Article
Reference
La formation de Montfleury près de Genève: étude palynologique et sédimentologique d'une séquence du Pléistocène moyen
WEGMÜLLER, Samuel, AMBERGER, Gad, VERNET, Jean-Pierre
Abstract
In the Geneva basin a 127.3 m deep coring was carried out in the plain of Montfleury in order to get information about hydrogeology, lithology and chronology of the quaternary deposits.
Palynostratigraphic studies on the so-called "Marnes à lignite" underlying the "Alluvion ancienne" revealed two interglacial sequences (Montfleury and Confignon). The Montfleury sequence belongs to the penultimate interglacial (Holstein sensu Welten 1988), the Confignon sequence must be assigned to a preceding interglacial. The chronostratigraphic position of the "Alluvion ancienne", which until now was believed to correspond to the Early-Würm, must be revised.
WEGMÜLLER, Samuel, AMBERGER, Gad, VERNET, Jean-Pierre. La formation de Montfleury près de Genève: étude palynologique et sédimentologique d'une séquence du Pléistocène moyen. Eclogae Geologicae Helvetiae, 1995, vol. 88, no. 3, p. 595-614
DOI : 10.5169/seals-167689
Available at:
http://archive-ouverte.unige.ch/unige:145075
Disclaimer: layout of this document may differ from the published version.
1 / 1
(FORJDH JHRO +HOY
%LUNKlXVHU 9HUODJ%DVHO
/D IRUPDWLRQ GH 0RQWIOHXU\ SUqV GH *HQqYH (WXGH SDO\QRORJLTXH HW VpGLPHQWRORJLTXH GL
VpTXHQFH GX
\\ 3OHLVWRFqQH PR\HQ
XQH LL
6DPXHO
:HJPOOHU
*DG $PEHUJHU-HDQ3LHUUH 9HUQHW
$%675$&7
,Q WKH *HQHYD EDVLQD P GHHSFRULQJZDV FDUULHG RXW LQ WKH SODLQ RI0RQWIOHXU\ LQ RUGHUWR JHWLQIRUPDWLRQ
DERXW K\GURJHRORJ\ OLWKRORJ\DQG FKURQRORJ\ RIWKHTXDWHUQDU\GHSRVLWV
3DO\QRVWUDWLJUDSKLH VWXGLHV RQ WKH VRFDOOHG 0DUQHV j OLJQLWH XQGHUO\LQJ WKH $OOXYLRQ DQFLHQQH UHYHDOHG WZR LQWHUJODFLDO VHTXHQFHV 0RQWIOHXU\ DQG &RQILJQRQ 7KH 0RQWIOHXU\ VHTXHQFH EHORQJV WR WKH SHQXOWLPDWH LQWHUJODFLDO +ROVWHLQ VHQVX:HOWHQ WKH &RQILJQRQVHTXHQFH PXVWEH DVVLJQHG WRDSUHFHGLQJ LQWHUJODFLDO 7KH FKURQRVWUDWLJUDSKLF SRVLWLRQRIWKH $OOXYLRQ DQFLHQQH ZKLFK XQWLO QRZ ZDVEHOLHYHG WR
FRUUHVSRQGWR WKH(DUO\:UPPXVWEHUHYLVHG
=86$00(1)$6681*
/LWKRXQGSDO\QRVWUDWLJUDSKLVFKH 8QWHUVXFKXQJHQDQGHQXQWHU GHU ©$OOXYLRQDQFLHQQHª JHOHJHQHQ ©0DUQHVj OLJQLWHª GHV *HQIHU %HFNHQV 3URILO 0RQWIOHXU\ EHL 9HUQLHU HUEUDFKWHQGHQ 1DFKZHLV YRQ ]ZHL LQWHUJOD]LDOHQ 6HTXHQ]HQ0RQWIOHXU\ XQG &RQILJQRQ 'LH6HTXHQ]0RQWIOHXU\ZLUGGHP.RPSOH[GHVYRUOHW]WHQ ,QWHUJOD]L DOV +ROVWHLQ VHQVX :HOWHQ ]XJHRUGQHW GLH 6HTXHQ] &RQILJQRQ KLQJHJHQ HLQHU YRUDQJHKHQGHQ :DUP ]HLW
'LH FKURQRVWUDWLJUDSKLVFKH (LQVWXIXQJ GHU ©$OOXYLRQ DQFLHQQHª GHV *HQIHU %HFNHQV GLH ELVKHU GHP )UKZUP ]XJHRUGQHW ZXUGHZLUGHUQHXW]XEHUSUIHQVHLQ
,QWURGXFWLRQ
/HV GpS{WV TXDWHUQDLUHV GX EDVVLQ JHQHYRLV RQW pWp ODUJHPHQW pWXGLpV QRWDPPHQW OHV DIIOHXUHPHQWV OH ORQJ GX 5K{QH HW GH
O$UYH
PDLV DXVVL SDU XQ WUqV JUDQG QRPEUH GHIRUDJHV HIIHFWXpV j GHV ILQV JpRWHFKQLTXHV RX K\GURJpRORJLTXHV $PEHUJHU 0DOJUp XQ UpVHDX WUqV VHUUp GH VRQGDJHV OD FRUUpODWLRQ GHV GLIIpUHQWHV IRUPDWLRQV OLWKRORJLTXHV VHVW DYpUpH GLIILFLOH
$X
GpEXW GX 3OHLVWRFqQH OH EDVVLQ JHQHYRLV pWDLW FDUDFWpULVp SDU XQ V\VWqPH GH FKHQDX[ SURIRQGpPHQW HQWDLOOpV DX QLYHDX GH OD PRODVVH ROLJRFqQH /HV GLIILFXOWpV GH FRUUpODWLRQ SURYLHQQHQW GXQH SDUW GH OKpWpURJpQpLWp GHV VpGLPHQWV GpSRVpV GDQV FHVQRPEUHX[ FKHQDX[ FRQGXLVDQW j GHV IDFLqV JODFLDLUHV H[WUrPHPHQW YDULDEOHV HW GDXWUH SDUW GX IDLW TXH QRV FRQQDLVVDQFHV VXU OHV PpFDQLVPHV GH GpS{W SURSUHV j FHV W\SHV GH IRUPDWLRQ VRQW OLPLWpHV $PEHUJHU +DQWNH
6\VWHPDWLVFK*HRERWDQLVFKHV,QVWLWXWGHU8QLYHUVLWlW %HUQ $OWHQEHUJUDLQ&+ %HUQ
6HUYLFHFDQWRQDO GHJpRORJLH%G6W*HRUJHV&+*HQqYH
,QVWLWXW)$ )RUHO 8QLYHUVLWpGH *HQqYHURXWH GH6XLVVH &+ 9HUVRL[
'HSXLV 1HFNHU GH QRPEUHX[JpRORJXHV VH VRQW FRQVDFUpV j OpWXGH GHVGpS{WV TXDWHUQDLUHV GX EDVVLQ JHQHYRLV HQ SDUWLFXOLHU j FHX[ GH
O$OOXYLRQ
DQFLHQQH SDUPL HX[)DYUH -RXNRZVN\ 3DUpMDV -D\HW DLQVL TXH
-D\HW $PEHUJHU 5H\QDXG
$UQ
HW 0D\VWUH 9HUJDLQ /HV GpS{WV TXDWHUQDLUHV GX EDVVLQ JHQHYRLV SHXYHQW VFKpPDWLTXHPHQW rWUH VXEGLYLVpVHQ TXDWUH XQLWpVPDMHXUHV ILJ
8Q
GpS{W PRUDLQLTXH OLPRQHX[JUDYHOHX[ GpSDLVVHXU YDULDEOH UHFRXYUH OD PRODVVH ROLJRFqQH VRXVMDFHQWH -XVTXj SUpVHQWLO
D JpQpUDOHPHQW pWp DWWULEXp j OD JODFLDWLRQ GX 5LVV $XGHVVXVYLHQQHQW OHV 0DUQHVj OLJQLWH VpTXHQFH GpFULWH SDU 1HFNHU HW)DYUH (OOHV VRQW HVVHQWLHOOHPHQW FRQVWLWXpHV GDUJLOH DYHF GX VDEOH HW GHV JUDYLHUV j OD EDVH GDQV FHWWH IRUPDWLRQ ORQ UHQFRQWUH SDUIRLV GHV UHVWHV GH SODQWHV HW GHPROOXVTXHV
$
FHMRXU OHV 0DUQHV j OLJQLWH RQWpWp DWWULEXpHV SDU ODSOXSDUW GHVDXWHXUV DXGHUQLHU LQWHUJODFLDLUH PDLV GHV GDWDWLRQV UpFHQWHV DX &P OXL DWWULEXHQW XQ kJH VXSpULHXUj DQV %3 'H FH IDLW OHV0DUQHV j OLJQLWH SRXUUDLHQW DXVVL ELHQ
UHSUpVHQWHUXQ LQWHUVWDGH SUpFRFH GX:LLUP RX XQH IRUPDWLRQ SOXV DQFLHQQH
/$OOXYLRQ
DQFLHQQH UHFRXYUH SDU HQGURLWVOHV 0DUQHVj OLJQLWH,O
VDJLW GH VWUDWHV GH VDEOHV HW GH JUDYLHUV FRQVROLGpV FRQWHQDQW GHV LQFOXVLRQV PRUDLQLTXHV (OOH DIIOHXUH SULQFLSDOHPHQW j *HQqYH GHV GHX[ F{WpV GX 5K{QH GDQV OH TXDUWLHU GH 6W-HDQHW DX%RLVGHOD%kWLH &H GpS{W GH W\SH VDQGXU HVW UpSDQGX GDQV OH EDVVLQ JHQHYRLV FRPPH OLQGLTXHQW GH QRPEUHX[ IRUDJHV 6HORQ OH SRLQWGH YXHGHV JpRORJXHV LOVDJLW
Oj GH VpGLPHQWV IOXYLRJODFLDLUHV GpSRVpV ORUV GH OD SURJUHVVLRQ GX JODFLHU /D SOXSDUW
GHV DXWHXUV LQWHUSUrWHQW DXMRXUGKXL
O$OOXYLRQ
DQFLHQQH FRPPH XQH SKDVH SUpFRFH GDYDQFpH GX :LLUP 'DXWUHV SHX QRPEUHX[ HW SOXV DQFLHQV WHOV TXH -RXNRYVN\HW 3DUpMDV OD FRQVLGpUDLHQW DXFRQWUDLUH FRPPH XQ GpS{W LQWHUJODFLDLUH
3XLV YLHQQHQW GHV IRUPDWLRQV PRUDLQLTXHV GH W\SH ©DUJLOH j EORFDX[ª UHFRXYHUWHV HQ SDUWLH SDUGHV OLPRQV HW GHV DUJLOHV GH IRQWH JODFLDLUH GpSRVpV GDQV XQ ODFGRQW OHQLYHDX VHVW pWDEOL j SXLV PPHU 'DQV FH ODF SUpFXUVHXU GX /pPDQ DFWXHO GHV DSSRUWV IOXYLRJODFLDLUHV GH JUDYLHU HW GH VDEOH RQW FRQVWLWXp OD FROOLQH GHOWDwTXH GH OD
9LHLOOH9LOOH
HW OH YDVWH pSDQGDJH GX SODWHDX GH OD &KDPSDJQH JHQHYRLVH TXL VpWHQG GH6RUDO j&DUWLJQ\3RXU rWUH FRPSOHW FLWRQVHQFRUH OD SUpVHQFH ORFDOH GH ORHVV DX SLHG GX 6DOqYH j
9H\ULHU
HWj%DUGRQQH[ HWDXSLHG GX -XUD j7KRLU\&H VFKpPD VLPSOLVWHGH OD VWUDWLJUDSKLH TXDWHUQDLUH GX EDVVLQ JHQHYRLV DpWp UHPLV HQ TXHVWLRQ GXUDQW OHV GHUQLqUHV GpFHQQLHV SDU
%XUUL
$PEHUJHU HW$UQ
TXL FULWLTXHQW
ODWWULEXWLRQ
V\VWpPDWLTXH GHV QRPEUHX[ GpS{WV JUDYHOHX[ GX EDVVLQ JHQHYRLV jOXQLWp
FKURQRORJLTXHGHO$OOXYLRQ
DQFLHQQH'DQV OH EXW GH UpVRXGUH GHV SUREOqPHV FKURQRVWUDWLJUDSKLTXHV $ -D\HW DYDLW
FRPPHQFp WUqV W{W j FRPSOpWHU SDU OD SDO\QRORJLH VHV pWXGHV SDOpRQWRORJLTXHV HW PDODFROR JLTXHV GHV VpGLPHQWV TXDWHUQDLUHV GX EDVVLQ JHQHYRLV 5DSSHORQV FHSHQGDQW TXH FHVW /XGL TXL HIIHFWXD OH WRXW SUHPLHU GHV DQDO\VHV SDO\QRORJLTXHV VXUFHUWDLQVQLYHDX[
GHV 0DUQHV j OLJQLWHGH &DUWLJQ\GH&KDQF\HW HQ SDUWLFXOLHUVXU OH
SURILO
GH0RQWIOHXU\
GDQV OD UpJLRQ GH9HUQLHU ILJ 6XUFH
SURILO
GH 0RQWIOHXU\ VLWXp j HQYLURQ FLQTXDQWH PqWUHV GX QRXYHDX IRUDJH0RQWIOHXU\
HWj XQH DOWLWXGH GH PLO
D SX PHWWUH HQ pYL)RUPDWLRQGH0RQWIOHXU\GX3OHLVWRFqQHPR\HQ
NP?
Z
!.B
?
7
BU U[²?
\$U
U 0RQWIOHXU\
Ñ
A
YHUQLHU
WJP*HQHY
BBB
\
V
V
&RQILJQRQA
/ /Q
\M²
\ &A
A²
)LJ 3RVLWLRQ GHV IRUDJHV GF 0RQWIOHXU\
HW HW GX
IRUDJHGH&RQILJQRQ
GHQFH GHVVSHFWUHV SDO\QRORJLTXHV GH W\SH LQWHUJODFLDLUH /GL S 6HV
REVHUYDWLRQV pWDLHQW FHSHQGDQW OLPLWpHV SDU OD PLQFHXU GHV VpTXHQFHV pWXGLpHV HW SDU OH IDLW TXH GHV SURILOV SDO\QRORJLTXHV FRPSOHWV GX GHUQLHU HW GH ODYDQWGHUQLHU LQWHUJODFLDLUH PDQTXDLHQWSRXU OD UpJLRQJHQHYRLVH
3OXV WDUG 5H\QDXG D UHSULV OpWXGH SDO\QRORJLTXH GHV GpS{WV SOHLVWRFHQHV HW KRORFqQHV GH OD UpJLRQJHQHYRLVH
,O
HVVD\D HQ SDUWLFXOLHUGH GpOLPLWHUGDQV OH WHPSVOH[WHQVLRQ GH
O$OOXYLRQ
DQFLHQQH SDUGHV DQDO\VHV SDO\QRORJLTXHVGH VpGLPHQWVVXU HW VRXV MDFHQWV (Q FH TXL FRQFHUQH OHV GpS{WV SOHLVWRFHQHV LO UpXVVLW j pWDEOLU WURLV SURILOV SROOLQLTXHVFRQVpTXHQWV VXU OHV VLWHV GH 6RUDO GX 3RQW%XWLQ HW GH &RQILJQRQ 'DQV OH
SURILO
GH&RQILJQRQ 5H\QDXG SURXYH OH[LVWHQFH GXQ GpS{W LQWHUJODFLDLUH GRQW OD VpTXHQFH
SROOLQLTXH QDMXVTXjFH
MRXU
SDV GpTXLYDOHQW QL GDQV ODUpJLRQ DX VHQV ODUJH QL VXUOH SODWHDX VXLVVH 1RXV UHYLHQGURQV VXUFH SRLQW SOXV ORLQ GDQVFHWWH pWXGH3OXV WDUG 5H\QDXG SURMHWD GH UHSUHQGUH OHV pWXGHV IDLWHV SDU
/LLGL
VXU XQ SURILO GH 0RQWIOHXU\SOXV FRPSOHW j REWHQLUSDU XQ QRXYHDX IRUDJH ODQFLHQ D\DQW IDLW OREMHWGH SUpOqYHPHQWV GLVFRQWLQXV 3HQGDQW OH VHPHVWUH GKLYHU OH 6HUYLFHFDQWRQDO GH JpRORJLH GX &DQWRQ GH *HQqYH GLULJp SDU * $PEHUJHU HW
O,QVWLWXW
)$ )RUHO GHO8QLYHUVLWp GH *HQqYH -3 9HUQHW HW &K 5H\QDXG ILUHQW H[pFXWHU XQ IRUDJH
URWDWLI
FDURWWp GDQV OD SODLQH GH 0RQWIOHXU\ VLWXpH j SUR[LPLWp GH *HQqYH ILJ /HV IUDLV GX VRQGDJH HIIHFWXp SDU 6ZLVVERULQJ 6$ RQW pWpSULV HQ FKDUJH j SDUW pJDOH SDUOH &DQWRQ GH *HQqYH HW OH )RQGV QDWLRQDO VXLVVH GHOD UHFKHUFKH VFLHQWLILTXH 3URMHW )1 QR/H SURMHW DYDLW GHX[ EXWV GXQH SDUW LO VDJLVVDLW GH FODULILHU OHV FRQGLWLRQV K\GURJpRORJLTXHV
SDU FH IRUDJH HW GDXWUH SDUW JUkFH j OpWXGH OLWKRORJLTXH HW SDO\QRORJLTXH RQ HVSpUDLW SRXYRLU pFODLUFLU OD OLWKR ELR HW FKURQRVWUDWLJUDSKLH GHV VpGLPHQWV SOHLVWRFHQHV GX EDVVLQ JHQHYRLV &K 5H\QDXGD G VH GLVWDQFHUGH FH SURMHWGX)RQGV QDWLRQDO DSSHOp
j GDXWUHV IRQFWLRQV j O8QLYHUVLWp GH *HQqYH
LO
D pWp UHPSODFp SDU 6 :HJPOOHU TXL D UHSULV ODSDUWLH SDO\QRORJLTXH GX SURMHW0pWKRGHV
6LWXDWLRQ GXIRUDJHGH0RQWIOHXU\
/H IRUDJH GH 0RQWIOHXU\ &1 IHXLOOH &KDQF\ FRRUGRQQpHV VHWURXYH DX QRUGRXHVWGH 9HUQLHU j XQHDOWLWXGH GH P ILJ 8Q IRUDJH
URWDWLI
j VHF GH j PP GH GLDPqWUH DWWHLQW XQH SURIRQGHXU GH P GXUDQW OHV PRLV GH GpFHPEUH j DYULO 3DU OD VXLWH FH IRUDJH D pWp SRXUVXLYL DX FDURWWDJH j OHDX GH GLDPqWUH GH PPMXVTXj OD SURIRQGHXU ILQDOH GH P /D VpTXHQFH D\DQW IDLW OREMHW GH OpWXGH SDO\QRORJLTXH D VHXOH pWp FRQVHUYpH HW GpSRVpH DX 0XVHXP G+LVWRLUHQDWXUHOOHGH *HQqYH
(WXGHV JpRWHFKQLTXHV HWK\GURJpRORJLTXHV
/(WDW
GH *HQqYH VHVW DVVRFLp DX SURMHW GH VRQGDJH GHO,QVWLWXW
)$ )RUHO GXQH SDUW GDQV OH FDGUH GX UHFHQVHPHQW GHV UpVHUYHV GH VDEOH HW JUDYLHU GX FDQWRQ :HOOKDXVHU HW GDXWUH SDUW SRXU FRPSOpWHU OHV GRQQpHV K\GURJpRORJLTXHV FRQFHUQDQW OD QDSSH SURIRQGH GHDX VRXWHUUDLQH TXL VpWHQG GH 9HUVRL[ j 3HQH\,PSRUWDQFH pFRQRPLTXH GH ODIRUPDWLRQ VXSHUILFLHOOH
/HV UHVVRXUFHV HQ JUDYLHU GH ERQQH TXDOLWp DSWH j OD IDEULFDWLRQ GH EpWRQ j KDXWH
UpVLVWDQFH VDPHQXLVHQW UDSLGHPHQW /HV JUDQGV JLVHPHQWV GH 3HQH\ HW 9HUERLV GDQV O$OOXYLRQ
DQFLHQQH VRQW pSXLVpV (Q HIIHW OD QpFHVVLWp GH SURWpJHUOHV QDSSHVGHDX VRXWHUUDLQH
D LQGXLW GqV OLQWHUGLFWLRQ GH OH[WUDFWLRQ HQGHVVRXV GX QLYHDX PD[LPXP GHV QDSSHV
$ILQ
GpWXGLHU OHV SRVVLELOLWpVGHSURGXFWLRQ jJUDYLHU j SDUWLUGHV PDWpULDX[ PRUDLQLTXHVXQH pWXGH JUDQXORPHWULTXH D pWp H[pFXWpH VXU OD PRUDLQH ZXUPLHQQH OLPRQHXVH j FDLOORX[ UHQFRQWUpH DX VRQGDJH GH 0RQWIOHXU\GH j PqWUHV GHSURIRQGHXU
)UDFWLRQV 0R\HQQH 0D[LPXP 0LQLPXP
$UJLOHHW OLPRQ PP
6DEOH PP
*UDYLHUPP
%ORFV ! PP
9X FHV UpVXOWDWV DYHF XQH UpFXSpUDWLRQ SRVVLEOH GH GHV JUDQXODWV SDU ODYDJH HW
FULEODJH ORSpUDWLRQ VDYqUH SRVVLEOH 8QH VWDWLRQ GH WUDLWHPHQW HVW HQ H[SORLWDWLRQ j 3HQH\
DYHF XQ WUDLWHPHQW SDU IORFXODWLRQ GHV SDUWLFXOHV ILQHV GHSXLV XQH GL]DLQH GDQQpHV &HW DVSHFW pFRQRPLTXH HVW XQH GHV UDLVRQV GH OD SDUWLFLSDWLRQ GH
O(WDW
GH *HQqYH j FHIRUDJH
+\GURJpRORJLH
7URLV DTXLIqUHV SHUFKpV RQW pWpPLV HQ pYLGHQFH DX FRXUV GX IRUDJH GDQV OD PRUDLQH
ZXUPLHQQH j HW P GH SURIRQGHXU ,OV RQW SRXUVLqJH GHV OHQWLOOHVPRUDLQLTXHV JUDYHOHXVHV
TXLSUpVHQWHQW XQHIDLEOH SHUPpDELOLWpGH 'DUF\
.
j PV/DOLPHQWDWLRQ SURYLHQW GH ODWUqV OHQWHLQILOWUDWLRQ
GHVHDX[ PpWpRULTXHV)RUPDWLRQGH0RQWIOHXUYGX3OHLVWRFqQH PRYHQ
/D QDSSH SULQFLSDOH GH
O$OOXYLRQ
DQFLHQQHD pWpUHSpUpH j P GH SURIRQGHXUHWVD SHUPpDELOLWp HVW pOHYpH . PV /LPSHUPpDEOH GH EDVH HVW OD IRUPDWLRQ GH 0RQWIOHXU\TXL GpEXWH j P /pSDLVVHXU GH ODTXLIqUH HVW IDLEOH VRLW P /D WUDQVPLVVL
ELOLWp
GH7KHLV HVW UpGXLWH j PV(Q ILQ GH FKDQWLHU OH IRUDJH D pWp pTXLSp GH GHX[ WXEHV SLp]RPpWULTXHV SRXU OH
FRQWU{OH GH OD IOXFWXDWLRQ GX QLYHDX GHV DTXLIqUHV /H SUHPLHUGH P GH ORQJXHXU SpQqWUH
GDQV
O$OOXYLRQ
DQFLHQQH /H VHFRQG GH P FRQWU{OH OH WURLVLqPH DTXLIqUH SHUFKp,O
DpWp LVROp GX SUHPLHU SDU XQ ERXFKRQ DQQXODLUH GRSDOLWH H[SDQVLYH SRXU pYLWHU GHV
LQILOWUDWLRQV YHUV ODTXLIqUH SURIRQGTXL HVW H[SORLWp SDUFLQT SXLWV VLWXpV j 3HQH\
/D UHFKHUFKH GDTXLIqUH HVW XQH DXWUH UDLVRQ GH
OLQWpUrW
GHO(WDW
GH *HQqYH j FHWWH pWXGH(WXGHVSDO\QRORJLTXHV
/D WHPSpUDWXUH DQQXHOOH PR\HQQH j *HQqYH HVW GH & OD WHPSpUDWXUH PHQVXHOOH PR\HQQH DWWHLQW & SRXU OH PRLVGH
MXLOOHW
HW & HQ MDQYLHU HQILQ OD PR\HQQH SOX ULDQQXHOOH GHV SUpFLSLWDWLRQV HVW GH PP/H SD\VDJH QDWXUHO RULJLQHO GX EDVVLQ JHQHYRLV D pWp ODUJHPHQWPRGLILp SDUODFWLRQ GH OKRPPH DJULFXOWXUH FRQVWUXFWLRQV URXWHV HW LQGXVWULDOLVDWLRQ /HV IRUrWV PL[WHV GH FKDUPHV *DOLR VLOYDWLFL&DUSLQHWXP MDGLV WUqV UpSDQGXHV RQW pWp UHSRXVVpHV YHUV OHV SODWHDX[ GHV GHX[ F{WpV GX 5K{QH /D IRUrW GH IHXLOOXV OD SOXV SURFKH GH 0RQWIOHXU\ OH
%RLV GX &KkWHDX HVW VLWXpH j HQYLURQ NP GH GLVWDQFH 4XHOTXHV UHVWHV GH IRUrWVDOOXYLDOHV QDWXUHOOHV H[LVWHQW HQFRUH OH ORQJ GX 5K{QH 6XU OHV SHQWHV GX -XUD HW GX 6DOqYH VpWHQGHQW GHV KrWUDLHV )DJLRQ HQFRUH DSSDUHPPHQW SHX LQIOXHQFpHV SDU ODFWLRQ GH OKRPPH
/H SUpOqYHPHQW GHV pFKDQWLOORQV GH VpGLPHQWV GX
SURILO
GH 0RQWIOHXU\ HQWUH HW P GH SURIRQGHXU IXW HIIHFWXp HQ DRW DYHF XQ SDV GpFKDQWLOORQQDJHGH j FP HW OHV SULVHV IXUHQW LPPpGLDWHPHQW LQWURGXLWHV GDQV GHV VDFKHWV HQ SRO\HWK\OHQH 0RQVLHXU 5 4XLOOHW ©6\VWHPDWLVFK *HRERWDQLVFKHV ,QVWLWXWª GH O8QLYHUVLWp GH %HUQH VHFKDUJHD GH OD VpSDUDWLRQ GX SROOHQ IRVVLOH GH VD PDWULFH VpGLPHQWDLUH VHORQ OD PpWKRGH XWLOLVpH KDELWXHOOHPHQW +&O
.2+
+) DFpWRO\VH.2+
JO\FpULQH FRPSOpWpHSRQFWXHOOHPHQW SDU XQH VpSDUDWLRQ GHQVLPpWULTXH DX =Q&E 'H SOXV OHV pFKDQWLOORQV RQW pWp HQULFKLV SDU GHV WDEOHWWHV GH /\FRSRGLXP SRXU SHUPHWWUH OD GpWHUPLQDWLRQ GHV
FRQFHQWUDWLRQV HQ SROOHQ
/HQRPEUH GH JUDLQV FRPSWpV SDU KRUL]RQ DYDULp HQWUH HW SRXU OHVpFKDQWLOORQV ULFKHV PDLV ORUVTXH OD WHQHXUHQSROOHQ pWDLW IDLEOHFHQRPEUHQHSRXYDLWSDVWRXMRXUV rWUH DWWHLQW PrPHHQ pWXGLDQW SOXVLHXUVODPHV 3RXUGpWHUPLQHUOHVJUDLQV IRVVLOHVRQ XWLOLVDDXVVLODFROOHFWLRQGHSROOHQUpFHQWVGHO,QVWLWXW ERWDQLTXHj%HUQH DLQVL TXH ODGRFXPHQWDWLRQ SKRWRJUDSKLTXHHWODFROOHFWLRQGHSROOHQUpFHQWV GHO,QVWLWXW)$ )RUHO
/pWXGH SDO\QRORJLTXHVHFRQFHQWUDVXU OHV0DUQHVjOLJQLWHFRPSULVHVHQWUH HWPGHSURIRQGHXU HWVLWXpHV VRXVO$OOXYLRQ DQFLHQQH4XHOTXHV pFKDQWLOORQVGH OD ]RQHHQWUHHW P GH SURIRQGHXUWUqV SDXYUHHQSROOHQ IXUHQWpJDOHPHQW pWXGLpV
/DQDO\VHVDYpUD ORQJXH HWGLIILFLOH OD FRQVHUYDWLRQGX SROOHQ pWDQW VRXYHQWPDXYDLVH HW PDOJUp OD SURFpGXUH GHQULFKLVVHPHQW OHVWHQHXUVHQSROOHQ UHVWDLHQWIDLEOHV 'DXWUH SDUWGXSROOHQ UHPDQLp DpWp VSRUDGLTXHPHQW
REVHUYp 3DUPL OHV SROOHQ GDUEUHV FHOXL G$ELHV pWDLW IUpTXHPPHQW FRUURGp UHQGDQW VD GpWHUPLQDWLRQ SOXV DUGXH 'DXWUHVGLIILFXOWpV SURYHQDLHQW GXQ SROOHQ GHW\SH VWpSKDQRSRUp GRQW OD IRUPH GHV SRUHVUHVVHPEOH IRUWHPHQW jFHOOH GX SROOHQ GH 3WHURFDU\D /H 3URIHVVHXU ( *UJHUGH O©,QVWLWXW IU 4XDUWlUZLVVHQVFKDIWHQª GH O8QLYHUVLWp GH *|WWLQJHQ DHX ODPDELOLWp GH FRQWU{OHU QRWUH PDWpULHO HW LO HQ FRQFOXW TXDXFXQ GHV
JUDLQVGHSROOHQ HQTXHVWLRQQH SRXYDLW rWUH DWWULEXp DYHFFHUWLWXGH j 3WHURFDU\D GX IDLWGHOHXUpWDWGHFRQVHUYDWLRQ
UHODWLYHPHQW PDXYDLV 'DQVOH GLDJUDPPH SROOLQLTXH OHVIUDFWLRQV FRUUHVSRQGDQW DXW\SHVWpSKDQRSRUp VRQWUHSUpVHQWpHV SDU XQH FRXUEH GpVLJQpH SDU ODSSHOODWLRQ©3VWS ,1'(7ª
/HV SRXUFHQWDJHV GHV WD[RQV LQGLYLGXHOVLQFOXDQW WRXV OHV SROOHQ GDUEUHV HW GDUEXVWHV VRQW UHJURXSpV HW FODVVpV VRXV OD UXEULTXH ©SROOHQ DUERUpHQVª RX VRXV VRQ VLJOH ©3$ª DORUV TXHOHV DXWUHVSROOHQ VRQWOHV ©SROOHQ QRQ DUERUpHQVª DYHF SRXU VLJOH ©31$ª HW FRUUHVSRQGHQW DX[ SROOHQ GKHUEDFpHV 5HOHYRQV HQFRUH TXH OHV SROOHQGHVSODQWHVDTXDWLTXHVGHV&\SHUDFHDH DLQVL TXHOHVVSRUHV QHVRQWSDVFRPSULVGDQVFHWWH VRPPH
'DQV OHGLDJUDPPHSROOLQLTXH OHVSURILOVHQQRLUVRQWjOpFKHOOHGX GLDJUDPPH SULQFLSDODORUV TXHOHVSURILOV HQ EODQF VRQW DPSOLILpV GXQ IDFWHXU 3RXUILJXUHU OHVYDOHXUVGHV&\SHUDFHDH HW GH'U\RSWHULVQRXV DYRQV FKRLVLXQH pFKHOOH ORJDULWKPLTXH /HGLDJUDPPH SULQFLSDO GRQQH XQH YXHGHQVHPEOHGH ODUpSDUWLWLRQ
SURSRUWLRQQHOOHGHVSROOHQ GDUEUHVGDUEXVWHV HWGKHUEHV /HVSURILOVGH WD[RQVLQGLYLGXHOV GDUEUHVHW GDUEXVWHV RQW pWp SODFpVjJDXFKH GXGLDJUDPPH SULQFLSDODORUV TXH FHX[GHV KHUEDFpHV GHVSODQWHVDTXDWLTXHVHW GHVVSRUHV VRQWjGURLWH
/HGLDJUDPPHSROOLQLTXHDpWpVXEGLYLVpHQ]RQHV GLWHV©/RFDO 3ROOHQ $VVHPEODJH =RQHV/3$=ªGDQV OH
VHQV GH &XVKLQJ ,O VDJLW GH VpULHV VpGLPHQWDLUHV GRQW OH FRQWHQX SROOLQLTXH HW VSRULTXH VH GLVWLQJXH QHWWHPHQWGHFHOXLGHV]RQHVDGMDFHQWHV HQFHVHQVTXHFHV/3$=VRQWGHVELR]RQHV 5DSSHORQV TXH OHV/3$=
FRQWLHQQHQW XQLTXHPHQWGHVLQIRUPDWLRQVGRUGUH VWDWLVWLTXH
5pVXOWDWV
/LWKRVWUDWLJUDSKLH
3URILO GXVRQGDJH VHORQ * $PEHUJHU )LJ
UpFHQW
GpODYDJH GH ODPRUDLQH
PRUDLQH ZXUPLHQQH OLPRQHXVHWUqVFDLOORXWHXVH pSDLVVHXU P IRUPDWLRQ GH
O$OOXYLRQ
DQFLHQQH pSDLVVHXU PIRUPDWLRQGH
0RQWIOHXU\
VHQVX ODWR pSDLVVHXU P IRUPDWLRQ GX6HXMHW GLWH GXUHWUDLWULVVLHQ pSDLVVHXU P IRUPDWLRQ GLWHPRUDLQH ULVVLHQQH pSDLVVHXU P]RQHGDOWpUDWLRQ
0RODVVH URXJH GX&KDWWLHQLQIpULHXU
/H IRUDJH GH 0RQWIOHXU\ D DLQVL SHUPLV GREVHUYHU OHV XQLWpV OLWKRORJLTXHV FLWpHV SOXV KDXW HW GH FRQVWDWHU TXH OH FRPSOH[H
G$OOXYLRQ
DQFLHQQH HVW VLWXp VRXV OD PRUDLQH GX :LLUP DORUV TXH OD IRUPDWLRQ GH0RQWIOHXU\
VO FRUUHVSRQGUDLW DX[ 0DUQHV j OLJQLWH GDQV OH VFKpPD VWUDWLJUDSKLTXH FODVVLTXH GX 4XDWHUQDLUH JHQHYRLV (QILQ VRXV FHWWH GHUQLqUHVH WURXYHQW OHV GpS{WV GXQ VWDGH GH UHWUDLW DLQVL TXH GX PDWpULHO PRUDLQLTXH GXQH
SpULRGH JODFLDLUH DVVLPLOpHMXVTXjSUpVHQW DX 5LVV &H VWDGH GH UHWUDLW DSSHOp LFL IRUPDWLRQ GX 6HXMHW WUqV FRPSDFW JpRWHFKQLTXHPHQW SDUODQW HVW H[HPSW GH FDLOORX[ HQ FRPSDUDLVRQ
DYHF OXQLWp LQIpULHXUH XOWUD FRQVROLGpH HW KDELWXHOOHPHQW DWWULEXpH DX 5LVV VDQV SUHXYH UpHOOH /H VRFOH GH 0RODVVH URXJH GX &KDWWLHQ LQIpULHXU IXW DWWHLQW j P GH SURIRQGHXU
)RUPDWLRQGH 0RQWIOHXU\GX 3OHLVWRFqQH PR\HQ
3URIRQ GHX
U3URILO $OWLWXGH
5pVXPp
GXSURILO
RRR
&$25pFHQW
?7HUUH
YpJpWDOH HWFROOXYLRQV
2-
&;
F R4
O!
4
&
1
2229R R!R R!R R!R
R1R 9R 9R R R
R1R \\
R \
0RUDLQH ZXUPLHQQH
/LPRQ HW OLPRQ DUJLOHX[ j FDLOORX[
RRRR \\ \\ \\
R2RR R RRR R RRR
R R
R
22R R RR
R R RR
RR
R RR
RR R
R
2RR2RR R R R R
R
22RRR
RR RRR R
R R
RR R
222R
RR RR R R 2 R2RR
RR RR"
2RR 2R R2R " "
R R R 2R
$OOXYLRQ
DQFLHQQH*UDYLHU
VDEOHX[SDUWLHOOHPHQW FLPHQWp²
*
)
)RUPDWLRQ
GH 0RQWIOHXU\ VO S/LPRQ HW VDEOH
M
SS&
B ² %
$
)RUPDWLRQ
GX 6HXMHW/LPRQ
&;
F RD
W!
F 1RRR
\R?YR 0RUDLQH
ULVVLHQQH2O2ORO R_RR
0RODVVH URXJH
*UqV HW PDUQHV
OR_R_RRORO
,7,7,
)LJ 3URILOOLWKRVWUDWLJUDSKLTXHGX IRUDJH GH0RQWIOHXU\
5HSUHQRQV PDLQWHQDQW OD GHVFULSWLRQ OLWKRVWUDWLJUDSKLTXH GpWDLOOpH GHV IRUPDWLRQV
FRPSULVHV HQWUH j PGH SURIRQGHXU ILJ OHYp JpRORJLTXH GH * $PEHUJHU
JUDYLHU PR\HQ j JURVVLHU GLDPqWUH PD[LPXP REVHUYp PP GDQV XQH PDWULFH GH OLPRQ VDEOHX[ XQ SHXDUJLOHX[
OLPRQSHXDUJLOHX[ EHLJHjMDXQkWUHSDUR[\GDWLRQ
OLPRQ SHX DUJLOHX[ EHLJH jMDXQkWUH SDU R[\GDWLRQ j QRPEUHX[ FDLOORX[ PR\HQV GLDP PD[
REV PP
OLPRQSHXDUJLOHX[ MDXQkWUHjURX[ R[\GDWLRQ LPSRUWDQWH UDUHVSHWLWV FDLOORX[
OLPRQSHXDUJLOHX[EHLJH PDVVLI SHX R[\Gp
OLPRQ PR\HQQHPHQW DUJLOHX[ JULV FODLU PDVVLI j PDO VWUDWLILp DYHF OLWV GH VDEOH JURVVLHU j SHWLWV FDLOORX[ GLDPPD[ PP
VDEOH ILQ EHLJH OLPRQHX[ WUqV SHX DUJLOHX[ LQWHUVWUDWLILp GH OLWV OLPRQHX[ JULV GH j PP GpSDLVVHXUjVWUXFWXUH WRXUPHQWpH
VDEOH PR\HQOLPRQHX[JULV PDVVLI
VDEOHILQ EHLJHOLPRQHX[ LQWHUVWUDWLILpGHOLWVOLPRQHX[JULV
OLPRQSHX DUJLOHX[EHLJH jJULV DYHFGHV QLYHDX[jPDWLqUH RUJDQLTXH HW UHVWHV GH PROOXVTXHV LQWHUVWUDWLILpV
OLPRQ VDEOHX[ SHX DUJLOHX[ JULVFODLU PDVVLI HQWUHFRXSp SDU XQ SODQ GH VWUDWLILFDWLRQ LUUpJXOLHU
OLPRQWUqV RUJDQLTXH EUXQQRLU j UHVWHV OLJQLWLVpV DERQGDQWV HW PLQFHV LQWHUVWUDWLILFDWLRQVGH OLPRQEHLJH
OLPRQSHXDUJLOHX[JULVEHLJH PDOVWUDWLILpUDUHV UHVWHVRUJDQLTXHV VDEOHILQOLPRQHX[JULV SHX RXSDVVWUDWLILp
VDEOH PR\HQjJURVVLHUJULV PDVVLI SHXOLPRQHX[ JUDYLOORQQHX[ SDUSODFH GLDPPD[ PP OLPRQJULV VRPEUHDYHF GHODPDWLqUH RUJDQLTXHHW GXOLJQLWH
VDEOHILQ LUUpJXOLqUHPHQW OLPRQHX[DYHFUHVWHV GHOLJQLWHj
VDEOH JURVVLHU PDVVLIOLPRQHX[JULVJUDYLOORQQHX[ GLDPPD[ PP /DFXQHVGHFDURWWDJH
VDEOH PR\HQ PDVVLI JULVOLPRQHX[
OLPRQJULVEHLJH PDVVLI jWUqV UDUHVSHWLWV FDLOORX[ GLDP PD[ PPHW SHWLWHV FRQFUpWLRQV FDOFDLUHV
OLPRQJULVj OpJqUHPHQWMDXQkWUHSHXDUJLOHX[ WUqV UDUHV SHWLWVFDLOORX[ GLDPPD[ PP OLPRQJULVEHLJH LQWHUVWUDWLILpGH OLWV SOXV IRQFpV JULV VRPEUH VWUDWHV SOLVVRWpHVGH VDEOHILQOLPRQHX[ JULVEHLJH
VDEOH JURVVLHUJULVFODLU OLPRQHX[ PDVVLIJUDYLOORQV PD[ PP /DFXQHV GH FDURWWDJH HW
OLPRQ JULVQRLU RUJDQLTXHDYHFSHWLWVFDLOORX[HW GXOLJQLWH OLPRQJULVFRPSDFWDYHFGHVSHWLWV FDLOORX[
VDEOHPR\HQJULV DYHFGHVSHWLWV FDLOORX[ /DFXQHVGHFDURWWDJH
OLPRQ RUJDQLTXH PDVVLIJULVQRLUjGpEULVGH PROOXVTXHVDYHF XQFDLOORX GH PPj VDEDVH VDEOH PR\HQ JULV DYHF FDLOORX[ GLDP PD[ PPHW WUDFHV GH OLJQLWH &HWWH VHFWLRQ GX VRQ¤
GDJH PDQTXH
JUDYLHU PR\HQ j JURVVLHU PD[ PP GDQV PDWULFH OLPRQHXVH JULVEHLJH YHUGkWUH SDU SODFHVRXVOLQIOXHQFHGH JUqVDOWpUpGH OD PRODVVH /DFXQHVGHFDURWWDJH FHWWH VHFWLRQPDQTXH SUHVTXHHQWLqUHPHQW
OLPRQ DUJLOHX[ JULV WUqV GXU PDVVLI IHXLOOHWDJH ORFDO GH SUHVVLRQ 'H j VDEOH JULVEHLJH OLPRQHX[
LGHP DYHF UDUHV FDLOORX[ VWULpV pPRXVVpV PD[ PP FDLOORX[ YHUV OD EDVH OpJqUHPHQW SOXVIUpTXHQWV
OLPRQGDOWpUDWLRQGHVPDUQHVPRODVVLTXHV DYHF GHVFDLOORX[ UKRGDQLHQV VDEOHOLPRQHX[ JULVYHUGkWUHGDOWpUDWLRQGHJUqV GH OD PRODVVH
&KDWWLHQ LQIpULHXUJUqVJULVYHUW IHOGVSDWKLTXHHW PLFDFp PR\HQjFLPHQWPDUQHX[
)RUPDWLRQGH0RQWIOHXUYGX 3OHLVWRFqQH PRYHQ
3DO\QRVWUDWLJUDSKLH
'DQV OH GLDJUDPPH SROOLQLTXH GH OD ILJXUH OHV ]RQHV
/3$=
VXLYDQWHV SHXYHQW rWUH GLVWLQJXpHV$ =RQH ULFKHHQ 31$ DYHF3LQXV %HWXOD HW3LFHD P
$XJPHQWDWLRQ GHV WHQHXUV HQ 31$ TXL DWWHLJQHQW DX PD[LPXP 3LQXV GLPLQXH MXVTXj %HWXOD HW 3LFHD DXJPHQWHQW OpJqUHPHQW /HV SROOHQ GH &RU\OXV 8OPXV HW
$OQXV SHXYHQW SURYHQLU GXQ VpGLPHQW UHPDQLp
,O
\ D DXVVL OLHX GH UHOHYHU ODSSDULWLRQ G(SKHGUD G$UWHPLVLDHW GHV &KHQRSRGLDFHDH9pJpWDWLRQ WRXQGUD VWHSSLTXH GH OD SpULRGH JODFLDLUH DYHF SLQV HW pSLFpDV pSDUV HW TXHOTXHV ERXOHDX[GDQV OHV]RQHV KXPLGHV
% =RQH j 3LQXV3LFHD7LOLD GLYLVpH HQ GHX[ GX
IDLW
GH OH[LVWHQFH GXQ KLDWXV VpGLPHQWDLUHP HW P
&RGRPLQDQFH GH 3LQXV HW GH 3LFHD HW YDOHXUV pOHYpHV GH 7LOLD SRXYDQW DWWHLQGUH SUpVHQFH SOXVIDLEOH GH &RU\OXV 4XHUFXV HW 8OPXV DXJPHQWDWLRQ OpJqUH G$ELHV HW WHQHXU FRQVWDQWH HQ $OQXV 9DOHXUV 31$ IOXFWXDQW GH j
9pJpWDWLRQ pOpPHQWV GXQH SpULRGHFKDXGH D\DQW XQH YpJpWDWLRQ IRUHVWLqUH YDULDQW HQ IRQFWLRQ GX VXEVWUDW FRXYHUWXUH GH SLQV HW GpSLFpDV VXU OHV EDQFV GH JUDYLHUV FRQVROLGpV GHV SODWHDX[ SHWLWHV pWHQGXHV GH IRUrWV GH IHXLOOXV VXU OHV VROV ULFKHV HW GH WLOOHXOV VXU OHV SHQWHV UDLGHV HW HQVROHLOOpHV
& =RQHULFKH HQ 31$ DYHF$UWHPLVLD -XQLSHUXV 3LQXV 3LFHDHW%HWXOD P 9DOHXUV pOHYpHV DWWHLJQDQW MXVTXj GH 31$ DYHF XQH SURSRUWLRQ FRQVLGpUDEOH GH
*UDPLQHDH MXVTXj DYHF$UWHPLVLD &KHQRSRGLDFHDH HW &LFKRULD FHDH OHV VSHFWUHV GHV
31$
VRQW ULFKHV HQ HVSqFHV 3UpVHQFH YDULDEOH GH 3LQXV OHV YDOHXUV GH 3LFHD DXJPHQWDQW VHXOHPHQW GDQV OH QLYHDX OH SOXV UpFHQW%HWXOD DWWHLQW HW -XQLSHUXV $SSDULWLRQ VSRUDGLTXH G(SKHGUD W\SHV ( GLVWDFK\D HW (IUDJLOLV GH 6DOL[ HW G+LSSRSKDs
/LPLWH GHV]RQHV & HW ' UHFXO GHVYDOHXUV 31$ HW DXJPHQWDWLRQ GHVWDX[ GH 3LFHD 9pJpWDWLRQ WRXQGUD VWHSSLTXH GH SpULRGH JODFLDLUH DYHF DOWHUQDQFH GLQWHUVWDGLDLUHV PDUTXpV SDU ODSUpVHQFH GX SLQ
6XEGLYLVLRQ HQ VRXV]RQHV
&O
'RPLQDQFH GH 3LQXV DYHF GHV YDOHXUV 31$ DWWHLJQDQW HW XQH DXJ¤PHQWDWLRQGHV WHQHXUVHQ $UWHPLVLD HWHQ &KHQRSRGLDFHDH 9pJpWDWLRQ SLQVFODLUVHPpV HQULFKLVGpSLFpDV
& 9DOHXUV pOHYpHV GH 31$ DWWHLJQDQW HW G$UWHPLVLD TXL DXJPHQWH MXVTXj OHV &KHQRSRGLDFHDH DWWHLJQHQW OHV &LFKRULDFHDH OHV $VWHUDFHDH OHV $SLDFHDH DLQVL TXH 7KDOLFWUXP HW %RWU\FKLXP VRQW QHWWHPHQW SUpVHQWV /HV YDOHXUV GH 3LQXV UHWRPEHQW j FHOOHV GH 3LFHD j DORUV TXRQ REVHUYH XQH OpJqUH DXJPHQWDWLRQ GH %HWXODj
0217)/(85<
6, P
$5%5(6 (7 $5%867(63 ',$*5$00( 35,1&,)b/
,h ; 8- 8L
J
L
;; ( (1J
J WIO
LL
8- 8-, , ,
J V
= W LQ ,
,
- L ° D: 0 VR Z æææ +
S²I
AA !U
D WH AV !U
É
A AA
J ª²
²W ²
L²L 3 !! !²LFA ©
IIL 0
WL
L²ªMX 6
MX
MX , AV 3
V
YBL
6 g
OD A
0A+ LUAA W²JAA A
A
0A+ 0A
!AWA 6 WW
, ,9 Q]
)LJ 'LDJUDPPHSROOLQLTXH
)RUPDWLRQGH 0RQWIOHXU\GX3OHLVWRFqQH PR\HQ
3/$17(6 +(5%$&((6 31$
$1$/ 6 :(*08//(5
3/ $28$7 37(5,'23+<7(6 63+$*180
L
B? \ © D VRU RRR674
\ ] A V
Ó BM R &/BMB &&RR 8
8 - B
w 6w
8 8 8-8- B Bww
D X P 2
J 6
\ A
( Wv
W²W 7
\\ F
²!E
²I
J
W²!(6J J J
+!W+!!æ
W0L
+A UW
0L
ª
6
3L3
\ Q
\\ \\ +
6
IUW 0²WOL L
ROLOLL
w
&ORRww
[ 6% 666
%
%
O
ZOO
² IU
+
+I
IF
W!²K
H
L
/ L U
ALA
A ¯
¯
©
U
9pJpWDWLRQ WRXQGUD VWHSSLTXH FRUUHVSRQGDQW j XQ UHIURLGLVVHPHQW ULFKH HQ HVSqFHV DYHFGHV SpULRGHV GpSRXUYXHVGH IRUrWV
& $XJPHQWDWLRQ GH 3LQXV MXVTXj OpJHU UHFXO GH 3LFHD HW GH %HWXOD UHFXO GHV
31$ MXVTXj GLPLQXWLRQ PDUTXpH GHV YDOHXUV G$UWHPLVLD HW GH %RWU\FKLXP GHV $VWHUDFHDH HW GHV &LFKRULDFHDH SDU FRQWUH DSSDULWLRQ GHV W\SHV (SKHGUD GLVWDFK\D HW (IUDJLOLV
9pJpWDWLRQ GH W\SH LQWHUVWDGLDLUH DYHF SUpVHQFH GLVFUqWH GH 3LQXV HW GpOpPHQWV
FDUDFWpULVDQW GHVSpULRGHV GH UHIURLGLVVHPHQW
& $FFURLVVHPHQW MXVTXj GHV YDOHXUV 31$ GH -XQLSHUXV j HW GH 6DOL[ j HW GpFURLVVDQFH GH OD FRXUEH GH 3LQXV j /HV VSHFWUHV GHV 31$ VRQW ULFKHV HQ HVSqFHV DYHF $UWHPLVLD &KHQRSRGLDFHDH 7KDOLFWUXP &LFKRULDFHDH $VWHUDFHDH HW $SLDFHDH $SSDULWLRQ VSRUDGLTXH+LSSRSKDs HW GH 6HODJLQHOOD
9pJpWDWLRQ WRXQGUD VWHSSLTXH ULFKH HQ DEVLQWKH DYHF GpYHORSSHPHQW GXQH FRXYHUWXUH
GDUEXVWHV j GRPLQDQFH GH JHQpYULHUVHW GH VDXOHV 'LVSDULWLRQ GH OD IRUrW GXUDQW XQH SKDVH VqFKH GH UHIURLGLVVHPHQW
& )RUWH DXJPHQWDWLRQ GHVYDOHXUV GH 3LQXV DLQVL TXH FHOOHV GH %HWXOD TXL DWWHL¤
JQHQW 5HFXO GUDVWLTXH GHV WHQHXUV HQ -XQLSHUXV HW HQ 31$ HQ SDUWLFXOLHU
G$UWHPLVLDGHV &LFKRULDFHDHDLQVL TXH GDXWUHV WD[RQV
9pJpWDWLRQ GH W\SH LQWHUVWDGLDLUHj 3LQXV DYHFHQULFKLVVHPHQW HQ %HWXOD
& 1RXYHDX UHFXO GHV YDOHXUV GH 3LQXV DYHF FHSHQGDQW XQH DXJPHQWDWLRQ GH OD FRXUEH GH 3LFHD j HW XQ GpYHORSSHPHQW FRQWLQX G$OQXV DLQVL TXXQ IRUW DFFURLVVHPHQW GX 31$ HQ SDUWLFXOLHU GHV *UDPLQHDH G$UWHPLVLD GHV &KHQRSRGLDFHDH GH 7KDOLFWUXP GHV &DU\RSK\OODFHDH HW GHV $SLDFHDH 1RXYHOOH DSSDULWLRQ GH %RWU\FKLXP 6HODJLQHOOD VHOD JLQRLGHV HW GHV 6SKDJQD
$
OD ILQ GH FHWWH SKDVH 6DOL[ +LSSRSKDH HW-XQLSHUXV VRQW SOXV QHWWHPHQWSUpVHQWV9pJpWDWLRQ XQH QRXYHOOH SKDVH GH UHIURLGLVVHPHQW FRQGXLW j XQ
IRUW
pFODLUFLVVHPHQW GHVIRUrWV GH SLQVDORUV TXH OpSLFpDJDJQHGX WHUUDLQ 9HUVOD ILQGH FHWWH SKDVH IURLGH DSSDUDLVVHQWOHV SUHPLqUHV WUDFHVGH ODSUpVHQFH GDUEUHV HWGDUEXVWHV WKHUPRSKLOHV ' =RQHj3LQXV HW3LFHD DYHFSUpVHQFH G$OQXV P3LQXV HVW GRPLQDQW 3LFHD VXEGRPLQDQW DXJPHQWDWLRQ G$OQXV MXVTXj &RU\OXV 4XHUFXV 8OPXV 7LOLD &DUSLQXV %X[XV HW 7D[XV DSSDUDLVVHQW SOXV QHWWHPHQW 5pJUHVVLRQ GHV pOpPHQWV JODFLDLUHV 5HFXO PDVVLI GHV 31$ j HQ SDUWLFXOLHU G$UWHPLVLDHW IRUWH DXJPHQWDWLRQ GHV VSRUHV GHIRXJqUHV W\SH 'U\RSWHULV
/LPLWH GHV]RQHV 'HW ( DXJPHQWDWLRQGHV31$
9pJpWDWLRQ H[WHQVLRQ GHV IRUrWV ULFKHV HQ IRXJqUHV GDQV OHVTXHOOHV OH SLQ GRPLQH HW OpSLFpD HVW WUqV ELHQ UHSUpVHQWp GXUDQWXQH SKDVH FOLPDWLTXHPHQW IDYRUDEOH
( =RQHj3LQXVHW3LFHD DYHF
6DOL[
HW+LSSRSKDs P3LQXV HVW GRPLQDQW PDLV VHV YDOHXUV QH GpSDVVHQW FHSHQGDQW SDV OHV 3LFHD HVW
VXEGRPLQDQW (PHUJHQFH SOXV DFFHQWXpH GH 6DOL[ HW G+LSSRSKDs 7UDFHV G(SKHGUD HW GH -XQLSHUXV $XJPHQWDWLRQ GHV YDOHXUV 31$ j GHX[ UHSULVHV HW
)RUPDWLRQGH0RQWIOHXU\ GX 3OHLVWRFqQH PR\HQ
'LYHUVLILFDWLRQ GX VSHFWUH 31$ 1HWWH KDXVVH HQUHJLVWUpH SRXU OHV &\SHUDFHDH
%RWU\FKLXP 6HODJLQHOOD HW 6SKDJQD DSSDUDLVVHQW j QRXYHDX
/LPLWH
( HW ) EDLVVHGHV YDOHXUV 31$ HW DXJPHQWDWLRQ GH ODFRXUEH G$ELHV9pJpWDWLRQ j GHX[ UHSULVHV LO \ D pFODLUFLVVHPHQW GHV IRUrWV GH SLQV HW GpSLFpDV OHV FRQGLWLRQV FOLPDWLTXHV VRQW LQVWDEOHV HOOHV IOXFWXHQW HQWUH IURLGHV HW KXPLGHV /H[WHQVLRQ GHV VDXOHV HW GHV DUJRXVLHUV VHUDLW XQH FRQVpTXHQFH GH OD FRORQLVDWLRQ GHV ]RQHV DOOXYLRQQDLUHV OH
IRUW
DFFURLVVHPHQW GHV &\SHUDFHDH FRUUHVSRQGUDLW j XQH DOWHUQDQFH GH SpULRGHV GLQRQGDWLRQV HW GDVVqFKHPHQWV /DSSDULWLRQ GH %RWU\FKLXP HVW XQ LQGLFH GH OpFODLUFLVVHPHQW GHVIRUrWV VXVPHQWLRQQpHV) =RQH j3LQXV 3LFHDHW$ELHVDYHF)DJXV P
'RPLQDQFH GH 3LQXV YDULDELOLWp GHV YDOHXUV GH 3LFHD
FURLVVDQFH G$ELHV TXL DWWHLQW )DJXV HVW SDU PRPHQW UHSUpVHQWp SDUXQH FRXUEH
FRQWLQXH $OQXV DWWHLQW j OD OLPLWH LQIpULHXUH GH OD ]RQH XQH WHQHXU GH HW PRQWUH HQVXLWH XQH SUpVHQFH FRQWLQXH 3DUPL OHV DUEUHV HW DUEXVWHV WKHUPRSKLOHV RQ GLVWLQJXH 4XHUFXV 8OPXV HW &RU\OXV FHSHQGDQW OHV WHQHXUV UHVWHQW IDLEOHV ,O HVW LQWpUHVVDQW GH
UHOHYHU ODSSDULWLRQ GH %X[XV DLQVL TXH OD SUpVHQFH VSRUDGLTXH GH -XJLRQV HW GH
7D[XV 'LPLQXWLRQ GHV 31$ HW UHFXO VLJQLILFDWLIGHV &\SHUDFHDH
$
QRWHU DXVVL OD SUpVHQFH ELHQ PDUTXpH GH %RWU\FKLXP GDQV OD SDUWLH LQIpULHXUH GH FHWWH ]RQH DLQVL TXH ODSSDULWLRQ SOXV WDUGLYH GH 6DOL[ HW G+LSSRSKDs/LPLWH ) HW * DXJPHQWDWLRQ GHV31$ HWGLPLQXWLRQ GH )DJXV
9pJpWDWLRQ GXUDQW XQH SpULRGH FOLPDWLTXHPHQW SOXV IDYRUDEOH OH VDSLQ EODQF VH UpSDQG VDQV GLVFRQWLQXLWp DYHF ODSSDULWLRQ VLPXOWDQpH GX KrWUH GX EXLV GH
OLI
HW GXQR\HU DLQVL TXH GHV IHXLOOXV TXL VRQW PLHX[ UHSUpVHQWpV HW LQGLTXHQW GHV FRQGLWLRQV
WKHUPLTXHV OpJqUHPHQW PHLOOHXUHV
* =RQHj3LQXV HW3LFHD DYHF$ELHV P
3LQXV HVW GRPLQDQW 3LFHD VXEGRPLQDQW GLPLQXWLRQ j$ELHV HW UHQIRUFHPHQW G$OQXV HW GH %HWXOD /HV DUEUHV WKHUPRSKLOHV GH OD ]RQH SUpFpGHQWH VH PDLQWLHQQHQW GDQV OHXU WRWDOLWp FHSHQGDQW TXH )DJXV HW %X[XV QH VRQW SOXV TXH IDLEOHPHQW UHSUpVHQWpV /DSSDULWLRQ SOXV IUpTXHQWH GpOpPHQWV VWHSSLTXHV WHOV TX(SKHGUD HW
$UWHPLVLD IUDSSH
9pJpWDWLRQ SLQqGHV VqFKHV j pSLFpDV HW ]RQHV PDUpFDJHXVHV j IRUrWV GDXOQHV DYHF GHV ERXOHDX[ DLQVL TXH GHV IHXLOOXV WKHUPRSKLOHV GDQV OHV OLHX[ KXPLGHV HW DEULWpV /HV FRQGLWLRQV FOLPDWLTXHV VRQW SOXVFRQWLQHQWDOHV TXH GDQV OD SpULRGH SUpFpGHQWH
&RPPHQWDLUHV
3RXU OHV GHX[ VpTXHQFHVFRXUWHV HW IUDJPHQWDLUHV GH OD]RQH % OH FDUDFWqUH LQWHUJODFLDLUH GH OD YpJpWDWLRQ SHXW rWUH FHUWLILp SDU OD SURSRUWLRQ FRQVLGpUDEOH GH UHSUpVHQWDQWV GH OD FKrQDLHPL[WHHW HQ SDUWLFXOLHUSDUOHV IRUWHV WHQHXUV HQ 7LOLD
/D TXHVWLRQVHSRVHGH VDYRLUVL ODSDUWLH SULQFLSDOH GX GLDJUDPPH GRPLQpH SDU 3LQXV HW 3LFHD =RQHV ' ( )HW * SHXW pJDOHPHQW rWUH DWWULEXpH j XQ LQWHUJODFLDLUH ELHQTXH QL OD SKDVH GH FKrQDLH PL[WH SURSUHPHQW GLWH QL OD SKDVH j &RU\OXV QRQW SX rWUH PLVHV
HQ pYLGHQFH HW TXH ODWHQHXU HQ IHXLOOXV WKHUPRSKLOHV UHVWH UHODWLYHPHQW IDLEOH DLQVL TXH FHOOH GH 7D[XV 'DQV OD ]RQH ) SDU FRQWUH RQ LGHQWLILH QHWWHPHQW OH[WHQVLRQ G$ELHV HW OHQULFKLVVHPHQW HQ )DJXV 'DXWUHV pOpPHQWV WKHUPRSKLOHV WHOV TXH %X[XV 7D[XV HW -XJODQV IRQW pJDOHPHQW OHXU DSSDULWLRQ /D YpJpWDWLRQ GH FHWWH VXEGLYLVLRQ PRQWUH XQH SpULRGH WHPSpUpHGLQWHUJODFLDLUH
&HSHQGDQW XQ KLDWXV HQWUH HW P GH SURIRQGHXU QH SHXW SDVrWUH H[FOX YX OD JUDQGH GLIIpUHQFH HQWUHOHV VSHFWUHVSROOLQLTXHV j P HWFHX[ GX QLYHDXVRXVMDFHQW
(Q FRQFOXVLRQ UHOHYRQV TXH GDQV OH
SURILO
GH0RQWIOHXU\ OHV VpTXHQFHV SROOLQLTXHV GH GHX[ SKDVHV LQWHUJODFLDLUHV RQW FHUWDLQHPHQW pWpLGHQWLILpHV VpSDUpHVOXQH GH ODXWUH SDUGHVGpS{WVJODFLDLUHV
/HV ]RQHV DLQVL PLVHV HQ pYLGHQFH VRQW DVVRFLpHV HQ FKURQR]RQHV HW QRPPpHV VHORQ OHVORFDOLWpV YRLVLQHV GXEDVVLQ JHQHYRLV WDE
=21(6
$VVHPEODJH GHSROOHQ ORFDX[
/3$=
&/,0$7 7+(5020(5(6 .5<20(5(6
&+5212=21(6 )250$7,216
* )
( '
FRQWLQHQWDOVHF SOXV FKDXG HW OpJqUHPHQWSOXV KXPLGH IUDLVKXPLGH WHPSpUp
LQWHUJODFLDLUH 0RQWIOHXU\VV
0RQWIOHXU\VO
& IURLGVHF HQ DOWHUQDQFHDYHF GHVSKDVHV ERUpDOHV HW KXPLGHV
JODFLDLUHDYHF VWDGHVHW LQWHUVWDGHV
9HUQLHU
% FKDXGKXPLGH LQWHUJODFLDLUH
HQUHJLVWUp GH IDoRQ IUDJPHQWDLUH
&RQILJQRQ
$ IURLGHWVHF WDUGLJODFLDLUH 0H\ULQ 6HXMHW
7DE 9XH V\QWKpWLTXHGHV ]RQHVSpULRGHVFOLPDWLTXHV HWFKURQR]RQHV GX IRUDJH 0RQWIOHXU\