSOXVTXHOVVRQWSUpFLVpPHQWOHVU{OHVGHVFHOOXOHVpSLWKpOLDOHVHWGHV FHOOXOHVP\pORLGHVGDQVFHWWHLQIODPPDWLRQ
,1752'8&7,21
&KDSLWUH
/·LPPXQLWpLQQpHXQHGpIHQVHUDSLGH
&RQWLQXHOOHPHQW H[SRVp j GLYHUV DJHQWV LQIHFWLHX[ FRPPH OHV YLUXV RX OHV EDFWpULHV O·RUJDQLVPH GRLW PHWWUH HQ SODFH XQH UpSRQVH LPPXQLWDLUH DGpTXDWH SRXU VH SURWpJHU $ILQ G·pOLPLQHU FHV SDWKRJqQHV OHV PDPPLIqUHV RQW DLQVL GpYHORSSp GHV V\VWqPHV GH GpIHQVH TXL UHSRVHQW VXU GHX[ FRPSRVDQWHV j VDYRLU O·LPPXQLWp LQQpH HW O·LPPXQLWpDFTXLVH
/·LPPXQLWp LQQpH LQWHUYLHQW HQ SUHPLqUH OLJQH GH GpIHQVH (OOH LQGXLW XQH LQIODPPDWLRQ HQ IDLVDQW LQWHUYHQLU GqV OHV SUHPLqUHV KHXUHV GH O·LQIHFWLRQ OHV FHOOXOHV LPPXQLWDLUHVFRPPHOHVPDFURSKDJHVOHVQHXWURSKLOHVRXOHVFHOOXOHVGHQGULWLTXHV '& DILQ GH SKDJRF\WHU OHV DJHQWV LQIHFWLHX[ HW IDFLOLWHU OD UpSRQVH LPPXQLWDLUH DFTXLVH &HWWH GHUQLqUH VH PHW GRQF HQ SODFH XQ SHX SOXV WDUGLYHPHQW HW VH FDUDFWpULVH SDU O·DFWLYDWLRQHWO·H[SDQVLRQFORQDOHGHVO\PSKRF\WHVSRVVpGDQWGHVUpFHSWHXUVVSpFLILTXHV GH O·DJHQW LQIHFWLHX[ /·LPPXQLWp LQQpH Q·HVW SDV GpQXpH GH WRXWH VSpFLILFLWp GH UHFRQQDLVVDQFHSXLVTX·HOOHGLVSRVHGHUpFHSWHXUVQRPPpV355VSRXU3DWWHUQ5HFRJQLWLRQ 5HFHSWRUV&HV355UHFRQQDLVVHQWVXUODSDURLGHO·DJHQWLQIHFWLHX[GHVPRWLIVLQYDULDQWV GpVLJQpV 3$03V SRXU 3DWKRJHQ$VVRFLDWHG 0ROHFXODU 3DWWHUQV /HV UpFHSWHXUV GH O·LPPXQLWpLQQpHVRQWH[SULPpVGHPDQLqUHFRQVWLWXWLYHHWQRQFORQDOHDILQGHSHUPHWWUH OD PLVH HQ SODFH UDSLGH GH OD UpSRQVH LPPXQLWDLUH LQQpH &HV 355 UHFRQQDLVVHQW GHV 3$03V SDUWLFXOLHUV DFWLYHQW GHV YRLHV GH VLJQDOLVDWLRQV VSpFLILTXHV pJDOHPHQW HW FRQGXLVHQWjXQHUpSRQVHSURSUHDXSDWKRJqQH
/DPLVHHQSODFHGHO·LQIODPPDWLRQ
/·LQIODPPDWLRQHVWXQHUpSRQVHLPPpGLDWHGHQRWUHRUJDQLVPHGpFOHQFKpHSDUXQH DJUHVVLRQ G·RULJLQH FKLPLTXH SK\VLTXH IUDFWXUH HQWRUVH RX GXH j XQH LQIHFWLRQ SDU GHVEDFWpULHVYLUXVSDUDVLWHVRXFKDPSLJQRQV 'pILQLHFOLQLTXHPHQWLO\DDQVSDU XQ PpGHFLQURPDLQ QRPPp &HOVH O·LQIODPPDWLRQ VH FDUDFWpULVH SDU TXDWUHV\PSW{PHV URXJHXURHGHPFKDOHXUHWGRXOHXU
/HV FDSLOODLUHV VDQJXLQV VH GLODWHQW ORFDOHPHQW DX QLYHDX GH OD SODLH RX GH O·LQIHFWLRQHWFUpHDLQVLXQDSSHOGHVDQJH[SOLTXDQWODURXJHXUGHODSHDX/·KLVWDPLQHHW ODVpURWRQLQHVRQWGHVPpGLDWHXUVDJLVVDQWVXUODYDVRGLODWDWLRQHWVXUO·DXJPHQWDWLRQGH
ODSHUPpDELOLWpYDVFXODLUH/HVFHOOXOHVLPPXQLWDLUHVSUpVHQWHVGDQVOHVYDLVVHDX[WHOOHV TXHOHVPDFURSKDJHVRXOHVQHXWURSKLOHVYRQWVHIL[HUjO·HQGRWKpOLXPHWWUDYHUVHUOD SDURLFDSLOODLUHDILQG·H[HUFHUOHXUU{OHGHSKDJRF\WRVHRXGHSURGXFWLRQGHPpGLDWHXUV GHO·LQIODPPDWLRQ
/D PLVH HQ SODFH GH OD UpSRQVH LPPXQLWDLUH LPSOLTXH OD PLJUDWLRQ GHV FHOOXOHV LPPXQLWDLUHV GH OD FLUFXODWLRQ VDQJXLQH YHUV OH VLWH LQIODPPDWRLUH R HOOHV SRXUURQW H[HUFHU SOHLQHPHQW OHXUVIRQFWLRQV &H SURFHVVXV IDLW LQWHUYHQLU GLYHUVHV FKLPLRNLQHV VpOHFWLQHV HW LQWpJULQHV HW VH GpURXOH VHORQ SOXVLHXUV VpTXHQFHV OD FDSWXUH GHV OHXFRF\WHVOHXUURXOHPHQWSXLVOHXUDGKpVLRQjO·HQGRWKpOLXP&HWWHVpTXHQFHDERXWLWj ODWUDYHUVpHGHO·pSLWKpOLXP GLDSpGqVH SDUOHVFHOOXOHVLPPXQLWDLUHV )LJXUH '·DSUqV:HEHU&1DW5HY,PPXQRO )LJXUH 0LJUDWLRQVpTXHQWLHOOHGHVFHOOXOHVLPPXQLWDLUHVGHODFLUFXODWLRQVDQJXLQHYHUVOHVLWH LQIODPPDWRLUH
/·LQWpUDFWLRQ GH OD /VHOHFWLQH H[SULPpH SDU OHV OHXFRF\WHV DYHF VRQ OLJDQG VLWXp VXU O·HQGRWKpOLXP SHUPHW OD FDSWXUH HW OH URXOHPHQW GH OD FHOOXOH LPPXQLWDLUH /·pWDSH G·DWWDFKHPHQW GHV OHXFRF\WHV j OD VXUIDFH HQGRWKpOLDOH UpVXOWH GH O·LQWpUDFWLRQ GH OD SURWpLQH 9&$0 Ĵǀ HQGRWKpOLDOH 9HU\ /DWH $QWLJHQ DYHF O·LQWpJULQH ,&$0 ǀ
FRPPH /)$ /HXNRF\WH )XQFWLRQ$VVRFLDWHG $QWLJHQ VXU OD PHPEUDQH GHV OHXFRF\WHV ,O VH SURGXLW pJDOHPHQW XQ UpDUUDQJHPHQW GX F\WRVTXHOHWWH GHV FHOOXOHV HQGRWKpOLDOHV SHUPHWWDQW OD FRQFHQWUDWLRQ HQ XQH UpJLRQ GHV SURWpLQHV G·DWWDFKHPHQW /DGLDSpGqVHIDLWLQWHUYHQLUODOLDLVRQGH/)$DYHF,&$0DLQVLTXHO·LQWpUDFWLRQGHV LQWpJULQHVH[SULPpHVSDUOHVOHXFRF\WHVDYHFOHVSURWpLQHVG·DGKpVLRQ-$0 -XQFWLRQQDO
$GKHVLRQ 0ROHFXOHV UpJXODQW KDELWXHOOHPHQW OHV FRQWDFWV FHOOXOHVFHOOXOHV /·pWDSH GH GLDSpGqVH UHTXLHUW pJDOHPHQW O·H[SUHVVLRQ GH FKLPLRNLQHV j OD VXUIDFH GH O·HQGRWKpOLXP
/HVF\WRNLQHVGHO·LQIODPPDWLRQ
'XUDQW O·LQIODPPDWLRQ F\WRNLQHV HW FKLPLRNLQHV VRQW SURGXLWHV VXU OH VLWH GH O·LQIHFWLRQHWRQWGHPXOWLSOHVHIIHWVVXUO·RUJDQLVPH/HVF\WRNLQHVSURLQIODPPDWRLUHV WHOOHV TXH OH 71) 7XPRU 1HFURVLV )DFWRU HW O·,/ ,QWHUOHXNLQ DXJPHQWHQW ORFDOHPHQWO·DFWLYLWpPLFURELFLGHGHVFHOOXOHVSKDJRF\WLTXHV&HVF\WRNLQHVSDUWLFLSHQWj O·LQLWLDWLRQGHODFRDJXODWLRQ HWDFWLYHQWODSURGXFWLRQGHSURWpLQHVYDVRGLODWDWULFHV FRPPH OH YDVFXODU HQGRWKHOLDO JURZWK IDFWRU SDU OHV FHOOXOHV HQGRWKpOLDOHV (OOHV VWLPXOHQWpJDOHPHQWODSURGXFWLRQGHVFKLPLRNLQHV,/ &;&/ HW0&3 0RQRF\WHV &KHPRDWWUDFWDQW 3URWHLQ RX &&/ SDU OHV FHOOXOHV pSLWKpOLDOHV HW HQGRWKpOLDOHV DILQ G·DWWLUHUQHXWURSKLOHVHWPDFURSKDJHVVXUOHVLWHLQIODPPp 'HPrPHO·DFWLYDWLRQGHV FHOOXOHV HQGRWKpOLDOHV VWLPXOH O·H[SUHVVLRQ GHV PROpFXOHV G·DGKpVLRQ j OD VXUIDFH GHV OHXFRF\WHV HW SHUPHW G·LQLWLHU OD GLDSpGqVH &HV F\WRNLQHV SHXYHQW DYRLU SDU DLOOHXUV GHV HIIHWV V\VWpPLTXHV VXU O·RUJDQLVPH (Q HIIHW LO D pWp PRQWUp TXH O·,/ǀ DXJPHQWHODSURGXFWLRQG·,/GDQVO·K\SRWKDODPXVDQWpULHXU]RQHGXFHUYHDXUpJXODQW ODWHPSpUDWXUHGHQRWUHFRUSVSURYRTXDQWDLQVLODILqYUH
/H71)PpGLDWHXUGHO·LQIODPPDWLRQ
/D GpFRXYHUWH GX 71) HVW PDUTXpH SDU WRXWH XQH VpULH G·REVHUYDWLRQV HW G·H[SpULHQFHV GHSXLV XQH FHQWDLQH G·DQQpHV (Q HIIHW HQ %UXQV REVHUYH TXH OHV SDWLHQWV DWWHLQWV GH WXPHXUV PRQWUHQW XQH UpJUHVVLRQ GH FHV GHUQLqUHV VXLWH j XQH LQIHFWLRQEDFWpULHQQH &HVREVHUYDWLRQVVRQWFRQILUPpHVHQ SDU6KHDUHWFRO (Q (OL]DEHWK &DUVZHOO PRQWUH TX·XQH VXEVWDQFH SUpVHQWH GDQV OH VpUXP GH VRXULVLQIHFWpHVSDUOHEDFLOOHGH&DOPHWWH*XpULQ %&* HWOH/36SHUPHWWHQWG·LQGXLUH ODQpFURVHGHODWXPHXUHWODQRPPH71) &·HVWHQ TXHODVpTXHQFHG·DFLGHV DPLQpV GX 71) KXPDLQ HVW GpWHUPLQpH HW OD SURWpLQH SXULILpH j SDUWLU G·XQH OLJQpH FHOOXODLUH O\PSKREODVWRwGH %HXWOHU HW FRO WUDYDLOODLHQW HQ SDUDOOqOH VXU OD FDFKH[LQH DVVRFLpH DX[ LQIHFWLRQV SDUDVLWDLUHV SHUPHWWDQW O·LQKLELWLRQ GH OD SURWpLQH
OLSDVH 'HPrPHO·pTXLSHGH7DNHGDLGHQWLILDLHQWOH7FHOO'LIIHUHQWLDWLRQLQGXFLQJ IDFWRU &HVGHX[PROpFXOHVFRUUHVSRQGHQWHQIDLWDX71)
'·DXWUHV SURWpLQHV KRPRORJXHV DX 71) RQW SDU OD VXLWH pWp GpFRXYHUWHV HW FRPSRVHQWODVXSHUIDPLOOHGX71)2QGLVWLQJXHDFWXHOOHPHQW PROpFXOHVGLIIpUHQWHV SDUPLOHVTXHOOHVRQUHWURXYHOHVO\PSKRWR[LQHVĴHWǀRXHQFRUHOHOLJDQG)$6 &HV OLJDQGV LQLWLHQW OHXU UpSRQVH FHOOXODLUH JUkFH j UpFHSWHXUV DSSDUWHQDQW j OD VXSHUIDPLOOHGHVUpFHSWHXUVDX71) 71)5 TXLVHFDUDFWpULVHQWSDUXQGRPDLQHULFKH HQF\VWpLQH &5' GDQVODSRUWLRQH[WUDFHOOXODLUH
/H71)VHUHWURXYHGDQVO·RUJDQLVPHVRXVGHX[IRUPHVO·XQHPHPEUDQDLUH 0HP71) HW O·DXWUH VROXEOH V71) /H 71) HVW HQ SUHPLHU OLHX V\QWKpWLVp VRXV OD IRUPH G·XQH SURWpLQH WUDQVPHPEUDQDLUH GH W\SH ,, GH N'D (OOH HVW HQVXLWH FOLYpH SDU OD PpWDOORSURWpLQDVH 7$&( 71)Ĵ &RQYHUWLQJ (Q]\PH HQ XQH IRUPH VpFUpWpH GH N'D
/H71)HVWSURGXLWSDUXQJUDQGQRPEUHGHFHOOXOHVLPPXQLWDLUHVRXQRQWHOOHVTXHOHV PDFURSKDJHVOHV'&OHVFHOOXOHV7HW%OHVFHOOXOHV1DWXUDO.LOOHU 1. OHVILEUREODVWHV RX OHV QHXURQHV /H V71) HW OH 0HP71) LQWHUDJLVVHQW YLD OHV UpFHSWHXUV 71)5HW71)5 71)5HFHSWRURXSHW71)5HFHSWRURXS DILQG·H[HUFHU OHXUVHIIHWVELRORJLTXHV 71)5VHPEOHrWUHH[SULPpGHPDQLqUHFRQVWLWXWLYHDORUV TXH71)5HVWLQGXFWLEOHHWSUpIpUHQWLHOOHPHQWH[SULPpSDUOHVFHOOXOHVHQGRWKpOLDOHV HW KpPDWRSRwpWLTXHV /H V71) HW OH 0HP71) SHXYHQW WRXV GHX[ VH OLHU j FHV GHX[ UpFHSWHXUVPDLVLOVHPEOHTXHODIRUPHVROXEOHVHOLHSUpIpUHQWLHOOHPHQWDX71)5HWOD IRUPH PHPEUDQDLUH SOXW{W DX 71)5 3DU DLOOHXUV 71)5 HW 71)5 VRQW pJDOHPHQWVROXEOHVDILQG·LKQLEHUO·DFWLRQGXV71)HW0HP71) )LJXUH
'·DSUqV7UDFH\'3KDUPDFRORJ\DQG7KHUDSHXWLFV
)LJXUH (IIHWVELRORJLTXHVGX71)HWLQWpUDFWLRQDYHFVHVUpFHSWHXUV
/H 71) MRXH XQ U{OH LPSRUWDQW GDQV O·KRPpRVWDVLH GX V\VWqPH LPPXQLWDLUH DYHF QRWDPPHQW OH ERQ GpYHORSSHPHQW HW OD PDLQWHQDQFH GHV RUJDQHV O\PSKRwGHV /HV VRXULV GpILFLHQWHV HQ 71) RX 71)5 PRQWUHQW G·DLOOHXUV XQH GpIDLOODQFH SDUWLHOOH GDQVODIRUPDWLRQGHVIROOLFXOHVGHFHOOXOHV%
/H 71) SHUPHW O·H[SUHVVLRQ GH FKLPLRNLQHV QpFHVVDLUHV DXUHFUXWHPHQW GH OHXFRF\WHV GDQV OHV WLVVXV LQIODPPpV HW SHUPHW OD IRUPDWLRQ GH JUDQXORPHV SDU OHV PDFURSKDJHV HW OHV FHOOXOHV 7 ORUV G·LQIHFWLRQV SDU0\FREDFWHULXP WXEHUFXORVLV RX /LVWHULD PRQRF\WRJHQHV /HV pWXGHV GH *ULYHQQLNRY HW FRO RQW PRQWUp TXH OH 71)SURGXLWSDUOHVPDFURSKDJHVHWOHVQHXWURSKLOHVHWQRQSDUOHVFHOOXOHV7HW%HVW FULWLTXHGDQVODUpVLVWDQFHjO·LQIHFWLRQSDU/LVWpULD /·pTXLSHGH6HUELQDHWFROD pJDOHPHQW pWXGLp OD UpVLVWDQFH j O·LQIHFWLRQ SDU FHWWH EDFWpULH HW D SX PHWWUH HQ pYLGHQFHOHU{OHLPSRUWDQWGX71)GDQVO·LQGXFWLRQGHODV\QWKqVHG·R[\GHQLWULTXHSDU OHV'&VSOpQLTXHV
%HDXFRXSGHFHVWUDYDX[pWXGLHQWOHVHIIHWVGX71)VDQVIDLUHGHGLVWLQFWLRQHQWUHOH V71) HW OH 0HP71) 3OXVLHXUV pTXLSHV RQW FHSHQGDQW PRQWUp TXH OH 0HP71) HVW LPSOLTXpOXLDXVVLGDQVODF\WRWR[LFLWpO·DFWLYDWLRQGHVFHOOXOHV%RXO·LQGXFWLRQG·,/SDU
OHVPRQRF\WHV 'HSOXVOH0HP71)SHXWLQGXLUHXQUpWURVLJQDOJUkFHjXQ PRWLIFDVpLQHNLQDVHFHTXLVXSSULPHODSURGXFWLRQGHF\WRNLQHVRXLQGXLWO·DSRSWRVHGH ODFHOOXOHH[SULPDQWOH0HP71) )LJXUH
/HV WUDYDX[ GH $OOLH HW FRO VXU OHV VRXULV .QRFN ,Q Q·H[SULPDQW TXH OH 0HP 71) RQW SHUPLV GH PRQWUHU TXH FHV DQLPDX[ UpVLVWHQW SDUWLHOOHPHQW j O·LQIHFWLRQ SDU 0\FREDFWHULXPWXEHUFXORVLV 'HPrPHFHVVRXULVRQWXQHUpSRQVHLPPXQLWDLUH QRUPDOHDSUqVLQIHFWLRQSDU/HLFKPDQLDPDMRUFHTXLQ·HVWSDVOHFDVGHVVRXULV71) 8QHSDUWLHGHPDWKqVHV·HVWDLQVLDWWDFKpHjpWXGLHUOHU{OHGX0HP71)GDQV O·LQIHFWLRQ SDU /LVWHULD PRQRF\WRJHQHV HW LO V·DYqUH HIIHFWLYHPHQW TXH OD IRUPH PHPEUDQDLUHGX71)SHUPHWGHJDUGHUXQHLPPXQLWpSDUWLHOOHFRQWUHOD/LVWpULD
/H71)DJLWQRUPDOHPHQWjIDLEOHFRQFHQWUDWLRQVXUOHVLWHGHO·LQIODPPDWLRQPDLV LO DUULYH SDUIRLV TXH OH V\VWqPH QH VRLW SDV UpJXOp QRUPDOHPHQW (Q HIIHW XQH FRQFHQWUDWLRQ WURS LPSRUWDQWH SHXW FRQGXLUH DX GpYHORSSHPHQW G·XQH SDWKRORJLH SOXV VpYqUH FRPPH O·DUWKULWH UKXPDWRwGH R OH 71) GHYLHQW DORUV XQH FLEOH WKpUDSHXWLTXH LPSRUWDQWH $LQVLOHVVRXULVWUDQVJpQLTXHVH[SULPDQWGHVTXDQWLWpVLPSRUWDQWHVGH 71)GpYHORSSHQWVSRQWDQpPHQWXQHDUWKULWHFOLQLTXHPHQWHWKLVWRORJLTXHPHQWVLPLODLUH j O·DUWKULWH UKXPDWRwGH /H 71) VHPEOH GRQF DYRLU XQ U{OH LPSRUWDQW GDQV OD FDVFDGHG·pYqQHPHQWVFRQGXLVDQWDXGpYHORSSHPHQWGHO·DUWKULWHUKXPDWRwGHODPDODGLH GH &URKQ RX HQFRUH OH SVRULDVLV /·HIIHW GX 71) HVW DPSOLILp SDU O·LQGXFWLRQ UDSLGH G·DXWUHV F\WRNLQHV FRPPH O·,/ǀ RX O·,/ /H WUDLWHPHQW DFWXHO GH FHV PDODGLHV UHSRVH HQWUH DXWUH VXU O·DGPLQLVWUDWLRQ G·DQWL71) DYHF O·LQIOL[LPDE O·HWDQHUFHSW O·DGDOLPXPDEOHFHUWROL]XPDESHJROOHJROLPXPDE7RXVVDXIO·pWDQHUFHSWTXLFRUUHVSRQG DX 71)5 IXVLRQQp jXQ IUJDPHQW )F G·XQH ,J* VRQW GHVDQWLFRUSVGLULJpV FRQWUH OH 71) )LJXUH /H 7KDOLGRPLGH FRQVWLWXHTXDQW j OXL XQDXWUH WUDLWHPHQW LQGXLVDQW OD GpJUDGDWLRQUDSLGHGHO·$51PHVVDJHUHWDERXWLWjO·LQKLELWLRQGHODSURGXFWLRQGH71)
'·DSUqV7UDFH\'3KDUPDFRORJ\DQG7KHUDSHXWLFV
)LJXUH 6WUXFWXUHGHVSULQFLSDX[DQWDJRQLVWHVGX71)XWLOLVpVGDQVOHVWUDLWHPHQWVDQWL71)
7RXV VRQW GHV DQWLFRUSV H[FHSWp O·pWDQHUFHSW TXL HVW XQH SURWpLQH GH IXVLRQ G·XQH SRUWLRQ GH 71)5KXPDLQDYHFODSDUWLH)FG·XQH,J*KXPDLQH
7RXVFHVWUDLWHPHQWVVXSSULPDQWOHVHIIHWVGXV71)HW0HP71)VRQWHIILFDFHVPDLV RQWSRXUHIIHWG·DXJPHQWHUOHVULVTXHVGHPDODGLHVRSSRUWXQLVWHVFRPPHODOLVWpULRVHRX OD WXEHUFXORVH 8Q DQWL71) G·XQ QRXYHDX W\SH OH 'RPLQDQW1pJDWLI GX 71) '171) DYXOHMRXUDYHFFRPPHLGpHSULQFLSDOHG·LQKLEHUVHXOHPHQWODIRUPHVROXEOH GX 71) HW GH JDUGHU LQWqJUH OD IRUPH PHPEUDQDLUH DILQ GH FRQVHUYHU XQH LPPXQLWp PLQLPDOH pYLWDQW j O·RUJDQLVPH GH FRQWUDFWHU G·DXWUHV LQIHFWLRQV &H '171) HVW FRQVWLWXpGHWURLVPRQRPqUHVFRPSRUWDQWGHVPXWDWLRQVFOpVHPSrFKDQWODIL[DWLRQHW O·DFWLYDWLRQ GHV UpFHSWHXUV 7)15 HW 71)5 &HV PXWDWLRQV UHVSHFWHQW WRXWHIRLV O·LQWpJULWp VWUXFWXUDOH GH OD SURWpLQH HW SHUPHW OHV pFKDQJHV GH PRQRPqUHV DYHFOHV71)QDWLI )LJXUH
'·DSUqV6WHHG306FLHQFH )LJXUH 5HSUpVHQWDWLRQVFKpPDWLTXHGHO·DFWLRQGX'171)/H71)QDWLI HQJULV IRUPHXQ KRPRWULPqUHVHOLDQWjVRQUpFHSWHXUFRQWUDLUHPHQWDX'171)IRUPDQWGHVKpWpURWULPqUHVRX GHVKRPRWULPqUHV HQRUDQJH QRQIRQFWLRQQHOV -·DLSXWHVWHUFH'171)GDQVOHPRGqOHG·LQIHFWLRQSDU/LVWpULD0HVH[SpULHQFHV P·RQW SHUPLV GHYDOLGHU PHV SUpFpGHQWVUpVXOWDWV VXU OHU{OH GX 71) PHPEUDQDLUH HQ UpSRQVHjFHSDWKRJqQHHWGHPRQWUHUTXHOH'171)VXSSULPHHIIHFWLYHPHQWO·DFWLYLWp GXV71)WRXWHQJDUGDQWO·LPPXQLWpSURWHFWULFHFRQIpUpHSDUOH0HP71)
/HPpFDQLVPHGHSKDJRF\WRVH
'pFULWLO\DFHQWDQSDU(OLH0HWFKQLNRIIXQHPEU\RORJLVWHUXVVH OHSKpQRPqQH GH SKDJRF\WRVH HVW XQ PpFDQLVPH FHOOXODLUH HVVHQWLHO XWLOLVp DXVVL ELHQ SDU OHV RUJDQLVPHV XQLFHOOXODLUHV TXH SDU OHV FHOOXOHV DSSDUWHQDQW DX[ PpWD]RDLUHV 'DQV XQ RUJDQLVPHVLPSOHFRPPHO·DPLEH'LFW\RVWHOLXPGLVFRLGHXPOHVSKDJRF\WHVGpWHFWHQWOHV DJUpJDWVHWRQWXQU{OHGDQVODGpIHQVHGHO·K{WH &KH]OHVRUJDQLVPHVVXSpULHXUV O·HPSULVRQQHPHQWHWODGLJHVWLRQGHVSDUWLFXOHVpWUDQJqUHVjO·RUJDQLVPHVRQWHIIHFWXpV SDUGHVFHOOXOHVSURIHVVLRQQHOOHV
/HVSDUWLFXOHVFLEOpHVSDUODSKDJRF\WRVHSHXYHQWrWUHGHVPLFURRUJDQLVPHVRXGHV FHOOXOHV DOWpUpHV DSSDUWHQDQW j O·RUJDQLVPH OXLPrPH (Q HIIHW OHV SKpQRPqQHV G·HPEU\RJHQqVHRXG·KRPpRVWDVLHWLVVXODLUHIRQWLQWHUYHQLUGHVPpFDQLVPHVG·DSRSWRVH /·LPSRUWDQFH GX PpFDQLVPH GH SKDJRF\WRVH GXUDQW O·HPEU\RJHQqVH GH 'URVRSKLOD PHODQRJDVWHUDDLQVLpWpWUqVpWXGLp 'HPrPHFKH]ODVRXULVOHVPDFURSKDJHV
H[HUFHQW XQ U{OH LPSRUWDQW GDQV OH UHPRGHODJH WLVVXODLUH LQWHUYHQDQW GXUDQW O·HPEU\RJqQHVH HW GDQV O·pOLPLQDWLRQ GHV FHOOXOHV PRUWHV 'DQV ERQ QRPEUH G·HVSqFHVODSKDJRF\WRVHH[HUFHpJDOHPHQWXQU{OHSURWHFWHXUGXUDQWO·LQYDVLRQSDUXQ SDWKRJqQHHWLQWHUYLHQWGDQVODUpSRQVHLPPXQLWDLUHLQQpH 'HSOXVOHVSKDJRF\WHV LQWHUYLHQQHQW GDQV OD SUpVHQWDWLRQ G·DQWLJqQH SUpUHTXLV DX GpFOHQFKHPHQW GH OD UpSRQVHLPPXQLWDLUHDGDSWDWLYH
/D SKDJRF\WRVH GpEXWH HQ SUHPLHU OLHX SDU OD OLDLVRQ GH O·DQWLJqQH DX UpFHSWHXU GX SKDJRF\WH &HV UpFHSWHXUV VRQW QRPEUHX[ HW RQ UHWURXYH SDUPL HX[ OHV UpFHSWHXUV VFDYHQJHU FRPPH &' RX 65$ &ODVV$ 6FDYHQJHU 5HFHSWRU LQWHUYHQDQWGDQVODSKDJRF\WRVHGHVFHOOXOHVDSRSWRWLTXHVHWGHVSDWKRJqQHVWHOVTXH( FROLRX6DXUHXV '·DXWUHVpWXGHVRQWPRQWUpTXHOHV\VWqPHGXFRPSOpPHQWHVW XQDFWHXULPSRUWDQWGHODSKDJRF\WRVH +HOP\HWFRORQWDLQVLLGHQWLILpOHUpFHSWHXU &5,γ H[SULPp SDU OHV PDFURSKDJHV UpVLGHQWV GX IRLH OHV FHOOXOHV GH .XSSIHU HW UHFRQQDLVVDQW OHV IUDJPHQWV &E HW L&E &HV UpFHSWHXUV GX FRPSOpPHQW SHXYHQW pJDOHPHQWVHOLHUjOD0DQQRVH%LQGLQJ/HFWLQH 0%/ HWOHVVRXULVGpILFLHQWHVHQFHWWH SURWpLQHVRQWVHQVLEOHVDX[LQIHFWLRQVSDU6DXUHXV
8QH IRLV TXH FHWWH OLDLVRQ HVW HIIHFWXpH HQWUH OD SDUWLFXOH DQWLJpQLTXH HW OH SKDJRF\WHLO\DIRUPDWLRQGHSVHXGRSRGHVJUkFHjXQUpDUUDQJHPHQWGXF\WRVTXHOHWWH G·DFWLQH HW XQ UHPRGHODJH GH OD PHPEUDQH /H SDWKRJqQH VH UHWURXYH DLQVL HPSULVRQQp GDQV OH FRPSDUWLPHQW LQWUDFHOOXODLUH QRPPp SKDJRVRPH DX VHLQ GX GXTXHO VHURQWSURGXLWVSOXVLHXUVVXEVWDQFHVWR[LTXHVFRPPHOH12O·2RXOH+2 /HV
HQ]\PHVL126 LQGXFWLEOH1LWULTXH2[\GH6\QWKDVH HWOD62' VXSHUR[\GHGLVPXWDVH VRQWLPSRUWDQWHVGDQVODSURGXFWLRQGHFHVFRPSRVpVHWFRQWULEXHQWjO·pOLPLQDWLRQGH FHUWDLQV SDWKRJqQHV /H SKDJRVRPH VXELW XQ SKpQRPqQH GH PDWXUDWLRQ HQ LQWHUDJLVVDQW DYHF OHV HQGRVRPHV SUpFRFHV SXLV WDUGLIV HW OHV O\VRVRPHV ,O DFTXLHUW VXFFHVVLYHPHQWOHFRQWHQXGHFKDFXQSRXUGHYHQLUXQSKDJRO\VRVRPH $XFRXUVGH FHWWH PDWXUDWLRQ OH FRQWHQX GX SKDJRVRPH V·DFLGLILH HW FRQWULEXH DLQVL j O·pOLPLQDWLRQGHVSDWKRJqQHVHQOLPLWDQWOHXUFURLVVDQFH&HSHQGDQWFHUWDLQHVEDFWpULHV RQW pODERUp GHV VWUDWpJLHV OHXU SHUPHWWDQW G·pFKDSSHU j OHXU GHVWUXFWLRQ SDU OH SKDJRO\VRVRPH&·HVWOHFDVGH0WXEHUFXORVLVHPSrFKDQWODPDWXUDWLRQGXSKDJRVRPH
HW GH /PRQRF\WRJHQHV TXL XWLOLVH GHV SKRVSKROLSDVHV HW OD OLVWpULRO\VLQH DILQ GH O\VHUODPHPEUDQHSKDJRVRPDOH
/HVUpFHSWHXUV7ROOOLNH
/HVFHOOXOHVLPPXQLWDLUHVGpWHFWHQWOHVPRWLIVPLFURELHQVjODVXUIDFHPHPEUDQDLUH GHV SDWKRJqQHV /HV UpFHSWHXUV 7ROOOLNH FRQVWLWXHQW XQH IDPLOOH GH UpFHSWHXUV LPSOLTXpV GDQV FHWWH UHFRQQDLVVDQFH HW GRQF GDQV OD PLVH HQ SODFH G·XQH UpSRQVH LPPXQLWDLUHLQQpH
/DGpFRXYHUWHGHV7/5
/D GpFRXYHUWH GH OD IDPLOOH 7/5 D GpEXWp DYHF O·LGHQWLILFDWLRQ GX UpFHSWHXU 7ROO H[SULPpFKH]OHVLQVHFWHV,ODDLQVLpWppWDEOLWTXH7ROOSHUPHWO·pWDEOLVVHPHQWGHO·D[H GRUVRYHQWUDOGXUDQWO·HPEU\RJHQqVH 6RQpWXGHDFRQGXLWTXHOTXHVDQQpHVSOXVWDUG jGpFRXYULUTX·LOLQWHUYLHQWpJDOHPHQWGDQVODUpSRQVHLPPXQLWDLUHLQQpHDQWLIRQJLTXHGHV GURVRSKLOHV /HV UHFKHUFKHV PHQpHV SDU OD VXLWH SDU 0HG]KLWRY HW -DQHZD\ RQW SHUPLV G·pWDEOLU TXH 7/5 HVW XQ KRPRORJXH KXPDLQ HW PXULQ GX JqQH 7ROO GH OD GURVRSKLOHDFWLYDQWODYRLHGHVLJQDOLVDWLRQGHO·,/TXLHVWIRUWHPHQWLPSOLTXpHGDQVOD UpSRQVHLQIODPPDWRLUH 'HSXLVFHWWHGpFRXYHUWH7/5PXULQVHW7/5KXPDLQV RQWpWpLGHQWLILpV
/DVWUXFWXUHGHV7/5
/HV 7/5 VRQW GHV JO\FRSURWpLQHV PHPEUDQDLUHV GH W\SH , FDUDFWpULVpHV SDU XQ GRPDLQHH[WUDFHOOXODLUHFRPSRUWDQWGHQRPEUHX[PRWLIVULFKHVHQ/HXFLQH /55 HWSDU XQHUpJLRQF\WRSODVPLTXHQRPPpH©GRPDLQH7,5ªHQUDLVRQGHVDIRUWHKRPRORJLHDX UpFHSWHXUGHO·,/ ,/5 &KDFXQHGHFHVGHX[UpJLRQVDXQU{OHELHQVSpFLILTXH /D SDUWLH LQWUDFHOOXODLUH UHODWLYHPHQW FRQVHUYpH HVW FUXFLDOH SRXU DFWLYHU GLIIpUHQWHV YRLHV GH VLJQDOLVDWLRQ IDLVDQW LQWHUYHQLU OHV SURWpLQHV DGDSWDWULFHV 0\' 0\HORLG 'LIIHUHQFLDWLRQ)DFWRU 7,5$30DO 7,5GRPDLQFRQWDLQLQJ$GDSWRU3URWHLQ0\' DGDSWRU OLNH RX 75,) 7,5 GRPDLQFRQWDLQLQJ DGDSWRU LQGXFLQJ ,)1ǀ /D SDUWLH H[WUDFHOOXODLUHGRQQHTXDQWjHOOHODVSpFLILFLWpGHUHFRQQDLVVDQFHGXUpFHSWHXUJUkFHj VHVGLIIpUHQWVGRPDLQHV/55 )LJXUH
'·DSUqV$NLUD61DW5HY,PPX )LJXUH 6WUXFWXUHGHV7/5HWGXUpFHSWHXUV,/5 /HVUpFHSWHXUV7/5HW,/5RQWXQGRPDLQHF\WRSODVPLTXHFRQVHUYpDSSHOp7,5HWFDUDFWpULVp SDUO·H[LVWHQFHGHWURLVUpJLRQVKRPRORJXHVQRPPpHVER[HW/HVSDUWLHVH[WUDFHOOXODLUHV VRQWWUqVGLIIpUHQWHV O·,/5FRPSRUWHGRPDLQHVGHW\SHLPPXQRJOREXOLQHDORUVTXHOHV7/5 SRVVqGHQWGHVUpSpWLWLRQVHQWDQGHPGHUpJLRQVULFKHVHQOHXFLQH /55 /HV7/5HWOHXUVOLJDQGV
/HV 7/5 DJLVVHQW HQ KRPRGLPqUHV RX KpWpURGLPqUHV SRXU UHFRQQDLWUH OHXUV OLJDQGV,ODDLQVLpWppWDEOLTXH7/57/5HW7/5UHFRQQDLVVHQWOHVOLSLGHVDLQVLTXH OHV FRPSRVpV FDUERK\GUDWpV GH OD SDURL GHV EDFWpULHV *UDPSRVLWLYH 3OXV SDUWLFXOLqUHPHQW7/5VHOLHDX[SHSWLGRJO\FDQHV 3*1 jO·DFLGHOLSRWHLFKRLTXH /7$ DLQVLTX·DX[OLSRSHSWLGHVGLDF\OpVORUVTX·LOHVWDVVRFLpDX7/5 /·KpWpURGLPqUH 7/57/5 UHFRQQDLW OHV OLSRSHSWLGHV WULDF\OpV GHV EDFWpULHV HW P\FREDFWpULHV 7/5 LOOXVWUH ELHQ OH IDLW TX·XQ 7/5 SHXW GRQF UHFRQQDLWUH XQ ODUJH pYHQWDLO GH SDWKRJqQHVSXLVTX·LOHVWLPSOLTXpGDQVODUpSRQVHLQIODPPDWRLUHFRQWUH6WDSK\ORFRFFXV DXUHXV 6WUHSWRFRFFXVSQHXPRQLDH /LVWHULD PRQRF\WRJHQHV RX HQFRUH FRQWUH&DQGLGDDOELFDQV
7/5UHFRQQDLWTXDQWjOXLOH/36GHODSDURLGHVEDFWpULHV*UDPQpJDWLYHHWIDLW LQWHUYHQLU SRXU FHOD GHV SURWpLQHV DXWUHV TXH OHV 7/5 DILQ G·DPSOLILHU OD UpSRQVH LPPXQLWDLUH (Q HIIHW OH /36 YLHQW VH OLHU j OD SURWpLQH F\WRVROLTXH /%3 /36 %LQGLQJ 3URWHLQ FKDUJpH G·DSSRUWHU FH GHUQLHU DX FRUpFHSWHXU &' /H FRPSOH[H &'/36
HVWUHFRQQXSDUODSURWpLQH0'DVVRFLpHjO·KRPRGLPqUH7/5DILQGHPHWWUHHQSODFH XQHUpSRQVHLQQpH
7/5HVWVSpFLDOLVpGDQVODGpWHFWLRQGHVEDFWpULHVIODJHOOpHVSXLVTX·LOUHFRQQDLW XQ GRPDLQH WUqV FRQVHUYp GH OD IODJHOOLQH XQ FRQVWLWXDQW PDMHXU GX IODJHOOH GH FHV SDWKRJqQHV ,OVHPEOHTXH7/5VRLWSOXW{WH[SULPpGXFRWpEDVRODWpUDOHWQRQ DX S{OH DSLFDO GHV FHOOXOHV pSLWKpOLDOHV 2Q OH UHWURXYH pJDOHPHQW VXU OHV FHOOXOHV HQGRWKpOLDOHVGHO·LQWHVWLQ /DIODJHOOLQHHVWpJDOHPHQWGpWHFWpHGDQVOHVSRXPRQV HW DFWLYH OD SURGXFWLRQ GH F\WRNLQHV SDU OHV FHOOXOHV pSLWKpOLDOHV SXOPRQDLUHV /H 7/5MRXHDLQVLXQU{OHLPSRUWDQWDXQLYHDXGHVPXTXHXVHVLQWHVWLQDOHVRXSXOPRQDLUHV /·H[LVWHQFH G·XQ FRGRQ VWRS GDQV OH GRPDLQH GH OLDLVRQ GX 7/5 KXPDLQ j OD IODJHOOLQH HPSrFKHODWUDQVPLVVLRQGXVLJQDOHWFHSRO\PRUSKLVPHHVWDVVRFLpjXQHVXVFHSWLELOLWp DFFUXHGHVSHUVRQQHVDX[SQHXPRQLHVFDXVpHVSDU/SQHXPRQLDH
7/5 HVW LPSOLTXp GDQV OD UHFRQQDLVVDQFH GH OD SURILOLQH LVVXH GX SDUDVLWH
7R[RSODVPD JRQGLL HW G·XQ FRPSRVDQW HQFRUH LQFRQQX GHV EDFWpULHV
XURSDWKRJpQLTXHV
/HV7/5HW VRQWOHVUpFHSWHXUVG·DFLGHVQXFOpLTXHVHWGHOHXUVGpULYpV 7/5VHOLHjO·$51GRXEOHEULQSURGXLWQRWDPPHQWORUVGHODUpSOLFDWLRQGHVYLUXVHWj VRQ OLJDQG V\QWKpWLTXH 3RO\ , & 3RO\LQRVLQHGHR[\F\WLG\OLF DFLG 7/5 HW UHFRQQDLVVHQWO·$51VLPSOHEULQHW7/5 O·$'1YLUDO
/HVYRLHVGHVLJQDOLVDWLRQLQGXLWHVSDUO·DFWLYDWLRQGHV7/5
/DOLDLVRQGXOLJDQGjVRQ7/5LQGXLWXQFKDQJHPHQWGHFRQIRUPDWLRQGXUpFHSWHXU TXLYDDORUVVHOLHUjXQHSURWpLQHDGDSWDWULFHJUkFHjVRQGRPDLQH7,5LQWUDFHOOXODLUH &H PpFDQLVPH FRQGXLW j XQH FDVFDGH GH VLJQDOLVDWLRQ SHUPHWWDQW O·DFWLYDWLRQ GH JqQHV LQWHUYHQDQWVGDQVOHVPpFDQLVPHVGHGpIHQVHGHO·K{WHFRQWUHOHSDWKRJqQH
,OH[LVWHjFHMRXUTXDWUHPROpFXOHVDGDSWDWULFHV 0\'7,5$375,)HWHQILQ 75$07,&$0 75,)UHODWHG DGDSWRU PROHFXOH7,5GRPDLQ DGDSWRU PROHFXOH $LQVL XQ PrPH UpFHSWHXU SHXW LQLWLHU GLIIpUHQWHV UpSRQVHV VXLYDQW OD SURWpLQH DGDSWDWULFHTXLOXLHVWDVVRFLpHHWGHX[YRLHVRQWSXrWUHGpFULWHV/·XQHGHFHVYRLHVHVW 0\GGpSHQGDQWH HW FRQGXLW j OD V\QWKqVH GH F\WRNLQHV LQIODPPDWRLUHV O·DXWUH YRLH
HVW 75,)GpSHQGDQWH HW HVW SOXW{W LPSOLTXpH GDQV OD SURGXFWLRQ GHV ,)1 LQGXFWLEOHV )LJXUH
0\' V·DVVRFLH j WRXV OHV 7/5 VDXI DX 7/5 /·DVVRFLDWLRQ GH 0\' DYHF OD SDUWLHF\WRSODVPLTXHGX7/5RXGH,/5LQGXLWOHUHFUXWHPHQWGHVSURWpLQHV,5$. ,/ 5DVVRFLDWHG NLQDVH HW ,5$. YLD GHV LQWpUDFWLRQV KRPRSKLOLTXHV GLWHV '''' SRXU 'HDWK 'RPDLQ /D IRUPDWLRQ GH FH FRPSOH[H SHUPHW OH UHFUXWHPHQW GH 75$) 71)5DVVRFLDWHG IDFWRU TXL DJLW FRPPH XQH OLJDVH LQWHUYHQDQW GDQV OHV SURFHVVXVG·XELTXLWLQDWLRQ(QDVVRFLDWLRQDYHFOHFRPSOH[HHQ]\PDWLTXH(FRPSRVpGH 8%&HW8(9$75$)FDWDO\VHODSRO\XELTXLWLQDWLRQVXUOXLPrPHHWVXU1(02 ,.. ǁ1)dž%HVVHQWLDOPRGXODWRU &HPpFDQLVPHLQGXLWO·DFWLYDWLRQGHVNLQDVHV7$. 7$% 7$.ELQGLQJSURWHLQ 7$%HW7$% SHUPHWWDQWODSKRVSKRU\ODWLRQ GH1(02HWO·DFWLYDWLRQGXFRPSOH[H,../DSKRVSKRU\ODWLRQGH,dž%SHUPHWGHOLEpUHU GDQVOHF\WRSODVPHOHIDFWHXUGHWUDQVFULSWLRQ1)dž%HWGHWUDQVORTXHUGDQVOHQR\DXGH OD FHOOXOH DILQ G·LQGXLUH O·DFWLYDWLRQ GHV JqQHV SHUPHWWDQW QRWDPPHQW OD V\QWKqVH GH F\WRNLQHVLQIODPPDWRLUHV
/D )LJXUH PRQWUH SDU DLOOHXUV O·LQWHUYHQWLRQ GX IDFWHXU GH WUDQVFULSWLRQ ,5) ,QWHUIHURQUHJXODWRU\ IDFWRU HQ SOXV GH FHOOH GH 1)dž% $SUqVDFWLYDWLRQ GX 7/5 ,5)WUDQVORTXHGDQVOHQR\DXSRXUVHIL[HUDXQLYHDXGXSURPRWHXUGHF\WRNLQHVSUR LQIODPPDWRLUHVHWSHUPHWWUHODV\QWKqVHG·,/,/HWGX71)
/D VLJQDOLVDWLRQ GH 7/5 HW 7/5 UHTXLHUW SDU DLOOHXUV OD SUpVHQFH GH 7,5$3 SRXU UHFUXWHU 0\' /·DGPLQLVWUDWLRQ GH /36 j GHV VRXULV 7,5$3GpILFLHQWHV Q·LQGXLW SDV GH SURGXFWLRQ GH F\WRNLQHV LQIODPPDWRLUHV (Q UHYDQFKH O·H[SUHVVLRQ GHV JqQHV ,)1LQGXFWLEOHV VH SURGXLW WRXMRXUV PRQWUDQW DLQVL O·H[LVWHQFH G·XQH YRLH GH VLJQDOLVDWLRQ 0\'LQGpSHQGDQWH 7,5$3 HVW GRQF QpFHVVDLUH j OD VLJQDOLVDWLRQ 0\'GpSHQGDQWHGHVUpFHSWHXUV7/5HW7/5
'·DSUqV.DZDL76HPLQDUVLQ,PPXQRORJ\ )LJXUH 9RLHVGHVLJQDOLVDWLRQ0\'7,5$3GHSHQGDQWHW75,)75$0GHSHQGDQW $SUqVVWLPXODWLRQWRXVOHV7/5VDXI7/5UHFUXWHQWOHVSURWpLQHV0\',5$.VHW75$)/H FRPSOH[H7$.DFWLYHOHFRPSOH[H,..DILQGHSKRVSKRU\OHUODVRXVXQLWp,dž%1)dž%HVWDORUV OLEpUpGDQVOHF\WRSODVPHSXLVWUDQVORTXpGDQVOHQR\DXSRXUDFWLYHUOHVJqQHVUHVSRQVDEOHVGHOD SURGXFWLRQGHF\WRNLQHVLQIODPPDWRLUHV /DVWLPXODWLRQGHV7/5WHOVTXH7/57/57/5HW7/5 LQGXLWODSURGXFWLRQ G·,)1 GH W\SH , HQ SOXV GH FHOOH GHV F\WRNLQHV SURLQIODPPDWRLUHV (Q UpSRQVH j GHV OLJDQGV GH 7/5 HW 7/5 OHV VRXULV GpILFLHQWHV HQ 75,) PRQWUHQW XQH LQFDSDFLWp j DFWLYHU OH IDFWHXU GH WUDQVFULSWLRQ ,5) UHVSRQVDEOH GH O·H[SUHVVLRQ GHV JqQHV ,)1 LQGXFWLEOHVSHUPHWWDQWODPDWXUDWLRQGHVFHOOXOHVGHQGULWLTXHVO·H[SUHVVLRQGHPROpFXOHV GH FRVWLPXODWLRQ HW OD VpFUpWLRQ G·,)1ǀ <DPDPRWR HW FRO DLQVL TXH +RHEH RQW GpPRQWUpTXH7/5UHTXLHUWOHVYRLHV0\'GpSHQGDQWHW0\'LQGpSHQGDQW75,) GpSHQGDQWSRXULQGXLUHO·H[SUHVVLRQGHVF\WRNLQHVLQIODPPDWRLUHV
'·DXWUHV WUDYDX[ RQW PRQWUp TXH 75,) SHXW V·DVVRFLHU DYHF XQH DXWUH PROpFXOH DGDSWDWULFH QRPPpH 75$0 GDQV OD YRLH 7/5 XQLTXHPHQW )LJXUH (Q HIIHW O·LQKLELWLRQ GH O·H[SUHVVLRQ GH 75$0 SDU VL51$ VPDOO LQWHUIHULQJ 51$ GpPRQWUH TXH
FHWWHSURWpLQHLQWHUYLHQWDSUqVDFWLYDWLRQGHODYRLH7/5 HWQRQGHODYRLH7/5 GDQV O·LQGXFWLRQGHO·,)1ǀHWGHVJqQHV,)1LQGXFWLEOHV <DPDPRWRHWFRORQWREVHUYp TXH OHV VRXULV GpILFLHQWHV HQ 75$0 SUpVHQWHQW XQH SHUWH G·DFWLYDWLRQ GX IDFWHXU GH WUDQVFULSWLRQ ,5) DLQVL TX·XQH GLPLQXWLRQ GH O·H[SUHVVLRQ GHV JqQHV ,)1LQGXFWLEOHV GDQV OH FDV G·XQH VWLPXODWLRQ 7/5 75$0 HVW GRQF LPSOLTXp GDQV OD YRLH G·DFWLYDWLRQ0\'LQGpSHQGDQWH75,)GpSHQGDQWGH7/5 /DORFDOLVDWLRQFHOOXODLUHGHV7/5 /HV7/5VRQWH[SULPpVSDUOHVFHOOXOHVLPPXQLWDLUHVFRPPHOHVPDFURSKDJHVOHV FHOOXOHVGHQGULWLTXHVOHVO\PSKRF\WHV%HWFHUWDLQVW\SHVGHO\PSKRF\WHV7/HVFHOOXOHV QRQLPPXQLWDLUHVFRPPHOHVFHOOXOHVpSLWKpOLDOHVRXOHVILEUREODVWHVSHXYHQWpJDOHPHQW H[SULPHU OHV 7/5 &HWWH H[SUHVVLRQ SHXW rWUH PRGXOpH UDSLGHPHQW HQ UpSRQVH DX[ SDWKRJqQHV RX VHORQ XQ FHUWDLQ HQYLURQQHPHQW F\WRNLQLTXH /D VSpFLILFLWp GH UHFRQQDLVVDQFH GHV OLJDQGV SDU OHXU UpFHSWHXU 7/5 HVW UHQIRUFpH SDU OD ORFDOLVDWLRQ FHOOXODLUHGHFHVGHUQLHUV(QHIIHWOHV7/5HWVRQWVLWXpVjODVXUIDFHFHOOXODLUH DORUV TXH OHV 7/5 HW LPSOLTXpV GDQV OD UHFRQQDLVVDQFH G·DFLGHV QXFOpLTXHV VRQW H[FOXVLYHPHQWH[SULPpVGDQVOHVFRPSDUWLPHQWVLQWUDFHOOXODLUHV /DW]HWFRO RQW DLQVL PRQWUp TXH 7/5 HVW H[SULPp GDQV OH UpWLFXOXP HQGRSODVPLTXH 5( HW OD VWLPXODWLRQ DYHF VRQ OLJDQG &S*$'1 UHTXLHUW VRQ UHFUXWHPHQW DX QLYHDX GHV FRPSDUWLPHQWVHQGRVRPDOHWO\VRVRPDO
&'HVWXQGHVFRUpFHSWHXUVDVVRFLpVDX[7/5
&HUWDLQV 7/5 UHTXLqUHQW O·DLGH GH PROpFXOHV ©DFFHVVRLUHVª DILQ G·RSWLPLVHU OD UHFRQQDLVVDQFH GHV PRWLIV SDWKRJpQLTXHV &HV PROpFXOHV SHXYHQW UpJXOHU FHWWH UHFRQQDLVVDQFH j OD VXUIDFH PHPEUDQDLUH FRPPH 0' RX GDQV OH UpWLFXOXP HQGRSODVPLTXHFRPPHODJS &HUWDLQHVGHFHVPROpFXOHVDFFHVVRLUHVFRPPH&'RX &'DJLVVHQWGLUHFWHPHQWVXUOHVOLJDQGVGHV7/5
&' HVW XQH SURWpLQH DWWDFKpH j OD PHPEUDQH SODVPLTXH JUkFH j XQH DQFUH JO\FRSKRVSKDWLG\OLQRVLWRO *3, HW HVW DFWLYH GDQV VD IRUPH VROXEOH HW PHPEUDQDLUH &' QH SRVVqGH SDV GH GRPDLQH LQWUDFHOOXODLUH OXL SHUPHWWDQW GH
WUDQVPHWWUH O·LQIRUPDWLRQ HW QpFHVVLWH VRQ LQWpUDFWLRQ DYHF XQ 7/5 SRXU DFWLYHU OHV FHOOXOHVLPPXQLWDLUHV/HVSUHPLqUHVpWXGHVPHQpHVVXUOH&'RQWPRQWUpTXHFHWWH SURWpLQHHVWLPSOLTXpHGDQVODOLDLVRQHWOHWUDQVIHUWGH/36DXFRPSOH[H7/50' /H/36HVWFRQVWLWXpHQWUHDXWUHGX/LSLG$DYHFXQHFKDLQHSRO\VDFFKDULGLTXH2 JO\FRV\OpH SOXV RX PRLQV ORQJXH /RUVTXH FHWWH FKDLQH HVW FRXUWH RQ SDUOH GH ©URXJK /36ª &H GHUQLHU HVW FDSDEOH G·DFWLYHU VHXO OH 7/5 DYHF SRXU FRQVpTXHQFH OH UHFUXWHPHQW GHV SURWpLQHV 0\' HW 7,5$3 DX FRQWUDLUH GX ©VPRRWK /36ª TXL UHTXLHUWOH&'SRXUDFWLYHUOH7/5HWUHFUXWHUOHVDGDSWDWHXUV75,)HW75$0 )LJXUH '·DSUqV*RGRZVNL3-1DW,PPXQRO )LJXUH 9RLHV&'GpSHQGDQWHHWLQGpSHQGDQWHLPSOLTXpHVGDQVODVLJQDOLVDWLRQ7/5/36/H FRPSOH[H0'7/5QHSHXWOLHUOHVPRRWK/36TXHVL&'HVWSUpVHQW
/·XWLOLVDWLRQ GH OD FRLPPXQRSUpFLSLWDWLRQ D SHUPLV GH PHWWUH HQ pYLGHQFH O·LQWpUDFWLRQ GLUHFWH GH &' DYHF OHV 7/5 HW 7/5 &H FRPSOH[H OLJDQG&'7/5 HVW G\QDPLTXH SXLVTXH OD IL[DWLRQ GX OLJDQG VXU VRQ UpFHSWHXU 7/5 DSSURSULp VWDELOLVH O·HQVHPEOH&'7/5HWOXLSHUPHWGHPLJUHUDXQLYHDXGHVUDIWVOLSLGLTXHV /HV WUDYDX[ GH /HQWVFKDW RQW G·DLOOHXUV UpYpOp TXH OH &' PHPEUDQDLUH UpVLGH GDQV GHV PLFURGRPDLQHV ULFKHV HQ FKROHVWpURO FRQWHQDQW OHV NLQDVHV VUF HW OHV SURWpLQHV * LPSRUWDQWHVGDQVODUpSRQVHDX/36 )LJXUH
'·DSUqV)LQEHUJ5,PPXQLW\
)LJXUH /RFDOLVDWLRQGX&'DXQLYHDXGHVUDIWVOLSLGLTXHV
/H &' HVW H[SULPp j OD VXUIDFH PHPEUDQDLUH JUkFH j VRQ HQFUH *3, DX QLYHDX GH UDIWV OLSLGLTXHVUHJURXSDQWODSURWpLQHNLQDVHVUFHWODSURWpLQH*
$XVVLELHQLQYLWURTX·LQYLYROHFRUpFHSWHXU&'VHPEOHLPSRUWDQWGDQVODGpWHFWLRQGH SDWKRJqQHVUHFRQQXVSDU7/5$LQVLOHVSHSWLGRJO\FDQQHVGHODSDURLGH6DXUHXVHW6 SQHXPRQLDH QpFHVVLWHQW OD FRH[SUHVVLRQ GH &' DYHF 7/5 SRXU LQGXLUH XQH UpSRQVH 1)dž% &' HVW pJDOHPHQW LPSOLTXp DYHF 7/5 GDQV OD GpWHFWLRQ GHV 6WUHSWRFRTXHVGXJURXSH% HWGXF\WRPpJDORYLUXVKXPDLQ F·HVWSRXUTXRLM·DL YRXOXH[SORUHUO·LPSOLFDWLRQGX&'GDQVODUHFRQQDLVVDQFHGH/LVWpULDPRQRF\WRJHQHV )OR HW FRO RQW G·DLOOHXUV PRQWUp TXH &' HW 7/5 DJLVVDLHQW GH FRQFHUW GDQV OD UHFRQQDLVVDQFH GH OD /LVWpULD WXpH SDU OD FKDOHXU +HDW .LOO/LVWHULD PRQRF\WRJHQHV +./0
/HVWUDYDX[GH/HHRQWGHSXLVPLVHQpYLGHQFHOHIDLWTXHO·DFWLYLWpGX&'Q·HVWSDV UHVWUHLQWH DX[ 7/5 HW 7/5 SXLVTXH OD WUDQVGXFWLRQ GX VLJQDO LQLWLp SDU 7/5 HVW DPSOLILpHSDUFHFRUpFHSWHXUORUVGHODGpWHFWLRQGHVGRXEOHVEULQVG·$51
/HVUpFHSWHXUV1/5HW5,*, GHVUpFHSWHXUV/55LQWUDF\WRSODVPLTXHV
'HX[DXWUHVFODVVHVGHUpFHSWHXUVF\WRVROLTXHVLQWHUYHQDQWGDQVODUHFRQQDLVVDQFH LQWUDFHOOXODLUHV GHV SDWKRJqQHV RQW pWp GpFRXYHUWV LO V·DJLW GHV UpFHSWHXUV 1/5
1XFOHRWLGH ELQGLQJ ROLJRPHUL]DWLRQ GRPDLQ 12' OLNH 5HFHSWRUV HW 5/+ 5HWLQRLF $FLG,QGXFLEOHJHQH, 5,*, OLNH+HOLFDVHV
/HV 1/5VVRQW GHVUpFHSWHXUV KDXWHPHQW FRQVHUYpV DX FRXUVGH O·pYROXWLRQ TXH O·RQUHWURXYHDXVVLELHQFKH]OHVPDPPLIqUHVTXHOHVSODQWHV ,OVVHFDUDFWpULVHQW SDUOHXUVWUXFWXUHWULSDUWLWHSXLVTX·LOVSRVVqGHQWXQHSDUWLH&WHUPLQDOHULFKHHQOHXFLQH OHXUSHUPHWWDQWGHUHFRQQDLWUHFHUWDLQVPRWLIVSDWKRJpQLTXHV XQGRPDLQHFHQWUDO1%' 1XFOHRWLGH %LQGLQJ 'RPDLQ SUpVHQWDQW XQH DFWLYLWp $73DVH HW UpJXODQW O·ROLJRPpULVDWLRQ GHV 1/5V XQH SDUWLH 1WHUPLQDOH TXL SHXW SUpVHQWHU GLIIpUHQWV GRPDLQHV G·XQ 1/5 j O·DXWUH 2Q GpQRPEUH SDU H[HPSOH PHPEUHV 12' 1XFOHRWLGH ELQGLQJ 2OLJRPHUL]DWLRQ 'RPDLQ FRPSRUWDQW XQ GRPDLQH &$5' HQ 1WHUPLQDO PHPEUHV 1$/3 D\DQW XQ GRPDLQH 3<5,1 OH 1/5 1$,3 SRVVqGH GRPDLQHV %,5 %DFXORYLUXVLQKLELWRURIUHSHDW )LJXUH '·DSUqV0DUWLQRQHW7VFKRSS7UHQGVLQ,PPXQRORJ\ )LJXUH 2UJDQLVDWLRQWULSDUWLWHGHTXHOTXHV1/5VUHSUpVHQWDWLIV /HV1/5VVRQWFDUDFWpULVpVSDUXQGRPDLQHGHUHFRQQDLVVDQFHGHOLJDQGVSDWKRJpQLTXHV/55V HQ MDXQH XQ GRPDLQH 1$&+7 UHVSRQVDEOH GH O·ROLJRPpULVDWLRQ GHV 1/5V HQ YHUW HW XQ GRPDLQH HIIHFWHXUGHW\SH3<'&$5'RX%,5SHUPHWWDQWODPLVHHQSODFHG·XQHVLJQDOLVDWLRQ
/HV UpFHSWHXUV LQWUDF\WRSODVPLTXHV 12' HW 12' RQW pWp SDUWLFXOLqUHPHQW pWXGLpV'LYHUVWUDYDX[RQWPRQWUpG·XQHSDUWTXHOHVPDFURSKDJHVGpILFLHQWVHQ12' HW 12' QH SHXYHQW SURGXLUH GH F\WRNLQHV SURLQIODPPDWRLUHV HQ UpSRQVH j OHXUV OLJDQGV '·DXWUH SDUW 12' VHPEOH LPSOLTXp GDQV OHV PDODGLHV LQIODPPDWRLUHV
WRXFKDQW OHV LQWHVWLQV QRWDPPHQW GDQV OD PDODGLH GH &URKQ 12' HW 12' UHFRQQDLVVHQW UHVSHFWLYHPHQW OHV SHSWLGRJO\FDQHV GHV EDFWpULHV TXH VRQW O·DFLGH ǁ' JOXWDP\OPHVRGLDPLQRSLPHOLTXH L('$3 HWOHPXUDP\OGLSHSWLGH 0'3 /D OLDLVRQ GHV OLJDQGV j OHXU 1/5 SHUPHW OHXU ROLJRPpULVDWLRQ SXLV O·DFWLYDWLRQ GX IDFWHXU 1)dž%JUkFHDXUHFUXWHPHQWGHODVpULQHWKUpRQLQHNLQDVH5,35,&.VXUOHXUGRPDLQH &$5'&HWWHVLJQDOLVDWLRQDERXWLWjODSURGXFWLRQGHF\WRNLQHVSURLQIODPPDWRLUHVHWGX SUpFXUVHXUGHO·,/ǀ SUR,/ǀ )LJXUH
/·LQIHFWLRQGHO·RUJDQLVPHSDUOHVEDFWpULHVLQGXLWO·DFWLYDWLRQGHODFDVSDVHHQ]\PHTXL FDWDO\VH OH SURFHVVXV GH PDWXUDWLRQ GH OD SUR,/ ǀ HQ ,/ ǀ IRQFWLRQQHOOH &H SURFHVVXV IDLW DSSHO j OD IRUPDWLRQ G·XQ FRPSOH[H FDWDO\WLTXH QRPPp LQIODPPDVRPH UHJURXSDQW OHV FDVSDVHV HW DLQVL TXH GHV PHPEUHV GH ODIDPLOOH 1$/3 HW HQILQ OD SURWpLQHDGDSWDWULFH$6& $SRSWRVLVDVVRFLDWHGVSHFNOLNHSURWHLQFRQWDLQLQJD&$5' $LQVL 1$/3 HW $6& pWDEOLVVHQW GHV LQWpUDFWLRQV KRPRSKLOLTXHV JUkFH j OHXU GRPDLQH3<5,1/DFDVSDVHYLHQWLQWHUDJLUDYHFOHGRPDLQH&$5'GHODSURWpLQH$6& HWSHUPHWO·DFWLYDWLRQGHO·,/ǀ PDLVDXVVLGHO·,/ '·DSUqV0DUWLQRQHW7VFKRSSV7UHQGVLQ,PPXQRORJ\ )LJXUH $FWLYDWLRQGHO·LQIODPPDVRPHSDUOHVSHSWLGRJO\FDQQHV 3*1 EDFWpULHQV /HV3*1VRQWGpJUDGpVHQPXUDP\OGLSHSWLGH 0'3 SDUOHSKDJRO\VRVRPH0'3LQGXLWO·DFWLYDWLRQ GH12'TXLFRQGXLWjODWUDQVORFDWLRQQXFOpDLUHGH1)dž%HWGRQFjODSURGXFWLRQGHSUR,/ǀ 03' FRQGXLW pJDOHPHQW j O·DFWLYDWLRQ GH 1$/3 DILQ G·LQGXLUH OD IRUPDWLRQ GH O·LQIODPPDVRPH FRPSRVpGH1$/3FDUGLQDO$6&HWGHODFDVSDVH/DFDVSDVHFOLYHODSUR,/ǀHQ,/ǀ
/HV OLJDQGV GH OD IDPLOOH 1$/3 VRQW LQFRQQXV VDXI SRXU 1$/3 TXL UHFRQQDLW O·$51 EDFWpULHQ O·$73HWOHVFULVWDX[G·DFLGHVXULTXHV
,O VHPEOH SDU DLOOHXUV TXH OHV 1/5V ,SDI ,&( SURWHDVH DFWLYDWLQJ IDFWRU HW 1$,3 1/5 IDPLO\ DSRSWRVLV LQKLELWRU\ SURWHLQ VRLHQW LPSOLTXpV GDQV O·DFWLYDWLRQ GH OD FDVSDVH DSUqV UHFRQQDLVVDQFH GH OD IODJHOOLQH SRUWpH SDU 6 W\SKLPXULXP RX / SQHXPRSKLOD
/HVUpFHSWHXUV5/+VGpWHFWHQWTXDQWjHX[OHV$51YLUDX[GRXEOHEULQVUHOkFKpV GDQV OH F\WRSODVPH HW QRQ DFFHVVLEOHV DX 7/5 )LJXUH $ FH MRXU W\SHV GH SURWpLQHVIRQWSDUWLHGHV5/+V 5,*,HW0'$ 0HODQRPD'LIIHUHQWLDWLRQ$VVRFLDWHG JHQH FRPSRUWDQWXQGRPDLQH&$5'GDQVODSDUWLH1WHUPLQDOHHWXQGRPDLQHKHOLFDVH HQ&WHUPLQDO/DSURWpLQH/*3 /DERUDWRU\RI*HQHWLFVDQG3K\VLRORJ\ QHSRVVqGH TXH OH GRPDLQH KpOLFDVH HQ &WHUPLQDO &RPPH OHV 7/5 HW OHV1/5 OHV5/+VRQW FRQVHUYpV GDQV O·pYROXWLRQ HW VRQW LPSRUWDQWV SRXU OD GpWHFWLRQ GHV YLUXV 5,*, UHFRQQDLWOHVYLUXVGHODPDODGLHGH1HZFDVWOHRXGH6HQGDLJUkFHDXWULSKRVSKDWHSRUWp GDQVODSDUWLH·WHUPLQDOHGHOHXU$51HWSHUPHWDLQVLODSURGXFWLRQG·,)1 /·$51 GRXEOH EULQ GHV SLFRUQDYLUXV WHO TXH OH YLUXV GH O·HQFpSKDORP\RFDUGLWH GH OD URXJHROH RX GH OD JULSSH HVW UHFRQQX SDU 0'$ /D SURWpLQH /*3 IRQFWLRQQHUDLW FRPPH XQ UpJXODWHXU QpJDWLI GH OD VLJQDOLVDWLRQ GH 5,*, HW 0'$
'·DSUqV0H\ODQ(1DWXUH
)LJXUH 'pWHFWLRQGHO·$51GRXEOHEULQYLUDOSDU7/5HWOHV5/+
/H 7/5 UHFRQQDLW O·$51 GRXEOH EULQ GDQV OHV HQGRVRPHV HW UHFUXWH O·DGDSWDWHXU 7ULI DILQ G·DFWLYHU 1)dž% HW ,5) /·$51 YLUDO SHXW pJDOHPHQW rWUH GpWHFWp SDU 5,* HW 0'$ DILQ GHUHFUXWHUFDUGLI&HPpFDQLVPHDFWLYHpJDOHPHQWOHVIDFWHXUVGHWUDQVFULSWLRQ1)dž%HW,5)
&KDSLWUH
/LVWHULDPRQRF\WRJHQHV
/LVWHULD PRQRF\WRJHQHV /P HVW XQH EDFWpULH RSSRUWXQLVWH *UDP SRVLWLYH HW UHVSRQVDEOH G·XQH LQIHFWLRQ DOLPHQWDLUH OD OLVWpULRVH %LHQ TXH GpFRXYHUWH GDQV OHV DQQpHV FH Q·HVW TXH GDQV OHV DQQpHV TXH O·RQ pWDEOLW XQ OLHQ IRUPHO HQWUH OD PDODGLH HW O·LQJHVWLRQ G·DOLPHQWV FRQWDPLQpV /D OLVWpULRVH FRQVWLWXH XQ YpULWDEOH SUREOqPH GH VDQWp SXEOLTXH DXVVL ELHQ TX·XQ SUREOqPH pFRQRPLTXH 'LDJQRVWLTXpH SULQFLSDOHPHQW GDQV OHV SD\V LQGXVWULDOLVpV FHWWH PDODGLH D FRQGXLW XQ ERQ QRPEUH GH SD\V j LQVWDXUHU GHV QRUPHV G·K\JLqQH DOLPHQWDLUH VpYqUHV DLQVL TXH GHV V\VWqPHV GH VXUYHLOODQFH GH O·LQIHFWLRQ EDVpV HVVHQWLHOOHPHQW VXU OD FHQWUDOLVDWLRQ HW OD FDUDFWpULVDWLRQGHVVRXFKHVFOLQLTXHVGH/PGDQVXQODERUDWRLUHOH&HQWUH1DWLRQDOGH 5pIpUHQFH GHV /LVWpULD &15/ /·LQIHFWLRQ SDU /P HVW XQ PRGqOH WUqV pWXGLp G·LQWpUDFWLRQ K{WHSDWKRJqQH SXLVTXH FHWWH EDFWpULH pODERUH GLYHUVHV VWUDWpJLHV SRXU IUDQFKLU OHV EDUULqUHV GH SURWHFWLRQ GH O·RUJDQLVPH DILQ GH VH GLVVpPLQHU j O·LQWpULHXU GHVFHOOXOHV 0HVWUDYDX[GHWKqVHP·RQWSHUPLVGHP·LQWpUHVVHUjODUpSRQVHLPPXQLWDLUHLQQpH FRQWUHFHWWHEDFWpULH -·DLGRQFpWXGLpO·LPSOLFDWLRQGXFRUpFHSWHXU&'DLQVLTXHOH U{OHGX71)PHPEUDQDLUHGDQVOHFRQWU{OHGHO·LQIHFWLRQSDU/P 'pFRXYHUWHHWGHVFULSWLRQGH/
PRQRF\WRJHQHV
/H QRP GH /LVWpULD D pWp GRQQp HQ O·KRQQHXU GH -RVHSK /LVWHU FKLUXUJLHQ EULWDQQLTXH GHV DQQpHV LQYHQWHXU GH O·DQWLVHSVLH GDQV OD FKLUXUJLH RSpUDWRLUH &HSHQGDQWODGpFRXYHUWHHWO·LVROHPHQWGHODEDFWpULHHVWDWWULEXpHj(*'0XUUD\(Q HIIHWF·HVWHQ j&DPEULGJHTXHOD/LVWpULDHVWRIILFLHOOHPHQWLGHQWLILpH%DFWHULXP PRQRF\WRJHQHVFRPPHpWDQWjO·RULJLQHG·XQHVHSWLFpPLHPRUWHOOHDIIHFWDQWOHVODSLQVHW OHVFRFKRQVG·,QGHGXODERUDWRLUHGH(*'0XUUD\ /HVSUHPLqUHVFXOWXUHVGH/P RQW pWp HIIHFWXpHV HQ SDU 'XPRQW HW &RWRQL VXU GHV SUpOqYHPHQWV GH SDWLHQWV DWWHLQWVGHPpQLQJLWH
/P HVW XQ SHWLW EDFLOOH *UDP SRVLWLI j P DSSDUWHQDQW DX UqJQH GHV EDFWpULHV HW j O·HPEUDQFKHPHQW GHV )LUPLFXWHV ,O H[LVWH HVSqFHV GH /LVWpULD PRQRF\WRJHQHVLQQRFXD LYDQRYLLJUD\LVHHOLJHULZHOVKLPHUL 6HXOHV /PRQRF\WRJHQHV DLQVLTXHLYDQRYLLVRQWLQIHFWLHXVHVSRXUO·KRPPH
/P HVW XQH EDFWpULH LQWUDFHOOXODLUH QRQ VSRUXOpH DpURELH HW DQDpURELH IDFXOWDWLYH PRELOHHQWUHHW&JUkFHjVHVIODJHOOHVHWTXHO·RQUHWURXYHGDQVGLYHUVPLOLHX[ FRPPH OHV HDX[ ODFV ULYLqUHV HDX[ G·pJRXWV RX GH EDLHV OH VRO RX OD YpJpWDWLRQ /·KDELWDW QDWXUHO GH FHWWH EDFWpULH VHPEOH rWUH OHV SODQWHV HQ GpFRPSRVLWLRQ /HV DQLPDX[GRPHVWLTXHVUXPLQDQWVVRQWGHVSRUWHXUVDV\PSWRPDWLTXHVHWSUREDEOHPHQWj O·RULJLQHGHODPDLQWHQDQFHGHOD/LVWHULDGDQVO·HQYLURQQHPHQWUXUDO&HWWHEDFWpULHWUqV UpVLVWDQWHSRVHGHVSUREOqPHVG·K\JLqQHDOLPHQWDLUHLPSRUWDQWVGXIDLWGHVDFDSDFLWpj VH PXOWLSOLHU GDQV GHV IRXUFKHWWHV GH WHPSpUDWXUH FRPSULVHV HQWUH HW & VD WHPSpUDWXUHRSWLPDOHpWDQWHQWUHHW &(OOHSHXWpJDOHPHQWVXUYLYUHGDQVGHV VROXWLRQVWUqVFRQFHQWUpHVHQVHORXGDQVGHVPLOLHX[ROHS+V·pWHQGGHj YRLUH SOXVLHXUVPRLVGDQVODERXH
0DQLIHVWDWLRQVFOLQLTXHVGHODOLVWpULRVHHWSRSXODWLRQjULVTXH
/HV LQIHFWLRQV j /P VRQW VpULHXVHV SXLVTXH PRUWHOOHV GDQV GHV FDV PDLV KHXUHXVHPHQW UDUHV /D EDFWpULH FRQWDPLQH XQ FHUWDLQ QRPEUH G·DOLPHQWV HW GH QRPEUHXVHV SHUVRQQHV HQ LQJqUHQW IUpTXHPPHQW GH SHWLWHV TXDQWLWpV VDQV TX·DXFXQV V\PSW{PHVQ·DSSDUDLVVHQW/RUVTXHOHVDOLPHQWVVRQWIRUWHPHQWFRQWDPLQpVODOLVWpULRVH SHXWVHPDQLIHVWHUVRXVSOXVLHXUVIRUPHV
/D SpULRGH G·LQFXEDWLRQ HVW FRPSULVH HQWUH KHXUHV HW PRLV HW OD IRUPH OD PRLQVJUDYHGHODPDODGLHVHPDQLIHVWHFKH]OHVSHUVRQQHVHQERQQHVDQWpSDUXQpWDW JULSSDOGHODILqYUHHWXQHJDVWURHQWpULWH $XWUHIRLVFRQVLGpUpHFRPPHXQH PDQLIHVWDWLRQ VLOHQFLHXVH GH OD PDODGLH LO DSSDUDLW DXMRXUG·KXL TXH FHV WURXEOHV LQWHVWLQDX[VRLHQWDFFRPSDJQpVGDQVGHVFDVSDUXQHDWWHLQWHGHODUDWH /D PDODGLH VH UpVRUEH WRXWHIRLV VSRQWDQpPHQW HQ TXHOTXHV MRXUV FKH] OHV SHUVRQQHV LPPXQRFRPSpWHQWHV
(Q UHYDQFKH OHV PDQLIHVWDWLRQV FOLQLTXHV GH OD OLVWpULRVH VRQW EHDXFRXS SOXV VpYqUHV FKH] OHV SHUVRQQHV GRQW OH V\VWqPH LPPXQLWDLUH HVW DIIDLEOL FRPPH FKH] OHV SHUVRQQHVkJpHVOHVIHPPHVHQFHLQWHVOHVQRXYHDXQpVRXHQFRUHOHVSDWLHQWVDWWHLQWV GX9,+ 9LUXVGHO·,PPXQRGpILFLHQFH+XPDLQH RXGHODSRO\DUWKULWHUKXPDWRwGHGXIDLW GH OHXUV WUDLWHPHQWV /D SpULRGH G·LQFXEDWLRQ FKH] FHV SHUVRQQHV HVW EHDXFRXS SOXV ORQJXH jMRXUV FHTXLUHQGGLIILFLOHO·LVROHPHQWGHODVRXUFHFRQWDPLQpH
/HVIHPPHVHQFHLQWHVSUpVHQWHQWXQV\VWqPHLPPXQLWDLUHDIIDLEOLVXUWRXWDXWURLVLqPH WULPHVWUH GH JURVVHVVH HW FRQVWLWXHQW XQ ULVTXH SRWHQWLHO GH GLVVpPLQDWLRQ GH OD EDFWpULH FKH] OD PqUH FRPPH FKH] OH I±WXV (Q HIIHW /P SHXW LQIHFWHU OH SODFHQWD IRUPHU GHV DEFqV HW IUDQFKLU FHWWH EDUULqUH SODFHQWDLUH &HWWH OLVWpULRVH PDWHUQR IRHWDOHHVWUHVSRQVDEOHG·DYRUWHPHQWVRXG·LQIHFWLRQVQpRQDWDOHVDYHFXQIRUWWDX[GH PRUWDOLWp &HWWH LQIHFWLRQ JpQpUDOLVpH GX I±WXV DSSHOpH JUDQXORPDWRVH VHSWLTXHLQIDQWLOHVHFDUDFWpULVHSDUODSUpVHQFHGHPLFURDEFqVGLVVpPLQpVGDQVOHIRLH ODUDWHHWODSHDX/DSOXVIRUWHFRQFHQWUDWLRQGH/PVHVLWXHGDQVOHVLQWHVWLQVDLQVLTXH GDQV OHV SRXPRQV HQ UDLVRQ GH O·LQJHVWLRQ GH OLTXLGH DPQLRWLTXH FRQWDPLQp 'DQV OH FDV G·XQH FRQWDPLQDWLRQ GXUDQW O·DFFRXFKHPHQW OH QRXYHDXQp SHXW SUpVHQWHU XQH FRQMRQFWLYLWH LPSRUWDQWH YRLU XQH PpQLQJLWH /P HVW G·DLOOHXUV OD WURLVLqPH FDXVH GH PpQLQJLWHFKH]OHQRXYHDXQp
(Q SOXV GH IUDQFKLU OHV EDUULqUHV LQWHVWLQDOHV HW SODFHQWDLUHV /P SHXW WUDYHUVHU OD EDUULqUHKpPDWRHQFpSKDOLTXHSRXULQIHFWHUOHV\VWqPHQHUYHX[FHQWUDO 61& DXQLYHDX GHV PpQLQJHV PDLV pJDOHPHQW DX QLYHDX GX SDUHQFK\PH FH TXL WpPRLJQH GH VD JUDQGH FDSDFLWpjVXUYLYUHHWjVHPXOWLSOLHUjO·LQWpULHXUGHVFHOOXOHV'HX[W\SHVGLIIpUHQWVGH GLVVpPLQDWLRQSHXYHQWDYRLUOLHXHWFRQGXLUHjXQHHQFpSKDOLWHRXjODSUpVHQFHG·DEFqV GDQV OH SDUHQFK\PH &HWWH LQIHFWLRQ SHXW VH PDQLIHVWHU SDU GHV PRXYHPHQWV DQRUPDX[ GHV SHUWHV GH FRQVFLHQFH XQH SDUDO\VLH DYHF GHV VpTXHOOHV QHXURORJLTXHV TXDQGHOOHQ·HQWUDLQHSDVODPRUW (SLGpPLRORJLHHWYHLOOHVDQLWDLUH /HVSUHPLHUVFDVGH/LVWpULRVHRQWpWpUDSSRUWpVHQ DX'DQHPDUN /H GpEXWGHVDQQpHV PDUTXHOHGpEXWGHQRPEUHXVHVpSLGpPLHVHQ$PpULTXHGX1RUG HWHQ(XURSH/·LVROHPHQWGH/PSHUPHWGHPRQWUHUTXHODOLVWpULRVHHVWXQHLQIHFWLRQ G·RULJLQH DOLPHQWDLUH %HDXFRXS GH SD\V LQGXVWULDOLVpV GRQW OD )UDQFH RQW LQVWDXUpGHVQRUPHVSOXVVpYqUHVFRQFHUQDQWOHUHVSHFWGHODFKDLQHGXIURLGOHVGDWHV OLPLWHVGHFRQVRPPDWLRQGHVSURGXLWVPLVVXUOHPDUFKpDYHFGHVWHVWVGHYLHLOOLVVHPHQW GHFURLVVDQFHEDFWpULHQQHDILQGHPDvWULVHUDXPLHX[ODFRQWDPLQDWLRQGHVSURGXLWVSDU /LVWpULD/DPLVHHQSODFHGHFHWWHVXUYHLOODQFHDSHUPLVGH j GHGLPLQXHUGH SUqV GH OHV FDV GH OLVWpULRVH HQ )UDQFH /D OLVWpULRVH HVW XQH PDODGLH j
GpFODUDWLRQREOLJDWRLUHDXSUqVGHO·,QVWLWXWGH9HLOOH6DQLWDLUH ,Q96 GHSXLV HWVRQ pYROXWLRQ VH IDLW HVVHQWLHOOHPHQW VRXV IRUPH GH FDV VSRUDGLTXHV (Q )UDQFH PpWURSROLWDLQHOH&15/HQUHJLVWUHXQQRPEUHUHODWLYHPHQWVWDEOHGH/LVWpULRVHGHSXLV DYHFXQHGLPLQXWLRQGHODSDUWUHODWLYHGHVIRUPHVPDWHUQRI±WDOHV )LJXUH
)LJXUH &DVGpFODUpVGH/LVWpULRVHHQ)UDQFHSDUODGpFODUDWLRQREOLJDWRLUHGH j G·DSUqVO·,Q96
/H /DERUDWRLUH GHV /LVWpULDGH O,QVWLWXW 3DVWHXU D pWp GpVLJQp &15 SDU OD 'LUHFWLRQ *pQpUDOH GH OD 6DQWp 0LQLVWqUH GH O(PSORL HW GH OD 6ROLGDULWp SRXU DVVXUHU OD VXUYHLOODQFH PLFURELRORJLTXH GHV LQIHFWLRQV j /LVWpULD HQ )UDQFH &HWWH VXUYHLOODQFH EDVpHVXUODFDUDFWpULVDWLRQGHVVRXFKHVLVROpHVGHVSDWLHQWVDSRXUREMHFWLISULQFLSDO ODGpWHFWLRQGHVFDVJURXSpVHWGHVpSLGpPLHV
7UDLWHPHQWV
/ PRQRF\WRJHQHV HVW XQH EDFWpULH VHQVLEOH DX[ DQWLELRWLTXHV WHOV TXH OHV SpQLFLOOLQHVOHVDPLQRVLGHV JHQWDPLFLQH RXHQFRUHOHVWpWUDF\FOLQHV/·DPR[LFLOOLQHHWOD JHQWDPLFLQH FRQVWLWXHQW DFWXHOOHPHQW OH WUDLWHPHQW GH UpIpUHQFH GHV OLVWpULRVHV /H &15/ pWXGLH FKDTXH DQQpH GHSXLV OD VHQVLELOLWp GHV VRXFKHV FOLQLTXHV DX[ DQWLELRWLTXHV XWLOLVpV HQ FOLQLTXH ,O DSSDUDLW TXH / PRQRF\WRJHQHV HVW UDUHPHQW UpVLVWDQWH DX[ DQWLELRWLTXHV &HSHQGDQW TXHOTXHV pWXGHV PHWWHQW HQ pYLGHQFH XQH DXJPHQWDWLRQGXWDX[GHUpVLVWDQFHjXQRXSOXVLHXUVDQWLELRWLTXHVLQFOXDQWO·DPSLFLOOLQH SDUPLOHVVRXFKHVLVROpHVGHO·HQYLURQQHPHQWHWSOXVUDUHPHQWSDUPLOHVVRXFKHVLVROpHV
GH SDWLHQWV VHORQ OH 5DSSRUW DQQXHO G·DFWLYLWp GX &HQWUH 1DWLRQDO GH 5pIpUHQFH GHV /LVWpULD $XFXQYDFFLQQ·DSRXUO·KHXUHpWpPLVDXSRLQWFRQWUHOD/LVWpULD 0RGHG·LQIHFWLRQDXQLYHDXGHVRUJDQHV /DFRQWDPLQDWLRQSDU/PVHIDLWSDUO·LQJHVWLRQG·DOLPHQWVIRUWHPHQWFRQWDPLQpV HWODGLVVpPLQDWLRQGHODEDFWpULHUHSRVHVXUVDFDSDFLWpjIUDQFKLUOHVWURLVEDUULqUHV SK\VLRORJLTXHV TXH VRQW OD EDUULqUH LQWHVWLQDOH SODFHQWDLUH HW KpPDWRHQFpSKDOLTXH )LJXUH &HWWH EDFWpULH UpVLVWH SDU DLOOHXUV j OD PRUW LQWUDFHOOXODLUH DSUqV SKDJRF\WRVHSDUOHVPDFURSKDJHVHWSHXWFRORQLVHUGHVFHOOXOHVQRQSKDJRF\WLTXHV
'·DSUqV0/HFXLW
)LJXUH (WDSHVVXFFHVVLYHVGHODGLVVpPLQDWLRQGH/PGDQVO·RUJDQLVPH
,OH[LVWHWRXMRXUVXQHFRQWURYHUVHFRQFHUQDQWOHSRLQWG·HQWUpHGHODEDFWpULHDX QLYHDX LQWHVWLQDO &HWWH HQWUpH SRXUUDLW VH IDLUH SDU FRORQLVDWLRQ GH O·pSLWKpOLXP LQWHVWLQDO PDLV LO VHPEOH TXH OHV SODTXHV GH 3H\HU VRLHQW OH VLWH SULYLOpJLp GH UpSOLFDWLRQGHOD/LVWpULD /HVEDFWpULHVSUROLIqUHQWHWVHGLVVpPLQHQWGDQVOD ODPLQD SURSULD JUkFH DX[ FHOOXOHV GHQGULWLTXHV HW DX[ PDFURSKDJHV HW VRQW YpKLFXOpHV GDQVOHVJDQJOLRQVO\PSKDWLTXHVDYDQWGHSDVVHUGDQVODFLUFXODWLRQVDQJXLQH /PLQIHFWHDORUVSULQFLSDOHPHQWOHIRLHHWODUDWH/HVPDFURSKDJHVUpVLGHQWVGXIRLH OHVFHOOXOHVGH.XSSIHU HWFHX[GHODUDWHYRQWHQTXHOTXHVKHXUHVSKDJRF\WHUHWWXHU OHVEDFWpULHV &KH]OHVSHUVRQQHVLPPXQRFRPSpWHQWHVO·LQIHFWLRQVHOLPLWHj FHWWHSUHPLqUHSKDVHGLWHHQWpULTXHJpQpUDOHPHQWDV\PSWRPDWLTXHRXVHPDQLIHVWHSDU
XQpWDWJULSSDO2QREVHUYHHQUHYDQFKHXQHSUROLIpUDWLRQLQWHQVHGHVEDFWpULHVGDQVOHV KpSDWRF\WHV FKH] OHV SHUVRQQHV GRQW OH V\VWqPH LPPXQLWDLUH HVW DIIDLEOL &HWWH PXOWLSOLFDWLRQ LPSRUWDQWH GH /P FRQGXLW j VD OLEpUDWLRQ GDQV OD FLUFXODWLRQ VDQJXLQHSRXUDWWHLQGUHOH61&RXODEDUULqUHSODFHQWDLUH
'LVVpPLQDWLRQLQWUDFHOOXODLUH
/P HVW O·XQH GHV EDFWpULHV OHV SOXV pWXGLpHV VXU OH SODQ GHV UHODWLRQV K{WH SDWKRJqQHHQUDLVRQGHVDFDSDFLWpjHQYDKLUXQHODUJHYDULpWpGHFHOOXOHV(OOHSHXWrWUH SKDJRF\WpH SDU OHV PDFURSKDJHV RX OHV FHOOXOHV GHQGULWLTXHV &H SURFHVVXV UHTXLHUWO·LQWHUYHQWLRQGXFRPSOpPHQW&TXLYDVHGpSRVHUVXUOHVSHSWLGRJO\FDQQHVGH OD SDURL EDFWpULHQQH /·LQWpUDFWLRQ GH & DYHF VRQ UpFHSWHXU FHOOXODLUH &5 LQGXLW O·HQWUpHGHODEDFWpULHGDQVODFHOOXOHSKDJRF\WDLUH
/D /LVWpULD SHXW pJDOHPHQW LQIHFWHU OHV FHOOXOHV QRQ SKDJRF\WDLUHV FRPPH OHV KpSDWRF\WHV OHV ILEUREODVWHV OHV HQWpURF\WHV RX OHV FHOOXOHV HQGRWKpOLDOHV /·LQWHUQDOLVDWLRQ GH OD EDFWpULH GDQV FHV W\SHV GH FHOOXOHV UpVXOWH G·XQH LQWpUDFWLRQ SURJUHVVLYH GH OLJDQGV EDFWpULHQV TXH VRQW OHV ,QWHUQDOLQH $ HW % ,Q/O $ HW % DYHF OHXUVUpFHSWHXUVFHOOXODLUHV )LJXUH 8QHIRLVHQWUpHGDQVODFHOOXOHXQHYDFXROHVH IRUPHDILQGHFRQWHQLUODEDFWpULH/DSURGXFWLRQG·XQHSURWpLQHLQGXLVDQWODIRUPDWLRQ GH SRUHV PHPEUDQDLUHV OD OLVWpULRO\VLQH²2 //2 DLQVL TXH OD V\QWKqVH GH SKRVSKDWLG\OLQRVLWRO SKRVSKROLSDVH & 3OF$ HW 3OF% SHUPHWWHQW j OD EDFWpULH GH V·pFKDSSHU GH FHWWH YDFXROH HQ PLQXWHV HQYLURQ /HV EDFWpULHV VH UHWURXYHQW DORUV GDQVOHPLOLHXLQWUDFHOOXODLUHRHOOHVSHXYHQWVHPXOWLSOLHUHWUHFUXWHUO·DFWLQHGRQWHOOHV RQWEHVRLQSRXUVHGpSODFHU/PLQGXLWXQHSRO\PpULVDWLRQGHFHWWHSURWpLQHSURFHVVXV OXLSHUPHWWDQWGHSURGXLUHGHO·pQHUJLHSRXUVHSURSXOVHUjXQHYLWHVVHGHPPLQXWH $ILQGHFRQWDPLQHUOHVDXWUHVFHOOXOHVODEDFWpULHYDIRUPHUXQHSURWXVLRQPHPEUDQDLUH MXVTX·DXF\WRSODVPHGHODFHOOXOHYRLVLQHRXQHYDFXROHjGHX[PHPEUDQHVVHIRUPH/D EDFWpULHV·HQpFKDSSHjQRXYHDXHWUHFRPPHQFHXQF\FOHGHSUROLIpUDWLRQ
