Article
Reference
Études géophysiques dans le lac Léman: interprétation géologique
SERRUYA, Colette, LEENHARDT, Olivier, LOMBARD, Augustin
SERRUYA, Colette, LEENHARDT, Olivier, LOMBARD, Augustin. Études géophysiques dans le lac Léman: interprétation géologique. Archives des Sciences, 1966, vol. 19, no. 2, p. 179-196
DOI : 10.5169/SEALS-739329
Available at:
http://archive-ouverte.unige.ch/unige:138078
Disclaimer: layout of this document may differ from the published version.
1 / 1
e78'(6 *e23+<6,48(6 '$16 /( /$& /e0$1 ,17(535e7$7,21 *e2/2*,48(
3$5
& 6(558<$ 2
/((1+$5'7
HW $XJ/20%$5'
,1752'8&7,21
'DQV OH FDGUH GH OpWXGH GH OD VpGLPHQWDWLRQ GX /pPDQ & 6HUUX\D D HQWUHSULV
GXWLOLVHU
OHV PpWKRGHV GX VRQGDJH VLVPLTXH FRQWLQX SRXU UHFRQQDvWUH OD QDWXUH GHV VpGLPHQWV TXL UHFRXYUHQW OH WUpIRQGV URFKHX[ /D FROODERUDWLRQ GX /DERUDWRLUH GH*pRG\QDPLTXH GH OD 6RUERQQH HW GX 0XVpH 2FpDQRJUDSKLTXH GH 0RQDFR D SHUPLV
GDERUG
XQH UHFRQQDLVVDQFH DX VRQGHXU GH YDVH$:
3H+HUDRUM GpEXW DYULO/HV VHUYLFHV GH OD &RPSDJQLH *pQpUDOH GH *pRSK\VLTXH &** RQW pWp HPSOR\pV SRXU OH VRQGDJH VLVPLTXH FRQWLQX !6ZFHU- ILQ DYULO / /H VRQGHXU GH YDVH GH
0RQDFR D pWp XWLOLVp DXVVL SHQGDQW FHWWH FDPSDJQH /H IRQFWLRQQHPHQW VLPXOWDQp GHV GHX[ DSSDUHLOV QH SUpVHQWH SDV GLQFRQYpQLHQW WHFKQLTXH HW OHXUV UpVXOWDWV VH
FRPSOqWHQW ELHQ
*UkFH DX 5HVHDUFK &RPPLWWHH GH OD
1DWLRQDO
*HRJUDSKLF 6RFLHW\ OH 0XVpH 2FpDQR JUDSKLTXH GH 0RQDFR D GLVSRVp HQVXLWH GXQ DSSDUHLOODJH GH VRQGDJH VLVPLTXH FRQWLQX SOXV SHUIHFWLRQQp HW WUDQVSRUWDEOH 2/HHQKDUGW
OpWXGH D pWp UHSULVH j ODLGH GX 3RRZHU - HW GX VRQGHXU GH YDVH HQ QRYHPEUHGpFHPEUH&H VRQW OHV UpVXOWDWV GH FHV WURLV FDPSDJQHV TXH QRXV SUpVHQWRQV LFL ILJ
2 /HHQKDUGW LQJpQLHXU JpRSK\VLFLHQ D DVVXUp OH IRQFWLRQQHPHQW RSWLPXP GX PDWpULHO GDQV OH PLOLHX ODFXVWUH
2 /HHQKDUGWHW & 6HUUX\D RQW SRXUYX j ORUJDQLVDWLRQ PDWpULHOOHGHV FDPSDJQHV HW GpSRXLOOp OHV HQUHJLVWUHPHQWV
& 6HUUX\D JpRORJXH D HIIHFWXp
OLQWHUSUpWDWLRQ
JpRORJLTXH GHV GRQQpHV JpR SK\VLTXHV$ /RPEDUG SURIHVVHXU j
O8QLYHUVLWp
GH *HQqYH D GLVFXWp HW FRPSOpWp OHV K\SRWKqVHV SURSRVpHV HW D GLULJp OD UpGDFWLRQ GX SUpVHQW WUDYDLO/HV WURLV FDPSDJQHV RQW GXUp HQYLURQ VL[ VHPDLQHV /H
WUDYDLO
GH GpSRXLOOHPHQW HW GLQWHUSUpWDWLRQ D RFFXSp SOXVLHXUV PRLV&HQWUH GH 5HFKHUFKHV *pRG\QDPLTXHV 7KRQRQ
0XVpH 2FpDQRJUDSKLTXH 0RQDFR
V ,QVWLWXW GH *pRORJLH GH O8QLYHUVLWp GH *HQqYH
&UpGLW VSpFLDO GX &HQWUH 1DWLRQDO GH OD 5HFKHUFKH 6FLHQWLILTXH
e78'(6 *e23+<6,48(6 '$16 /( /$& /e0$1
,
$33$5(,/6 (7 0e7+2'(6
$ /HV
DSSDUHLOV HW OHXU
PLVH HQ °XYUHN+] GpERUGp VXU OH IODQF
GX
QDYLUHK\GURSKRQH 03 HW 6KDUNHU - WUDvQpV j P GHUULqUH OH QDYLUH DYHF HQUHJLVWUHXU
$OSLQH
j EDOD\DJH GH PV VDQVSURJUDPPH
5RRPHU - j
SUR[LPLWp
LPPpGLDWH GX QDYLUH K\GURSKRQH+603
j P HQYLURQ GHUULqUHOH QDYLUH DYHF HQUHJLVWUHXU (*HW * j EDOD\DJH YDULDEOH HW SURJUDPPH ILOWUHV +]
VXFFHVVLYHPHQW OH 0RwVH GX &HQWUH *pRG\QDPLTXH GH 7KRQRQ
SRXU
OH VRQGHXU GH YDVH VHXO OH &$D:D]M GH OD&*1
SRXU OH 5SDUNHU XQ FKDODQG UHPRUTXp SDU XQH YHGHWWH GHO,15$ SRXU
OH 5RRPHU
GH j Q°XGV VHORQ OHV FRQGLWLRQV GH
EUXLW
HW GH QDYLJDWLRQj OHVWLPH DYHF OH 0RwVH DYHF GHX[ WRSRJUDSKHV j WHUUH HQVXLWH
/D
WRSRJUDSKLH VDQV rWUH WUqV SUpFLVH HVW FRKpUHQWH *UkFH j OD*HQGDUPHULH 1DWLRQDOH GHV SRVWHV
$1*5&
RQW
SHUPLV OHV OLDLVRQV WRSRJUDSKLTXHV /HV URXWHV HIIHFWXpHV VRQW UHSRUWpHV VXU OH SODQ GH SRVLWLRQ JpQpUDO ILJ%
0pWKRGHV
/HV PpWKRGHV HW OHV FDUDFWqUHV WHFKQLTXHV GHV HQUHJLVWUHPHQWV RQW pWp GpFULWV SUpFpGHPPHQW 3
&URX]HW
D HW 2/HHQKDUGW
1RXV QH IHURQV TXH UDSSHOHU OHV SULQFLSHV JpQpUDX[ GHV PpWKRGHV HPSOR\pHV HW FHUWDLQHV FDUDFWpULVWLTXHV QpFHVVDLUHV j OD FRPSUpKHQVLRQ GH ODQDO\VH GHV HQUHJLVWUH PHQWV
5RQGHXU " YDVH
D
3ULQFLSH GX IRQFWLRQQHPHQW © OD GpFKDUJH GXQH FDSDFLWp GDQV XQFLUFXLW
FRQWHQDQW XQH VHOI ERELQH HW XQH FDSDFLWp WUDQVGXFWHXUIDLW
RVFLOOHU FHFLUFXLW
j XQH IUpTXHQFH SUpIpUHQWLHOOH,O
VHQVXLW TXH OH WUDQVGXFWHXU HQ UpJLPH IRUFp pPHW XQWUDLQ
GRQGHV pODVWLTXHV &HOOHVFL VRQW UpIOpFKLHV SDU OHV GLVFRQWLQXLWpV SK\VLTXHV GXIRQG
HW GX WUpIRQGV UHoXHV SDU OH PrPH WUDQVGXFWHXU DPSOLILpHV HW HQUHJLVWUpHV ª2
/HHQKDUGW
6:]GHZU GH UDVH
6WDUNHU
5RRPHU
$DYUHV
)]<H\MH E"RJUDM"wH
9,//$56 6286<(16
_W 3pOHULUY
$8%211(
5,9$=
635(;
$(9(<
0(,//(5,(
(9,$1
6*,1*2/3+
+2121
<92,5(
0(66(5<
*(1(9(
1<g1
&pOLJQ\
025*(6 V
/$86$11(
Y38&+< 38//<
$//$0$1
!%DOODLVRQ
&8//<
&RXUEHV EDWK\PpWULTXHV
7UDMHWV GH QDYLJDWLRQ SHQGDQW OD FDPSDJQH GH 6SDUNHU HW GH VRQGHXU j YDVH DYULO 7UDMHWV GH QDYLJDWLRQ SHQGDQW OD FDPSDJQH
%RRPHU HW GH VRQGHXU j YDVH QRYHPEUHHWGpFHPEUH
&+$7(/ 6W '(1,6
&DGUH JpRJUDSKLTXH ORFDOLVDWLRQ GHV WUDMHWV GHQDYLJDWLRQ GHVFDPSDJQHV GHVRQGDJH VLVPLTXH FRQWLQX $ % GLUHFWLRQ GHOD FRXSH JpRORJLTXHGHOD ILJXUH FRWH PR\HQQH GXSODQ GHDX
GX/pPDQ P
,17(535e7$7,21 *e2/2*,48(
K
3DU IDLEOH SURIRQGHXU OHV HQUHJLVWUHPHQWV VRQW QHWV /RUVTXH OD SURIRQGHXU GHDX H[FqGH P XQ IRQGSODW
VLQVFULW HQ XQH OLJQH LUUpJXOLqUH DYHF OHQUHJLV WUHXU GX $Z- 3HQHUDWXU FHFL HVW G DXIDLW
TXH OH PRWHXU V\QFKURQH GH OHQ UHJLVWUHXU QHVW SDV FRQWU{OpLO
VXLW OHV YDULDWLRQV IDLEOHV GX UpJLPH GXJURXSH pOHFWURJqQH'DXWUH
SDUW SDVVp P GH SURIRQGHXU OH IRQG QDSSDUDvW SOXV $YHFOH 6PPF UHFRUGHU (* HW * TXL HVW UpJXOp TXHOTXHV HVVDLV RQW pWp IDLWV TXL RQH SHUPLV
GREWHQLU
XQH LPDJH GHV VWUXFWXUHV GX IRQG GDQV OHV ]RQHV OHV SOXV SURIRQGHV/H VR$=ILIDJH ©YZ]ZH FRQWLQX D 3ULQFLSH GH IRQFWLRQQHPHQW
6SDUNHU OH VSDUNHU XWLOLVH OH
EUXLW
GXQH pWLQFHOOH pOHFWULTXH GDQV OHDX SURGXLWHVRXV XQH WHQVLRQ GH j 9
%RRPHU ©OH ERRPHU QH GLIIqUH GX VSDUNHU TXHSDU OpPHWWHXU pOHFWURDFRXVWLTXH
$X
OLHX GH SURYRTXHU XQH pWLQFHOOH pOHFWULTXH OD GpFKDUJH GHV FDSDFLWpV HVW HQYR\pH GDQV XQH ERELQH SODWH j VSLUDOH GH FXLYUH FRQWUH ODTXHOOHHVW IL[p XQGLVTXH HQ DOXPL QLXP /HIIHW GHV IRUFHV pOHFWURPDJQpWLTXHV ORUV GH ODYDULDWLRQ
UDSLGH GX FRXUDQWHVWGpFDUWHU YLROHPPHQWOD SODTXH GHODERELQH FUpDQW DLQVLXQH LPSXOVLRQpODVWLTXH ª 2
/HHQKDUGW
K
6XU OHV HQUHJLVWUHPHQWV OHV SURIRQGHXUV VRQW WUDQVFULWHV HQ XQLWpV GH WHPSV&H WHPSV UHSUpVHQWH OD GXUpH GX
WUDMHW
DOOHU HWUHWRXU GHORQGH pODVWLTXH GH ODVXUIDFH GXPLURLU
FRQVLGpUpLO
VLQVFULW VXU OHQUHJLVWUHPHQW GX KDXW YHUV OH EDV'DQV OHDX OD YLWHVVH GH SURSDJDWLRQHVW GH PV 'DQV OHV YDVHV OHV PHVXUHV GH YLWHVVH GDQV GHX[ FDURWWHV HIIHFWXpHV DX %XUHDX G(WXGHV 2FpDQRJUDSKLTXHV j OD 0DULQH 1DWLRQDOH SDU - 0HUOH FRPPXQLFDWLRQ RUDOH j ODLGH GXQ FpOpULPqWUH
%RFNHO VRQW
² SRXU OD YDVH ODFXVWUH
9
PV² SRXU OD YDVH JODFLDLUH
9
PV 1RXV SURSRVRQV9
PV GDQV OHV YDVHV VXSHUILFLHOOHV 99
PV GDQV OHV YDVHV SURIRQGHV 69
PV GDQV OD FRXFKH VXSUDPRODVVLTXH &/D &** WUDQVSRVDQW GHV PHVXUHV IDLWHV j WHUUH D
XWLOLVp
9
PV GDQV OHDX9
PV GDQV OH UHFRXYUHPHQW&HV YDOHXUV VRQW DUELWUDLUHV (OOHV LQWURGXLVHQW XQH HUUHXU SDU H[FqV VXU OHV YDOHXUV GHV SURIRQGHXUV H[SULPpHV HQ PqWUH GX
UDSSRUW
3 &URX]HW HW GHV LVREDWKHV SXEOLpHV SDU & 6HUUX\D 1RXV UHWLHQGURQV OD YDOHXU GH PV GDQV OD PRUDLQH$UFKLYHV GHV 6FLHQFHV 9RO IDVF
e78'(6 *e23+<6,48(6 '$16 /( /$& /e0$1
/HV YDOHXUV GHV YLWHVVHV H[SULPpHV FLGHVVXV VRQW GRQQpHV j
WLWUH GLOOXVWUDWLRQ
PDLV HQ GHKRUV GHVPHVXUHV TXHQRXV QDYRQV SX HIIHFWXHU TXH VXU GHV FDURWWHV GH P HOOHV QH UHSRVHQW TXH VXU GHV FRPSLODWLRQV &HVW j FDXVH GH OLPSUpFLVLRQ GH QRV FRQQDLVVDQFHV DFWXHOOHV VXU OD YLWHVVH GH SURSDJDWLRQ GHV RQGHV pODVWLTXHV GDQV OHV YDVHV TXH QRXV DYRQV SUpIpUp H[SULPHU QRV UpVXOWDWV HQ WHPSV FHVWjGLUH HQ GXUpH GH SDUFRXUV GH ORQGH pODVWLTXH DX OLHX GH OHV FRQYHUWLU HQ pSDLVVHXU 3DU VXLWH GH OLQpJDOLWp GpSDLVVHXU GHV IRUPDWLRQV GH YLWHVVHV GLIIpUHQWHV OD WRSRJUDSKLH DLQVL
GHVVLQpH HVW OpJqUHPHQW GpIRUPpH ILJ
7HPSV
&7
($8
0"
A
""
&
02/$66(
,
)LJ
&RXSH WHPSVSURIRQGHXU SRXU OHVGLIIpUHQWHV IRUPDWLRQV PV PLOOLVHFRQGH
,, $1$/<6(
'(6(15(*,675(0(176
$ 6RQGHXU GH YDVH
'LIIpUHQWV W\SHV GH YDVHV VRQW UHQFRQWUpV ,OV RQW pWp GpFULWV DQWpULHXUHPHQW SDU /
*ODQJHDXG
2/HHQKDUGW
HW &6HUUX\D
'HV HQUHJLVWUHPHQWV FRPSOpPHQWDLUHV HIIHFWXpV HQVXLWH HQ SUpFLVHQW OD FODVVLILFDWLRQ PRGLILpH,17(535e7$7,21 *e2/2*,48(
.FYH UZqDZHH
(OOH DSSDUDvW VXU OHQUHJLVWUHPHQW VRXV IRUPH GH VWUDWHV UpJXOLqUHV HW SDUDOOqOHV VXFFHVVLYHPHQW EODQFKHV HW IRQFpHV /D ILQHVVH GH UpVROXWLRQ HVW GHQYLURQ FP
OHV VWUDWHV REVHUYpHV QH FRUUHVSRQGHQW GRQF SDV DX[ PLFURYDUYHV GH WDLOOH
PLOOL
PpWULTXH(WDQW
GRQQp OD PpWKRGH HPSOR\pH QRXV SRXYRQV VHXOHPHQW GLUH TXH FHV FRXFKHV DOWHUQpHV FRUUHVSRQGHQW j GHV YDULDWLRQV GH GHQVLWp GX VpGLPHQW TXL VH UpSqWHQW XQ FHUWDLQ QRPEUH GH IRLV&H W\SH SHXW SUpVHQWHU GHX[ DVSHFWV GLIIpUHQWV
² YDVH UXEDQpH UHSRVDQW GLUHFWHPHQW VXU XQ UpIOHFWHXU SXLVVDQW PRUDLQH RX PRODVVH /pSDLVVHXU YDULH GH j P ILJ
P
)LJ
9DVH UXEDQpH UHSRVDQW VXU XQ UpIOHFWHXU &RXSH HQUHJLVWUpHDX ODUJHG<YRLUHVXU OH WUDMHW 6DLQW3UH[
<YRLUH SURIRQGHXU GH OHDX P /H UpIOHFWHXU HVW LFL GH QDWXUH PRUDLQLTXH
² YDVH UXEDQpH GRQW RQ QDWWHLQW SDV OD EDVH SDU VXLWH GH OpSDLVVHXU SOXV JUDQGH GX GpS{W ILJ
LH A A
)LJ
9DVH UXEDQpH R OD EDVH QHVW SDV DWWHLQWH &RXSH HQUHJLVWUpH GDQV OH 3HWLW/DF j ORXHVW G<YRLUH SDU P GHIRQG
e78'(6 *e23+<6,48(6 '$16 /( /$& /e0$1
/HV YDVHV UXEDQpHV FRPPH GDLOOHXUV OHV YDVHV j VWUXFWXUHV HQ SDJRGHV GpFULWHV SOXV EDV pSRXVHQW OD IRUPH GX WUpIRQGV VXU OHTXHO HOOHV UHSRVHQW &H WUpIRQGV SUp VHQWH XQH SHQWH JpQpUDOH HW GHV RQGXODWLRQV ORFDOHV /D SHQWH GX WUpIRQGV SHXW GpSDVVHU SRXU FHQW 2Q SHXW DGPHWWUH TXH OD YDVH VH GpSRVH HQ VWUDWHV SDUDOOqOHV VXU GH WHOOHV SHQWHV
/RUVTXH GHV VWUDWHV SDUDOOqOHV HW LQFOLQpHV UHFRXSHQW OD WRSRJUDSKLH OpJqUHPHQW LQFOLQpH GX IRQG DYHF SDU UDSSRUW j FHOXLFL GHV SHQWHV GH j SRXU FHQW
LO
HVW SHUPLV GH SHQVHU TXH FHV YDVHV RQW VXEL GHV GpIRUPDWLRQV ILJ/RVHV j VWURFWZHV © HQ SDJRGHV ª
(Q FHUWDLQV HQGURLWV GHV HQUHJLVWUHPHQWV DSSDUDLVVHQW GHV ILJXUHV GH GpIRUPDWLRQ GX OLWDJH ILJ
)LJ
6WUXFWXUHV ©HQ SDJRGHV ª &RXSH HQUHJLVWUpH DX ODUJH GH 6DLQW3UH[ VXU OH WUDMHW 6DLQW3UH[<YRLUH SURIRQGHXU GH OHDX P
'HVFULSWLRQ
&HV ILJXUHV DSSDUDLVVHQW GDQV XQH YDVH UXEDQpH SDU UHQIRUFHPHQW GH OD WHLQWH UpYpODQW XQH IRUPH HQ
WRLW
GH SDJRGH TXLQLQWHUURPSW
SDV QpFHVVDLUHPHQW OD VWUDWL ILFDWLRQ GH OD YDVH 1RXV SURSRVRQV GH OHV DSSHOHU VWUXFWXUHV © HQ SDJRGHV ª &HV ILJXUHV DWWHLJQHQW j P GH KDXWHXU (OOHV VH UpSqWHQW DYHF XQH SpULRGLFLWp GHORUGUH
GH P /HV IODQFV GHV SDJRGHV SUpVHQWHQW HQ JpQpUDO XQH OpJqUH FRQFDYLWp YHUV OH KDXW'HV YDULDWLRQV H[LVWHQW QpDQPRLQV VXLYDQW OHV GLIIpUHQWHV UpJLRQV GX ODF
)LJ
5pIOHFWHXU UHFRXSDQW OD WRSRJUDSKLH VRXVODFXVWUH &RXSHHQUHJLVWUpH GDQV OH3HWLW/DFHQWUH <YRLUH HW 1\RQ SDU P GH IRQG
,17(535e7$7,21 *e2/2*,48(
&RQGLWLRQV EDWK\PpWULTXHV
/HV VWUXFWXUHV HQ SDJRGHV QDSSDUDLVVHQW TXHQWUH HW P GH SURIRQGHXU
&HSHQGDQW OD OLPLWH LQIpULHXUH HVW PDO pWDEOLH SRXU OHV UDLVRQV WHFKQLTXHV GpFULWHV SOXV KDXW
&RQGLWLRQV GH SHQWH
/HV VWUXFWXUHV HQ SDJRGHV QDSSDUDLVVHQW TXH VXU OHV SHQWHV VXSpULHXUHV j SRXU FHQW 2Q HQ WURXYH VXU OHV SHQWHV DOODQW MXVTXj SRXU FHQW
&RQGLWLRQV VpGLPHQWRORJLTXHV
P GH YDVH UXEDQpH DX PRLQV VRQW QpFHVVDLUHV SRXU
ODSSDULWLRQ
GHV SDJRGHV$JH
/HV VWUXFWXUHV HQ SDJRGHV QDSSDUDLVVHQW SDV HQ JpQpUDO VXU OHV HQUHJLVWUHPHQWV qRRPHU (OOHV QH SHXYHQW SDV rWUH GXHV j GHV DUWHIDFWV GDSSDUHLOODJH QL j GHV LQWHU IpUHQFHV GXHV j OD SHQWH 'H UpFHQWV FDURWWDJHV SHUPHWWHQW GH UDWWDFKHU FHV VWUXFWXUHV
j GHV VpGLPHQWV GkJH SUpERUpDO 5HPDUTXH
'DQV OLPSRVVLELOLWp GH SUHQGUH SOXVLHXUV FDURWWHV VXU XQH PrPH VWUXFWXUH UHSpUDJH WURS LPSUpFLV GX EDWHDX HW VXUWRXW GX SRLQW GLPSDFW GX FDURWWLHU DXFXQH FRUUpODWLRQ QDSSDUDvW SRXU OLQVWDQW DYHF OHV UpVXOWDWV VpGLPHQWRORJLTXHV
,QWHUSUpWDWLRQ
$
OD VXLWH GH OD SUHPLqUH FDPSDJQH QRXV DYRQV FUX /*ODQJHDXG
2 /HHQKDUGW
HW &6HUUX\D
SRXYRLU H[SOLTXHU FHV VWUXFWXUHV SDU GHV SKpQRPqQHV SpULJODFLDLUHV (OOHV QH VHPEOHQW FHSHQGDQW SDV SRXYRLU rWUH LQWHUSUpWpHV FRPPH GHV IHQWHV GH JHO /H SURIHVVHXU - '\OLFN?
FRQVXOWp SDU OHWWUH pFULW j FH VXMHW© /H[LVWHQFH GHV IHQWHV PH VHPEOH
SOXW{W
GRXWHXVH SDUFH TXH OHV FRXFKHV QH VRQW SDV URPSXHV HW HOOHV VHPEOHQW WUDYHUVHU WUDQTXLOOHPHQW OHV IHQWHV DSSDUHQWHVª 0rPH GDQV OHV SD\V EHDXFRXS SOXV FRQWLQHQWDX[ TXH OD UpJLRQ GX ODF /pPDQ FRPPH SDU H[HPSOH OD 3RORJQH RX OD +RQJULH OD SOXV JUDQGH SURIRQGHXU GHV IHQWHV
HQ FRLQ SOpLVWRFqQHV QH GpSDVVH SDV RX P 'DQV OH FDV GH YRWUH VHFWLRQ OD SUR IRQGHXU GHV IHQWHV VHUDLW GH P ª
=RQHV VDQV UDWRQ
'DQV FHUWDLQHV FRQGLWLRQV OHQUHJLVWUHXU QLQGLTXH TXH OH IRQG &H VRQW OHV ]RQHV R OD GHQVLWp HVW DVVH] pOHYpH SRXU DEVRUEHU WRXWH OpQHUJLH pPLVH YDVH FRPSDFWH RX VDEOH
©- 3ODFDJHV GH WHUUDVVHV GHOWDwTXHV
,QVW\WXW *HRJUDILF]Q\ 8QLYHUV\WHWX /RG]NLHJR
e78'(6 *e23+<6,48(6 '$16 /( /$& /e0$1
3UqV GH OHPERXFKXUH GH TXHOTXHV ULYLqUHV H[ OH 5HGRQ OD WRSRJUDSKLH PRQWUH XQ SODWHDX HQWUH HW P SXLV XQH UXSWXUH GH SHQWH DFFXVpH
MXVTXj
P UHMRL JQDQW DSUqV LQIOH[LRQ OD SHQWH QRUPDOH GX IRQG /D SpQpWUDWLRQ HVW IDLEOH RX QXOOH 'HYDQW OH 5HGRQ QRXV DYRQV FDURWWp GX VDEOH 'DQVFH FDV OD FRPSRVLWLRQ GpWULWLTXH GX GpS{W IRUPH XQ pFUDQ 8QH pWXGH UpFHQWH PRQWUH DYHF SUpFLVLRQ OD WRSRJUDSKLHGHFHWWH ]RQHF{WLqUH OD UXSWXUH GH SHQWH SDUDvWJpQpUDOH 3
0HUFLHU
/3XV]WDV]HUL
-3
9HUQHW
$
OHPERXFKXUH GH OD 3URPHQWKRXVH FHWWH WRSRJUDSKLH VH FRPSOqWH SDU GHV UpIOHFWHXUV FRQWLQXV HQ DPRQW HW HQ DYDO GH OD UXSWXUH GH SHQWH VRXV ODTXHOOH LOV VRQW PDVTXpV FHX[FL VRQW GLVFRUGDQWV SDU UDSSRUW DX SODWHDX PDLV GHYLHQQHQW SDUDOOqOHV3
)LJ
7HUUDVVH GHOWDwTXH VRXVODFXVWUH GH OD 3URPHQWKRXVH 3HWLW/DF 3URIRQGHXU GH OHDX GDQV OD SDUWLH KRUL]RQWDOH GH OHQUHJLVWUHPHQW P
DX IRQG YHUV OH ODUJH ILJ &HWWH GLVSRVLWLRQ UDSSHOOH j XWLH pFKHOOH SOXV UpGXLWH OD
© NQHH OLQH ª GH ODFFXPXODWLRQ VpGLPHQWDLUH HQ ERUGXUH GX SODWHDX GpFULWH SDU (GJHUWRQ HW /HHQKDUGW DX ODUJH GH 0RQDFR
{M
0RUDLQHV$X
QRUGG<YRLUH
RQ VDLW GHSXLV)$ )RUHO
TXH OH IRQG HVW FRQVWLWXp SDU OD PRUDLQH DIIOHXUDQWH &HWWH IRUPDWLRQ QHVW SDV SpQpWUpH j FDXVH GH VD JUDQXOR PpWULHWURS
JURVVLqUH HW KpWpURJqQH6XU OHV IODQFV GH OD EDUUH
G<YRLUH
OD YDVH HVW GpSRVpH HQ ELVHDXYRLU
ILJFM
&{QHV GH GpMHFWLRQ 'UDQVH/j HQFRUH DXFXQH SpQpWUDWLRQ QHVW REVHUYpH j FDXVH GH OD QDWXUH FDLOORXWHXVH GX GHOWD
% 6RQGDJH VLVPLTXH
FRQWLQX
1RXV REVHUYRQV TXDWUH KRUL]RQV SULQFLSDX[
RU]R© $
&HVW OH SOXV SURIRQG ,O SUpVHQWH XQH VXUIDFH LUUpJXOLqUH ODUJHPHQW RQGXOpH
,17(535e7$7,21 *e2/2*,48(
VRXYHQW DYHF XQH VXUIDFH HQ PDUFKHV GHVFDOLHU &HW KRUL]RQ HVW FDUDFWpULVWLTXH HQWUH 2XFK\ HW 6DLQW3UH[ /H PrPH DVSHFW HVW REVHUYp HQWUH (YLDQ HW &XOO\ ELHQ
e78'(6 *e23+<6,48(6 '$16 /( /$& /e0$1
TXH VXU OD SDUWLH PpGLDQH GH FH WUDMHW
OKRUL]RQ 0
VRLW SHX FODLU SDU VXLWH GH ODWURS
JUDQGH YLWHVVH GH QDYLJDWLRQ 6XU FHWWH FRXSH OD SURIRQGHXU PD[LPDOH HVW GH PV&RPPH OD PRODVVH DIIOHXUH VXUOD ULYH VXLVVH HQWUH /DXVDQQH HW 6DLQW3UH[ QRXV
OXL
DYRQV LGHQWLILpOKRUL]RQ 0
/D PRODVVH FRQVWLWXH GRQF OH WUpIRQGV GX *UDQG/DF HQWUH OHV OLJQHV <YRLUH6DLQW3UH[ HW 0HLOOHULH5LYD] (OOH DIIOHXUH DXVVL VXU OHV ULYHV GX 3HWLW/DF6D SURIRQGHXU PD[LPDOH HVW GH
ORUGUH
GH PV jO(VW
GH OD 3URPHQWKRXVH 6XU OD OLJQH 6DLQW3UH[<YRLUH VH WURXYH XQ FRO j PV TXL GpSULPH OD ]RQH GHODQWLFOLQDO G<YRLUH
YLVLEOH VXU OH WUDMHW <YRLUHEDLH GH 6FLH] 'DQV OH *UDQG/DF OD PRODVVH IRUPH XQ IRVVp GDERUG ODUJH HW SHX SURIRQG RULHQWp 6:1( GH 6FLH]DX ODUJHGH7KRQRQ SXLV :6:(1( MXVTXDXVXG GH3XOO\ WRXUQDQWjODGLUHFWLRQ :(
MXVTXj OD OLJQH 0HLOOHULH5LYD] /j j VD SOXV JUDQGH SURIRQGHXU OD PRODVVH VH SHUG VRXV XQ UHFRXYUHPHQW RSDTXH & 6HUUX\D D GpFULW FHWWH WRSRJUDSKLH FRPPH © XQH JUDQGH YDOOpH TXL VHPEOH SUHQGUH VD VRXUFH GDQV OD EDLH GH 6FLH] © TXL UHoRLW GX QRUG HW GH ORXHVW GHV DIIOXHQWV HW FRXOH YHUV OHVW ª
&HWWH YDOOpH HVW GLVV\PpWULTXH OH WKDOZHJ HVW WRXMRXUV SOXV SURFKH GH OD ULYH VXG GX ODF 0DLV DORUV TXj 7KRQRQ OH IODQF IUDQoDLV HVW SOXV DEUXSW TXH OH IODQF VXLVVH FHOXLFL GHYLHQW SUDWLTXHPHQW IDLOOp GHYDQW &XOO\ 9HUV OHVW OH IRQG GH OD YDOOpH HVW GpGRXEOpSDU OD SUpVHQFH GXQH GpSUHVVLRQ DIIOXHQWH PDUTXpH VXU NP GDQV OD GLUHF WLRQ G2XFK\ ILJ
4XHOOH HVW
ORULJLQH
GX UHFRXYUHPHQW RSDTXH TXL PDVTXH OD SDUWLH HVW GH FHWWH YDOOpH QD SDV XQHOLPLWH
WUDQFKpH 6XU OD ULYH IUDQoDLVH FHWWHOLPLWH
HVW FHOOH GX FKDUULDJH 7UqV SUqV GH OD ULYH VXLVVH GHYDQW&KLOORQ
GHV UpIOHFWHXUV DSSDUDLVVHQW j QRXYHDX ILJ &H UHFRXYUHPHQW GDQV VD SDUWLH GLVFRQWLQXH SDUDvWSURYHQLU
GpOpPHQWV WUqV DEVRUEDQWV RUJDQLTXHV HW SHXW rWUH PrPH VRXV IRUPH JD]HXVH UHFRXYHUWV GXQH FRXFKH GH VpGLPHQWV GHQYLURQ P GpSDLVVHXU VRXV OH IRQG'DQV OH 3HWLW/DF OD SHQWH JpQpUDOH GH OD PRODVVH HVW DXVVL
:(
RQ QHGRLW
SOXV SDUOHU GH YDOOpH PDLV GH V\QFOLQDO GLVV\PpWULTXH GRQW OH IRQG SUpVHQWH GHV FRQWUHSHQWHV DX YHUVDQW IUDQoDLV SOXV DEUXSW HW IDLOOp&RQFOXRQV ILJ
D
6L OD JUDQGH YDOOpH D HX j XQH pSRTXH GRQQpH XQ H[XWRLUH YHUV OHVWLO
QH QRXV HVW SDV SRVVLEOH GH SUpFLVHU VD SRVLWLRQK /D
OLPLWH
VRXVODFXVWUHGXFKDUULDJH HVWWRXW
jIDLW
QHWWH VRXVOD ULYH IUDQoDLVH 3OXV DX QRUG FHWWHOLPLWH
HVW PDVTXpH SDU OH UHFRXYUHPHQW RSDTXH VLJQDOp SOXV KDXW F 6L VXLYDQW0 /XJHRQ
OH 5K{QH D FRXOp YHUV OHODF GH 1HXFKkWHO SDU /DXVDQQH FH IOHXYH D SX HPSUXQWHUOD
GpSUHVVLRQ 6(1: H[LVWDQW DX QRUG GH 0HLOOHULH HQ GLUHFWLRQ G2XFK\ &HWWH GpSUHVVLRQ QH VH SURORQJH SDV j ORXHVW GH OD OLJQH (YLDQ/DXVDQQH,O
VHUDLW GRQF QpFHVVDLUH GDGPHWWUH GLPSRUWDQWHV GpIRUPD WLRV QLGIIpUHQWLHOOHV SRVWpULHXUHV GH SDUW HW GDXWUH GH FHWWH OLJQH/HV pSDLVVHXUV GH YDVHV LQGLTXpHV HQ PqWUHV VRQW FDOFXOpHV DYHF 9 PV
)LJ
&RXSH WUDQVYHUVDOH GX*UDQG/DFHQUHJLVWUpH HQWUH3XOO\HW (YLDQ 3URIRQGHXUPD[LPXPGHOHDXP PV PLOOLVHFRQGH
)LJ
5HFRXYUHPHQW RSDTXH GHOD SDUWLH RULHQWDOHGX ODF &RXSH HQUHJLVWUpH DX ODUJHGH9LHLOOHULH 3URIRQGHXUGHOHDX PHQYLURQPV PLOOLVHFRQGH
)LJ
&DUWHGHVLVRFKURQHV GXWRLWGHODPRODVVH /HVFRXUEHV VRQWH[SULPpHV HQPLOOLVHFRQGHVOHVSRLQWV
,17(535e7$7,21 *e2/2*,48(
DI
0 /XJHRQ
(-RXNRZVN\
HW ( *DJQHELQ RQW VXSSRVp TXH OH 3HWLW/DF pWDLW G j OHQQRLHPHQW GXQH YDOOpH DIIOXHQWH GHO$UYH
TXL SDU pURVLRQ UpJUHVVLYH DXUDLW FDSWXUp OH UpVHDX K\GURJUDSKLTXH H[LVWDQW j OHVWG<YRLUH
/D PRUSKRORJLH REVHUYpH QH FRQILUPH SDV FHWWH K\SRWKqVH (Q SDUWLFXOLHU DXWRXU GX FRO ODSHQWH GHOD VXUIDFH GH OD PRODVVH HVW QXOOH YHUV ORXHVW HW PDUTXpH YHUV OHVWRU]RUW &
'DQV OH FHQWUH GX *UDQG/DF
OKRUL]RQ
& FRXYUH OHV SDUWLHV GpSULPpHV GH OD PRODVVH,O
VH WHUPLQH HQ ELVHDX VXU OHV IODQFV GX EDVVLQ HW FRQWUH OD GRUVDOH PpGLDQH SURIRQGHYRLU
ILJ 6RQ pSDLVVHXU HVW LQIpULHXUH j PV/H[WHQVLRQ GH FH QLYHDX YHUV ORXHVW HVW LQFHUWDLQH 6D QDWXUH JpRORJLTXH QHVW SDV LGHQWLILpH
)LJ
'HX[ LQWHUSUpWDWLRQV SRVVLEOHV GH OD ]RQH GH SDVVDJH HQWUH OD JUDQGH SODLQH FHQWUDOH HW OH YHUVDQW VXG GX ODF /pJHQGH GDQV OH WH[WH
LRQ]R©
*6XU OHV IODQFV GX ODF DSSDUDLVVHQW XQ RX SOXVLHXUV UpIOHFWHXUV SUpVHQWDQW OHV FDUDFWqUHV VXLYDQWV
e78'(6 *e23+<6,48(6 '$16 /( /$& /e0$1
² LOV QH VREVHUYHQW TXH VXU OHV SHQWHV GDQV OH *UDQG/DF PDLV VpWHQGHQW DXVVL VXU OH IRQG GX 3HWLW/DF
² LOV QH IRUPHQW SDV GHV FRXFKHV FRQWLQXHV
² GHQRPEUHXVHVGLIIUDFWLRQVVREVHUYHQW GDQVOD PDVVH j
SDUWLU
GXWRLW
GXUpIOHFWHXU² GDQV OH 3HWLW/DF OHXU pSDLVVHXU GpSDVVH PV GDQV OD SDUWLH RFFLGHQWDOH GX
*UDQG/DF HOOH SHXW DWWHLQGUH PV DX ODUJH G(YLDQ HOOH QH GpSDVVH TXH[FHS WLRQQHOOHPHQW PV 6XU OD ULYH QRUG GX *UDQG/DF FHWWH
IRUPDWLRQ
QH[LVWH TXHQ ODPEHDX[ SHX pSDLV&HV FDUDFWqUHV SDUWLFXOLqUHPHQW QHWV GHYDQW <YRLUH SHUPHWWHQW
GLGHQWLILHU
FH UpIOHFWHXU OD PRUDLQH/H SDVVDJH GH OD SODLQH SURIRQGH DX YHUVDQW IUDQoDLV SRVH XQ GpOLFDW SUREOqPH GLQWHUSUpWDWLRQ VLVPLTXH SUpVHQWDQW GHX[ VROXWLRQV ILJ
DM
/KRUL]RQ & VH WHUPLQH HQ ELVHDX YHUV OD F{WH LO HVW WRXMRXUV QRQ LGHQWLILp 8Q FRLQ DSODWL GH VpGLPHQWV DQFLHQV OH VXUPRQWH /HV GHX[ QLYHDX[ GH PRUDLQHV*
HW * VH WHUPLQHQW HQ ELVHDX YHUV OH ODUJH
{M
/D PRODVVH FRQVWLWXHOKRUL]RQ
SURIRQG/KRUL]RQ
& HW OD PRUDLQH SUR IRQGH *A VRQW HQ FRQWLQXLWp/KRUL]RQ
& HVW GRQF FRQVWLWXp GH PRUDLQHV 'DQV FH FDVOKRUL]RQ
5SRXUUDLW
rWUH XQ DUWHIDFWLO
GHYUDLW DORUV VH SUpVHQWHU FRPPH XQH K\SHUEROH GH UpIOH[LRQ VXU OH FRLQ GX ELVHDX GH PRUDLQH *A &H SHXWrWUH DXVVL XQHOLPLWH
HQWUH GHX[ IRUPDWLRQV PRUDLQLTXHV DQDORJXHV j FHOOH H[LVWDQW HQWUH*
HW*
&HWWH LQWHUSUpWDWLRQ SDUDvW SOXV YUDLVHPEODEOH
(Q FRQVpTXHQFH WRXV OHV VpGLPHQWV 6 HW 9 UHPSOLVVDQW OD SODLQH VRQW SRVW JODFLDLUHV 8QH WHOOH PDVVH VpGLPHQWDLUH GpSRVpH SHQGDQW XQH GXUpH DXVVL FRXUWH SHXW
VH FRQFHYRLU VL RQ DVVLPLOH FHWWH
IRUPDWLRQ
j OD © PRUDLQH VXSpULHXUH ª GHV DXWHXUV$ -D\HW HW $
/RPEDUG
TXLOLQWHUSUqWHQW
FRPPH OH OHVVLYDJH GH OD PRUDLQH ZUPLHQQH8Q FKRL[ HQWUH OXQH HW ODXWUH GH FHV LQWHUSUpWDWLRQV LQIOXH VHQVLEOHPHQW VXU OD JpRORJLH TXDWHUQDLUH GX ODF PDLV QH FKDQJH SDV OLPDJH TXH QRXV SUpVHQWRQV GH
OpYROXWLRQ
JpRORJLTXH DQWpULHXUH6HUIPHWV MZSUDZRUDLQA0HV
/H VRQGHXU GH YDVH D SHUPLV GpWXGLHU OD SDUWLH VXSHUILFLHOOH GHV VpGLPHQWV
/DSSRUW
GHV pPHWWHXUV pOHFWURDFRXVWLTXHV VHOLPLWH
j PRQWUHU OD JUDQGH pSDLVVHXU GH FHX[Oj HQSDUWLFXOLHU
VXU OHV FRXSHV RULHQWDOHV/LGHQWLILFDWLRQ
FHUWDLQH GH OD PRUDLQH QHVW SDV SRVVLEOH DYHF ODLGH XQLTXH GHV HQUHJLVWUHPHQWV ORUVTXHFHOOHFL HVWFRQVWLWXpH GH PDWpULHO ILQ HOOH SHXWrWUHFRQIRQGXH DYHF OHV VpGLPHQWV VXSHUILFLHOV 'RQF QRXV QH SRXYRQVLQGLTXHU
OpSDLVVHXU GH VpGL PHQWV GH UHPSOLVVDJH DYHF FHUWLWXGH TXH GDQV OD SODLQH FHQWUDOH,17(535e7$7,21 *e2/2*,48(
]U *UDQG/DF
6XU OHV IODQFV FHV GpS{WV VRQW JpQpUDOHPHQW SHX pSDLV ,OV GpSDVVHQW UDUHPHQW P VXU OH IODQF VXG P VXU OH IODQF QRUG 'DQV OD SDUWLH FHQWUDOH GX *UDQG/DF
OHV VpGLPHQWV HPSkWHQW OD WRSRJUDSKLH VRXVMDFHQWH OH IRQG HVW SODW /pSDLVVHXU PR\HQQH DXJPHQWH GRXHVW HQ HVW GH P DX QRUG G(YLDQ MXVTXj P DX QRUG GH 0HLOOHULH 'HX[ VpULHV GH UpIOHFWHXUV VRQW YLVLEOHV /D SOXV SURIRQGH HVW SHX QHWWH PHQW LQVFULWH DVVH] FRQWLQXH QHWWHPHQW LQFXUYpH VXU OHV ERUGV DPRUWLVVDQW OHV IRUPHV GX
UHOLHI
VRXV MDFHQW /D VpTXHQFH VXSpULHXUH HVW SOXV QHWWH SOXV ULFKH HQ UpIOHFWHXUV WUqV FRQWLQXH KRUL]RQWDOH VH WHUPLQDQW DX FRQWDFW GHV WHUUDLQV SOXV DQFLHQV GH OD SHQWH DYHF XQH OpJqUH FRXUEXUH/D VHXOH FRXSH HQ ORQJ HIIHFWXpH FRQILUPH OHV GRQQpHV GHV FRXSHV WUDQVYHUVDOHV HW PRQWUH XQH VROXWLRQ GH FRQWLQXLWp HQWUH OH VpGLPHQW GHV IODQFV HW OHV HPSLOHPHQWV GH OD SODLQH
,O UpVXOWH GH FHV IDLWV TXH OH PRGH GH GpS{W GHV VpGLPHQWV VHPEOH rWUH GLIIpUHQW VXU OHV IODQFV HW VXU OH IRQG SODW
6XU OH IODQF VXG
MXVTXj
OD SURIRQGHXU GH P RQ WURXYH HQ JpQpUDO SHX GH VpGLPHQWV DFWXHOV OH IRQG HVW FRQVWLWXp SDU GX 3UpERUpDO &6HUUX\D
HW - 6DXYDJH (Q VpORLJQDQW YHUV OH ODUJH OpSDLVVHXU GH YDVH DFWXHOOH FURvW &HWWH VpGLPHQ WDWLRQ YDVHXVH GRULJLQH ELRFKLPLTXH SUpGRPLQDQWH VXJJqUH HW UDSSHOOH XQH FKXWH GH QHLJH /DEVHQFH GH YDVH DFWXHOOH SUqV GHV F{WHV SHXW VH[SOLTXHU SDU OD IDLEOH WUDQFKH GHDX QRXUULFLqUH GH SODQFWRQ,O
HVW SUREDEOH TXH OHV FRXUDQWV GH UHWRXU GHV YHQWV GRPLQDQWV GX QRUG UHQGHQW SOXV GLIILFLOH OH GpS{W GH FHWWH YDVH DFWXHOOH GH IDLEOH GHQVLWp HQ PR\HQQH VDQV TXLOV SXLVVHQW pURGHU OH 3UpERUpDO RX OH 'U\DV GH GHQVLWp HQYLURQ'DQV OHV ]RQHV j VpGLPHQWDWLRQ GpWULWLTXH SOXV IRUWH OHV GpVpTXLOLEUHV GH SHQWH SURYRTXHQWGHV JOLVVHPHQWV HQ PDVVH GRQW RQ FRQQDvW GH QRPEUHX[ H[HPSOHVFRQWHP SRUDLQV RX KLVWRULTXHV
/D SODLQH MRXH OH U{OH GH © SLqJH j VpGLPHQW ª -
%RXUFDUW
HW &)UDQFLV
%°XI TXH FHX[FL VRLHQW GRULJLQH ELRFKLPLTXH TXLOV UpVXOWHQW GH JOLVVHPHQWV GH SHQWH RX TXLOV SURYLHQQHQW GH FRXOpHV GHQVHV QpHV GDQV OHV ]RQHV GDSSRUW &HWWH K\SRWKqVH UHQGUDLW FRPSWH GH PDQLqUH VDWLVIDLVDQWH GH OD VpTXHQFH VXSpULHXUH WUqV IRXUQLH HQ UpIOHFWHXUV /H 5K{QH UHVWH pYLGHPPHQW OD VRXUFH SULQFLSDOH GHV DSSRUWV VRLW VRXV IRUPH GH VDEOHV GpSRVpV GDQV OH +DXW/DF VRLW VRXV IRUPH GH VXVSHQVLRQV ILQHV IORWWpHV DVVH]
ORLQ
OHV PDWLqUHV RUJDQLTXHV \ VRQW SUpVHQWHV3HWLW/DF
/pSDLVVHXU GHV VpGLPHQWV YDULH HQWUH HW
P
HOOH GpSDVVHH[FHSWLRQQHOOHPHQWP SDU SODFH /HV EHDX[ VRQGDJHV PHQWLRQQpV SDU ( -RXNRZVN\ HW - % %XIIOH HQ LQGLTXHQW OD VWUDWLJUDSKLH H[DFWH /D VpGLPHQWDWLRQ SDUDvW rWUH LQWpJUDOHPHQW SRVW :UP LQGLTXDQW OkJH GH OD PLVH HQ HDX GX 3HWLW/DF
e78'(6 *e23+<6,48(6 '$16 /( /$& /e0$1
,,, ,17(535e7$7,21 *e2/2*,48(
ILJ/RULJLQH
GX ODF /pPDQ HW OHV FDXVHV GH VD PRUSKRORJLH VL SDUWLFXOLqUH RQW GHSXLV ORQJWHPSV LQWULJXp OHV JpRORJXHV HW SOXVLHXUV WKqVHV VH VRQW DIIURQWpHV OXQH GHOOHV SUrWDLW XQH RULJLQH JODFLDLUH DX /pPDQ ( *DJQHELQ3RXU GDXWUHV DXWHXUV DX FRQWUDLUH )$
)RUHO
HW $ /RPEDUG ORULJLQH WHFWRQLTXH GX /pPDQ QH IDLW DXFXQ GRXWH1RWUH WUDYDLO FRQILUPH FHWWH GHUQLqUH WKpRULH OD IRUPDWLRQ GX ODF /pPDQ HVW OLpH j
OKLVWRLUH
WHFWRQLTXH GH OD UpJLRQ HW SDUWDQW j ORURJHQqVH DOSLQH DX FKDUULDJHGHV QDSSHV SUpDOSLQHV HW j OD VXUUHFWLRQ GX -XUD
$
OD OXPLqUH GHV VWUXFWXUHV TXH OH VRQGDJH VLVPLTXH FRQWLQX D PLV HQ pYLGHQFH QRXV HVVDLHURQV GH UHFRQVWLWXHUOpYROXWLRQ
WHFWRQLTXH HW SDOpRJpRJUDSKLTXH GH OD UpJLRQ HQ FRPSOpWDQWHWGpYHORSSDQW XQ WUDYDLO DQWpULHXU&6HUUX\D
2/HHQKDUGL
HW /
*ODQJHDXG
1RXV QH UHYLHQGURQV SDV VXU OHV QRPEUHX[ WUDYDX[ GHV JpRORJXHV DOSLQV TXL RQW SHX j SHX GpJDJp OD VXFFHVVLRQ GHV pYpQHPHQWV WUqV LPSRUWDQWV D\DQW ERXOHYHUVp OD UpJLRQ DOSLQH SHQGDQW O2OLJRFqQH
/HXUV FRQFOXVLRQV FRQGXLVHQW HQ FH TXL FRQFHUQHQW OD UpJLRQ OpPDQLTXH j XQ PRGqOH GpYROXWLRQ VWUXFWXUDOH TXL FRQILUPH WRXW j
IDLW
OHV LGpHV pPLVHV SDU$ /RPEDUG GqV
'DQV OD UpJLRQ OpPDQLTXH WURLV GRPDLQHV VH VRQW SHX j SHX LQGLYLGXDOLVpV DX FRXUV GH O2OLJRFqQH
/H GRPDLQH MXUDVVLHQ TXL GqV OH 6WDPSLHQ HVW OH VLqJH GH PRXYHPHQWV HQ
UpVXOWH GHV SOLV GpMj IDLOOpV WHO OH IDLVFHDX ROLJRFqQH HW OD
IDLOOH
GH 3RQWDUOLHU '$XEHUW
HW /*ODQJHDXG
ORVVDWXUH MXUDVVLHQQH HVW HQ IRUPDWLRQ/H VLOORQ SpULDOSLQ TXL GqV O2OLJRFqQH HVW HQ YRLH GDIIDLVVHPHQW SHUPDQHQW
&H QHVW SDV IDLUH SUHXYH GLPDJLQDWLRQ TXH GH PHWWUH FHWWH VXEVLGHQFH HQ UHODWLRQ DYHF OHV PRXYHPHQWV DOSLQV HW ODUULYpH SURJUHVVLYH GHV QDSSHV
(QWUH OHV GHX[ GRPDLQHV MXUDVVLHQ HWSUpDOSLQ VH VLWXH XQH UpJLRQ LQWHUPpGLDLUH OLPLWpH SDU OD IDLOOH GH OD &{WH j ORXHVW SDU XQH OLJQH GH GLUHFWLRQ 6:1( DX VXG FHVW OH GRPDLQH GH
O$YDQW-XUD
/D
OLPLWH
GH FHWWH WURLVLqPH UpJLRQ DYHF OH GRPDLQH DOSLQ HW SpULDOSLQ HVW XQ DFFLGHQW WUqV DQFLHQ LQWpUHVVDQW DXVVL OD ULYH VXG GX ODF 'HV UHFKHUFKHV HIIHFWXpHV HQWUH 6DLQW'LGLHU HW OH 3HWLW/DF RQW PRQWUp TXH²
O$TXLWDQLHQ
DEVHQW GH OD UpJLRQ G<YRLUH0HVVHU\ FRPPH GX *HQHYRLV DWWHLQW SOXV GH P DX VXG GH %DOODLVRQ)LJ
&RXSH JpRORJLTXH VFKpPDWLTXH VXLYDQW OD GLUHFWLRQ $ % GH OD ILJXUH
'RPDLQH SpULDOSP
VFKpPDWLVp
%ROODLVRQ
,17(535e7$7,21 *e2/2*,48(
² OH &KDWWLHQ LQIpULHXU QH GpSDVVH SDV P YHUV OH 3HWLW/DF PDLV HVW UHSUpVHQWp SDU SOXV GH P GH PDUQHV HW GH JUqV j %DOODLVRQ
² OHV IRUPDWLRQV WHUWLDLUHV UHSRVHQW VXU
O$OELHQ
GDQV OD SUHPLqUH ORFDOLWp HW VXU OH&UpWDFp VXSpULHXU GDQV OD GHX[LqPH
2Q HVW GRQF IRQGp j DGPHWWUH TXH WUqV
W{W
HQWUHOH GRPDLQH DXWRFKWRQH ERUGDQWOHV 3UpDOSHV HW OH GRPDLQH MXUDVVLHQ VHVW LQGLYLGXDOLVpH XQH UpJLRQ TXL VDQV rWUH JpQpWLTXHPHQW OLpH DX -XUD D HX XQH pYROXWLRQ VWUXFWXUDOH GLULJpH SDU OH -XUD SURFKH
/D GLUHFWLRQ GHV VWUXFWXUHV GH FHWWH ]RQH D pWp PRXOpH VXU FHOOHV GX -XUD
/D OLPLWH RULHQWDOH GH FHWWH UpJLRQ © $YDQW-XUD ª3HWLW/DF HVW GRQQpH SDU OD SHQWH VWUXFWXUDOH GH OD VXUIDFH GH OD PRODVVH SHQWH TXL FRUUHVSRQG DX IODQF HVW GH
ODQWLFOLQDO
UHFRQQX DX ODUJHG<YRLUH
HW GH GLUHFWLRQ <YRLUH$8DPDQ /DOLPLWH
HQWUHOHV GHX[ ODFV pWDLW
MXVTXLFL
EDVpH VXU OD PRUSKRORJLH GX JODFLDLUH VRXV ODFXVWUH ,O IDXW GpVRUPDLV FRQVLGpUHU TXH OD OLPLWH 3HWLW/DF*UDQG/DF HVW GRQQpH SDU OHWRLW
GH ODPRODVVH (OOH VH VLWXH VXLYDQW OD[H
<YRLUH$OODPDQ
GHODQWLFOLQDO
GpSULPp GDQV VD SDUWLH FHQWUDOH(YROXWLRQ SRVWPLVH HQ SODFH GHV 3UpDOSHV
$
SDUWLU
GX %XUGLJDOLHQ SUREDEOHPHQW OHV QDSSHV VRQW HQ SODFH OD PHU DWWHLQW /DXVDQQH GXQH SDUW HW %FOOFJDUGH GH ODXWUH/HV UHOLHIV GH OD IXWXUH FXYHWWH OpPDQLTXH VRQW GUDLQpV SDU GHV ULYLqUHV TXL GHVFHQGHQW YHUV OH ULYDJH /D[H GpURVLRQ TXH QRXV YR\RQV PDQLIHVWHPHQW LQVFULW GDQV OD PRODVVH GDWHWLO GH FHWWH pSRTXH
'H QRXYHDX[ PRXYHPHQWV UHKDXVVHQW OHV UHOLHIV DOSLQV OD PRODVVH VXEDOSLQH FKHYDXFKH OD PRODVVH DXWRFKWRQH HW © OH +DXW-RUDW UpVXOWH DLQVL GXQ ERPEHPHQW GXQH DVFHQVLRQ GHV PDVVHV FRPSULPpHV GX
IURQW
ª $%HUVLHU
1RXV WURXYRQV OD WUDFH GH FH
IURQW
DQWLFOLQDO GH $ %HUVLHU GDQV OH ODF VRXV IRUPH GXQ ERPEHPHQW DOODQW G(YLDQ j &XOO\ HW QRXV FRQVWDWRQV TXj VRQ QLYHDX QRWUH© YDOOpH OpPDQLTXH ª D pWp GpYLpH YHUV OH QRUG
/D PLVH HQ SODFH GHV PDVVLIV FULVWDOOLQV D DFFHQWXp OH EDVFXOHPHQW YHUV OH QRUG GHV OLJQHV WRSRJUDSKLTXHV /H
IURQW
GHV QDSSHV D DORUV MRXp OH U{OH GH FRLQ SHVDQW VXU OD UpJLRQ OpPDQLTXH HW WHQGDQW j ODEDLVVHU$X
3RQWLHQ OH -XUD HVW OH VLqJH GH PRXYHPHQWV LPSRUWDQWV TXL YRQW WUDQVIRUPHUOH JODFLV IDLEOHPHQW RULHQWp YHUV OD SODLQH VXLVVH HQ XQH FKDvQH FRPSOH[H
/D © YDOOpH SUpOpPDQLTXH ª VHVW IRUPpH DSUqV OH ERPEHPHQW DQWLFOLQDO (YLDQ
&XOO\ SXLVTXHOOHHVW GpYLpH SDU FHW DFFLGHQW 2U FH GHUQLHU HVW UDSSRUWp SDU $ %HUVLHU
j XQ kJH %XUGLJDOLHQ RX MXVWH SRVW%XUGLJDOLHQ
,O
HVW GRQF SUREDEOH TXH OD YDOOpH SUpOpPDQLTXH D FRPPHQFp j rWUH pURGpH GDQV OD PRODVVH DSUqV OH %XUGLJDOLHQ j XQH pSRTXH R FHSHQGDQW OH -RUDW pWDLW HQFRUH SHX pOHYp1RXV QH VDYRQV SDV TXHO pWDLW OH VHQV GH GUDLQDJH GH FHWWH YDOOpH PDLV pWDQW GRQQp OD SHUPDQHQFH GHV FDUDFWqUHV VWUXFWXUDX[ GHV GLIIpUHQWV HQVHPEOHV GHSXLV
e78'(6 *e23+<6,48(6 '$16 /( /$& /e0$1
O2OLJRFqQH
LO
HVW SHX SUREDEOH TXH OH GUDLQDJHDLW
HX OLHX YHUV ORXHVW GRPDLQH HQ YRLH GH VXUUHFWLRQ DLQVL TXH OD GpPRQWUp ( 3DUpMDVLO
HVW SOXV YUDLVHPEODEOHGH SHQVHU TXH FHWWH YDOOpH D FRXOp LQLWLDOHPHQW YHUV OHVW UHMRLJQDQWOD YDOOpH GX 5K{QH DORUV UHOLpH DX UpVHDX GX
1RUG
&HSHQGDQW OD UpJLRQ DX ODUJH GH 0HLOOHULH ]RQH D[LDOH GHV PpGLDQHV VDSSUR IRQGLVVDLW FRQWLQXHOOHPHQW VRXV OHIIHW GH VXUFKDUJH LVRVWDWLTXH GHV 3UpDOSHV $
SDUWLU
GX PRPHQW R OD VXEVLGHQFHIXW
DVVH] DFWLYH SRXU DEDLVVHU OH IRQG PRODVVLTXH VRXV OD FRWH GX VHXLO GH &KkWHO6DLQW'HQLV FHWWH GHUQLqUH YDOOpH GHYLQW VXVSHQGXH /HV HDX[ GX 5K{QH IRUPqUHQW XQ ODF GDQV OD YDOOpH OpPDQLTXH,O
VDSSURIRQGLW VDQV FHVVHHW
MRXD
OH U{OH GH QLYHDX GH EDVH HQ FDSWXUDQW SHX j SHX WRXWHV OHV ULYLqUHV YRLVLQHVHW GHYLQW pJDOHPHQW XQ © SLqJH j VpGLPHQWV ª
(Q PDQLqUH GH FRQFOXVLRQ RQ SHXW FRQFHYRLU TXH
OpYROXWLRQ
GH OD FXYHWWH OpPDQLTXH VH UpVXPH DORUV HQ WURLV SKDVHV3KDVH 9HQRJH $ /RPEDUG TXL UHSUpVHQWHUDLW XQ GUDLQDJH DQWpQDSSH GRQW QRXV QDYRQV SDV GH YHVWLJHV
3KDVH %UR\p XQ JUDQG FROOHFWHXU pSRXVDQW
ODUF
FKDEODLVLHQ UHVSRQVDEOH GH QRWUH D[H GpURVLRQ SUpOpPDQLTXHDOODLW
UHMRLQGUH OD YDOOpH GX 5K{QH YHUV OHVW GX ODF HW OH IOHXYH UpVXOWDQW GH FHWWH FRQIOXHQFH UHMRLJQDLW SDU OD GpSUHVVLRQ GH &KkWHO 6DLQW'HQLV OH UpVHDX GX 5KLQ FRPPH OHIRQW
HQFRUH OHV D[HV GH GUDLQDJH GHV 3UpDOSHV URPDQGHV,O
QHVW SDV H[FOX TXH FHWWH QRXYHOOH SKDVH GpURVLRQ DLWEURXLOOp
OHV WUDFHV GX GUDLQDJH DQWpULHXU /HQWDLOOH GH FHWWH YDOOpH SUpOpPDQLTXH HVW SRVWpULHXUH j OD PLVH HQ SODFH GHV QDSSHV PDLV DQWpULHXUH DX VRXOqYHPHQW GX -RUDW3KDVH
IRUW
GH O(FOXVH OHQIRQFHPHQW PD[LPXP GH OD YDOOpH SUpOpPDQLTXHVH VLWXH VXU
OD
OLJQH GH SRXVVpH PDMHXUH GHV 3UpDOSHV HW VRXV OHIIHW GH VXUFKDUJH H[HUFpH SDU FHOOHVFL + %DGRX[ 'HV PRXYHPHQWVWDUGLIV
pOqYHQW OD ]RQH GX -RUDW3qOHULQ HW UHQGHQW LQDFFHVVLEOH OH[XWRLUH1(
GH OD %UR\p &HV PRXYHPHQWV LQYHUVHV VH SRXUVXLYHQW DSSURIRQGLVVHQW OD GpSUHVVLRQ OpPDQLTXH TXL VH WUDQVIRUPH UDSLGHPHQW HQ ODF /H GUDLQDJH YHUV ORXHVW VHVW pWDEOL SDUFH TXDORUV OH VHXLO GHODQWLFOLQDO G<YRLUH
VHVW WURXYp SOXV EDV TXH OH VHXLO GH OD %UR\p 'qV FH PRPHQW OH 5K{QH VDFKHPLQH YHUV OH 6: OH GpILOp GXIRUW
GH O(FOXVH UHWURXYDQW SUREDEOHPHQW XQ WUqV DQFLHQ H[XWRLUH <$ULNDQ
&HVW VXU FH SD\VDJH ODFXVWUH TXH VH VRQW DYDQFpV OHV JODFLHUV 1RXV QH VDYRQV ULHQ VXU OKLVWRLUH GHV SUHPLqUHV JODFLDWLRQV /HV LQIRUPDWLRQV VRQWj QRXYHDX YDODEOHV
j
SDUWLU
GH OLQWHUJODFLDLUH 5LVV:UP GRQW RQ FRQQDvW GHQRPEUHX[ WpPRLQV GDQV OD UpJLRQ GH *HQqYH/HV pOpPHQWV GRQWQRXV GLVSRVRQV SRXU
OLQWHUSUpWDWLRQ
GHOpYROXWLRQ
TXDWHUQDLUH GX ODF VRQW HQFRUH LQVXIILVDQWV'HX[ LQWHUSUpWDWLRQV GLIIpUHQWHV PHQWLRQQpHV SDJH SHXYHQW rWUH GRQQpHV
,17(535e7$7,21 *e2/2*,48(
5DSSHORQVOHV EULqYHPHQW
'DQV OH IRQG GH OD FXYHWWH OpPDQLTXH
OKRUL]RQ
& HVW XQH PRUDLQH ULVVLHQQH RX ZUPLHQQH HWWRXW
OH UHPSOLVVDJH HVW SRVWJODFLDLUH SURYHQDQW GX ODYDJH GHV PRUDLQHV F{WLqUHV&HW KRUL]RQ & QHVW SDV GH OD PRUDLQH HW OHV VpGLPHQWV DX IRQGGX ODF SHXYHQW DORUV rWUH EHDXFRXS SOXV DQFLHQV
/HV FDURWWDJHV TXH QRXV HIIHFWXRQV QH GpSDVVDQW SDV P
LO
HVW SRXU OH PRPHQW LPSRVVLEOH GH VH IDLUH XQH LGpH GH OD QDWXUH HW GH OkJH GHV VpGLPHQWV SURIRQGV DLQVL TXH GH OKRUL]RQ &%,%/,2*5$3+,(
$ULNDQ < (WXGH JpRORJLTXH GH OD FKDvQH GX *UDQG &UHGR9XDFKH $LQ +DXWH6DYRLH )UDQFH 9LFVH &QLY *HQqYH Q %LUNKDVHU %kOH
$XEHUW ' /H -XUD HW OD WHFWRQLTXH GpFRXOHPHQW %X /DqR *pR /DXVDQQH Q /H GpFURFKHPHQW GH 3RQWDUOLHU HW ORURJpQqVH GX -XUD $pP 6RF YRXD 6H QD IDVF Q
%DGRX[ + (VVDL VXU OpYROXWLRQ WHFWRQLTXH GHV 3UpDOSHV PpGLDQHV GX &KDEODLV H *HR HY YR Q
%HUVLHU $ 5HFKHUFKHV VXUOD JpRORJLH HW OD VWUDWLJUDSKLH GX -RUDW %X /RL *pR /DXVDQQH Q
%RFNHO 0 3URMHW GXQH pWXGH GHVSURSULpWpV DFRXVWLTXHVGXIRQG GH OD PHU LQ 2FpDQRJUDSXH JpRRJLJXH HW JpRSW\VAXH UH D M9pFLLHUUDQpH RFFL9HQWDH &156 SS 3DULV FROO
%RXUFDUW - HW & )UDQFLV%°XI /D YDVH +HUPDQQ 3DULV
&URX]HW 3 D (WXGH JpRSK\VLTXH SDU PpWKRGH VLVPLTXH GDQV OHV HDX[ GX ODF /pPDQ &**
%RSSRUL PDQXVFULW
1RXYHDX[ SURFpGpV GH VLVPLTXH PDULQH OH VSDUNHU HW OD JD] H[SORGHU %X WVVR )UDQF HFP %HLURH SS
(GJHUWRQ + ( DQG 2 /HHQKDUGW 7KH ©NQHHª LQ WKH FRQWLQHQWDO VKHOI RII 0RQDFR 6FLHQFH $/DJDVLQH VRXV SUHVVH
)RUHO )$ /H /pPDQ ) 5RXJH /DXVDQQH
*DJQHELQ ( /HV LQYDVLRQV JODFLDLUHV GDQV OH EDVVLQ GX /pPDQ %X /D{ *pR /DXVDQQH WPY Q
*ODQJHDXG / /HV QRXYHOOHV WKpRULHV VXU OD IRUPDWLRQ GX -XUD %X 6HL /LVL QDL 'RXEV
Q
/HV FDUDFWqUHV VWUXFWXUDX[ GX -XUD %X 6RF *pR /!? VpULH W ;,; SS /HV SUREOqPHV GX -XUD 5pXQLRQ H[WUDRUGLQDLUH GDQV OH -XUD IUDQFRVXLVVH %X 6RF
*pR /U VpULH W IDVF
² 2 /HHQKDUGW HW & 6HUUX\D 6WUXFWXUHV HQUHJLVWUpHV SDU OH PXGSHQHWUDWRU GDQV OHV VpGLPHQWV TXDWHUQDLUHV GX /pPDQ &% FOHDU 6HL %DUUL SS
-D\HW $ 1RWLFH H[SOLFDWLYH GH OD IHXLOOH &RSSHW GH OULDY JpRRJXH FH D 6XLYUH DX
-RXNRZVN\ ( /D IRUPDWLRQ GX 3HWLW/DF &% 6RF %W\V ULL QDL *HQqYH /D IRUPDWLRQ GX /pPDQ *HR $DJ /;,9 SS
HW - 3 %XIIOH (WXGH VXU OD SDUWLH RFFLGHQWDOH GX ODF GH *HQqYH 0pP 6RF %L\U HL ULL QDL *HQqYH YRO