Article
Reference
La géologie des environs de Morges
VERNET, Jean-Pierre
Abstract
Ce travail est basé sur le lever géologique de la Feuille Morges de la Carte Nationale Suisse au 1:25000. La première partie traite du Tertiaire, soit une brève lithologie des principaux types de sédiments, une étude stratigraphique régionale des divers affleurements permettant d'établir une échelle stratigraphique des assises chattiennes, valable pour cette région, puis en envisage brièvement la tectonique. L'échelle stratigraphique montre une subdivision de la série chattienne en zones caractéristiques. L'étude générale a permis d'observer certaines formations particulières et d'en déduire quelques traits des conditions de sédimentation au Chattien. Une esquisse tectonique met en évidence une région plissée entre Morges et St-Sulpice. La deuxième partie intéresse le quaternaire. Les formations glaciaires et les terrasses lacustres du Léman y sont décrites ainsi que leurs principaux types et cas particuliers. Chaque chapitre se termine par une esquisse résumant et synthétisant la question. Une étude de sédiments quaternaires en laboratoire termine ce chapitre.
L'hydrologie et les matières [...]
VERNET, Jean-Pierre. La géologie des environs de Morges. Eclogae Geologicae Helvetiae, 1956, vol. 49, no. 1, p. 157-241
DOI : 10.5169/seals-162074
Available at:
http://archive-ouverte.unige.ch/unige:144982
Disclaimer: layout of this document may differ from the published version.
1 / 1
JpRORJLH
SDU
-HDQ3LHUUH 9HUQHW
$YHF ILJXUHV GDQV OH WH[WH
7DEOH GHV PDWLqUHV
3DJH
$YDQWSURSRV
7HUWLDLUH
/LWKRORJLH GH TXHOTXHV VpGLPHQWV FKDWWLHQV
6WUDWLJUDSKLH
'HVFULSWLRQ GHVSULQFLSDX[ DIIOHXUHPHQWV
6W6XOSLFH
/D 9HQRJH
/H 9DXEH
/$UpQD]
&RQFOXVLRQV VXU OD UpJLRQGH OD 9HQRJH
/HV $EEHVVHV
3UpYHUHQJHV
6RXV3UpYHUHQJHV
/H%LHI
/DIIOXHQWGX %LHIGH 6W -HDQ
/H &UrW %ODQF
6RX(FKLFKHQV
/D 0RUJHV
/H &XUELW
/D &{WH GH 6W6DSKRULQ
/D 6ROLWXGH
/D &{WH GH &RORPELHU
)UDLGDLJXH
/H %RLURQ
/,UHQFH
/$XERQQH
/D UpJLRQ GH %RXJ\
&RQFOXVLRQV VWUDWLJUDSKLTXHV
7HFWRQLTXH
4XDWHUQDLUH
,QWURGXFWLRQ
/HV IRUPDWLRQV JODFLDLUHV
/D PRUDLQH GH IRQG
/D PRUDLQH VXSHUILFLHOOH
3DJH
/H IOXYLRJODFLDLUH HWOH JODFLRODFXVWUH
/HV $OOXYLRQV GHOD &{WH
/HV 9DOLXPV HW DXWUHV IRUPHV GX PRGHOp JODFLDLUH
/H FRPSOH[H GHVWHUUDVVHV JODFLRODFXVWUHV
/D FRXSH GH O$UQH\ HW OH SUREOqPH GHVYDUYHV
/HV %RQGV GH %LqUH
(VTXLVVH JpQpUDOH GHV GpS{WV JODFLDLUHV GH OD UpJLRQ
/HV WHUUDVVHV ODFXVWUHV
/H GHOWDGH OD 9HQRJH
/DJUDYLHUH GX /DYLDX
/D GpSUHVVLRQ GX %LHI
/H GHOWDGH OD 0RUJHV
/H GHOWD GX %RLURQ
/D UpJLRQ GH 6W3UH[
/H GHOWD GH O$XERQQH
/HV GHOWDV j O: GH 5ROOH
&RQFOXVLRQV VXUOHV WHUUDVVHV ODFXVWUHV GH OD UpJLRQ pWXGLpH
(WXGH HQ ODERUDWRLUHGHV PDWpULDX[ TXDWHUQDLUHV
/D JUDQXORPHWULH
/D FDOFLPpWULH
/HV PLQpUDX[ ORXUGV
/HVWDEOHDX[UpVXOWDWV
&RQFOXVLRQV
'pS{WV UpFHQWV RX DFWXHOV
+\GURORJLH
0DWLqUHV H[SORLWDEOHV
5pVXPp
%LEOLRJUDSKLH
$YDQWSURSRV
/H OHYHU JpRORJLTXH TXL
IDLW OREMHW
GH FHWUDYDLO
FRXYUH XQH YDVWH UpJLRQ GRQW OH SRXUWRXU HVW PDUTXp SDU OHV ORFDOLWpV VXLYDQWHV 6W6XOSLFH %ROOH %LqUH%HUROOHV HW %XVVLJQ\ VRLW OD )HXLOOH 0RUJHV Q GH OD &DUWH 1DWLRQDOH 6XLVVH DX &HWUDYDLO IXW
HIIHFWXp GXUDQW OHV DQQpHV j DORUV TXHMDYDLV
OKRQQHXU HW OH SULYLOqJH GrWUH DVVLVWDQW GX 3URIHVVHXU +%DGRX[
'HV FRQFRXUV GLYHUV
PRQW
SHUPLV GH PHQHU j FKHI FHWUDYDLO
HW MH WLHQV LFLj H[SULPHU WRXWH PD JUDWLWXGH DX[ SHUVRQQHV TXL GHSUqV RXGH ORLQ PRQW DFFRUGp OHXU DLGH ELHQYHLOODQWH
$ PRQ PDvWUH OH 3URIHVVHXU +
%DGRX[
TXL PHQVHLJQD OH PpWLHU GH JpRORJXH HW TXLWRXW
DX ORQJ GH PHV pWXGHV HW GH PRQ DVVLVWDQDW PDFFRUGD ODSSXL GHVHV FRQQDLVVDQFHV HW GH VRQ KXPDQLWp 6RQ DLGH JpQpUHXVH HW VRQ LQWpUrW SRXU PRQ
WUDYDLO
QHPRQW
MDPDLVIDLW
GpIDXW MH WLHQV LFL jOXL
HQ H[SULPHU PD WUqV SURIRQGH JUDWLWXGH0 $
%HUVLHU
'LUHFWHXU GX 0XVpH GH JpRORJLH FKDUJp GX FRXUV GHSpWURJUDSKLH VpGLPHQWDLUH PDFFRUGD OH EpQpILFH GH VHV FRQVHLOV HW GH VD SDUIDLWH
FRQQDLVVDQFH GX 3ODWHDX PRODVVLTXH VXLVVH 6D VROOLFLWXGH HW VRQ LQWpUrW SRXU PHV UHFKHUFKHV
PRQW
DLGp PH SHUPHWWDQW GpOXFLGHU FHUWDLQV SUREOqPHV SDUWLFXOLqUHPHQWDUGXV
-H JDUGH HQYHUV PHV PDvWUHV 00 +
%DGRX[
HW $%HUVLHU
XQH WUqV JURVVHGHWWH GH UHFRQQDLVVDQFH
/H 3URIHVVHXU
/ 'pYHULQ
TXLPLQLWLD
j OD 0LQpUDORJLH HW j OD 3pWURJUDSKLHYRXOXW
ELHQ VLQWpUHVVHU j PHVWUDYDX[
HW PDFFXHLOOLU GDQV VRQ ODERUDWRLUH &HVW DYHF XQH JUDQGH DPDELOLWp HW XQH H[WUrPH JHQWLOOHVVHTXLO
PH FRPPXQLTXD VHVWUDYDX[
UHODWLIV DX[ PLQpUDX[ ORXUGV (QVHPEOH QRXV DYRQV H[DPLQp VHV FRXSHV PLQFHV HW FHVW WRXMRXUV DYHF EHDXFRXS GH VROOLFLWXGHTXLO
PD UHoX ORUVTXHMDYDLV
EHVRLQ GXQ UHQVHLJQHPHQW -H WLHQV j
OXL
H[SULPHU LFL WRXWH PD SURIRQGH JUDWLWXGH 00 OHV 3URIHVVHXUV 5 )5XWVFK
5 06DXWHU
HW$G-D\HW
YRXOXUHQW ELHQH[DPLQHU RX FRQWU{OHU FHUWDLQHV GH PHV WURXYDLOOHV SDOpRQWRORJLTXHV 0 +
¯UWOL
VH FKDUJHD GH GpWHUPLQHU OHV IDXQHV GRVWUDFRGHV TXH MH
OXL
DL HQYR\pHV 0 OH 'RFWHXU 5+DQWNH YRXOXW
ELHQ DXVVL H[DPLQHU XQ PDWpULHO SK\WRSDOpRQWRORJLTXH$ WRXV YD PD VLQFqUH UHFRQQDLVVDQFH SRXU OHXU JUDQGH DPDELOLWp
-H UHPHUFLH DXVVL0 OH 3URIHVVHXU - 3
3RUWPDQQ
TXL SDUODLPDEOH HQWUHPLVH GH 0 OH 3URIHVVHXU '$XEHUW
HXW OREOLJHDQFH H[WUrPH GH PH FRPPXQLTXHUORULJLQDO
GH VRQWUDYDLO
GH WKqVH TXL PHIXW
WUqV XWLOH ORUV GH OpWXGH GHV VpGLPHQWV TXDWHUQDLUHV GH PRQWHUUDLQ
-H[SULPH pJDOHPHQW PD UHFRQQDLVVDQFH DX[ 3URIHVVHXUV 1
2XOLDQRII
(
3ROGLQL
HW 57UPS\
DLQVL TXj 0/RUpWDQ
HW 3 $0HUFLHU
TXL RQWFRQWULEXp j PD IRUPDWLRQ 6DQV RXEOLHU +
0D\RU
JpRORJXH TXLIXW
PRQ FKHI GH PLVVLRQ j 6WDQOH\YLOOH HW TXL JXLGD SDU VRQ DPLWLp HW VHV FRQVHLOV PHV SUHPLHUV SDV GDQV OD EURXVVH DIULFDLQH,O
HQ YD GH PrPH SRXU PHV FDPDUDGHV GpWXGHV-- )UWLJHU
$(VFKHU
5+RUZLW]
- *DEXV 0%XUUL
5 &KHVVH[ HW -1RUEHUW
3RXU OHXU DLGH FHUWDLQH MH UHPHUFLH DXVVL 00 5
'XQDQG
*0DUJRW
HW)
5RFKDW
SUpSDUDWHXUV DX ODERUDWRLUH GH JpRORJLH7(57,$,5(
/LWKRORJLH GH TXHOTXHV VpGLPHQWV FKDWWLHQV
1RXV QH YRXORQV LFL TXHVTXLVVHU OD GpILQLWLRQ GH TXHOTXHV W\SHV GH VpGLPHQWV GRQW OD IUpTXHQFH HVWWHOOH TXLOV
YRQW
MRXHUXQ JUDQG U{OH GDQV OHV FRQFOXVLRQVVWUDWLJUDSKLTXHV SXLVTXj FHUWDLQV PRPHQWV LOV FDUDFWpULVHQW
OXQ
RXODXWUH
QLYHDX GH OD VpULH FKDWWLHQQH $ FHV W\SHV QRXV DGMRLQGURQV GHV VpGLPHQWV LQWpUHVVDQWV VRLW SDU OHV UHQVHLJQHPHQWV TXLOV GRQQHQW VXU OH PLOLHX GH VpGLPHQWDWLRQ VRLW SDU OHXU FDUDFWqUH H[FHSWLRQQHO$UJLOH QRLUH &KDWWLHQ &D&
5pSDQGXHGDQVWRXWH OD VpULH HOOHGHYLHQWPRLQVIUpTXHQWHDX&KDWWLHQVXSpULHXU
&HVW XQH DUJLOH VRPEUH QRLUH RX JULVQRLU TXH ORQ WURXYH
WHUPLQDQW
SDUIRLV OHV FRPSOH[HV DUJLOHX[ RX VRXYHQW VRXV OHV EDQFV GH FDOFDLUH ODFXVWUH HQ FRXFKH pSDLVVH GH FP DX PD[LPXP (OOH GpJDJH SDUIRLV XQH RGHXU VDSURSpOLTXH 1RXV \ DYRQV UHFKHUFKp PDLV VDQV VXFFqV GHV GHQWV GH YHUWpEUpV FH TXL QRXV D GRQQp ORFFDVLRQ GH UHPDUTXHU OD SUpVHQFH GXQ QRPEUHLPSRUWDQW
GH SDLOOHWWHV GH PXVFRYLWH HW PRLQV IUpTXHPPHQW GH GpEULV OLJQLWHX[/RUVGH OHXU GpS{W FHV DUJLOHV QRLUHV RQWGrWUH PpODQJpHV j GH QRPEUHX[ GpEULV RUJDQLTXHV TXL SRXUULVVDQW OHXU RQW FRQIpUp FHWWH RGHXU VDSURSpOLTXH HW FHWWH FRXOHXU
IRQFpH (OOHV LQGLTXHQW VRXYHQW XQH HPHUVLRQ RX SUHVTXH FRUUHVSRQGDQW
SUREDEOHPHQW j XQH DQFLHQQH ]RQH PDUpFDJHXVH
0DUQH OLHGHYLQ &KDWWLHQ LQIpULHXU &D&
&HV PDUQHV VRQW WUqV FRQQXHV HW VRQW UHSUpVHQWDWLYHV GX &KDWWLHQLQIpULHXU (OOHV VRQW UHVSRQVDEOHV GX WHUPH ©PRODVVH URXJHª TXL
OXL
D pWpDWWULEXp
(OOHV RQW XQH SkWH ILQH HW GHV ELJDUUXUHV URXJHYLRODFH URVkWUHV j URXJHFKDLU EUHI GXQH IDoRQ JpQpUDOH OLHGHYLQ &HWWH ELJDUUXUH TXL QH
WLHQW
SDV FRPSWH GHVSODQV GH
VWUDWLILFDWLRQ
HW TXL VpWHQG GDQV GHV GLUHFWLRQV LPSUpYLVLEOHV VHPEOH rWUH GXH jODOWpUDWLRQ
GHV QRPEUHX[ FULVWDX[ GHS\ULWH
TXH UHFqOHQW FHV PDUQHV0DUQH HW JUqV ELJDUUpV &KDWWLHQ HW &D&
&HV VpGLPHQWV VRQW GH
WH[WXUH
YDULDEOH PDLV FH TXL OHV FDUDFWpULVH FH VRQW OHXUV ELJDUUXUHV 6L ORQ H[FHSWH OHV PDUQHV OLHGHYLQ OHV ELJDUUXUHV OHV SOXV IUpTXHQWHV VRQW GHV WDFKHVMDXQkWUHV VRXYHQW OpJqUHPHQW YLRODFpHV VXU OHV ERUGV UHVVRUWDQW VXU XQ IRQGYHUWFODLU
RX JULVYHUW /HXUV SODJHV FRPPH GDQV OH FDV SUpFpGHQW VRQW TXHOFRQTXHV HW QH VXLYHQW SDV OHV SODQV GHVWUDWLILFDWLRQ
*UqV DUJLOHX[ &KDWWLHQ &D&
&HV JUqV DUJLOHX[ RQW GHV FRXOHXUV YDULDEOHV VXLYDQW OHXU SRVLWLRQ GDQV OD VpULH ,OV VH
WURXYHQW
HQ JpQpUDO DX VRPPHW GHV FRPSOH[HV PDUQHX[ ORUV GX SDVVDJH DX[JUqV /D
WDLOOH
GHV JUDLQV GH TXDUW] HVW pYLGHPPHQW YDULDEOH VXLYDQW TXH OD SkWH HVW ILQH PR\HQQH RX JURVVLqUH*UqV PLFDFp &KDWWLHQ &D&
&HVW XQ JUqV FDUDFWpULVp SDU ODERQGDQFH GHV SDLOOHWWHV GH PLFDV PXVFRYLWH HW
ELRWLWH
SULQFLSDOHPHQW /D PXVFRYLWH HVW SUpSRQGpUDQWH HW IRUPH GHV ODPHOOHV ELHQ YLVLEOHV j O°LO QX &HVW XQ VpGLPHQW FRPPXQ GH QRWUH VpULH&DOFDLUH ODFXVWUH &KDWWLHQ PR\HQ HW VXSpULHXU &D&
&H FDOFDLUH GRULJLQH ODFXVWUH IRUPH GHV EDQFV GRQW OD SXLVVDQFH YDULH GH TXHOTXHV FHQWLPqWUHV j XQ GHPLPqWUH &HVW XQ FDOFDLUH EUXQURXJH RX JULV SDVVDQW DX EHLJH VD SDWLQH HVW XQLIRUPpPHQW JULVFODLU 1RXV DYRQV UHPDUTXp TXH VD SkWH GHYHQDLW SOXV ILQH HW VD FRXOHXU SOXV FODLUH j PHVXUH TXRQ VpOHYDLW GDQV OD VpULH 'DQV OH PrPH VHQV XQH YDULDWLRQ SDUDOOqOH ODPqQH GX W\SH GH FDOFDLUH DUJLOHX[ j XQ W\SH GH FDOFDLUH SXU VRLW FDOFLPpWULTXHPHQW GH HQYLURQ j DXPD[LPXP
GH &D&2M /H PLFURVFRSH
IDLW
DSSDUDvWUH XQH SkWH JUHQXH UHFHODQW VRXYHQWGHV RRJRQHV GH &KDUD HW GHV GpEULV GH IRVVLOHV UHPSOLV GH FDOFLWH SOXV FODLUH &HVW HQ HIIHW GDQV FH VpGLPHQW TXH OHV IRVVLOHV VRQW OHV SOXV QRPEUHX[ 6RXYHQW
LO
HVWYDFXRODLUH HWD XQH RGHXUIpWLGH &HVWOH VpGLPHQW OHSOXV GXU GH OD VpULH (QDIIOHXUHPHQW
LO DSSDUDvW WRXMRXUV HQ UHOLHI HW VRXYHQW VHV GDOOHV GpWHUPLQHQW GH SHWLWHV
FDVFDGHV ORUVTXLO DIIOHXUH GDQV OH
OLW
GXQ UXLVVHDX*UqV RROLWKLTXH &KDWWLHQ PR\HQ &D&
1RXV DYRQV GpFRXYHUW GDQV OD UpJLRQ GH 6W6XOSLFH XQ JUqV RROLWKLTXH ILJ IRUPDQW GHX[ FRPSOH[HV GDQV OHV GHX[ DIIOHXUHPHQWV ELHQ GLVWLQFWV GH FHWWH UpJLRQ
YRLU S
-: æ!
: :
!
IL U
æ$
$
)LJ *UqV RROLWKLTXH GH 6W6XOSLFH *URVV ;
&HWWH SKRWRJUDSKLH SULVH DX PLFURVFRSH HQ OXPLqUH QDWXUHOOH PRQWUH ODVSHFW JpQpUDO FRXUDQW GHV JUqV RROLWKLTXHV pWXGLpV
&H VRQW GHV JUqV SRO\JpQLTXHV UHODWLYHPHQW JURVVLHUV SDUWLHOOHPHQW RROLWKLVpV /HV RROLWKHV RQW WRXWHV XQ QXFOHXV GpWULWLTXH GH QDWXUH PLQpUDORJLTXH YDULDEOH
ORROLWKLVDWLRQ
QHVW SDV SUpIpUHQWLHOOH j FHUWDLQV QR\DX[GH IRUPHRX GH QDWXUHSDUWLFXOLqUH /HV RROLWKHV VRQW GLVVpPLQpHV FODQV XQ VpGLPHQW JUpVHX[ GRQW OHV JUDLQV QH
(&/2*$( *(2/ +(/9
SUpVHQWHQW DXFXQH WUDFH GHQYHORSSHV /HV JUqV OHV SOXV ULFKHV HQ RROLWKHV PRQWUHQL
XQH SURSRUWLRQ GH XQ WLHUV HQWUH OHV JUDLQV SRXUYXV GXQH HQYHORSSH HW OHV JUDLQV VDQV HQYHORSSH /H GLDPqWUH PR\HQ GHV RROLWKHV YDULH HQWUH PP HW PP /HV YDULpWpV GH QXFOHXV VXLYDQWHV RQW SX rWUH REVHUYpHV TXDUW] TXDUW]LWH VLOH[
KRUQEOHQGH IHOGVSDWKV IUDLV HW DOWpUpV PLFUROLQH JUDLQV GH FDOFDLUHV GpWULWLTXHV GLYHUV GpEULV GH PLFDVFKLVWHV ILQV /HXU IRUPH HVW TXHOFRQTXH HW XQH pWXGH VWDWLVWLTXH
PRQWUH TXH OHXU WDLOOH PR\HQQH HVW GH PP DORUV TXH FHOOH GHV JUDLQV OLEUHV HVW GH PP /HV RROLWKHV VRQW VRXYHQW SRO\QXFOpHV UDUHPHQW OH QRPEUH
GHV QXFOHXV GpSDVVH GHX[
YRLU
ILJ©
¢æ7
Y$
?
L$ $
W
LWQWQ
)LJ 2ROLWKHVJHPPpHV GHV JUqV GH 6W6XOSLFH
/DFFROOHPHQWGHVJUDLQV VH IDLW VXLYDQW ODOORQJHPHQW GHV QXFOHXV
/HV HQYHORSSHV FRUWLFDOHV VRQW IDLWHV GXQH SkWH FDOFLWLTXH ILQHPHQW JUHQXH GH WHLQWH JULVEHLJH FKDUJpH GXQ SLJPHQW WUqV WpQX GH PDWLqUH RUJDQLTXH FKDUERQQHXVH
TXL UHQIRUFH VD FRORUDWLRQ &HV HQYHORSSHV VRQW IDLWHV GXQ RX SOXVLHXUV IHXLOOHWV RQ D SX HQ FRPSWHU MXVTXj GL[ &HV IHXLOOHWV VRQW VRXOLJQpV SDU XQH YDULDWLRQ
GH OD GHQVLWp GHV SLJPHQWV
/HV HQYHORSSHV FRUWLFDOHV VRQW VRXYHQWGpFKLTXHWpHV FH TXL LQGLTXH XQ WUDQVSRUW HW XQH DEUDVLRQ GHV RROLWKHV /XQH GHQWUHOOHV GRQW OH QR\DX
pWDLW
GH JUqV ILQD pWp pFUDVpH SDU OD FRPSDFWLRQ
,O
D DXVVL pWp WURXYp TXHOTXHV IUDJPHQWV SRO\RROLWKLTXHV UHPDQLpV UHVWHV GXQ VpGLPHQW
SULPLWLI
&HV RROLWKHV QH VH VRQW SDV IRUPpHV LQ VLWX FDU RQ
QH[SOLTXHUDLW
SDV SRXUTXRL GHV JUDLQV RQW pWp FKRLVLVSOXW{W
TXH GDXWUHV SRXU GHYHQLU GHV QXFOHXV 0DLVFHV RROLWKHV SDU OD JUDQGHXU OD GLYHUVLWp HWOD QDWXUH GH OHXUV QR\DX[ GH PrPH TXH SDU ODFRPSRVLWLRQGH OHXUV HQYHORSSHV OHXU WHLQWH HWOHXU SLJPHQW VRQW PRODVVLTXHV 'LVRQV HQFRUH
TXLO Q\
D SDV GH GLIIpUHQFH VHQVLEOH HQWUH OHV QXFOHXV HW OHV JUDLQV OLEUHV GX VpGLPHQW DLQVL TXHQWUH OD PDWLqUH FRUWLFDOH HW OH FLPHQW GX JUqV1RXV UHQYR\RQV QRV OHFWHXUV j XQH QRWH SOXV GpWDLOOpH SDUXH GHUQLqUHPHQW HW TXL GRQQH OHV UpVXOWDWV GXQH pWXGH HQWUHSULVH HQ FROODERUDWLRQ DYHF 0 $
%HUVLHU %HUVLHU
HW9HUQHW
&HWWH QRWH GpFULW OHV JLVHPHQWV GH JUqVRROLWKLTXHV GH 6W6XOSLFH HW OH PDWpULHO UpFROWp
6WUDWLJUDSKLH
'HVFULSWLRQV GHV SULQFLSDX[ DIIOHXUHPHQWV 6768/3,&(
1RXV DYRQV REVHUYp GHX[ ]RQHV GDIIOHXUHPHQWV OD ]RQH : RX ]RQH GH
ODQWL
FOLQLFDO HW OD ]RQH ( RX ]RQH GHV FRXFKHV j 3RWiPLGHV &HV DIIOHXUHPHQWV IXUHQWGpFULWV GDQV XQH QRWH FRPPXQH DYHF 0 $
%HUVLHU
FDU LOV RQW UpYpOp OD SUpVHQFH GH GHX[ FRXFKHV GLVWLQFWHV GH JUqV RROLWKLTXH%HUVLHU 9HUQHW
;W- "A""
b
"
"
6768/3,&
$$
"
2WEDU[GIUH
2M
£0$
$ 2 2
/It& /(0$ 0
P
)LJ &URTXLV GH VLWXDWLRQGHVDIIOHXUHPHQWVGHOD JUqYHGH 6W6XOSLFH NPj O:GH /DXVDQQH
$ DQWLFOLQDO ) IDLOOH : DIIOHXUHPHQW RXHVW GHV JUqV RROLWKLTXHV 3 FRXFKHV j F\UqQHV HW j SRWiPLGHV ( DIIOHXUHPHQW HVW GHV JUqV RROLWKLTXHV
3DU EDVVHV HDX[ XQH JUqYH pWHQGXH HVW GpFRXYHUWH ODLVVDQW DSSDUDvWUH XQH
VpULH GH FUrWHV SDUDOOqOHV HW SOXV RX PRLQV SHUSHQGLFXODLUHV DX ULYDJH &HV FUrWHV IRUPDQW VDLOOLHV VRQW
DXWDQW
GH FRXFKHV DSSDUDLVVDQW SDU OHXU WUDQFKH (QWUHFKDFXQH GHOOHV VpWHQG XQH ]RQH GH ODUJHXU YDULDEOH FRPEOpH GH OLPRQ HW GH JDOHWV
&HWWH ]RQH FRUUHVSRQG j XQH RX SOXVLHXUV FRXFKHV SOXV WHQGUHV 1RXV DYRQV Oj XQ H[HPSOH GDEUDVLRQ ODFXVWUH VXU GHV PDWpULDX[ LQpJDOHPHQW UpVLVWDQWV j FH SRLQW
GH YXH Oj OD SKRWRJUDSKLH ILJ S HVW WUqV GpPRQVWUDWLYH
/DIIOHXUHPHQW GH
ODQWLFOLQDO
(Q YHQDQW GH OD 9HQRJH HW HQDOODQW
HQ GLUHFWLRQGH /DXVDQQH QRXV WURXYRQVVXU ODJUqYH OD VXFFHVVLRQ VXLYDQWH ILJ : HW ILJ
:
RVRL A Z L
( J
WDHU
6
"
6 :
J,ELV
J J
( ,76 JJ"
ªV S JS
" "ª ,, Wt ©
A WtWt 6
1 VLL OD OXUDD OXV
Í © JUqYH
67$
a"A"A"""
U67$©U67$© " " ¢! " ª! ª$QWLFOLQDO
I
;
9 9©
6 ;
&RXSH )""" " " "
" ?
DIIL ; ;
:GHV JUEV RROLWKLTXHV Y RA
P
A
+DIIOHXUHPHQWV
SHQGDJH HQGHJUpV
6+) "
"" 8a/
AA
<
"A"A""ª ª Ad *" < '(6768/3,&($) VHJPHQWVGHOD FRXSHVWUDWLJUDSKLTXH
$))/(85(0(17 '( /$17,&/,1$/
YRLUILJ -.©
)LJ 'DSUqV XQ UHOHYp LQpGLW HW DQFLHQ GH+ %DGRX[ $%HUVLHUHW 3)UH\PRQG DYHFFRPSOpPHQWGHODXWHXU
FRPSOH[H JUpVRHDOFDLUH DYHF GH QRPEUHX[ SHWLWV EDQFV GH FDOFDLUH ODFXVWUH
JUqV YHUWJURVVLHU FP
' ODFXQH
FDOFDLUH ODFXVWUH FP
( ODFXQH
JUqVJULVEOHX j GpEULV GH SODQWHV FP
JUqVJULVPR\HQ VRPEUH ª
JUqV JULVFODLU PR\HQ ª
JUqV JULVPR\HQ GXU
\\
ª
JUqV JULVPR\HQ WHQGUH DOWpUp ©
JUqV RROLWKLTXH GXU ª
JUqV RROLWKLTXH WHQGUH DOWpUp ª
JUqV RROLWKLTXH GXU ª
JUqV WHQGUH QRQ RROLWKLTXH ª
JUqV RROLWKLTXH GXU ª
/H SORQJHPHQWGHV FRXFKHV HVW GH
11:
DYDQW OD[HGHODQWLFOLQDO
]RQH % HW GH j DX 6( VXU ODXWUH IODQF /H EDQF GH FDOFDLUH ODFXVWUH GHVVLQH SOXV TXHWRXW
DXWUHODQWLFOLQDO
&HW DIIOHXUHPHQW HVW UHPDUTXDEOH SDU VRQ DQWLFOLQDO HW PDLQWHQDQW SDU VHV JUqV RROLWKLTXHV $SUqV OD FRXSH ) OD JUqYH HVW VWpULOH HQ DIIOHXUHPHQWV SHQGDQW P HQYLURQ QRXV DUULYRQV DORUV DX JLVHPHQW GHV FRXFKHV j 3RWiPLGHV
/DIIOHXUHPHQW GHV FRXFKHV j 3RWiPLGHV
,O IXW
GpFULW SDU5HQHYLHU
GpMj-DFFDUG S /H
SURILO TXLO
UHOHYD D XQH SXLVVDQFH WRWDOH GH P PDLVDWLO
WHQX FRPSWH GX SORQJHPHQW GHV FRXFKHV",O
VHPEOH TXH5HQHYLHU DLW
SXWUDYDLOOHU
SDU WUqV EDVVHV HDX[ FDUGDQV FHW DIIOHXUHPHQWIRUW
SHX GH FRXFKHV YRQW MXVTXj OD JUqYH SHQGDQW OHV pWLDJHV DQQXHOV OHV SOXV EDV HW QRXV DYRQV GWUDYDLOOHU SDU j FP GHDX &HV FRQGLWLRQV GH
WUDYDLO
QH VRQW JXqUH IDYRUDEOHV DXVVL QDYRQVQRXV SX UHSpUHU TXXQH FRXFKH j 3RWiPLGHV DORUV TXH5HQHYLHU
HQ
DYDLW
GpFRXYHUW WURLV &HWWH FRXFKH HVW XQH PDUQH JULVYHUW FODLU SXLVVDQWH GHFP HW SULVH HQWUH GHX[ FRXFKHV GH JUqV PLFDFp YHUW &HWWH PDUQH HVW OLWWpUDOHPHQW
IDUFLH GHPSUHLQWHV GH WHVWV GH PROOXVTXHV SRWiPLGHV HW F\UqQHV
/H FDUDFWqUH VDXPkWUH GH FHWWH IDXQH HVW FHUWDLQ RQ D FHSHQGDQW JUkFH j +
¯UWOL
XQH UDLVRQ GH SOXV GHODIILUPHU
(Q HIIHW XQ pFKDQWLOORQ GH FHWWH FRXFKH UpYpOD OD SUpVHQFH GH&\WKHULGHD JHYDQHQVLV
¯UWOL
DVVH] IUpTXHQW,O\RF\SULV
VS UDUH&HV GHX[ RVWUDFRGHV LQGLTXHQW XQ PLOLHX W\SLTXHPHQW VDXPkWUH
'HV pFKDQWLOORQV GX 0XVpH JpRORJLTXH FDQWRQDO IXUHQW DXVVL HQYR\pV j +
¯UWOL
OD SOXSDUW SRUWDLHQWOLQGLFDWLRQ
©&\SULVª /H JLVHPHQW H[DFW GH FHVpFKDQWLOORQV QHVW SDV FRQQX RQ VDLW VHXOHPHQW TXLOV SURYLHQQHQW GH 6W6XOSLFH /HV RVWUDFRGHV VXLYDQWV RQW SX rWUH GpWHUPLQpV
(FKDQW Q
,O\RF\SULV
VS DVVH] FRPPXQ&LSULV" VS
,O\RF\SULV
VS&DQGRQD VS
6HORQ %DXPEHUJHU OHV F\UqQHV OD PRODVVH ROLJRFqQH DSSDUWLHQQHQWDX JHQUH 3RO\PHVRGD
%DXPEHUJHU
6M% DQGRQD VS ,O\RF\SULV VM TXHOTXHV H[HPSODLUHV GpIRUPpV
6% ,O\RF\SULV V@ FRPPXQ
&HWWH IDXQH LQGLTXH XQ PLOLHX OLPQLTXH 4XHOTXHV EDQFV GH FDOFDLUH ODFXVWUH DSSDUDLVVHQW DX YRLVLQDJH GH FHW DIIOHXUHPHQW HW HQWUH FHOXLFL HW XQH FRXSH TXL GpEXWH XQH FHQWDLQH GH PqWUHV SOXV j
O(
1RXV UHQYR\RQV GRQF QRV OHFWHXUV j OD FRXSH5HQHYLHU
GpMj FLWpH FRXSH QRXV OH UpSpWRQV TXH QRXV QDYRQV SX REVHUYHUZ
Y
æ$;
¬ ªæ
"""©©©æ""
)LJ $IIOHXUHPHQW ( GH OD JUqYH GH 6W6XOSLFH YRLU )LJ
$ VLWXDWLRQ GX SULQFLSDO EDQFGH JUqV RROLWKLTXH GH FHW DIIOHXUHPHQW ( 6XU OD GURLWH GX FOLFKp XQ EDQF GH FDOFDLUH ODFXVWUH HW XQ EDQF GH FDOFDLUH JUpVHX[ VRQW ELHQ DSSDUHQWV
&HWWHSKRWR SULVH HQ DYULO ORUV GXQH EDLVVH H[FHSWLRQQHOOH GX QLYHDX GHV HDX[ GX /pPDQ IXWREOLJHDPPHQW PLVH j GLVSRVLWLRQ SDU VRQDXWHXU 0 &KRIIDW
3OXV j
O(
XQH VpULH GH FRXFKHV HVW YLVLEOH DXVVL DYRQVQRXV SX HQ FROODERUDWLRQDYHF 0 $
%HUVLHU
UHOHYHU OD FRXSH VXLYDQWH ILJ (*UqV ILQ DUJLOHX[ FP &D&
*UqV ILQ FDOFDLUH ª ª
0DUQHJULVH j GpEULV FRTXLOOLHUV GXUH ª ª *UqV ILQ DUJLOHX[ j +pOLFLGpV ª ª
0DUQH SODTXHWpH JULVH ª ª
0DUQH SODTXHWpH JULVH ª ª
*UqV PDUQHX[ © ª
*UqV ILQ VRPEUH ª ª
*UqV OLWp VRPEUH ª ª
*UqV j ILQVGpEULV GH SODQWHV ª ª *UqV PR\HQ HW PDUQH GXUH SODTXHWpH ª ª
*UqV JURVVLHU ª ª
*UqV PR\HQ FP &D&
*UqV j WUDFHV GH SODQWHV ª! ª
*UqV RROLWKLTXH ª ª
*UqV RROLWKLTXH ª
&DOFDLUH GHDX GRXFH EDQFV ª ª
*UqV PR\HQVDQV RROLWKHV ª ª
*UqV ILQPR\PR\ ª ª
3HQGDJH JpQpUDO DX 6(
(QWUH OHV EDQFV GRQW OpSDLVVHXU HVW FLWpH GDQV FHWWH FRXSH LO \ D GpWURLWHV ]RQHV DYHF GHV ODFXQHV GREVHUYDWLRQV
/H EDQF GH JUqV RROLWKLTXH HVW ELHQ YLVLEOH VXU OD SKRWRJUDSKLH ILJ 1RWRQV FHSHQGDQW TXH ORUV GH QRV WUDYDX[ SHQGDQW OHV EDV pWLDJHV GX SULQWHPSV OH QLYHDX GX /pPDQ pWDLW GH FP HQYLURQ SOXV KDXW TXH FHOXL YLVLEOH VXU OD SKRWRJUDSKLH TXL UHSUpVHQWH XQ FDV H[FHSWLRQQHO
&HWWH VpULH VHUDLW SUREDEOHPHQW GX &KDWWLHQ PR\HQ /$ 9(12*(
/D YDOOpH GH OD 9HQRJH HVW SDXYUH HQ DIIOHXUHPHQWV PRODVVLTXHV $ORUV TXH
O$XERQQH D G HQWDLOOHU GHV EDQFV GH JUqV WHUWLDLUH OD 9HQRJH HOOH QH PRQWUH DXFXQ DIIOHXUHPHQW FODQV VRQ
OLW
VHXOV OHV YHUVDQWV VRQW PRODVVLTXHV &HWWH ULYLqUHHPSUXQWH XQH YDOOpH DQFLHQQH HW SOXV SURIRQGH SUREDEOHPHQW SUpZXUPLHQQH HQFRUH HQFRPEUpH GDOOXYLRQV
/D 9HQRJH D GDQV OD UpJLRQ pWXGLpH GHX[ DIIOXHQWV /H 9DXEH HW O$UpQD]
IRXV GHX[ RQW GpQXGp OH VRFOHPRODVVLTXH 7DQGLV TXH OH YHUVDQWRULHQWDO HVWVWpULOH
HQ DIIOHXUHPHQWV HW GH UHOLHI GRX[ OH YHUVDQW RFFLGHQWDO HVW SOXV DEUXSW HW GRLW VD
UDLGHXU j OD SUpVHQFH GHJURV EDQFV GHJUqVJURVVLHUJULVYHUW &HV JUqVDIIOHXUHQWGDQV OD F{WH GH ©&KDWDQpULDª j
O(
G$FOHQV GDQV O$UpQD] VRXV OHV SRLQWV FRWpV HW GDQV OH ©%RLV GH OD &{WHª HW GDQV OHV YLJQHV VRXV ©/H 0RO\ª /HV DIIOHXUHPHQWV OHV SOXV LQWpUHVVDQWV VRQW FHX[ GHV SRLQWV HW 6RXV OH SRLQW GHV IDODLVHV PRQWUHQW GHV FRXSHV GH SOXVLHXUV PqWUHV GDQV GH JURV EDQFV GH JUqV YHUW JURVVLHU HW PLFDFp 6RXV OH SRLQW GDQV OH FKDPS DXGHVVRXV GX FRXGH GX FKHPLQ RQYRLW
DIIOHXUHU XQ EDQF GH FDOFDLUH ODFXVWUH HW SOXV KDXW XQ EDQF GH JUqV YHUW PLFDFp DYHF GHV HPSUHLQWHV GH IHXLOOHV GRQW SUREDEOHPHQW&LQDPRPXP ODQFHRODWXP 8QJ
6RXV FHV IDODLVHV RQ REVHUYH GHV JOLVVHPHQWV GH WHUUDLQ HW GHV DUJLOHV GH YHUVDQW j GpEULV GH JUqV PRODVVLTXH WDQGLV TXHQDYDO GHOHPERXFKXUHGH O$UpQD]
SHX DXGHVVXV GX
OLW
GH OD 9HQRJH FRPPHQFHQW j DIIOHXUHUOHV YDUYHV GH %XVVLJQ\$ OHPERXFKXUH GH OD 9HQRJH GDQV OH /pPDQ OpJqUHPHQW j
O:
j OD SRLQWH GH OD SODJH GH 3UpYHUHQJHV XQH VpULH GH EDQFV GH JUqV HW GH FDOFDLUHV DIIOHXUHQW SDUEDVVHV HDX[ (Q
DOODQW G:
HQ ( OD FRXSH VXLYDQWHpWDLW
YLVLEOHJUqV SODTXHWpJULVYHUW
FDOFDLUH GHDX GRXFH j LQWHUFDODWLRQV GH SHOOLFXOHV VDSURSpOLTXHV
JUqV PLFDFpYHUW
JUqV FDOFDLUH j WUDFHV YpJpWDOHV OLJQLWHXVHV
FRPSOH[H GH JUqV YHUW DYHF ©ULSSOH PDUNVª
&HV FRXFKHV SORQJHQW GH YHUV OH 6( /KRUL]RQ D OLYUp GH SHWLWHV FRXFKHV
GH OLJQLWH GRQW OpSDLVVHXU PD[LPXP
IXW
GH PP$FWXHOOHPHQW OH GUDJDJH GXQ FKHQDO SURIRQG GH P D
IDLW
GLVSDUDvWUHFRPSOqWHPHQW FHWWH FRXSH
/( 9$8%(
/H 9DXEH HVW XQ DIIOXHQW GH OD 9HQRJH VXU VD ULYH JDXFKH 2Q SHXW \ UHOHYHU OD FRXSH LOOXVWUpH SDU OD ILJXUH GDQV OHV VpGLPHQWV WHUWLDLUHV
( :
UU
U
)"LH LH LH Ë$
$ 6
!
&
A AU
P
B
)LJ /H 9DXEH ODIIOHXUHPHQW ILJXUp PRQWUH OH SDVVDJH GXQH IDLOOH HW OH[LVWHQFH GXQH WUqVOpJqUH GLVFRUGDQFH
PDUQHJULVYHUGkWUH FDOFDUHXVH ILQH FP
PDUQH FDOFDUHXVH j GpEULV VDSURSpOLTXHV ª
FDOFDLUHODFXVWUH YDFXRODLUH ª
QLYHDX SDOXVWUH QRLU DUJLOHX[ HW VDSURSpOLTXH ª
PDUQH YHUWHFDOFDUHXVH j QLYHDX[ GH FDOFDLUH DUJLOHX[ ª
(QWUH OHV VWUDWHV HW DSSDUDLW XQH OpJqUH GLVFRUGDQFH DQJXODLUH &HV GHX[
FRXFKHVSORQJHQW YHUV
O(
OLQIpULHXUH GH HW OD VXSpULHXUH GH 8QH IDLOOHYLHQW
UHFRXSHU FHWWH VpULH HOOH HVW LQFOLQpH GH YHUVO(
/H EDQF GH FDOFDLUH ODFXVWUH SUpVHQWH XQ UHMHW GH FP G DX SDVVDJH GH OD IDLOOH,O
\ D GRQF HX XQ WUqV OpJHU WDVVHPHQW GX FRPSDUWLPHQW : RX XQ H[KDXVVHPHQW GH FHOXL GHO(
OH PRXYHPHQW pWDQWUHODWLI
HW ULHQ QH SHUPHWWDQW GH GLVWLQJXHU OHTXHO GHV GHX[ FRPSDUWLPHQWV HVW UHVWp IL[H3XLV
YLHQW
XQH VpULH SUpVHQWDQW SOXVLHXUV ODFXQHV GREVHUYDWLRQ /pSDLVVHXU GHV FRXFKHV PDVTXpHV HVW GLIILFLOH j HVWLPHU /D FRXSH VH SRXUVXLW GH EDV HQ KDXW SDUODFXQH FP
PDUQHEHLJH FODLUH ª
ODFXQH ª
PDUQH EHLJH FODLUH LGHP ª
ODFXQH ª
JUqV ILQ DUJLOHX[ JULVYHUW FP
ODFXQH PDO DLVpPHQW HVWLPDEOH ª
PDUQH EHLJH YHUGkWUH j RVWUDFRGHV ª
FDOFDLUH ODFXVWUH j SkWH ILQH ª
ODFXQH ª
PDUQH EHLJHYHUW j QLYHDX[ OLJQLWHX[ DYHF GH SHWLWHV
OHQWLOOHV GH FDOFDLUH ODFXVWUHLQWHUVWUDWLILpHV ª
JUqV YHUW SDVVDJH JUDGXHO GH j ª
PDUQH EUXQkWUH ª
FDOFDLUH ODFXVWUH j SkWH ILQH MDXQHFODLU HQ EDQH GpOLWp ª
JUqV YHUW PLFDFp ª
/HV GHUQLHUV DIIOHXUHPHQWV GRQQHQW XQ SORQJHPHQW GHV FRXFKHV GHQYLURQ YHUV OH 6
1RXV DYRQVWURXYp GHV WHVWV GHPROOXVTXHV SULQFLSDOHPHQW GHOLPQpHV HW
G+pOL[
GDQV OH QLYHDX SDOXVWUH HW OH FDOFDLUH LQIpULHXU 3OXV KDXW GDQV OD VpULH XQH PDUQH j RVWUDFRGHV D GRQQp OHV HVSqFHV VXLYDQWHV GpWHUPLQpHV SDU +
¯UWOL
,O\RF\SULV
VS&RQGRQD VS
'HV FHQWDLQHV GRRJRQHV GH FKDUDFpHV PRQWUHQW FRPELHQ OH PLOLHX GH VpGLPHQWDWLRQ
pWDLW
OLPQLTXH &HV RVWUDFRGHV pWDLHQW WRXV FDVVpV /$5e;$=6XU ULYH GURLWH GH OD 9HQRJH OpJqUHPHQW HQ DYDO GX 0RXOLQ GX &KRF VH
MHWWH
XQ DIIOXHQW O$UpQD] &H UXLVVHDX PRQWUH XQH FRXSH WUqV FRPSOqWH GX &KDWWLHQ VXSpULHXU $ OD EDVH GHV EDQFV GH FDOFDLUH ODFXVWUH DIIOHXUHQW VSRUDGLTXHPHQW VXU XQH ORQJXH GLVWDQFH FDU FHWWH VpULHHVW RQGXOpH HQ DYDO
/H EDQF GH FDOFDLUH ODFXVWUH LQIpULHXU Q GH OD FRXSH D GRQQp DLQVL TXH OH QLYHDX SDOXVWUH Q GHV GpEULV PDO GpWHUPLQDEOHV GH OLPQpHV HW
G+pOL[
/KRUL]RQ
Q
GH PDUQH JULVYHUW UHQIHUPH SDU HQGURLWV GHV RVWUDFRGHV&HX[FL RQW pWp GpWHUPLQpV SDU +
¯UWOL
TXL FLWH OHV HVSqFHV VXLYDQWHV(XF\SULV VS
&RQGRQD VS
&HV RVWUDFRGHV VRQW IRUWHPHQW GpIRUPpV HW FDVVpV ,OV UHSUpVHQWHQW XQ PLOLHX W\SLTXHPHQW OLPQLTXH /H UHVWH GH OD VpULH HVW DSSDUX FRPPH VWpULOH
(Q UHPRQWDQW OH UXLVVHDX RQ UHOqYH OD FRXSH LOOXVWUpH SDU OHV ILJXUHV HW 5HOHYRQV OD SUpVHQFH GRQGXODWLRQV GDQV OH EDV GH OD VpULH DLQVL TXH FHOOH GXQ
SHWLW DQWLFOLQDO
GRQW OD[H HVW GLULJpYHUV OH 1 3OXV KDXW GDQV OD PDVVH GHV PDUQHV JUpVHXVHV HW GHV JUqV JULV XQ DXWUHSHWLW DQWLFOLQDO
DSSDUDvW PDLVLO
HVW PRLQVFHUWDLQ HW
LO
QRXV HVWGLIILFLOH
GH WUDQFKHU HQWUH XQH RQGXODWLRQ VDQV LPSRUWDQFH HW XQDQWLFOLQDO
GRQW OD[H VHUDLW GLULJp YHUV OH 6: 3OXVLHXUV IDLOOHV VDQV UHMHW YLVLEOH DIIHFWHQW OD SDUWLH DYDO GH OD VpULH,O
HVW GLIILFLOH GH SUpFLVHU OkJH GH FHWWH VpULH QRXV SHQVRQV TXHOOH VH UDWWDFKHj OD ©]RQH GHV PDUQHV J\SVLIqUHV VXSpULHXUHVª
9²
&21&/86,216 685 /$ 5e*,21 '( /$ 9(12*(
/HV FDUDFWqUHV OLWKRORJLTXHV GHV GHX[ PDUQHV j RVWUDFRGHV GX 9DXEH HW GH O$UpQD] VRQW LGHQWLTXHV WRXWHV GHX[ UHFHODLHQW GH QRPEUHX[ RVWUDFRGHV WRXV EULVpV /HV (XF\SULV VS UHPSODFHQW GDQV OD PDUQH GH O$UpQD] OHV ,O\RF\SULV VS GH FHOOHV GX 9DXEH ,O
IDXW
UHOHYHU VXLYDQW ORSLQLRQ GH,/ ¯UWOL
TXH OHVDVVRFLDWLRQVOLPQLTXHVQHMRXHQWSDVXQWUqV JUDQGU{OH FDU HOOHV SHXYHQW YDULHU WUqV UDSLGHPHQW GXQ HQGURLW
j ODXWUH
/D VpULH GX 9DXEH FRUUHVSRQG DSSDUHPPHQW j OD EDVH GH OD VpULH GH O$UpQD] HQYLURQ
/H FDOFDLUH ODFXVWUH DSSDUDvW VRLW HQ EDQF LVROp VRLW HQ SOXVLHXUVEDQFV GDQV OH9DXEH O$UpQD]HW GDQV XQH WUDQFKpH HQ SOHLQ FKDPS VRXV OH SRLQW FRWp
j P
GDOWLWXGH
VRXV OH FRXGH GX FKHPLQ/
PDUQH JULVQRLU SODTXHWpH FP
FRPSOH[H JUpVRPDUQHX[ YHUWMDXQkWUH ª
FDOFDLUH ODFXVWUH MDXQHFODLU ª
PrPH FRPSOH[H TXH ª
JUqV DUJLOHX[JULVYHUW ª
PrPH FRPSOH[H TXH ª
FDOFDLUH ODFXVWUH MDXQHFODLU ª
PDUQH JULVYHUW FODLU JUpVHXVH SDU HQGURLWV j
QLYHDX[ SOXV VRPEUHV ª
FDOFDLUH ODFXVWUH MDXQHFODLU ª
PDUQH YHUWFODLU ª
FRPSOH[H JUpVRPDUQHX[ OLWp YHUWMDXQkWUH j
ILORQQHWV GLVFRUGDQWV GH J\SVH ILEUHX[ ª!
PDUQH YHUWMDXQkWUH HQ SODTXHWWHV ª
JUqV JURVVLHUYHUWFODLUjQLYHDX[ GHJ\SVHILEUHX[
$ ODEDVH XQ QLYHDX GpSDLVVHXU YDULDEOH GH
FDOFDLUH ODFXVWUHUHSRVDQW VXU XQ QLYHDX SDOXVWUH ª PDUQH JULVYHUW MDXQkWUH j SHWLWV QLYHDX[
OHQWLFXODLUHVGHFDOFDLUH ODFXVWUH DUJLOHX[)RVV
RVWUDFRGHV ©
FDOFDLUH ODFXVWUH j SkWH ILQH ª QLYHDX SDOXVWUH QRLUkWUH j GpEULV GH FRTXLOOHV
G+pOL[ ª
PDUQH EHLJH ª
FDOFDLUH DUJLOHX[ ª
PDUQH JULVFODLU j GpS{WV OLPRQLWLTXHV LQWHUQHV ª )LJ 3DUWLH LQIpULHXUH GH OD VWUDWLJUDSKLTXH GH O$UpQD]
/HV EDQFV GH JUqV GH O$UpQD] DIIOHXUHQW HQ ORQJXHV EDQGHV GLVFRQWLQXHV GDQV OD F{WH DOODQW GH
O:
G$FOHQV MXVTXDX0RWW\
,O
QH VHPEOH SDV TXXQH FRUUpODWLRQ SOXV SUpFLVH VRLW SRVVLEOH SRXUOLQVWDQW
/(6 $%%(66(6
/H UXLVVHDX j
O(
GHV $EHVHVPRQWUH OD FRXSH VXLYDQWH GH EDV HQ KDXWPDUQH IHXLOOHWpHJULVEOHX FP
JUqV JURVVLHU ª
PDUQH IHXLOOHWpH JULVEOHX ª ODFXQH QRQ HVWLPDEOH PDLV GH ORUGUH GX PqWUH
JUqV JURVVLHUJULV ª
&HV FRXFKHV SORQJHQW YHUV OH
1:1
GH 35É9(5(1*(6
1RXV DYRQVWURXYpDX 0XVpH JpRORJLTXH
FDQWRQDO XQHHPSUHLQWH GHIHXLOOH GDQV XQ JUqV DYHF SRXUWRXWH
LQGLFDWLRQ
©&DUULqUH GHUULqUH OD PDLVRQ QHXYH 3UpYHUHQJHV ª &HWWHFDUULqUH QD SDV pWp UHWURXYpH PDLV SDU FRQWUH OD PRODVVH DIIOHXUH GDQVOHODERXUDJH IUDLVGXQFKDPS VLWXp HQYLURQjP DX6GX VRPPHW GX ©0RQWHLURQª&pWDLW XQ JUqV JURVVLHU SODTXHWp HW PLFDFp GH FRXOHXU JULVYHUW
,O
VHPEOHELHQ TXHWRXWH FHWWH FROOLQH QHVW TXH IDLEOHPHQW UHFRXYHUWH SDU OHV IRUPDWLRQV JODFLDLUHV
P
""A
JUqV PR\HQ j©ULSSOH PDUNVª ª
JUqVDUJLOHX[ JULV
PDUQHJUpVHXVHSDVVDQW DX JUqVDUJLOHX[
JULV
PDUQH SODTXHWpH JULVH j QLYHDX[ SOXV
VRPEUHV
PDUQH YHUWFODLU j GpOLWV SOXV RX PRLQV
JUpVHX[
JUqV PDUQHX[ JULV
PDUQH SODTXHWpH JULVH
JUqV JULV JURVVLHU SDVVDQW DX FDOFDLUH JUpVHX[ GDQVOHV GHUQLHUV FHQWLPqWUHV
JUqVDUJLOHX[ JULV
JUqVJULV FRPSDFW
PDUQH JULVH HQ SODTXHWWHV j QLYHDX[
JUpVHX[
JUqV DUJLOHX[ ILQ JULVYHUW
FRPSOH[H JUpVRPDUQHX[ YHUWMDXQkWUH )LJ 3DUWLHVXSpULHXUHGH OD FRXSHVWUDWLJUDSKLTXH GH O$UpQD]