HAL Id: tel-02063455
https://tel.archives-ouvertes.fr/tel-02063455
Submitted on 11 Mar 2019
HAL 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.
Étude de l’impact des symbioses mycorhizienne et rhizobienne dans la domestication du Tara, Caesalpinia
spinosa L
Sheena Sangay-Tucto
To cite this version:
Sheena Sangay-Tucto. Étude de l’impact des symbioses mycorhizienne et rhizobienne dans la do- mestication du Tara, Caesalpinia spinosa L. Interactions entre organismes. Université Montpellier;
Universidad Peruana Cayetano Heredia, 2018. Français. �NNT : 2018MONTG080�. �tel-02063455�
7+Ë6(32852%7(1,5/(*5$'('('2&7(85
'(/·81,9(56,7e'(02173(//,(5
(Q(FRORJLHIRQFWLRQQHOOH
eFROHGRFWRUDOH%,2',9(56,7($*5,&8/785($/,0(17$7,21(19,5211(0(177(55(($8
8QLWpGHUHFKHUFKH/670/DERUDWRLUHGHV6\PELRVHV7URSLFDOHVHW0pGLWHUUDQpHQQHV
(WXGHGHO·LPSDFWGHVV\PELRVHVP\FRUKL]LHQQHHW UKL]RELHQQHGDQVODGRPHVWLFDWLRQGX7DUD &DHVDOSLQLD
VSLQRVD /
3UpVHQWpHSDU6KHHQD6$1*$<78&72 /HQRYHPEUH
6RXVODGLUHFWLRQGH5RELQ'832112,6 HW&KULVWLQH/(528;
'HYDQWOHMXU\FRPSRVpGH
:LOIUHGR*21=$/(6GLUHFWHXUGHUHFKHUFKH8QLYHUVLWp3pUXYLHQQH&D\HWDQR+HUHGLD3pURX 'RULV=8f,*$GLUHFWULFHGHUHFKHUFKH8QLYHUVLWp$JUDULD/D0ROLQD3pURX$PDGRX%ÇSURIHVVHXUGHVXQLYHUVLWpV
7KLHUU\*$848(/,1SURIHVVHXUGHVXQLYHUVLWpV /LRQHO028/,1
-RVp%DXHU
3UpVLGHQWGXMXU\
0HPEUHGXMXU\
5DSSRUWHXU 5DSSRUWHXU ,QYLWp
&RGLUHFWHXUGHWKqVH
x
x
-HGpGLHFHWUDYDLOjPHVSDUHQWVELHQDLPpV (OHQD HW (OLR SRXU OHXUV HIIRUWV HW OHXU VRXWLHQLQFRQGLWLRQQHOGHSXLVWRXMRXUV
5(0(5&,(0(176
6200$,5(
5KL]RSKDJXV
LUUpJXODULV«««««««««««««««««««««««««««««
&DHVDOSLQLD VSLQRVD
OOXPLQD
,OOXPLQD
&VSLQRVD
3LVXP VDWLYXP
&DHVDOSLQLD VSLQRVD
&VSLQRVD
&VSLQRVD
&VSLQRVD
&VSLQRVD
3VDWLYXP
3VDWLYXP
3VDWLYXP
3VDWLYXP
3VDWLYXP VDWLYXP 3
3VDWLYXP
3VDWLYXP
&DHVDOSLQLDVSLQRVD
&DHVDOSLQLD VSLQRVD
/,67('(67$%/($8;
5LUUHJXODULV
&VSLQRVD
&DHVDOSLQLDVSLQRVD 3VDWLYXP
3VDWLYXP
3VDWLYXP
/,67('(6),*85(6
͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϰ
͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲ
͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϴ
͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϵ
͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϭ
͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϯ
͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϰ
͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϬ 5KL]RELXPOHJXPLQRVDUXP ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϳ
&VSLQRVD ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϵ
͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϴ
͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳϴ
͘͘͘͘ϴϵ
ϭ
5(680(
&DHVDOSLQLD VSLQRVD
5KL]RELXP
Ϯ
,OOXPLQD
& VSLQRVD
&VSLQRVD 5KL]RSKDJXVLUUHJXODULV
5HWOL
5SKDVHROL5SLVLHW5OHJXPLQRVDUXP LQYLWUR
ϯ
$%675$&7
&DHVDOSLQLDVSLQRVD
5KL]RELXP
ϰ
,OOXPLQD
5KL]RSKDJXV VSS
&VSLQRVD
& VSLQRVD
& VSLQRVD 5KL]RSKDJXV LUUHJXODULV
3LVXP VDWLYXP
5HWOL 5SKDVHROL 5SLVL
5 OHJXPLQRVDUXP LQ YLWUR
ϱ
5(680(1
&DHVDOSLQLD VSLQRVD
5KL]RELXP
ϲ
,OOXPLQD
5KL]RSKDJXV
&VSLQRVD
& VSLQRVD 5KL]RSKDJXVLUUHJXODULV
LQ YLWUR
ϳ
5HWOL5SKDVHROL5SLVL\5OHJXPLQRVDUXP
LQYLWUR
ϴ
,1752'8&7,21
&DHVDOSLQLDVSLQRVD
ϵ
ϭϬ
ϭϭ
6<17+(6(%,%/,2*5$3+,48(
&RQQDLVVDQFHJpQpUDOHVXUOD7DUD
&DHVDOSLQLD VSLQRVD
&DHVDOSLQLD WLQFWRULD
&DHVDOSLQLDFHDH
3WHURORELXP VWHOODWXP
ϭϮ
)LJXUH5HODWLRQVHQWUHOHVJHQUHVHWOHVJURXSHVLQIRUPHOVGH&DHVDOSLQLHDHEDVpVXU ODQDO\VHGH3ROKLOO 9LGDO3ROKLOO/HZLVHW6FKULUH.DMLWDHWDO
%UXQHDXHWDO+HUHQGHHQHWDOD E6LPSVRQHW/HZLV 6LPSVRQHWDO+DVWRQHWDOHWVRXPLV5HSULVSDU/HZLVHWDO
ϭϯ
'HVFULSWLRQERWDQLTXH
ϭϰ
)LJXUH3ODQWHGH7DUD
eFRORJLH
'LVWULEXWLRQJpRJUDSKLTXH
&DHVDOSLQLD VSLQRVD
ϭϱ
&DHVDOSLQLD VSLQRVD
3UpIpUHQFHpFRORJLTXH
ϭϲ
3DWKRJqQHVHWUDYDJHXUV
$SKLVFUDFFLYRUD
3LQQDVSLV ,FHU\D 3XUFKDVL
)LJXUH&DUWHGXPRQGHRVHUHWURXYHQWGHWDUDHWODFDUWHGX3pURXPRQWUDQWHQYHUWFODLUWRXWHOD]RQHGHSURGXFWLRQGHWDUD
ϭϳ
&RPPXQDXWppFRORJLTXHKDELWDWV
6FKLQXVPROOH 3URVRSLV ODYLHJDWD $FDFLD PDFUDFDQWKD $FDFLD YLVFR 2SXQWLD ILFXV LQGLFD 'RGRQDHD YLVFRVD -DFDUDQGD PLPRVLIROLD %DFFKDULV
(UDJURVWLV &KORULV 3HQQLVHWXP FODQGHVWLQXP &\QRGRQ GDFW\ORQ
&DOOLDQGUD 5XEXV &URWRQ
ϭϴ
2SXQWLD ILFXVLQGLFD
6DFFKDUXPRIILFLQDUXP =HD
PD\V 3LVXPVDWLYXP 3KDVHROXVYXOJDULV
6RODQXP WXEHURVXP 9LFLD IDED 0HGLFDJR VDWLYD
6RUJKR
0DOXVGRPHVWLFD 3\UXVVSS 3UXQXVSHUVLFD
$QQRQDFKHULPROLD 3HUVHDDPHULFDQD
8VDJHVHWpFKDQJHV
ϭϵ
6FKLQRSVLV &DVWDQHD VDWLYD
$FDFLDPROOLVLPD
ϮϬ
&\DPRSVLVWHWUDJRQRORED
Ϯϭ
7DEOHDX3ULQFLSDX[SD\VLPSRUWDWHXUVGHIDULQHGHJRXVVHGH7DUDSURYHQDQWGX3pURX HQO
3DtV &DQWLGDG
.J )UDQFR
GHSRUW
$UJHQWLQD 6XL]D (VWDGRV
8QLGRV
%pOJLFD ,WDOLD
%UD]LO
$OHPDQLD 8UXJXD\
)UDQFLD
$XVWULD 0p[LFR
7DEOHDX([SRUWDWLRQGH7DUDSRXUOHVDQQpHVHWHQWUHODSpULRGHGHVPRLV MDQYLHU±PDL
$xR 3HVRQHWR .J
9DULDFLyQ3HVR QHWR.J
86)2% 9DULDFLyQ
86)2%
ϮϮ
Ϯϯ
&XOWXUHGHOD7DUD
*HVWLRQGHVIRUrWVQDWXUHOOHV
Ϯϰ
*HVWLRQGHVSODQWDWLRQVGH7DUD
5HQGHPHQW
Ϯϱ
Ϯϲ
&RQFHQWUDWLRQGHWDQLQVFKH]OD7DUD
Ϯϳ
/DV\PELRVHP\FRUKL]LHQQH
Ϯϴ
)LJXUH ,OOXVWUDWLRQ GHV VWUXFWXUHV GH FRORQLVDWLRQ UDFLQDLUH GDQV OHV LQWHUDFWLRQV HFWRP\FRUKLWKLTXHV EOHX HW OHV P\FRUKL]HV DUEXVFXODLUHV URVH /H FKDPSLJQRQ HFWRP\FRUKL]LHQHQWRXUHODSRLQWHGHODUDFLQHGXQpSDLVPDQWHDXGK\SKHVWUqVFRPSDFWV WDQGLVTXHOHUpVHDXGH+DUWLJVHGpYHORSSHDXWRXUGHVFHOOXOHVpSLGHUPLTXHVYHUW'DQVOH FDVGHVP\FRUKL]HVDUEXVFXODLUHVOH[WUpPLWpGHODUDFLQHQHVWJpQpUDOHPHQWSDVFRORQLVpH /HV K\SKHV VH GpYHORSSHQW j SDUWLU GXQH VSRUH HW SURGXLVHQW XQ K\SKRSRGLXP GDQV OpSLGHUPH GH OD UDFLQH /D FRORQLVDWLRQ LQWUDUDGLFDOH VH GpURXOH GH PDQLqUH LQWUD HW LQWHUFHOOXODLUHHWDERXWLWjODIRUPDWLRQGDUEXVFXOHVGHSHWLWVFKDPSLJQRQVjOLQWpULHXUGHV FHOOXOHVFRUWLFDOHVLQWHUQHV
Ϯϵ
)LJXUH3ULQFLSDX[W\SHVGHP\FRUKL]HVSUpVHQWHVUHSUpVHQWpHVGDQVXQHVHFWLRQ WUDQVYHUVDOHGHODUDFLQH6FKpPDPRGLILpGDSUqV)/H7DFRQ,15$1DQF\/D5HFKHUFKH
QPDL
ϯϬ
0\FRUKL]HVYpVLFXODLUHVDUEXVFXODLUHV
ϯϭ
)LJXUH 3K\ORJpQLH GHV *ORPpURP\FqWHV DGDSWp GH 3DUQLVNH D DUEUH SK\ORJpQpWLTXH GH GLIIpUHQWHV OLJQpHV GH FKDPSLJQRQV
EDUEUHSK\ORJpQpWLTXHGH RUGUHVGH*ORPpURP\FqWHV
5KL]RSKDJXV,UUHJLV *ORPXVLQWUDUDGLFHV
ϯϮ
ϯϯ
)LJXUH6WUXFWXUHVGHFKDPSLJQRQVP\FRUKL]LHQVDUEXVFXODLUHV
&DO\FRSK\OOXPVSUXFHDQXP
3DULV $UXP
ϯϰ
7DEOHDX'LIIpUHQFHVHQWUHOHVHFWRP\FRUKL]HVHWOHVP\FRUKL]HVYpVLFXODLUHVjDUEXVFXOHV
(FWRP\FRUKL]HV 0\FRUKL]HV YpVLFXODLUHVj
DUEXVFXOHV 5pIHUHQFH 3ODQWHK{WH
6LWHGH FXOWXUH 0RUSKRORJLH
UDFLQDLUH 5pVHDXGH
+DUWLJ 3DUWHQDLUHV
IRQJLTXHV
)LJXUH7\SHVGDVVRFLDWLRQP\FRUKL]LHQQHDUEXVFXODLUHD7\SH3DULVDPDVGH P\FpOLXPHQVSLUDOHRFFXSDQWOHPLOLHXGXQHFHOOXOHFRUWLFDOH3HWHUVRQHWDOWLUpGH
*DUED\HEW\SH$UXPG$UXPEXV-DORQHQFW\SHGHFRORQLVDWLRQ LQWHUPpGLDLUHHQWUHOHVW\SHV3DULVHW$UXPOHP\FpOLXPSDVVDQWGLUHFWHPHQWGXQH FHOOXOHjXQHDXWUHFRPPHGDQVOHW\SH3DULVPDLVSRUWDQWGHSHWLWVDUEXVFXOHVHQSOXVGHV
VSLUDOHV3HWHUVRQHWDOSULVHVGH*DUED\H
ϯϱ
0RGqOH GH FKDPSLJQRQ P\FRUKL]LHQ DUEXVFXODLUH 5KL]RSKDJXV LUUpJXODULV
*ORPXV LQWUDUDGLFHV
*ORPXVLUUHJXODULV 5KL]RSKDJXV LUUHJXODULV
5LUUHJXODULV
'pSHQGDQFHP\FRUKL]LHQQH
ϯϲ
ϯϳ
'0
%70
%710
(IIHWP\FRUKL]RVSKqUH
ϯϴ
5{OHGHODV\PELRVHP\FRUKL]LHQQHDUEXVFXODLUHGDQVOD
FURLVVDQFHHWOHGpYHORSSHPHQWGHODSODQWH
ϯϵ
)XVDULXPR[\VSRUXP
5KL]RFWRQLDVRODQL
ϰϬ
)LJXUH5HSUpVHQWDWLRQVFKpPDWLTXHGHOHIIHWGXP\FpOLXPH[WHUQHGHVFKDPSLJQRQV P\FRUKL]LHQVjDUEXVFXOHVVXUODVWDELOLVDWLRQHWODIRUPDWLRQGDJUpJDWVGHVRO
&DVGDPpOLRUDWLRQGHODFXOWXUHDSUqVOLQRFXODWLRQGHO$0)
$X3pURX
ϰϭ
6RODQXP WXEHURVXP
(WXGHVGDQVGDXWUHVSD\V
ϰϮ
/DV\PELRVHUKL]RELHQQH
ϰϯ
/HVSDUWHQDLUHVGHODV\PELRVHUKL]RELHQQH
/HPHPEUHGHODSODQWHODSODQWHK{WH
/HSDUWHQDLUHEDFWpULHQ/DUKL]RELD
ϰϰ
$OORUKL]RELXP $]RUKL]RELXP %ODVWREDFWHU %UDG\UKL]RELXP 'HYRVLD HQVLIHU 0HVRUKL]RELXP 0HWK\OREDFWHULXP 5KL]RELXP HW 6LQRUKL]RELXP
/DVSpFLILFLWpGHO¶K{WH
ϰϱ
3KDVHROXV7ULIROXPHWWULEXVYLFLDH 3LVXP
9LFLD/DWK\UXVHW/HQV
5KL]RELXPIDEDH 5KL]RELXPSLVL
5 OHJXPLQRVDUXP
3KDVHROXV 5OHJXPLQRVDUXP YLFLDH
eWDEOLVVHPHQWGHODV\PELRVHUKL]RELHQQH
ϰϲ
0HGLFDJR 7ULIROLXP 3LVXP
ϰϳ
)LJXUH,QIHFWLRQj5KL]RELXPOHJXPLQRVDUXPFKH]OHVOpJXPLQHXVHVD/HVSUHPLHUVVWDGHV GH OLQIHFWLRQ GHV SRLOV DEVRUEDQWV SDU 5KL]RELXP HW OD FURLVVDQFH GHV QRGXOHV GDQV OHV UDFLQHV/HVLPDJHVEFHWGRQWpWpREWHQXHVHQLQRFXODQW3LVXPVDWLYXPRX9LFLDKLUVXWD DYHF5KL]RELXP OHJXPLQRVDUXP ELRYDU YLFLDH /D UDFLQH D pWp FRORUpH KLVWRFKLPLTXHPHQW DYHF GH OD ȕJDODFWRVLGDVH PRQWUDQW OD EDFWpULH LQIHFWDQWH HQ EOHX E 8Q ILO GLQIHFWLRQ QRUPDOHHVWPRQWUpjSDUWLUGHVFKHYHX[UDGLFXODLUHVGH3VDWLYXPTXLVHUHSOLHQWVXUHX[
PrPHVHWOHVEDFWpULHVSLpJpHVFRQVWLWXHQWXQHVRXUFHGLQIHFWLRQ/HILOGLQIHFWLRQLQGLTXp SDUXQHIOqFKHDpPHUJpGXQWHOSRLQWGLQIHFWLRQF&HUWDLQVPXWDQWVGH5OHJXPLQRVDUXP ELRYDUYLFLDHIRUPHQWGHVIR\HUVGLQIHFWLRQPDLVQHIRUPHQWSDVGHILOGLQIHFWLRQFRPPH LOOXVWUpLFLDYHFXQGRXEOHPXWDQWQRG2QRG(GH5OHJXPLQRVDUXPELRYDUYLFLDHG/HVILOV GLQIHFWLRQHQYDKLVVHQWHWVHGpYHORSSHQWjWUDYHUVOHVFHOOXOHVGHODSLQYHUVXQSULPRUGLXP QRGXODLUH FURLVVDQW HQWRXUp GXQ FHUFOH /LPDJH HVW FHOOH GXQ WUqV MHXQH QRGXOH GH 9 KLUVXWD LQIHFWp FRPPH H[SOLTXp FLGHVVXV ,PDJHV GH FRXUWRLVLH GH 6LPRQ :DONHU -RKQ ,QQHV&HQWUH5R\DXPH8QL/HVEDUUHVGDQVOHVSDUWLHVEHWFUHSUpVHQWHQWPHWGDQVOD SDUWLHGP3ULVHWDGDSWpGH
ϰϴ
5()(5(1&(6
ϰϵ
ϱϬ
ϱϭ
ϱϮ
ϱϯ
ϱϰ
ϱϱ
ϱϲ
ϱϳ
ϱϴ
&+$3,75(,,PSDFWGHODV\PELRVHP\FRUKL]LHQQHj DUEXVFXOHVVXUODFURLVVDQFHSUpFRFHGHODWDUD
&DHVDOSLQLDVSLQRVDXQHOpJXPLQHXVHjKDXWHYDOHXU pFRORJLTXHHWFRPPHUFLDOH
5e680e
&DHVDOSLQLDVSLQRVD
*ORPpUDFpHV 5KL]RSKDJXV
5 LUUHJXODULV
&VSLQRVD
&DHVDOSLQLDVSLQRVD
ϱϵ
,$,1752'8&7,21
&DHVDOSLQLDVSLQRVD
ϲϬ
& VSLQRVD
,%0DWpULHOVHWPpWKRGHV ,%0DWpULHOV
,%/HPDWpULHOYpJpWDOHWVRQpFKDQWLOORQDJH
&
VSLQRVD
ϲϭ
,%0pWKRGHV
,%3UpSDUDWLRQHQODERUDWRLUHV
,% eYDOXDWLRQ GH OD VWUXFWXUH GH OD FRPPXQDXWp GHV FKDPSLJQRQV P\FRUKL]LHQVDUEXVFXODLUHV
,%([WUDFWLRQG$'1
ϲϮ
,%/DQDO\VHPROpFXODLUHGHODGLYHUVLWpGHVFKDPSLJQRQVP\FRUKL]LHQV DUEXVFXODLUHVSDUVpTXHQoDJHWHFKQRORJLH,OOXPLQD
,OOXPLQD
ϲϯ
,OOXPLQD
,%7UDLWHPHQWGHVVpTXHQFHVJpQpUpHVSDUODWHFKQRORJLH,OOXPLQD
ϲϰ
,%(VVDLVHQVHUUH
,%'pVLQIHFWLRQHWJHUPLQDWLRQGHVJUDLQHVGH&VSLQRVD
& VSLQRVD
,%,QRFXODWLRQGXFKDPSLJQRQ
5 LUUHJXODULV
ϲϱ
,%7UDLWHPHQWGHVSODQWHVDSUqVUpFROWH
& VSLQRVD
&
VSLQRVD
,%$QDO\VHVVWDWLVWLTXHV
ϲϲ
,&5pVXOWDWVHWGLVFXVVLRQ
5LUUHJXODULV
&VSLQRVD
&HUDWRQLD VLOLTXD /
5KL]RSKDJXV
5 LUUHJXODULV
5 LUUHJXODULV
ϲϳ
& VSLQRVD
&VSLQRVD
ϲϴ
7DEOHDX,PSDFWGHOLQRFXODWLRQGHVVSRUHVGH5LUUHJXODULVVXUODFURLVVDQFHHWODWHQHXUHQpOpPHQWVQXWULWLIVGHVVHPLVGH
&VSLQRVDDSUqVPRLVGHFXOWXUHHQVHUUH
1RPEUHGHVSRUHV$0LQRFXOpHVSDUSRW
7pPRLQ
%LRPDVVHDpULHQQHPJSRLGVVHF
%LRPDVVHUDFLQDLUHPJSRLGVVHF
%LRPDVVHWRWDOHPJSRLGVVHF /RQJXHXUUDFLQDLUHFP 'pSHQGDQFHP\FRUKL]LHQQH
7HQHXUHQ1GDQVODSDUWLHDpULHQQHPJJSRLGVVHF 7HQHXUHQ1GDQVODSDUWLHUDFLQDLUHPJJSRLGVVHF 7HQHXUHQ3GDQVODSDUWLHDpULHQQHPJJSRLGVVHF 7HQHXUHQ3GDQVODSDUWLHUDFLQDLUHPJJSRLGVVHF
ϲϵ
)LJXUH6WUXFWXUHWD[RQRPLTXHGHVFRPPXQDXWpVGHFKDPSLJQRQV0$DVVRFLpHVDX[
DUEUHVGH&VSLQRVD7DUDSODQWDWLRQV+HW+/HVGRQQpHVRQWpWpQRUPDOLVpHVj VpTXHQFHVSDUpFKDQWLOORQ/HVGRQQpHVVRQWH[SULPpHVHQDERQGDQFHUHODWLYHGHFKDTXH JURXSHWD[RQRPLTXHGXQRPEUHWRWDOGHVpTXHQFHVSRXUFKDTXHDUEUH/HVQRPEUHV
HQWUHSDUHQWKqVHVLQGLTXHQWOHQRPEUHGHVpTXHQFHVSRXU+HW+UHVSHFWLYHPHQW
ϳϬ
5()(5(1&(6
ϳϭ
ϳϮ
ϳϯ
&KDSLWUH,,/HSRLV3LVXPVDWLYXPUpYqOHODVSpFLILFLWp GHODGLYHUVLWpUKL]RELHQQHDVVRFLpHjODOpJXPLQHXVHQRQ
QRGXODQWHGH7DUD&DHVDOSLQLDVSLQRVDDX3pURX
5e680e
3LVXPVDWLYXP
LQYLWUR
5KL]RELXP
ϳϰ
3LVXPVDWLYXP &DHVDOSLQLDVSLQRVD
,,$,1752'8&7,21
ϳϱ
&DHVDOSLQLRLGHDH
&DHVDOSLQLRLGHDH
ϳϲ
LQYLWUR
,,%0DWpULHOHWPpWKRGHV ,,%0DWpULHOV
,,%0DWpULHOYpJpWDO
&VSLQRVD
ϳϳ
3 VDWLYXP
,,%6ROV
,,%0pWKRGHV
,,%/LHXGH[pFXWLRQ
,,%eFKDQWLOORQQDJH
ϳϴ
)LJXUH6FKpPDGpFKDQWLOORQQDJHGDQVOD]RQHGpWXGH
)LJXUH&ROOHFWHGpFKDQWLOORQVWUDLWHPHQW/VROVUpFROWpVGDQVODOLJQpHGHVDUEUHVGH7DUD WUDLWHPHQW,/VROVUpFROWpVHQWUHGHX[OLJQHVGH7DUDHWWUDLWHPHQW23VROVSUpOHYpVGDQVXQH]RQHGH
SODQWDWLRQR7DUDQDYDLWMDPDLVSRXVVpDXSDUDYDQW
ϳϵ
,,%(VVDLVHQVHUUH
,,%'pVLQIHFWLRQHWJHUPLQDWLRQGHVJUDLQHVGH&VSLQRVD
ϴϬ
,,%'pVLQIHFWLRQHWJHUPLQDWLRQGHVVHPHQFHVGH3VDWLYXP
,,%7HVWVGHQRGXODWLRQGH&VSLQRVD
,,%&XOWXUHLQYLWURGH7DUDGDQVXQPLOLHXGH-HQVHQLQRFXOpDYHFXQH
VXVSHQVLRQGHVRO
ϴϭ
,,%&XOWXUHLQYLWURGH7DUD&VSLQRVDGDQVXQPpODQJHGHVDEOHHWGH VROGHSODQWDWLRQGH7DUD/
,,%&XOWXUHLQYLWURGH7DUD&VSLQRVDGDQVXQPpODQJHGDWWDSXOJLWH
HWGHVROGHSODQWDWLRQGH7DUD/
ϴϮ
,,%1RGXODWLRQGH7DUD&VSLQRVDHQVHUUH
,,%0HVXUHGHODWHQHXUHQFKORURSK\OOHIROLDLUHDFWLYLWpGHODQLWURJpQDVH ORQJXHXUGHVUDFLQHVHWELRPDVVHVqFKHGH7DUD
ϴϯ
,,% 5pFXSpUDWLRQ GHV UKL]RELXPV GHV VROV / ,/ HW 23 SUHXYHV GLQIHFWLRVLWpHWGHIILFDFLWpVXUODFURLVVDQFHGHVSRLV3VDWLYXP
3VDWLYXP
ϴϰ
,,%&DUDFWpULVDWLRQPROpFXODLUHGHVRXFKHVLVROpHVGH3VDWLYXP
ϴϱ
,,% (IILFDFLWp GHV UKL]RELXPV LVROpV VXU SRLV 3 VDWLYXP PHVXUH GH
ODFWLYLWpGHODQLWURJpQDVHHWGHODWHQHXUIROLDLUHHQFKORURSK\OOH
ϴϲ
3VDWLYXP
ϴϳ
,,&5pVXOWDWV
,,&(WDWGHODQRGXODWLRQHWGHODIL[DWLRQGHOD7DUDSDUOD]RWH
,,&5pFXSpUDWLRQGHVRXFKHVGHSRLVUKL]RELHQVHWHIIHWGHO¶RULJLQHGXVRO
VXUODFURLVVDQFHGH3VDWLYXP
ϴϴ
,,&&DUDFWpULVDWLRQPROpFXODLUHGHVUKL]RELXPVLVROpVGH3VDWLYXP
5HWOL
5PpVRFLQLFXP
5SLVL
5 OHJXPLQRVDUXP
ϴϵ
5KL]RELXPVSS
RQQHYRLWSDVVXUODILJXUHOHVLVRODWVHQJUDV
5SKDVHROLVWUDLQ$7&&7()
JURXS///////////
5HWOLVWUDLQ&)17$<
5VSVWUDLQ3(360'4
5VSVWUDLQ3(360()
JURXS////
23
5PHVRVLQLFXPVWUDLQ&&%$8(8
5IDEDHVWUDLQ&&%$8)-
5VSVWUDLQ2$%
5SLVLVWUDLQ'607'4
JURXS,/,/,/,/,/,/,/,/,/,/,/,/
DQG////////
5VSVWUDLQ5395*4
5OHJXPLQRVDUXPVWUDLQ/0*7$) JURXS23232323232323232323
DQG,/,/,/,/,/,/,/,/,/,/,/
5VSVWUDLQ/&6*4 5VSVWUDLQ3(360'4
5OXVLWDQXPVWUDLQ37$<
5UKL]RJHQHVVWUDLQ'60$)
5KDLQDQHQVHVWUDLQ86'$7$)
5WURSLFLVWUDLQ/0*7$)
5PXOWLKRVSLWLXPVWUDLQ&&%$8()
5JDOOLFXPVWUDLQ5FORQH$)
5PRQJROHQVHVWUDLQ86'$7$)
1HRUKL]RELXPJDOHJDHVWUDLQ/0*$)
5KXDXWOHQVHVWUDLQ/0*7$)
5UXELVWUDLQ'607FORQH$) 3DUDUKL]RELXPJLDUGLQLLVWUDLQ+7$)
)LJXUH$UEUHJpQpWLTXHREWHQXjSDUWLUGHFLQTXDQWHVHSWVpTXHQFHVSDUWLHOOHV,76 $UEUHSK\ORJpQpWLTXH
%LR1-EDVpVXUOHVVpTXHQFHVLQWHUJpQLTXHVG¶$51U66GHSRLV3LVXPVDWLYXP5KL]RELXPVSSLVRODWV VRXFKHVGHUpIpUHQFHHWVRXFKHVDSSDUHQWpHV6HXOHVOHVYDOHXUVGHSUREDELOLWpERRWVWUDSVXSpULHXUHVj UpSOLFDWLRQVVRQWGRQQpHVDX[SRLQWVGHEUDQFKHPHQW/HVODFXQHVQRQWSDVpWpSULVHVHQFRPSWH/pFKHOOH LQGLTXDLWXQHGLYHUJHQFHGHVpTXHQFHGH3DUDUKL]RELXPJLDUGLQLLDpWpFKRLVLFRPPHJURXSHH[WHUQH'DQV FKDTXHJURXSHj5KL]RELXPVSSOHVVpTXHQFHVVRQWLGHQWLTXHV/HSRLV3LVXPVDWLYXPDpWpQRGXOpVXU OHVVROVFROOHFWpVjSDUWLUGHODOLJQHGHSODQWDWLRQGHWDUD/jSDUWLUGHOLQWHUOLJQHGHSODQWDWLRQGHWDUD ,/ HW j OH[WpULHXU GH OD SODQWDWLRQ GH WDUD 23 (Q JUDV OHV GL[KXLW LVRODWV FKRLVLV SRXU pWXGLHU OHXU HIILFDFLWpVXUODFURLVVDQFHGHVSRLV
ϵϬ
,,&,VROHPHQWGHVVRXFKHVHWFRQWU{OHGHOLQIHFWLYLWpGHVLVRODWVGHSRLV3 VDWLYXP
,,&&RQWU{OHGHOHIILFDFLWpGHVLVRODWVGHSRLV3VDWLYXPFKH]OHVSRLV
,,''LVFXVVLRQV
,,'(WDWGHODQRGXODWLRQHWGHODIL[DWLRQGH7DUDjOD]RWH
ϵϭ
&DHVDOSLQLD VSLQRVD
&DHVDOSLQLD VSLQRVD
3VDWLYXP
,,'&DUDFWpULVDWLRQPROpFXODLUHGHVLVRODWVUKL]RELHQVGH3VDWLYXP
ϵϮ
5KL]RELXP
5HWOL
3 YXOJDULV 3VDWLYXP
5 PpVRFLQLFXP
ϵϯ
5KL]RELXP HWOL
5OHJXPLQRVDUXP
5OHJXPLQRVDUXP 3 VDWLYXP
3VDWLYXP
5OHJXPLQRVDUXP 5SLVL
3KDVHROXV YXOJDULV 5 OHJXPLQRVDUXP
3VDWLYXP
3KDVHROXVYXOJDULV
,,''LVFXVVLRQVXUOHIILFDFLWpGHODV\PELRVHUKL]RELHQQHSRXUOHVSRLV
5 OHJXPLQRVDUXP
ϵϰ
5KL]RELXPOHJXPLQRVDUXP
5KL]RELXP OHJXPLQRVDUXP
&DHVDOSLQLDVSLQRVD
3VDWLYXP
ϵϱ
7DEOHDX(IIHWGHORULJLQHGXVROVXUODFURLVVDQFHGHVSODQWHVGH7DUD&DHVDOSLQLDVSLQRVDHW$UYHMD3VDWLYXPHWO¶HIIHWGX UKL]RELDUpFXSpUpVXUOHVSODQWHVGX3RLVHQVHUUH
±±
ȋȌ
± ȋȌ
±
ȋȌ
ȋ ;Ȍ
ȋ Ȍ
±
ȋρʹͶ
ǦͳǦͳȌ
ȋȌ
ʹ͵͵ǡͷȋͶǡʹȌȋͳȌ
ȋʹȌ ʹͻͲǡͷȋͲǡͺȌ ͷʹͶ
ȋͳʹͻǡͺȌǡ Ͳ ͳͲͺǡͺȋͶǡͳȌ ͲǡͳͲȋͲȌ ͶͻǡͷȋͳǡͶȌ
ʹͶǡͲȋʹ͵ǡȌ ʹͳͺǡͺȋʹͺǡ͵Ȍ Ͷͻʹǡͺȋʹǡ͵Ȍ Ͳ ͳͲͷǡʹȋͳǡͺȌǡ ͲǡͳͳȋͲǡͲͳͲȌ ͶǡͺȋͳǡͲȌ
ͻͷǡȋʹͷǡȌ ͳͶͶǡͻȋʹʹǡȌ ʹͶͲǡͶȋ͵ʹǡͺȌ Ͳ Ͷͻǡͺȋ͵ǡʹȌ ͲǡͲͻȋͲǡͲͲȌ ʹ͵ǡ͵ȋǡͳȌ
͵Ͷͺǡ͵ȋͷͳǡͶȌ ͷʹʹǡͶ
ȋͶͻǡͻȌǡ ͺͲǡͺȋͳǡͲȌ ʹͺǡ͵
ȋͶǡʹȌǡ εͶͲ ͳͳǡ
ȋͳͺͻǡʹȌ
ͶͺͶǡȋͺǡȌ ͵ǡʹȋͳͻǡͺȌ ͳͳʹͳǡͺ
ȋͷʹǡͻȌ ͵Ͳǡͷȋǡ͵Ȍ εͶͲ ͳ͵ǡͺ
ȋͳʹͷǡͻȌ
ʹͻǡ͵ȋǡͲȌ Ͷͺʹǡͳȋʹʹǡ͵Ȍ ͻǡͶȋͲǡͶȌ ͳ͵ǡ͵ȋͳǡ͵Ȍ ͳͲ ͳͳͶͺǡͳ
ȋʹʹʹǡʹȌ
ϵϲ
7DEOHDX(IIHFWLYLWpGXSRLV3VDWLYXPSDUWUDLWHPHQWDSUqVPRLVGHFXOWXUHHQFRQGLWLRQVLQYLWUR
±±
ȋȌ
± ȋȌ
± ȋȌ
ȋ Ȍ
±
ȋρʹͶǦ
ͳǦͳȌ
ȋȌ
ȋ ±Ȍ ͵ͺʹǡͺȋͶǡͺȌ
ȋͳȌ ȋʹȌ ͳͳͳǡȋͶǡͺȌ ͶͻͶǡͶ ͺͺǡͻȋ͵ǡͶȌ ͷǡ͵ȋͳǡȌ ͲǡͺȋͲǡͶȌ
ͻʹǡͶȋʹͶǡʹȌ ͳͳǡȋǡȌ ͺͷͶǡͳ ͻͺͶǡͺȋͶǡͳȌ ͶͺǡͷȋͶǡͲȌ ͵͵ǡͳȋͳǡͲȌ
Ͷ͵͵ǡȋʹǡͶȌǡ ͳ͵ͻǡ͵ȋͷǡͻȌ ͷʹǡͻǡ ͺͲͻǡͷȋ͵ͷǡȌ ʹͶǡȋͶǡȌ ʹǡȋͳǡͲȌ
ͷʹǡͻȋͶǡͶȌ ͳͷͺǡͳȋͺǡͻȌ ͺͷǡͻ ͻͳʹǡȋͶͳǡͳȌ ʹͲǡʹȋͺǡͳȌ ǡȋ͵ǡʹȌ
7DEOHDX(IIHFWLYLWpGX3RLV3VDWLYXPSDUJURXSHGHVVRXFKHVDSUqVPRLVGHFXOWXUHHQFRQGLWLRQVLQYLWUR
±
± ȋȌ
± ȋȌ
± ȋȌ
ȋ Ȍ
±
ȋρʹͶǦͳǦ
ͳȌ
ȋȌ
ȋ ±Ȍ ͵ͺʹǡͺȋͶǡͺȌȋͳȌȋʹȌ ͳͳͳǡȋͶǡͺȌ ͶͻͶǡͶ ͺͺǡͻȋ͵ǡͶȌ ͷǡ͵ȋͳǡȌ ͲǡͷȋͲǡͶȌ
ͳ ͶʹͲǡȋʹͺǡͳȌ ͳͶͻǡͺȋͻǡͷȌǡ ͷͲǡͷ ͺǡȋͷͲǡͷȌǡ ʹʹǡͲȋͶǡʹȌǡ ʹǡ͵ȋͳǡͶȌ
ʹ ͶͳͷǡͶȋ͵ǡͷȌ ͳ͵ͳǡ͵ȋǡͲȌǡ ͷͶǡ ͵ǡȋͶǡͻȌ ʹʹǡͺȋǡͻȌǡ ʹͷǡ͵ȋͳǡͶȌǡ
͵ ͻǡʹȋʹͲǡͻȌ ͳͷʹǡͲ
ȋͳͲǡͳȌǡ ͺͶͺǡʹ ͻ͵ʹǡͶȋͷʹǡȌǡ ͷͲǡͶȋͶǡͶȌ ͵͵ǡ͵ȋͳǡ͵Ȍ
Ͷ ͷͶǡͳȋ͵ͶǡͺȌ ͳͲǡͳȋͷǡʹȌ ͺʹͶǡ͵ ͳͲʹͲǡȋͶͺǡͶȌ ͵ͲǡͶȋͻǡȌǡ ʹͲǡ͵ȋͷǡͻȌǡ
ͳͳ ͶͳǡʹȋͻǡʹȌ ͳͶǡͻ
ȋͳʹǡȌǡ ͳͺǡͳ ͺͷǡͻȋͷͶǡͳȌǡ ͵ͶǡͷȋͺǡͷȌǡ ͳ͵ǡͶȋ͵ǡʹȌ
ϵϳ
&21&/86,216
5KL]RSKDJXV LUUHJXODULV
5 LUUHJXODULV
& VSLQRVD
ϵϴ
3(563(&7,9(6
LQ VLWX
5KL]RSKDJXV LUUHJXODULV
ϵϵ
5()(5(1&(6
ϭϬϬ
ϭϬϭ
ϭϬϮ
ϭϬϯ
$11(;(6
ϭϬϰ
3XEOLFDWLRQ
³,PSDFWRGHODVLPELRVLVPLFRUUtWLFD DUEXVFXODUHQHOFUHFLPLHQWR WHPSUDQRGHOFXOWLYRGH7DUD
&DHVDOSLQLDVSLQRVD0ROLQD .XQW]H´
ϭϬϱ
ZĞǀŝƐƚĂ&ŽƌĞƐƚĂůĚĞůWĞƌƷ͕ϯϮ;ϮͿ͗ϴϵͲϵϲ͕;ϮϬϭϳͿ
/^^EϬϱϱϲͲϲϱϵϮ;sĞƌƐŝſŶŝŵƉƌĞƐĂͿͬ/^^EϮϱϮϯͲϭϴϱϱ;sĞƌƐŝſŶĞůĞĐƚƌſŶŝĐĂͿ Ξ&ĂĐƵůƚĂĚĚĞŝĞŶĐŝĂƐ&ŽƌĞƐƚĂůĞƐ͕hŶŝǀĞƌƐŝĚĂĚ
EĂĐŝŽŶĂůŐƌĂƌŝĂ>ĂDŽůŝŶĂ͕>ŝŵĂͲWĞƌƷK/͗
ŚƚƚƉ͗ͬͬĚdž͘ĚŽŝ͘ŽƌŐͬϭϬ͘ϮϭϳϬϰͬƌĨƉ͘ǀϯϮŝϮ͘ϭϬϰϬ
/ŵƉĂĐƚŽĚĞůĂƐŝŵďŝŽƐŝƐŵŝĐŽƌƌşƚŝĐĂ ĂƌďƵƐĐƵůĂƌĞŶĞůĐƌĞĐŝŵŝĞŶƚŽƚĞŵƉƌĂŶŽĚĞů ĐƵůƚŝǀŽĚĞdĂƌĂ;ĂĞƐĂůƉŝŶŝĂƐƉŝŶŽƐĂ;DŽůŝŶĂͿ
<ƵŶƚnjĞͿ
/ŵƉĂĐƚŽĨƚŚĞĂƌďƵƐĐƵůĂƌŵLJĐŽƌƌŚŝnjĂůƐLJŵďŝŽƐŝƐ ŽŶƚŚĞĞĂƌůLJŐƌŽǁƚŚŽĨdĂƌĂ;ĂĞƐĂůƉŝŶŝĂƐƉŝŶŽƐĂ
;DŽůŝŶĂͿ<ƵŶƚnjĞͿ
5HVXPHQ
&DHVDOSLQLDVSLQRVD
ϭϬϲ
*ORPHUDFHDH 5KL]RSKDJXV
5 LUUHJXODULV
& VSLQRVD
3DODEUDV FODYH
&DHVDOSLQLD VSLQRVD
ϭ&ĂĐƵůƚĂĚĚĞŝĞŶĐŝĂƐLJ&ŝůŽƐŽĨşĂ͕hŶŝĚĂĚĚĞŝŽŵŝŶĞƌŝĂLJDĞĚŝŽĂŵďŝĞŶƚĞ͕
hŶŝǀĞƌƐŝĚĂĚWĞƌƵĂŶĂĂLJĞƚĂŶŽ,ĞƌĞĚŝĂ͕WĞƌƷ͘ͲŵĂŝů͗
ƐŚĞĞŶĂƐĂŶŐĂLJΛŐŵĂŝů͘ĐŽŵ
Ϯ>ĂďŽƌĂƚŽŝƌĞĚĞƐ^LJŵďŝŽƐĞƐdƌŽƉŝĐĂůĞƐĞƚDĠĚŝƚĞƌƌĂŶĠĞŶŶĞƐͲhDZϭϭϯ͕
/ŶƐƚŝƚƵƚŽĚĞ/ŶǀĞƐƚŝŐĂĐŝſŶƉĂƌĂĞůĞƐĂƌƌŽůůŽ;/ZͿ͕&ƌĂŶĐŝĂ͘
ϯ>ĂďŽƌĂƚŽŝƌĞĚĞƐ^LJŵďŝŽƐĞƐdƌŽƉŝĐĂůĞƐĞƚDĠĚŝƚĞƌƌĂŶĠĞŶŶĞƐͲhDZϭϭϯ͕ĞŶƚƌŽ ĚĞŽŽƉĞƌĂĐŝſŶ/ŶƚĞƌŶĂĐŝŽŶĂůĞŶ/ŶǀĞƐͲƚŝŐĂĐŝſŶŐƌŽŶſŵŝĐĂƉĂƌĂĞůĞƐĂƌƌŽůůŽ
;/ZͿ͕&ƌĂŶĐŝĂ͘
ϰ>ĂďŽƌĂƚŽŝƌĞĚĞŝŽŵĠƚƌŝĞĞƚŝŽůŽŐŝĞǀŽůƵƚŝǀĞ͕hŶŝǀĞƌƐŝĚĂĚĚĞ>LJŽŶ͕
&ƌĂŶĐŝĂ͘
ϭϬϳ
$EVWUDFW
&DHVDOSLQLDVSLQRVD
5KL]RSKDJXV
5KL]RSKDJXV LUUHJXODULV
& VSLQRVD
<ĞLJ ǁŽƌĚƐ͗ĂĞƐĂůƉŝŶŝĂ ƐƉŝŶŽƐĂ͖ D ƐLJŵďŝŽƐŝƐ͖ ĚŝǀĞƌƐŝƚLJ͖
ŵLJĐŽƌƌŚŝnjĂůĚĞƉĞŶĚĞŶĐLJ͘
ϭϬϴ ,QWURGXFFLyQ
HWDO HWDO
&DHVDOSLQLDVSLQRVD
HWDO
HWDO
HWDO HW DO HW DO
&DHVDOSLQLRLGHDH
DO &VSLQRVD HW
ϭϬϵ
sŽů͘ϯϮ;ϮͿ͗ϴϵͲϵϲ ZĞǀŝƐƚĂ&ŽƌĞƐƚĂůĚĞůWĞƌƷ
0DWHULDOHV\0pWRGRV 0DWHULDOHV
0DWHULDOYHJHWDO
&VSLQRVD
&VSLQRVD
0pWRGRV
/XJDUGHHMHFXFLyQ
7RPDGHPXHVWUD
(YDOXDFLyQGHODHVWUXFWXUDGHODFRPXQLGDG$0 ([WUDFFLyQGH$'1
ϭϭϬ
$QiOLVLVPROHFXODUGHODGLYHUVLGDGGHKRQJRVPLFRUUtWLFRVDUEXVFXODUHVDWUDYpV GHVHFXHQFLDPLHQWRWHFQRORJtD,OOXPLQD
HWDO HWDO
,OOXPLQD
ϭϭϭ
/ŵƉĂĐƚŽĚĞůĂƐŝŵďŝŽƐŝƐŵŝĐŽƌƌşƚŝĐĂĂƌďƵƐĐƵůĂƌĞŶĞůĐƌĞĐŝŵŝĞŶƚŽĚĞ ĂĞƐĂůƉŝŶŝĂƐƉŝŶŽƐĂ
:ƵůŝŽͲŝĐŝĞŵďƌĞϮϬϭϳ
3URFHVDPLHQWR GH VHFXHQFLDV JHQHUDGDV SRU HO VHFXHQFLDPLHQWR FRQ OD WHFQRORJtD,OOXPLQD
HW DO
WULPVHTV
HWDO
HW DO HWDO FODVVLI\VHT
GLVWVHTV
VXEVDPSOH
HW DO
FODVVLI\RWX
ϭϭϮ
(QVD\RVDQLYHOGHLQYHUQDGHUR
'HVLQIHFFLyQ\JHUPLQDFLyQGHVHPLOODVGH&VSLQRVD
& VSLQRVD
,QRFXODFLyQGHOKRQJR
5 LUUHJXODULV
7UDWDPLHQWRGHSODQWDVSRVWFRVHFKD
&VSLQRVD
HW DO
HWDO &VSLQRVD
HWDO HWDO
ϭϭϯ
sŽů͘ϯϮ;ϮͿ͗ϴϵͲϵϲ ZĞǀŝƐƚĂ&ŽƌĞƐƚĂůĚĞůWĞƌƷ
$QiOLVLVHVWDGtVWLFRV
5HVXOWDGRV
3UHVHQFLDGHQyGXORVUL]RELDQRV\RHFWRPLFRUUL]DV
(YDOXDFLyQGHODHVWUXFWXUDGHODFRPXQLGDG$0
>ĂĚŝǀĞƌƐŝĚĂĚĚĞŚŽŶŐŽƐDƌĞŐŝƐƚƌĂĚĂĞŶƌĂşĐĞƐĚĞdĂƌĂŵŽƐƚƌſƵŶƉƌĞĚŽŵŝŶŝŽĚĞůĂĨĂͲŵŝůŝĂ ĚĞ'ůŽŵĞƌĂĐĞĂĞ;ϵϴй ĚĞ ƐĞĐƵĞŶĐŝĂƐͿ͕ŶŽͲ ƚĂďůĞŵĞŶƚĞ ĂƐŽĐŝĂĚŽ ĂZŚŝnjŽƉŚĂŐƵƐ͕^ĐůĞƌŽĐLJƐƚŝƐLJ 'ůŽŵĞƌĂĐĞĂĞŝŶĐĞƌƚĂĞƐĞĚŝƐ;&ŝŐƵƌĂϭͿ͘
7UDWDPLHQWRVGHSODQWDVSRVWFRVHFKD 3DUiPHWURVGHFUHFLPLHQWR
)LJXUD(VWUXFWXUDWD[RQyPLFDGHODVFRPXQLGDGHVGHKRQJRV$0DVRFLDGRVFRQORViUEROHVGH&VSLQRVD 7DUD SODQWDFLRQHV + \ + /RV GDWRV VH QRUPDOL]DURQ D VHFXHQFLDV SRU PXHVWUD /RV GDWRV VH H[SUHVDQFRPRDEXQGDQFLDUHODWLYDGHFDGDJUXSRWD[RQyPLFRGHOQ~PHURWRWDOGHVHFXHQFLDVSDUDFDGD iUERO/RVQ~PHURVHQWUHSDUpQWHVLVLQGLFDQHOQ~PHURGHVHFXHQFLDVSDUD+\+UHVSHFWLYDPHQWH
ϭϭϰ
/ŵƉĂĐƚŽĚĞůĂƐŝŵďŝŽƐŝƐŵŝĐŽƌƌşƚŝĐĂĂƌďƵƐĐƵůĂƌĞŶĞůĐƌĞĐŝŵŝĞŶƚŽĚĞ ĂĞƐĂůƉŝŶŝĂƐƉŝŶŽƐĂ
:ƵůŝŽͲŝĐŝĞŵďƌĞϮϬϭϳ
1~PHURGHHVSRUDV$0LQRFXODGDVSRUPDFHWD
&RQWURO
%LRPDVDDpUHDPJSHVRVHFR
%LRPDVDUDGLFXODUPJSHVR VHFR
%LRPDVD7RWDOPJSHVRVHFR /RQJLWXGUDGLFXODUFP 'HSHQGHQFLDPLFRUUtWLFD
&RQWHQLGRGH1HQODSDUWH DpUHDPJJSHVRVHFR
&RQWHQLGRGH1HQODSDUWH UDGLFXODUPJJSHVRVHFR
&RQWHQLGRGH3HQODSDUWH DpUHDPJJSHVRVHFR
&RQWHQLGRGH3HQODSDUWH UDGLFXODUPJJSHVRVHFR
ƵĂĚƌŽ ϭ͘/ŵƉĂĐƚŽ ĚĞ ůĂ ŝŶŽĐƵůĂĐŝſŶ ĚĞ ĞƐƉŽƌĂƐ ĚĞZ͘ ŝƌƌĞŐƵůĂƌŝƐĞŶ Ğů ĐƌĞĐŝŵŝĞŶƚŽ LJ ĐŽŶƚĞŶŝĚŽ ĚĞ ŶƵƚƌŝĞŶƚĞƐĚĞƉůĄŶƚƵůĂƐĚĞ͘ƐƉŝŶŽƐĂĚĞƐƉƵĠƐĚĞϰŵĞƐĞƐĚĞĐƵůƚŝǀŽĞŶĐŽŶĚŝĐŝŽŶĞƐĚĞŝŶǀĞƌŶĂĚĞƌŽ͘;ϭͿƌƌŽƌ ƐƚĂŶĚĂƌĚ͘;ϮͿĂƚŽ ĞŶ ůĂ ŵŝƐŵĂ ůşŶĞĂ ƐĞŐƵŝĚŽ ƉŽƌ ůĂ ŵŝƐŵĂ ůĞƚƌĂ ŶŽ ƐŽŶ ƐŝŐŶŝĨŝĐĂƚŝǀĂŵĞŶƚĞ ĚŝĨĞƌĞŶƚĞ ĚĞ ĂĐƵĞƌĚŽĂůĂƉƌƵĞďĂEĞǁŵĂŶͲ<ĞƵů͛Ɛ;WфϬ͕ϬϱͿ͘
&RQWHQLGRGHQXWULHQWHVQLWUyJHQR\IyVIRUR
'HSHQGHQFLDPLFRUUtWLFD
&VSLQRVD
'LVFXVLyQ*ORPHUDFHDH
HWDO )XQQHOLIRUPLVPRVVHDH 5
LUUHJXODULV
HW DO
&VSLQRVD
&HUDWRQLD VLOLTXD
&DHVDOSLQDFHDH HWDO
5KL]RSKDJXV
ϭϭϱ
5LUUHJXODULV
5 LUUHJXODULV
HW DO HW DO
HWDO HWDO
&VSLQRVD
$JUDGHFLPLHQWRV
%LEOLRJUDItD
HWDO
$FDFLD KRORVHULFHD
$FDFLDPHDUQVLL
4XHUFXVVXEHU
&DHVDOSLQLDVSLQRVD
ϭϭϲ
4XHUFXVUXEUD
$FDFLD
(XFDO\SWXVFDPDOGXOHQVLV
ϭϭϳ
&DH VDOSLQLD VSLQRVD
/DYDQGXOD &XSUHVVXV
ϭϭϴ
*ORPXVPRVVHDH
WƌĞƐĞŶƚĂĚŽ͗ϭϭͬϭϭͬϮϬϭϳĐĞƉƚĂĚŽ͗ϭϰͬϭϮͬϮϬϭϳ
ϭϭϵ
3XEOLFDWLRQ
³(FRORJLFDO&KDUDFWHULVWLFVRI7DUD&DHVDOSLQLDVSLQRVD D0XOWLSXUSRVH/HJXPH7UHHRI+LJK(FRORJLFDODQG
&RPPHUFLDO9DOXH´
ϭϮϬ
&KDSWHU
(FRORJLFDO&KDUDFWHULVWLFVRI7DUD&DHVDOSLQLD6SLQRVDD0XOWLSXUSRVH /HJXPH7UHHRI+LJK(FRORJLFDODQG&RPPHUFLDO9DOXH
6KHHQD6DQJD\7XFWR
DQG5RELQ'XSRQQRLV
&DHVDOSLQLD VSLQRVD
.H\ZRUGV
ϭϮϭ
,QWURGXFWLRQ
*HQHUDO.QRZOHGJHRQ7DUD
ϭϮϮ
7DUD
&DHVDOSLQLD JURXS
&DHVDOSLQLD VSLQRVD
&DHVDOSLQLDWLQFWRULD
&DHVDOSLQLDFHDH )DEDOHV
&RXOWHULD
3WHURORELXPVWHOODWXP
ϭϮϯ
%RWDQLFDO'HVFULSWLRQ
ϭϮϰ
(FRORJ\
*HRJUDSKLFDO'LVWULEXWLRQ
&DHVDOSLQLD VSLQRVD
&DHVDOSLQLD
(FRORJLFDO3UHIHUHQFHV
3DWKRJHQVDQG3HVWV
/HSLGRSWHUD 'LSWHUD +RPRSWHUD 2UWKRSWHUD $FDULQD DSKLGV $SKLVFUDFFLYRUD
3LQQDVSLVVS ,FHU\D SXUFKDVL
$OHXURGLGDH
ϭϮϱ
)XPDJLQD
2LGLXP 5KL]RFWRQLD PROGV
(FRORJLFDO&RPPXQLW\+DELWDWV
3LVXPVDWLYXP
ϭϮϲ
8
6(6$1'7
5$'(6FKLQRSVLVVSS
&DVWDQHDVDWLYD $FDFLD PROOLVLPD
&HUDWRQLDVLOLTXD
&\DPRSVLVWHWUDJRQRORED
ϭϮϳ
7DEOH0DMRULPSRUWLQJFRXQWULHVRIIORXURISRGVRI
7DUDIURP3HUXWRH[SUHVVHGLQNLORJUDPVDQGGROODUV$FFRUGLQJWR 3HUX)RUHVWDOHVHQ1XPHURV
&RXQWU\ 4XDQWLW\.J 86)2%
ϭϮϴ
&XOWLYDWLRQRI7DUD
0DQDJHPHQWRI1DWXUDO)RUHVWV
0DQDJHPHQWRI7DUD3ODQWDWLRQV
ϭϮϵ
3HUIRUPDQFH
&RQFHQWUDWLRQRI7DQQLQVLQ7DUD
&RQFOXVLRQ
ϭϯϬ
$FNQRZOHGJPHQWV
5HIHUHQFHV
&DHVDOSLQHD VSLQRVD
&DHVDOSLQLD VSLQRVD
7DQLQRV 5HY 4XtP
3OR62QH
&DHVDOSLQLDVSLQRVD
(&2%21$
6\VW%RW0R%RW*DUG
5HY 3HU~ %LRO
5HY3HUX%LRO
ϭϯϭ
)RRG DQG $JULFXOWXUH 2UJDQL]DWLRQ RI WKH 8QLWHG 1DWLRQV
&DHVDOSLQLDVSLQRVD&DHVDOSLQLDWLQFWRULD
&DHVDOSLQLD VSLQRVD &DHVDOSLQLD WLQFWRULD 5HY ,QVW ,QYHVWLJ )DF *HRORJLFDO 0HW*HRJUDSKLFDO0HW
&DHVDOSLQLD VSLQRVD
&DHVDOSLQLD VSLQRVD
&DHVDOSLQLD VSLQRVD
&DHVDOSLQLDVSLQRVD
&DHVDOSLQLD VSLQRVD
6\VW%RW0R%RW*DUG
&DHVDOSLQLDVSLQRVD
&DHVDOSLQLDVSLQRVD
)LHOG 0XV 1DW +LVW %RW
ϭϯϮ
&DHVDOSLQLDVSLQRVD
&DHVDOSLQLD VSLQRVD
&DHVDOSLQLD VSLQRVD
%RLVIRU7URS
&DHVDOSLQLD VSLQRVD .XQW]H 5HY 6RF 4XtP
&DHVDOSLQLDVSLQRVD 5HY6RF3HUX
&DHVDOSLQLDVSLQRVD
&DHVDOSLQLDVSLQRVD
&DHVDOSLQLD6SLQRVD
&DHVDOSLQLDWLQFWRUHD
&DHVDOSLQLD
VSLQRVD
ϭϯϯ