Oxydation par l’oxygène moléculaire d’alcools en phase liquide en synthons carbonyles
167
0
0
Texte intégral
(2) EΣĚ͛ŽƌĚƌĞϮϮϴͲϮϬϭϭ . . . . . . . . ŶŶĠĞϮϬϭϭ. d, ^ ƉƌĠƐĞŶƚĠĞĚĞǀĂŶƚ>͛hE/s Z^/d >h ZEZ>zKEϭ ƉŽƵƌů͛ŽďƚĞŶƚŝŽŶĚƵ/W>ND KdKZd ;ĂƌƌġƚĠĚƵϳĂŽƸƚϮϬϬϲͿ K> KdKZ> ĚĞ,/D/ ƐŽƵƚĞŶƵĞƉƵďůŝƋƵĞŵĞŶƚůĞϮϮŶŽǀĞŵďƌĞϮϬϭϭ ƉĂƌ. ŶƚŽŶŝŽ&Z^^K>d/. ©2[\GDWLRQSDUO¶R[\JqQHPROpFXODLUHG¶DOFRROV HQSKDVHOLTXLGHHQV\QWKRQVFDUERQ\OHVª ŝƌĞĐƚĞƵƌĚĞƚŚğƐĞ͗DŝĐŚğůĞ ^^KE ŽͲĞŶĐĂĚƌĂŶƚĞ͗ĂƚŚĞƌŝŶĞW/E > :hZz͗ . D͘ůĞWƌ͘WĂƐĐĂů&KE'Z>E;ƉƌĠƐŝĚĞŶƚͿ DŵĞůĞWƌ͘ŶŶĞWKE, >;ƌĂƉƉŽƌƚĞƵƌͿ D͘ůĞWƌ͘&ƌĂŶĐŬ>hEz;ƌĂƉƉŽƌƚĞƵƌͿ DŵĞDŝĐŚğůĞ ^^KE DŵĞĂƚŚĞƌŝŶĞW/E >;ŵĞŵďƌĞŝŶǀŝƚĠͿ.
(3) Ϯ .
(4) . hE/s Z^/d >h ZEZͲ>zKEϭ WƌĠƐŝĚĞŶƚĚĞů͛hŶŝǀĞƌƐŝƚĠ. D͘ůĞWƌŽĨĞƐƐĞƵƌ͘ŽŶŵĂƌƚŝŶ. sŝĐĞͲƉƌĠƐŝĚĞŶƚĚƵŽŶƐĞŝůĚ͛ĚŵŝŶŝƐƚƌĂƚŝŽŶ. D͘ůĞWƌŽĨĞƐƐĞƵƌ'͘ŶŶĂƚ. sŝĐĞͲƉƌĠƐŝĚĞŶƚĚƵŽŶƐĞŝůĚĞƐ ƚƵĚĞƐĞƚĚĞůĂsŝĞhŶŝǀĞƌƐŝƚĂŝƌĞ. D͘ůĞWƌŽĨĞƐƐĞƵƌ͘^ŝŵŽŶ. sŝĐĞͲƉƌĠƐŝĚĞŶƚĚƵŽŶƐĞŝů^ĐŝĞŶƚŝĨŝƋƵĞ. D͘ůĞWƌŽĨĞƐƐĞƵƌ:Ͳ&͘DŽƌŶĞdž. ^ĞĐƌĠƚĂŝƌĞ'ĠŶĠƌĂů. D͘'͘'ĂLJ. KDWK^Ed ^^Ed &ĂĐƵůƚĠĚĞDĠĚĞĐŝŶĞ>LJŽŶ ƐƚʹůĂƵĚĞĞƌŶĂƌĚ. ŝƌĞĐƚĞƵƌ͗D͘ůĞWƌŽĨĞƐƐĞƵƌ:͘ ƚŝĞŶŶĞ. &ĂĐƵůƚĠĚĞDĠĚĞĐŝŶĞĞƚĚĞDĂŢĞƵƚŝƋƵĞ>LJŽŶ^ƵĚʹŚĂƌůĞƐDĠƌŝĞƵdž ŝƌĞĐƚĞƵƌ͗D͘ůĞWƌŽĨĞƐƐĞƵƌ&ͲE͘'ŝůůLJ h&ZĚ͛KĚŽŶƚŽůŽŐŝĞ /ŶƐƚŝƚƵƚĚĞƐ^ĐŝĞŶĐĞƐWŚĂƌŵĂĐĞƵƚŝƋƵĞƐĞƚŝŽůŽŐŝƋƵĞƐ /ŶƐƚŝƚƵƚĚĞƐ^ĐŝĞŶĐĞƐĞƚdĞĐŚŶŝƋƵĞƐĚĞůĂZĠĂĚĂƉƚĂƚŝŽŶ ĠƉĂƌƚĞŵĞŶƚĚĞĨŽƌŵĂƚŝŽŶĞƚĞŶƚƌĞĚĞZĞĐŚĞƌĐŚĞĞŶŝŽůŽŐŝĞ ,ƵŵĂŝŶĞ. ŝƌĞĐƚĞƵƌ͗D͘ůĞWƌŽĨĞƐƐĞƵƌ͘ŽƵƌŐĞŽŝƐ ŝƌĞĐƚĞƵƌ͗D͘ůĞWƌŽĨĞƐƐĞƵƌ&͘>ŽĐŚĞƌ ŝƌĞĐƚĞƵƌ͗D͘ůĞWƌŽĨĞƐƐĞƵƌz͘DĂƚŝůůŽŶ ŝƌĞĐƚĞƵƌ͗D͘ůĞWƌŽĨĞƐƐĞƵƌW͘&ĂƌŐĞ . KDWK^Ed ^ d WZd D Ed^ ^/ E ^ dd ,EK>K'/ &ĂĐƵůƚĠĚĞƐ^ĐŝĞŶĐĞƐĞƚdĞĐŚŶŽůŽŐŝĞƐ. ŝƌĞĐƚĞƵƌ͗D͘ůĞWƌŽĨĞƐƐĞƵƌ&͘ĞDĂƌĐŚŝ. ĠƉĂƌƚĞŵĞŶƚŝŽůŽŐŝĞ. ŝƌĞĐƚĞƵƌ͗D͘ůĞWƌŽĨĞƐƐĞƵƌ&͘&ůĞƵƌLJ. ĠƉĂƌƚĞŵĞŶƚŚŝŵŝĞŝŽĐŚŝŵŝĞ. ŝƌĞĐƚĞƵƌ͗DŵĞůĞWƌŽĨĞƐƐĞƵƌ,͘WĂƌƌŽƚ. ĠƉĂƌƚĞŵĞŶƚ' W. ŝƌĞĐƚĞƵƌ͗D͘E͘^ŝĂƵǀĞ. ĠƉĂƌƚĞŵĞŶƚ/ŶĨŽƌŵĂƚŝƋƵĞ. ŝƌĞĐƚĞƵƌ͗D͘ůĞWƌŽĨĞƐƐĞƵƌ^͘ŬŬŽƵĐŚĞ. ĠƉĂƌƚĞŵĞŶƚDĂƚŚĠŵĂƚŝƋƵĞƐ. ŝƌĞĐƚĞƵƌ͗D͘ůĞWƌŽĨĞƐƐĞƵƌ͘'ŽůĚŵĂŶ. ĠƉĂƌƚĞŵĞŶƚDĠĐĂŶŝƋƵĞ. ŝƌĞĐƚĞƵƌ͗D͘ůĞWƌŽĨĞƐƐĞƵƌ,͘ĞŶ,ĂĚŝĚ. ĠƉĂƌƚĞŵĞŶƚWŚLJƐŝƋƵĞ. ŝƌĞĐƚĞƵƌ͗DŵĞ^͘&ůĞĐŬ. ĠƉĂƌƚĞŵĞŶƚ^ĐŝĞŶĐĞƐĚĞůĂdĞƌƌĞ. ŝƌĞĐƚĞƵƌ͗DŵĞůĞWƌŽĨĞƐƐĞƵƌ/͘ĂŶŝĞů. h&Z^ĐŝĞŶĐĞƐĞƚdĞĐŚŶŝƋƵĞƐĚĞƐĐƚŝǀŝƚĠƐWŚLJƐŝƋƵĞƐĞƚ^ƉŽƌƚŝǀĞƐ. ŝƌĞĐƚĞƵƌ͗D͘͘ŽůůŝŐŶŽŶ. KďƐĞƌǀĂƚŽŝƌĞĚĞ>LJŽŶ. ŝƌĞĐƚĞƵƌ͗D͘͘'ƵŝĚĞƌĚŽŶŝ. ĐŽůĞWŽůLJƚĞĐŚŶŝƋƵĞhŶŝǀĞƌƐŝƚĂŝƌĞĚĞ>LJŽŶϭ. ŝƌĞĐƚĞƵƌ͗D͘W͘&ŽƵƌŶŝĞƌ. ĐŽůĞ^ƵƉĠƌŝĞƵƌĞĚĞŚŝŵŝĞWŚLJƐŝƋƵĞ ůĞĐƚƌŽŶŝƋƵĞ. ŝƌĞĐƚĞƵƌ͗D͘'͘WŝŐŶĂƵůƚ. /ŶƐƚŝƚƵƚhŶŝǀĞƌƐŝƚĂŝƌĞĚĞdĞĐŚŶŽůŽŐŝĞĚĞ>LJŽŶϭ. ŝƌĞĐƚĞƵƌ͗D͘ůĞWƌŽĨĞƐƐĞƵƌ͘ŽƵůĞƚ. /ŶƐƚŝƚƵƚĚĞ^ĐŝĞŶĐĞ&ŝŶĂŶĐŝğƌĞĞƚĚΖƐƐƵƌĂŶĐĞƐ. ŝƌĞĐƚĞƵƌ͗D͘ůĞWƌŽĨĞƐƐĞƵƌ:Ͳ͘ƵŐƌŽƐ. /ŶƐƚŝƚƵƚhŶŝǀĞƌƐŝƚĂŝƌĞĚĞ&ŽƌŵĂƚŝŽŶĚĞƐDĂŠƚƌĞƐ . ŝƌĞĐƚĞƵƌ͗D͘Z͘ĞƌŶĂƌĚ. ϯ .
(5) ϰ .
(6) 5HPHUFLHPHQWV -HYHX[WRXWG¶DERUGUHPHUFLHU00/DFURL['LUpFWHXUGXODERUDWRLUHSRXUP¶DYRLUDFFXHLOOLGDQV O¶,QVWLWXW HW OH &OXVWHU GH 5HFKHUFKH GH &KLPLH GH OD 5pJLRQ 5K{QH$OSHV SRXU OH ILQDQFHPHQW DFFRUGp -H YHX[ UHPHUFLHU 0PH 0LFKqOH %HVVRQ HW 0PH &DWKHULQH 3LQHO 'LUHFWULFHV GH UHFKHUFKHjO¶,UFHO\RQSRXUP¶DYRLUGRQQpO¶RSSRUWXQLWpGHWUDYDLOOHUDYHFHX[GDQVOHXUODERUDWRLUH DX VHLQ GH O¶,QVWLWXW 0 -0 +HUUPDQQ VRXVGLUHFWHXU GH O¶,QVWLWXW SRXU OHV GLVFXVVLRQV VFLHQWLILTXHV TXH QRXV DYRQV HX HW 0 9LYLHQ +HQU\RQ 3UpVLGHQW GH OD VRFLpWp $FWLYDWLRQ SRXU P¶DYRLU DFFRUGp OH SDUWHQDULDW GX SURMHW -H YHX[ pJDOHPHQW UHPHUFLHU 0 OH 3URIHVVHXU )UDQFN /DXQD\ HW 0PH OH 3URIHVVHXU $QQH 3RQFKHO SRXU DYRLU DFFHSWp GH MXJHU PRQ WUDYDLO FRPPH UDSSRUWHXUVHW0OH3URIHVVHXU3DVFDO)RQJDUODQGSRXUDYRLUDFFHSWpGHMXJHUPRQWUDYDLOFRPPH 3UpVLGHQWGX-XU\GH7KqVH -HYHX[UHPHUFLHUWRXWOHSHUVRQQHOWHFKQLTXHHWVFLHQWLILTXHGHO¶,QVWLWXW 0*XLOODXPH$XEHUWSRXU OD FKURPDWRJUDILH HQ SKDVH JD] &KDQWDO /RUHQW] HW 6WpSKDQH 0DQJHPDWLQ SRXU OD UpVRQDQFH PDJQpWLTXHQXFOpDLUH0*pUDUG%HUJHUHWHW0PH)UDQoRLVH%RVVHOHWSRXUOHVDQDO\VHV'5;0 3LHUUH 'HOLFKqUH SRXU OHV DQDO\VHV ;36 0PH 1RHOOH &ULVWLQ HW 0PH 3DVFDOH 0DVFXQDQ SRXU OH VHUYLFHG¶DQDO\VHVFKLPLTXHVHWGHODWH[WXUH
(7) SRXUOHXUGLVSRQLELOLWpHWOHXUSROLWHVVH -H YHX[ DXVVL UHPHUFLHU OHV DXWUHV PHPEUHV GH O¶pTXLSH %LRYHUW j SDUWLU GHV SOXV DQFLHQV 0 )UDQoRLV )LJXHUDV 0 3LHUUH *DOOH]RW 0 $ 3HUUDUG 0 $OH[DQGHU 6RURNLQ 0PH 1DGLQH (VVD\HP0/DXUHQW'MDNRYLWFK
(8) SRXUOHXULQVSLUDWLRQHWOHXUVTXDOLWpVVFLHQWLILTXHVHWKXPDLQHV SRXU WHUPLQHU DYHF OHV DXWUHV TXL RQW UHQGX OH SRLGV GH OD UHFKHUFKH SOXV OpJHU 0DULH *HQHORW 1HOO\ %DWDLO :DOLG $O 0DNVRXG /LRQHO -RXFOD *LXVHSSH &XVDWL 0DUFR %HUQDUGL 'RDQ 3KDP 0LQK 5RGULJR /RSHV )UDQFN 5DWDERXO &\ULO )qFKH
(9) -H WLHQV DXVVL j UHPHUFLHU 0 &ODXGH 'HVFRUPHGHO¶pTXLSH(DXSRXUOHVGLVFXVVLRQVVFLHQWLILTXHV HWQRQ
(10) &HWWHWKqVHDpWpVSpFLDOHDXVVLJUkFHjPHVFRSDLQVGHEXUHDX 9LUJLQLH%LJDQG)ORULDQ$XQHDX )DWLPD=RKUD %HOPRNDGGHP
(11) j PHV FRSDLQV G¶pWDJH 1DP 9DQ 7UDQ /\ %DR .KDQK 7KX /H 3KXRQJ&HGULF/RXVWHDX7KLHUU\*HUH]-pURPLQH6LPRQ5DGND1HG\DONRYD1DWKDOLH1DYDUUR (OHQD3RO\DQVND\D0DQXHO&KHFD*RPH]0DUL$QJHO0DUWLQ0DU\'MRXIDN8JR5DYRQ1LFRODV *URVMHDQ ,EUDKLP 'RGRXFKH 0DLWKDD /H 'X 0RKDPPHG -DKMDK
(12) HW j WRXV OHV PHPEUHV GH O¶$WHOLHU GH PpFDQLTXH 0 *LOOHV '¶2UD]LR 0 )UHGHULF %RXUJDLQ 0 -HDQ&ODXGH 7DWRLDQ 0 7KLHUU\ 'HFDPS 0 5REHUW 7HUUDVVRQ HW 0LFKHO 'XSDQORXS
(13) PHUFL SRXU OH ERQKHXU HW SRXU OHV EHOOHVVRLUpHVSDVVpHVHQVHPEOH -HWLHQVjUHPHUFLHUWRXWHPDIDPLOOHSRXUOHVXSSRUWSHQGDQWFHVWURLVDQQpHVHWMHWLHQVHQILQj UHQRXYHOHUOHVUHPHUFLHPHQWVj0PH0LFKqOH%HVVRQHW0PH&DWKHULQH3LQHOSRXUOHXUDWWHQWLRQ HW SRXU P¶DYRLU FRQGXLW SDWLHPPHQW GDQV OH PRQGH GH OD UHFKHUFKH VFLHQWLILTXH. ϱ .
(14) ϲ .
(15) $EUpYLDWLRQV 'LR[DQH GLR[DQH (W2$F $FpWDWHG¶pWK\OH L3U2+ LVRSURSDQRO 7(032 WHWUDPpWK\OSLSHULGLQHR[\O ./* $FLGHFpWRJXORQLTXH %L212 6RXVQLWUDWHGHELVPXWK 1D%+ %RURK\GUXUHGHVRGLXP 7%+3 7HUWEXW\OK\GURSHUR[\GH 1292/$& UpVLQHjEDVHGHSKpQROHWIRUPDOGpK\GH +07$ +H[DPpWK\OqQHWHWUDPLQH 73$3 3HUUXWKpQDWHGHWHWUDSURS\ODPPRQLXP +$3 +\GUR[\DSDWLWH +7 +\GURWDOFLWH $53 5pVLQHSRO\PpULTXHDPSKLSKLOH 3,&% FDWDO\VHXUVELPpWDOOLTXHVLQFDUFpUpVGDQVXQSRO\PqUHHWVXSSRUWpVVXUFKDUERQ 67(0 0LFURVFRSLHpOHFWURQLTXHjEDOD\DJHSDUWUDQVPLVVLRQ ('; 6SHFWURVFRSLHGHGLVSHUVLRQGHO¶pQHUJLHGHVUD\RQV; (;$)6 6SHFWURVFRSLHG¶DEVRUSWLRQGHVUD\RQV;SRXUODVWUXFWXUHILQH '5,)7 6SHFWURVFRSLHLQIUDURXJHjWUDQVIRUPpHGH)RXULHUGHODUpIOH[LRQGLIIXVH $75,5 6SHFWURVFRSLHLQIUDURXJHSDUUpIOH[LRQWRWDOHDWWpQXpH ;$1(6 6SHFWURVFRSLHGHVUD\RQV;G¶DEVRUSWLRQGXVHXLO ;36 6SHFWURVFRSLHGHVSKRWRpOHFWURQVLQGXLWVSDUUD\RQV; ,&32(6 6SHFWURVFRSLHG¶pPLVVLRQRSWLTXHSDUWRUFKHjSODVPD 501 5pVRQDQFHPDJQpWLTXHQXFOpDLUH &3* &KURPDWRJUDSKLHSKDVHJD] %(7 %UXQDXHU(PPHWHW7HOOHU %-+ %DUUHW-R\QHUHW+DOHQGD. ϳ .
(16) . ϴ .
(17) 7DEOHGHV0DWLqUHV ,QWURGXFWLRQJpQpUDOH ,%LEOLRJUDSKLH±R[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV ,,QWURGXFWLRQ ,$OFRROVSULPDLUHVHWVHFRQGDLUHV ,9RLHKRPRJqQH ,&DWDO\VHXUVKpWpURJqQHVjEDVHGHPpWDX[QREOHV ,0pWDX[GXJURXSHGXSODWLQH ,&DWDO\VHXUVjEDVHGHUXWKpQLXP ,&DWDO\VHXUVjEDVHG¶RU ,,QIOXHQFHGHODQDWXUHGXVXEVWUDW ,,QIOXHQFHGXVROYDQW &RQFOXVLRQVGHO¶pWXGHELEOLRJUDSKLTXH ,,0DWpULDX[HWWHFKQLTXHVH[SpULPHQWDOHV ,,3UpSDUDWLRQGHVFDWDO\VHXUV ,,1DWXUHGHVVXSSRUWV ,,3UpSDUDWLRQGXVXSSRUW0$67 ,,3UpSDUDWLRQGHVFDWDO\VHXUV ,,7HFKQLTXHVSK\VLFRFKLPLTXHVGHFDUDFWpULVDWLRQ ,,$QDO\VHpOpPHQWDLUH ,,$QDO\VHGHODWH[WXUH ,,$QDO\VHV;36 ,,'5;GHVSRXGUHV ,,0LFURVFRSLHpOHFWURQLTXHHQWUDQVPLVVLRQ 0(7
(18) ,,5pVXOWDWVGHVFDUDFWpULVDWLRQV ,,$QDO\VHpOpPHQWDLUH ,,$QDO\VHGHODWH[WXUH ,,;36 ,,$QDO\VHV'5; ,,$QDO\VH0(7 ,, 6\QWKqVHG¶DOFRROVKpWpURDURPDWLTXHVjSDUWLUGHVFpWRQHVFRUUHVSRQGDQWHV ,,3URFpGXUHJpQpUDOHGHV\QWKqVH ,,&DUDFWpULVDWLRQGHVDOFRROVĮKpWpURDURPDWLTXHVV\QWKHWLVpV ,,5pDFWLRQVG¶R[\GDWLRQ ,,$QDO\VHGHVSURGXLWV ,,&KURPDWRJUDSKLHHQSKDVHJD] .
(19) 7DEOHGHVPDWLqUHV. ,,501 ,,,2[\GDWLRQG¶XQDOFRRODOLSKDWLTXHVHFRQGDLUH RFWDQRO ,QWURGXFWLRQ ,,,(IIHWGXVROYDQW ,,,&DWDO\VHXUVELPpWDOOLTXHV3W%L ,,,(IIHWGHODWHPSpUDWXUH ,,,(IIHWGHODQDWXUHGXFKDUERQ ,,,'LVFXVVLRQVXUO¶HIIHWGHO¶HDX D
(20) 2UGUHGHODUpDFWLRQHQ2 E
(21) 6XUR[\GDWLRQGHVVLWHVPpWDOOLTXHV F
(22) ,QIOXHQFHGHODFpWRQHIRUPpH ,,,&RQFOXVLRQV ,92[\GDWLRQG¶XQDOFRRODOLSKDWLTXHSULPDLUH RFWDQRO ,QWURGXFWLRQ ,97HVWVSUpOLPLQDLUHVVXUO¶DOFRROEHQ]\OLTXH ,92[\GDWLRQGXRFWDQROHQSUpVHQFHGHFDWDO\VHXUVDXSODWLQH ,9(IIHWGXVROYDQW ,9&DWDO\VHXUVELPpWDOOLTXHV3W%L ,9(IIHWGHODWHPSpUDWXUH ,9(WXGHGHODGpVDFWLYDWLRQGXFDWDO\VHXU ,9&RQFOXVLRQV ,9&DWDO\VHXUVDXUXWKpQLXP ,95XWKpQLXPPpWDOOLTXH HIIHWGXVROYDQW ,9&DWDO\VHXU5X 2+
(23) [ ,9&RQFOXVLRQV ,9&RQFOXVLRQV 92[\GDWLRQG¶XQDOFRRODOO\OLTXHSULPDLUH JpUDQLRO ,QWURGXFWLRQ 96WUXFWXUHGXVXEVWUDW 9(IIHWGXVROYDQW 9(IIHWGHO¶HDX 9WHUW%XWDQRO 9(IIHWGHODWHPSpUDWXUH 9(IIHWGXVROYDQWHWGHODWHPSpUDWXUH 9(WXGHGHODGpVDFWLYDWLRQGXFDWDO\VHXU 90RGLILFDWLRQVWUXFWXUHOOHGXFDWDO\VHXU 96XUR[\GDWLRQGHVVLWHVDFWLIV ϭϬ .
(24) 7DEOHGHVPDWLqUHV. 95HF\FODJHGXFDWDO\VHXU &RQFOXVLRQV 9,2[\GDWLRQG¶DOFRROVKpWpURDURPDWLTXHVVHFRQGDLUHV ,QWURGXFWLRQ 9,7HVWVSUpOLPLQDLUHV SKpQ\OpWKDQRO 9,(IIHWGXVROYDQW 9,(IIHWGHODQDWXUHGXFKDUERQ 9,(IIHWGXELVPXWK 9,&RQFOXVLRQV 9,$OFRROVKpWpURDURPDWLTXHV 9,6XEVWUDWVĮPpWK\OS\ULGLQHPpWKDQRO 9,6XEVWUDWVĮSKpQ\OS\ULGLQHPpWKDQRO 9,'LVFXVVLRQVXUODSRVLWLRQGXVXEVWLWXDQW 9,'LVFXVVLRQVXUO¶HIIHWGXELVPXWK &RQFOXVLRQV &RQFOXVLRQJpQpUDOH SHUVSHFWLYHV $QQH[HV $QQH[H )LFKHWHFKQLTXHGXFKDUERQ&(&$ $QQH[H 'pWDLOVVXUOHVWHVWVFDWDO\WLTXHV $QQH[H &KURPDWRJUDSKLHHQSKDVHJD] 5pIpUHQFHVELEOLRJUDSKLTXHV . ϭϭ .
(25) . ϭϮ .
(26) . . ,QWURGXFWLRQJpQpUDOH . .
(27) . .
(28) ,QWURGXFWLRQJpQpUDOH. /¶LQGXVWULHFKLPLTXHHVWXQVHFWHXUHQH[SDQVLRQFRQWLQXH(OOHFRQVWLWXHO¶XQGHVSLOLHUVVXUOHTXHO HVW IRQGpH QRWUH YLH TXRWLGLHQQH OHV LQGXVWULHV SKDUPDFHXWLTXH DOLPHQWDLUH HW SpWUROLqUH WUDQVIRUPHQW FKDTXH MRXU GHV TXDQWLWpV H[WUDRUGLQDLUHV GH SURGXLWV G¶LPSRUWDQFH IRQGDPHQWDOH GDQVWRXVOHVGRPDLQHV $ORUV TXH OH YROXPH JpQpUp SDU FHV SURFpGpV DXJPHQWH UpJXOLqUHPHQW OD TXDOLWp GH FHV WUDQVIRUPDWLRQVQ¶HVWSDVWRXMRXUVVXIILVDQWHSRXUJDUDQWLUXQLPSDFWOLPLWpVXUO¶HQYLURQQHPHQW(Q GHX[ FKLPLVWHV DPpULFDLQV 3DXO $QDVWDV HW -RKQ & :DUQHU PHPEUHV GH O¶(3$ (QYLURQPHQWDO3URWHFWLRQ$JHQF\
(29) RQWLQWURGXLWOHFRQFHSWGH&KLPLH9HUWH,OSUpYRLWGHUpGXLUHHW G¶pOLPLQHUO XVDJHRXODJpQpUDWLRQGHVXEVWDQFHVQpIDVWHVSRXUO HQYLURQQHPHQWSDUGHQRXYHDX[ SURFpGpV FKLPLTXHV HW GHV YRLHV GH V\QWKqVHV ©SURSUHVª F HVWjGLUH UHVSHFWXHXVHV GH O HQYLURQQHPHQW>@ /¶R[\GDWLRQ VpOHFWLYH GHV DOFRROV HQ DOGpK\GHV DFLGHV RX FpWRQHV HVW XQH WUDQVIRUPDWLRQ WUqV LPSRUWDQWH HQ FKLPLH &HV FRPSRVpV SHXYHQW rWUH XWLOLVpV WHOV TXHOV FRPPH VROYDQWV SURGXLWV DOLPHQWDLUHV FRVPpWLTXHV RX SKDUPDFHXWLTXHV RX HQWUHU GDQV OD V\QWKqVH GH PROpFXOHV IRQFWLRQQDOLVpHV 'H QRPEUHX[ H[HPSOHV PHWWHQW HQ pYLGHQFH O¶LPSRUWDQFH GH FHWWH IDPLOOH GH FRPSRVpV>@ /HVPpWKRGHVWUDGLWLRQQHOOHVG¶R[\GDWLRQHQFRUHWULVWHPHQWDERQGDQWHVFRQVLVWHQWHQO¶XWLOLVDWLRQ G¶R[\GDQWV LQRUJDQLTXHV JpQpUDOHPHQW PLV HQ RHXYUH HQ TXDQWLWp VW°FKLRPpWULTXH FRPPH OH SHUPDQJDQDWH >@ OHV FKURPDWHV >@ RX O¶XWLOLVDWLRQ G¶R[\GDQWV FKORUpV >@ VRXYHQW HQ PLOLHX RUJDQLTXH &HV PpWKRGHV SURGXLVHQW GH JUDQGHV TXDQWLWpV GH GpFKHWV HW VRQW LQDFFHSWDEOHV GX SRLQW GH YXH GHV SUDWLTXHV GH OD FKLPLH YHUWH 0HWWUH DX SRLQW HW RSWLPLVHU GHV UpDFWLRQV TXL SHUPHWWHQW GH UHPSODFHU FHV R[\GDQWV QRQ UHVSHFWXHX[ GH O¶HQYLURQQHPHQW HVW XQ GpIL TXL WLHQW RFFXSpVOHVFKHUFKHXUVGHSXLVDQV 3DUPL OHV R[\GDQWV DOWHUQDWLIV SRVVLEOHV O¶R[\JqQH PROpFXODLUH HW OH SHUR[\GH G¶K\GURJqQH VRQW QDWXUHOOHPHQWOHVSOXVLQWpUHVVDQWV ODIRUPDWLRQG¶HDXFRPPHVRXVSURGXLWGHUpDFWLRQSHUPHWGH OLPLWHUHIIHFWLYHPHQWOHVGpSHQVHVGHPLVHHQ°XYUHGHFHVSURFpGpVHWGHPLQLPLVHUO¶LPSDFWGH OD UpDFWLRQ VXU O¶HQYLURQQHPHQW &HSHQGDQW FHV UpDFWLIV VRQW SHX YRLUH SDV DFWLIV VHXOV HW LO HVW QpFHVVDLUHGHOHVPHWWUHHQ°XYUHHQSUpVHQFHG¶XQFDWDO\VHXU/¶R[\JqQHPROpFXODLUHUHSUpVHQWH PLHX[TXHOHSHUR[\GHG¶K\GURJqQHO¶R[\GDQWGHFKRL[SRXUFHW\SHGHUpDFWLRQ $X ODERUDWRLUH O¶R[\GDWLRQ DpURELH G¶DOFRROV SULPDLUHV DURPDWLTXHV DOFRROV EHQ]\OLTXHV SOXV RX PRLQV VXEVWLWXpV S\ULGLQH RX WKLRSKqQHPpWKDQRO
(30) HW GH TXHOTXHV DOFRROV VHFRQGDLUHV D pWp H[SORUpHDYHFXQFHUWDLQVXFFqVHQSUpVHQFHGHFDWDO\VHXUVDXSODWLQHVXSSRUWpVXUFKDUERQ>@ >@ &HSHQGDQW OD YDOLGLWp GH FHWWH SURFpGXUH UHVWDLW j GpPRQWUHU SRXU XQH JDPPH SOXV pWHQGXH G¶DOFRROV &HWWH WKqVH D pWp GpYHORSSpH DXWRXU GH O¶R[\GDWLRQ FDWDO\WLTXH G¶DOFRROV SULPDLUHV RFWDQRO JpUDQLRO
(31) HW G¶DOFRROV VHFRQGDLUHV RFWDQRO SKpQ\OpWKDQRO DOFRROV KpWpURDURPDWLTXHV VHFRQGDLUHVGpULYpVGHODS\ULGLQH
(32) &HVDOFRROVRQWpWpFKRLVLVFRPPHUHSUpVHQWDQWGHFHUWDLQHV IDPLOOHV GH FRPSRVpV SHX pWXGLpV PDOJUp O¶LPSRUWDQFH GHV V\QWKRQV R[\GpV FRUUHVSRQGDQWV &H ϭϱ .
(33) ,QWURGXFWLRQJpQpUDOH VRQWOHVDOFRROVDOLSKDWLTXHVVDWXUpVOHVDOFRROVDOO\OLTXHVWUqVXWLOHVGDQVO¶LQGXVWULHGHVSDUIXPV OHV FpWRQHV SRVVpGDQW XQ F\FOH KpWpURDURPDWLTXH SKpQ\OH S\ULGLOH«
(34) HQ Į TXL VRQW GHV LQWHUPpGLDLUHVGDQVODV\QWKqVHGHPROpFXOHVjDFWLYLWpELRORJLTXH $SUqVXQFKDSLWUHELEOLRJUDSKLTXHTXLUpVXPHO¶pWDWGHO¶DUWVXUFHW\SHG¶R[\GDWLRQHQSUpVHQFHGH FDWDO\VHXUVDX3W3G5XHW$XXQHSDUWLHH[SpULPHQWDOHSUpVHQWHUDOHVFDWDO\VHXUVpWXGLpVOHV SURFpGXUHVGHVUpDFWLRQVFDWDO\WLTXHVHWOHVWHFKQLTXHVDQDO\WLTXHV/HVFKDSLWUHVVXLYDQWVVHURQW GpGLpV j OD UpDFWLYLWp GHV GLIIpUHQWV VXEVWUDWV pWXGLpV HW j O¶DQDO\VH GHV UpVXOWDWV REWHQXV 8QH DWWHQWLRQSDUWLFXOLqUHVHUDSRUWpHjO¶LQIOXHQFHGHVFRQGLWLRQVUpDFWLRQQHOOHVVXUO¶DFWLYLWpFDWDO\WLTXH HWOHVVpOHFWLYLWpVGHVSURGXLWV &HSURMHWV¶LQVFULWGDQVOH&OXVWHUGH5HFKHUFKHQ©&KLPLHGXUDEOHHWFKLPLHSRXUODVDQWpªGH OD UpJLRQ 5K{QH$OSHV DYHF XQ ILQDQFHPHQW SURYHQDQW GH OD 5pJLRQ VXLWH j XQH $OORFDWLRQ 'RFWRUDOHGH5HFKHUFKHGHHWHQUHODWLRQDYHFOD6RFLpWp$FWLYDWLRQSDUWHQDLUHGXSURMHW. ϭϲ .
(35) . . ,%LEOLRJUDSKLH±R[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV. .
(36) . . .
(37) ,%LEOLRJUDSKLH±2[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV. ,,QWURGXFWLRQ /¶R[\GDWLRQDpURELHG¶DOFRROVFRQVWLWXHXQHYRLHGHV\QWKqVHSURSUHYHUVO¶REWHQWLRQGHQRPEUHX[ V\QWKRQVLPSRUWDQWVSRXUO¶LQGXVWULHFKLPLTXH/¶HPSORLG¶R[\JqQHPROpFXODLUHFRPPHR[\GDQWHW OD IRUPDWLRQ G¶HDX FRPPH VRXVSURGXLW SULQFLSDO UHQGHQW FHWWH WUDQVIRUPDWLRQ WUqV DWWUDFWLYH GX SRLQWGHYXHpFRQRPLTXHHWHQYLURQQHPHQWDO (QSKDVHOLTXLGHO¶R[\GDWLRQDpURELHHVWXQSURFpGpLQWpUHVVDQWSDUFHTXHFHWWHPpWKRGHSHUPHW GH FRQYHUWLU GHV PROpFXOHV FRPSOH[HV DYHF SOXVLHXUV IRQFWLRQQDOLWpV j IDLEOH WHPSpUDWXUH HQ VDXYHJDUGDQW OD VWUXFWXUH GHV PROpFXOHV FH TXL Q¶HVW SDV WRXMRXUV SRVVLEOH HQ SKDVH JD] TXL QpFHVVLWH JpQpUDOHPHQW GHV WHPSpUDWXUHV SOXV pOHYpHV &HWWH PpWKRGH UHSUpVHQWH XQH YRLH V\QWKpWLTXHWUqVSURPHWWHXVHHWDPRQWUpGHVUpVXOWDWVLQWpUHVVDQWV /HV UpDFWLRQV HQ SUpVHQFH GH FDWDO\VHXUV PpWDOOLTXHV SHXYHQW rWUH HIIHFWXpHV VRLW SDU FDWDO\VH KRPRJqQH VRLW SDU FDWDO\VH KpWpURJqQH 1RXV LOOXVWUHURQV OD FDWDO\VH KRPRJqQH SDU TXHOTXHV H[HPSOHV SRXU HQVXLWH GpFULUH O¶R[\GDWLRQ DpURELH G¶DOFRROV HQ SKDVH OLTXLGH HQ SUpVHQFH GH FDWDO\VHXUVVROLGHV PpWDOOLTXHV FHWWH GHX[LqPH YRLH SRXU OD VLPSOLFLWp GHV VpSDUDWLRQV HW OD IDFLOLWp GH UHF\FODJH GX PpWDO UHSUpVHQWH XQH PpWKRGH GH SUpIpUHQFH SRXU OHV SURFpGpV LQGXVWULHOV . ,$OFRROVSULPDLUHVHWVHFRQGDLUHV &RQFHUQDQW O¶R[\GDWLRQ G¶DOFRROV LO HVW LQGLVSHQVDEOH GH GLIIpUHQFLHU OHV DOFRROV SULPDLUHV TXL SHXYHQW FRQGXLUH HQ IRQFWLRQ GHV FRQGLWLRQV H[SpULPHQWDOHV VRLW DX[ DOGpK\GHV FRUUHVSRQGDQWV VRLWDX[DFLGHVGHVDOFRROVVHFRQGDLUHVTXLVRQWH[FOXVLYHPHQWR[\GpVHQFpWRQHV . . 6FKpPD, 2[\GDWLRQJpQpUDOHG¶XQDOFRROSULPDLUH KDXW
(38) HWVHFRQGDLUH EDV
(39) HWSURGXLWVSULQFLSDX[ . ,9RLHKRPRJqQH /HV H[HPSOHV G¶R[\GDWLRQ DpURELH HQ SKDVH KRPRJqQH HQ SUpVHQFH GH FDWDO\VHXUV PpWDOOLTXHV PHWWHQW HQ °XYUH GHV VHOV RX GHV FRPSOH[HV j EDVH GH QRPEUHX[ PpWDX[ OHV FRPSOH[HV DX SDOODGLXPRQWpWpSULQFLSDOHPHQWpWXGLpV>@PDLVDXVVLFHX[jEDVHGH5X>@$X&R&X)H HW 9 >@ /D SOXSDUW GX WHPSV FHV UpDFWLRQV VRQW PHQpHV HQ PLOLHX RUJDQLTXH HW QpFHVVLWHQW OD ϭϵ .
(40) ,%LEOLRJUDSKLH±2[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV SUpVHQFH GH FRR[\GDQWV FH TXL UHQG FHV WUDQVIRUPDWLRQV SHX DWWUDFWLYHV GX SRLQW GH YXH HQYLURQQHPHQWDO6KHOGRQHWFROO>@HQRQWpWXGLpO¶R[\GDWLRQDpURELHGHGLYHUVDOFRROVHQ SUpVHQFH GH FRPSOH[HV GH UXWKpQLXP HW GH SDOODGLXP OH FRPSOH[H 5X&O 33K
(41) HVW DFWLI GDQV O¶R[\GDWLRQ DpURELH GH GLIIpUHQWV DOFRROV SULPDLUHV HW VHFRQGDLUHV HQ SUpVHQFH GH WHWUDPpWK\OSLSpULGLQHR[\O 7(032
(42) FRPPHFRFDWDO\VHXUGDQVOHWROXqQHRXOHFKORUREHQ]qQH /D PLVH HQ °XYUH GH FRPSOH[HV K\GURVROXEOHV D SHUPLV GH UpDOLVHU GDQV FHUWDLQV FDV FHWWH WUDQVIRUPDWLRQ HQ SKDVH DTXHXVH $LQVL O¶XWLOLVDWLRQ G¶XQ FRPSOH[H GH SDOODGLXP K\GURVROXEOH GLVXOIRQDWHGHEDWKRSKpQDQWKUROLQH3KHQ6OLJDQG7DEOHDX,
(43) SHUPHWGHFRQGXLUHODUpDFWLRQ HQPLOLHXDTXHX[ /H JURXSH GH %XIILQ >@ D pWXGLp XQ V\VWqPH SRXU O¶R[\GDWLRQ WRXMRXUV HQ PLOLHX DTXHX[ GH GLIIpUHQWVDOFRROVSULPDLUHVHWVHFRQGDLUHVHQSUpVHQFHG¶XQFRPSOH[HGHSDOODGLXPOLJDQGpjXQH ELTXLQROLQH GLFDUER[\OLTXH OLJDQG 7DEOHDX ,
(44) /HV SHUIRUPDQFHV GH FHV V\VWqPHV VRQW LOOXVWUpHVFLGHVVRXVGDQVOH7DEOHDX, 7DEOHDX, 2[\GDWLRQG¶DOFRROVHQSKDVHKRPRJqQH/LJDQG EDWKRSKpQDQWUROLQH
(45) RXELTXLQROLQH
(46) &RQGLWLRQV FDW P/+21D2$FPPROS+aPPRO DOFSULPDLUHV
(47) PPRO DOF VHFRQGDLUHV
(48) 3G PRO
(49) 2 5. 2+ 5. +. 2 + 5. +2 & 3DLU. 2 DON\O DU\O DOO\O. 5. 5. 5. 1D26 .2&. &2.. 1 1. 1. 1. . . /. 2+. 3G /
(50) 2$F
(51) . 5. 621D. +. 5. . (QWUpH. $OFRROVSULPDLUHV. W K
(52) . &RQY. 6pO
(53) DOGpK\GH.
(54) . DFLGH
(55) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 &
(56) 3 EDU
(57) . . . ϮϬ. &DW. .
(58) ,%LEOLRJUDSKLH±2[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV. $OFRROV. . . . . 6pO
(59) FpWRQH
(60) . . VHFRQGDLUHV . . . . . . . . . . . . . . . . . . . . . . . . 7(032 PPRO
(61) DMRXWp FDW PPRODOFRROP/HDXS+3G PRO
(62) . &HVGHX[FRPSOH[HVK\GURVROXEOHVPLVHQ°XYUHGDQVGHVFRQGLWLRQVVLPLODLUHV 7 & 3 EDU
(63) RQW SHUPLV GH UpDOLVHU O¶R[\GDWLRQ TXDQWLWDWLYH G¶DOFRROV VHFRQGDLUHV HQ FpWRQHV TXHFHVRLWSRXUGHVDOFRROVDOLSKDWLTXHV HQWUpHV
(64) RXĮDURPDWLTXHV HQWUpHV
(65) 'DQV OH FDV G¶DOFRROV SULPDLUHV OHV DOFRROV ĮDURPDWLTXHV W\SH DOFRRO EHQ]\OLTXH
(66) FRQGXLVHQW PDMRULWDLUHPHQW RX H[FOXVLYHPHQW j OD IRUPDWLRQ G¶DOGpK\GHV FRUUHVSRQGDQWV HQWUpHV
(67) 1pDQPRLQVHQPHQDQWODUpDFWLRQHQFRQGLWLRQVOpJqUHPHQWSOXVVpYqUHVO¶DFLGHHVWIRUPp HQWUpH
(68) 'DQV OH FDV GHV DOFRROV DOLSKDWLTXHV SULPDLUHV FHV V\VWqPHV KRPRJqQHV FRQGXLVHQW j OD IRUPDWLRQG¶DFLGH HQWUpHV
(69) VDXIHQSUpVHQFHGH7(032 HQWUpH
(70) $ SULRUL OHV FDWDO\VHXUV SHXYHQW rWUH IDFLOHPHQW VpSDUpV HQ ILQ GH UpDFWLRQ SDU GpFDQWDWLRQ HW UHF\FOpV LO Q¶\ D SDV QRQ SOXV IRUPDWLRQ GH QRLU GH SDOODGLXP FRPPH SDUIRLV REVHUYp SRXU FH PpWDO>@ $ILQ G¶pYLWHU OHV VpSDUDWLRQV OLTXLGHOLTXLGH XQH DOWHUQDWLYH UHSRVH VXU O¶XWLOLVDWLRQ GH V\VWqPHV KpWpURJqQHVSRXYDQWrWUHVpSDUpVGXPLOLHXSDUVLPSOHILOWUDWLRQ . ,&DWDO\VHXUVKpWpURJqQHVjEDVHGHPpWDX[QREOHV /¶R[\GDWLRQ VpOHFWLYH G¶DOFRROV HQ SKDVH OLTXLGH HDX RX VROYDQW RUJDQLTXH
(71) HQ SUpVHQFH GH FDWDO\VHXUVKpWpURJqQHVDpWpODUJHPHQWpWXGLpHFHVGHUQLqUHVGpFDGHV SOXVLHXUVV\VWqPHVRQW PRQWUp GHV DFWLYLWpV FDWDO\WLTXHV pOHYpHV HW GHV ERQQHV VpOHFWLYLWpV ,OV VRQW GpFULWV GDQV GHV UHYXHV>@>@ /HVWUDYDX[SLRQQLHUVGH+H\QVGDQV OHVDQQpHV>@VXUO¶R[\GDWLRQGHJURXSHPHQWVDOFRROV SULPDLUHVRXVHFRQGDLUHVRXGHFDUERK\GUDWHVHQSUpVHQFHGHFDWDO\VHXUVjEDVHGHSODWLQHRXGH SDOODGLXP VXSSRUWpV VXU FKDUERQ SDU O¶R[\JqQH PROpFXODLUH RQW PRQWUp OH SRWHQWLHO GH FHWWH UpDFWLRQSDUUDSSRUWDX[DXWUHVPpWKRGHV&HV\VWqPHDpWpHQVXLWHpWXGLpHWRSWLPLVpHQDMRXWDQW SDU H[HPSOH XQ SURPRWHXU PpWDOOLTXH %L SDU H[HPSOH
(72) SRXU UpVRXGUH GHV SUREOqPHV GH GpVDFWLYDWLRQRXGHFRQWU{OHGHODVpOHFWLYLWp>@ /HV UHFKHUFKHV RQW HQVXLWH SRUWp VXU G¶DXWUHV V\VWqPHV FDWDO\WLTXHV FRPPH O¶XWLOLVDWLRQ GH FDWDO\VHXUVPpWDOOLTXHVVXSSRUWpVjEDVHG¶RURXGHUXWKpQLXPG¶K\GUR[\DSDWLWHVpFKDQJpHVGH Ϯϭ .
(73) ,%LEOLRJUDSKLH±2[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV QDQRSDUWLFXOHVPpWDOOLTXHVVWDELOLVpHVSDUGHVSRO\PqUHVRXVXSSRUWpHVVXUSRO\PqUHHWHQILQVXU O¶pWXGHGHV\VWqPHVSRO\PpWDOOLTXHVVXSSRUWpVRXQRQ 1RXVGpYHORSSHURQVSULQFLSDOHPHQWOHVFDWDO\VHXUVjEDVHGH3W3G5XRX$X/HVR[\GDWLRQV DpURELHV KpWpURJqQHV GpFULWHV GDQV OD OLWWpUDWXUH HQ SUpVHQFH G¶DXWUHV PpWDX[ $J >@ 9 > @
(74) VRQWPHQpHVJpQpUDOHPHQWHQPLOLHXRUJDQLTXHRXHQSKDVHJD]HWQHVHURQWSDVWUDLWpHVGDQVFH PDQXVFULW 'H PrPH SRXU OD SKRWRFDWDO\VH LPSOLTXDQW 7L2 >@ TXL HVW pJDOHPHQW XQH SRVVLEOH VWUDWpJLH SRXU R[\GHU VpOHFWLYHPHQW OHV DOFRROV TXHOTXHV VXFFqV RQW pWp UDSSRUWpV GDQV O¶DFpWRQLWULOHO¶HDXRXGDQVGHVV\VWqPHVVDQVVROYDQW>@. ,0pWDX[GXJURXSHGXSODWLQH ,0pFDQLVPH /HV FDWDO\VHXUV j EDVH GH SODWLQH HW GH SDOODGLXP SHXYHQW R[\GHU VpOHFWLYHPHQW GHV DOFRROV HQ DOGpK\GHV FpWRQHV RX DFLGHV FDUER[\OLTXHV DYHF O¶R[\JqQH GH O¶DLU GDQV GHV FRQGLWLRQV UHODWLYHPHQWGRXFHV &HWSUHVVLRQG¶R[\JqQH EDU
(75) /H PpFDQLVPH JpQpUDOHPHQW DFFHSWp SRXU O¶R[\GDWLRQ GHV DOFRROV VXU FHV FDWDO\VHXUV HVW XQH GpVK\GURJpQDWLRQ R[\GDQWH DYHF OD SHUWH GH DWRPHV G¶K\GURJqQH HW OD IRUPDWLRQ G¶XQ JURXSHPHQWFDUERQ\Op>@ . 6FKpPD, (TXDWLRQGHUpDFWLRQSRXUO¶R[\GDWLRQG¶XQDOFRROJpQpULTXH5 DON\OHDU\OHYLQ\OH 5 + DOFRROVSULPDLUHV
(76) DON\OHDU\OHYLQ\OH. &HPpFDQLVPHUHSRVHQRWDPPHQWVXUOHVREVHUYDWLRQVTXHO¶R[\JqQHSHXWrWUHUHPSODFpSDUXQ DOFqQH FRPPH DFFHSWHXU G¶K\GURJqQH RX OH IDLW TXH OD UpDFWLRQ D OLHX SOXV UDSLGHPHQW VXU XQH VXUIDFHPpWDOOLTXHTXHVXUXQHVXUIDFHR[\GpH'HVPHVXUHVpOHFWURFKLPLTXHV>@RXSDU(;$)6 >@FRQILUPHQWTXHOHVLWHPpWDOOLTXHHVWVRXVIRUPHUpGXLWHSHQGDQWO¶R[\GDWLRQ /DUpDFWLRQDOLHXHQTXDWUHpWDSHV'DQVODSUHPLqUHOHVXEVWUDWVXELWXQHDGVRUSWLRQGLVVRFLDWLYH VXUODVXUIDFHPpWDOOLTXHSRXUIRUPHUXQDONR[\GHHWXQDWRPHG¶K\GURJqQHDGVRUEpV pWDSHVHW ±)LJXUH,
(77) ODOLDLVRQ&+HQȕGHO¶R[\JqQH SOXVIDLEOHjFDXVHGHO¶HIIHWpOHFWURQDWWUDFWHXU GH O¶R[\JqQH
(78) VH GLVVRFLH j VRQWRXU SRXUIRUPHU XQ DWRPH G¶K\GURJqQH DGVRUEp HW XQ FRPSRVp FDUERQ\Op TXL GpVRUEH GX PpWDO pWDSH
(79) )LQDOHPHQW O¶R[\JqQH OLEqUH OHV VLWHV PpWDOOLTXHV HQ R[\GDQWOHVDWRPHVG¶K\GURJqQHDGVRUEpVHQHDXSRXUUHQRXYHOHUOHVVLWHVFDWDO\WLTXHV pWDSH
(80) ϮϮ .
(81) ,%LEOLRJUDSKLH±2[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV. . )LJXUH, 0pFDQLVPHSURSRVpSRXUODGpVK\GURJpQDWLRQR[\GDQWHG¶XQDOFRRO. 'DQV OH FDV GHV DOFRROV SULPDLUHV OHV PpWDX[ VXSSRUWpV j EDVH GH SODWLQH HW SDOODGLXP VRQW G¶H[FHOOHQWVFDWDO\VHXUVSRXUFRQGXLUHjODIRUPDWLRQG¶DFLGHV'DQVFHFDVLOHVWFRPPXQpPHQW DGPLV TXH O¶R[\GDWLRQ HQ DFLGH SDVVH LQWHUPpGLDLUHPHQW SDU OD IRUPDWLRQ GX JHPGLRO GH O¶DOGpK\GH FRPPH LQGLTXp GDQV OH 6FKpPD , 6HORQ XQ PpFDQLVPH DQDORJXH j FHOXL SUpVHQWp GDQVODILJXUH, 5 2+
(82) OHJHPGLROSHXWVXELUXQHGpVK\GURJpQDWLRQR[\GDQWHSRXUGRQQHU O¶DFLGH,ODpWpPRQWUpTXHOHPLOLHXDTXHX[DOFDOLQIDYRULVHVRLWO¶K\GUDWDWLRQGHVDOGpK\GHVVRLW O¶R[\GDWLRQVXFFHVVLYHHQDFLGHV. 6FKpPD, +\GUDWDWLRQG¶XQDOGpK\GHHQJHPGLRODYHFR[\GDWLRQVXFFHVVLYHHQDFLGH. /HV VpOHFWLYLWpV HQ DOGpK\GHV VRQW HQ JpQpUDO IDLEOHV HQ UDLVRQ MXVWHPHQW GH OD IDFLOLWp GH SRXUVXLYUH OD UpDFWLRQ VXU O¶DOGpK\GH &H SUREOqPH HVW DWWpQXp ORUV GH OD V\QWKqVH G¶DOGpK\GHV DURPDWLTXHVRXĮȕLQVDWXUpVFRPPHSDUH[HPSOHOHFLWUDORXOHFLQQDPDOGpK\GH/HVDOFRROVTXL SUpVHQWHQWHQĮGHO¶K\GUR[\OHXQJURXSHPHQWLQVDWXUp SDUH[HPSOHOHVDOFRROVDOO\OLTXHVRXOHV DOFRROVEHQ]\OLTXHV
(83) VRQWVpOHFWLYHPHQWR[\GpVHQDOGpK\GHSXLVTXHODIRUPDWLRQGXFDUERQ\OHHVW IDYRULVpH SDU OD FRQMXJDLVRQ GHV V\VWqPHV ʌ FHW HIIHW PRGLILH VHQVLEOHPHQW OHXU UpDFWLYLWp OD IRUPDWLRQGXJHPGLROFRQGXLVDQWjODSHUWHGHFRQMXJDLVRQ . Ϯϯ .
(84) ,%LEOLRJUDSKLH±2[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV ,&DWDO\VHXUVPRQRPpWDOOLTXHV /HV SUHPLHUVWUDYDX[ VH VRQW FRQFHQWUpV VXU O¶R[\GDWLRQ VpOHFWLYH GH FDUERK\GUDWHVHQ SUpVHQFH GHFDWDO\VHXUVjEDVHGHSODWLQHHWSDOODGLXPHQPLOLHXDTXHX[ FHVFRPSRVpVFRPSRUWHQWGDQV OHXUVWUXFWXUHGHVJURXSHPHQWVDOFRROVSULPDLUHVVHFRQGDLUHVRXDOGpK\GHV ,ODpWpPRQWUpTXHODUpDFWLRQHVWOLPLWpHSDUODGpVDFWLYDWLRQGXFDWDO\VHXU3OXVLHXUVUDLVRQVRQW pWppYRTXpHVFRPPHODVXUR[\GDWLRQGHVVLWHVDFWLIVO¶DGVRUSWLRQGHVDFLGHVODGpFDUERQ\ODWLRQ GHV DOGpK\GHV IRUPpV HW OD IRUPDWLRQ GH IUDJPHQWV FDUERQpV TXL VH GpSRVHQW HQ VXUIDFH /D VXUR[\GDWLRQGHVVLWHVDFWLIVSHQGDQWODUpDFWLRQHVWGXHjO¶DGVRUSWLRQSOXVIRUWHGHO¶R[\JqQHTXH GHO¶DOFRRO>@(OOHSHXWrWUHpYLWpHVLODYLWHVVHGHO¶DSSRUWG¶R[\JqQHjODVXUIDFHGXFDWDO\VHXU HVWSOXVIDLEOHTXHODYLWHVVHGHGpVK\GURJpQDWLRQGHO¶DOFRROSDUH[HPSOHHQRSpUDQWHQOLPLWDWLRQ G¶R[\JqQH>@>@ (Q SDUWLFXOLHU O¶R[\GDWLRQ GX JOXFRVH HQ DFLGH JOXFRQLTXH D pWp EHDXFRXS pWXGLpH SRXU O¶LPSRUWDQFH GH FH GHUQLHU SURGXLW GDQV OHV LQGXVWULHV SKDUPDFHXWLTXH HW DOLPHQWDLUH>@ 3DU H[HPSOH'LUN[HW9DQGHU%DDQ>@RQWpWXGLpO¶R[\GDWLRQGXJOXFRVH 0
(85) HQSUpVHQFHG¶XQ FDWDO\VHXU3W&HQPLOLHXDTXHX[DOFDOLQ S+
(86) j&HWVRXVGpELWG¶R[\JqQHFRQWU{Op / PLQ
(87) /¶R[\GDWLRQ GH O¶DOGpK\GH HQ SRVLWLRQ DQRPpULTXH pWDQW SOXV IDFLOH TXH O¶R[\GDWLRQ GHV DOFRROVSULPDLUHVHWVHFRQGDLUHVGDQVFHVFRQGLWLRQVODUpDFWLRQGRQQHFRPPHSURGXLWPDMRULWDLUH O¶DFLGH 'JOXFRQLTXH 'HV IDLEOHV SRXUFHQWDJHV GH VRXVSURGXLWV FRPPH O¶DFLGH JOXFXURQLTXH HW O¶DFLGH JXOXURQLTXH GXV j O¶R[\GDWLRQ SDUWLHOOH GHV DXWUHV JURXSHPHQWV K\GUR[\OpV SUpVHQWV VRQW REVHUYpV )LJXUH,
(88) . )LJXUH, 2[\GDWLRQDpURELHGXJOXFRVH VFKpPDUpDFWLRQQHOGHVSURGXLWV&RQGLWLRQV JOXFRVH0FDW . 3W&S+ &R[\JqQH/PLQ . /DYLWHVVHGHODUpDFWLRQVXELWXQIRUWUDOHQWLVVHPHQWDXFRXUVGHO¶DYDQFHPHQWGHO¶R[\GDWLRQTXH OHV DXWHXUV DWWULEXHQW j O¶R[\JqQH SUpVHQW GDQV OH PLOLHX TXL SHXW SDUWLHOOHPHQW R[\GHU OD VXUIDFH Ϯϰ .
(89) ,%LEOLRJUDSKLH±2[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV. PpWDOOLTXHDLQVLTX¶DX[HVSqFHVSUpVHQWHVHQVROXWLRQTXLSHXYHQWEORTXHUOHVLWHDFWLI/HVDFLGHV FDUER[\OLTXHVVRQWFDSDEOHVGHFRRUGRQQHUOHPpWDOHWGHFRQGXLUHjXQHOL[LYLDWLRQGXPpWDORXj XQHDGVRUSWLRQLUUpYHUVLEOHVXUOHVLWHFDWDO\WLTXH8QS+EDVLTXHSHUPHWGHJDUGHUOHVDFLGHVVRXV IRUPH GH FDUER[\ODWHV HW GRQF GH VDXYHJDUGHU O¶DFWLYLWp FDWDO\WLTXH >@ 'DQV FH FDV R OD GpVDFWLYDWLRQ HVW UpYHUVLEOH O¶DFWLYLWp SHXW DXVVL rWUH UpWDEOLH SDU SXUJH G¶D]RWH GX PLOLHX UpDFWLRQQHODLQVLTXHSDUODYDJHGXFDWDO\VHXUjO¶HDX>@ /¶XWLOLVDWLRQGHFHVV\VWqPHVFDWDO\WLTXHVDpWppWHQGXHjXQHODUJHJDPPHGHVXEVWUDWVWHOVTXH GHVDOFRROVEHQ]\OLTXHVVXEVWLWXpVRXQRQRXGDQVXQHPRLQGUHPHVXUHGHVDOFRROVDOLSKDWLTXHV /DSOXSDUWGXWHPSVXQVROYDQWRUJDQLTXHHVWXWLOLVpDILQGHVROXELOLVHUOHVXEVWUDW/HVVROYDQWVOHV SOXVFRPPXQpPHQWXWLOLVpVVRQWOHWROXqQHRXOHWULIOXRUREHQ]qQH 8QH UpDFWLRQ SDUDVLWH SDUIRLV REVHUYpH HVW OD GpFDUERQ\ODWLRQ GHV DOGpK\GHV DYHF SRXU FRQVpTXHQFHXQHIRUWHDGVRUSWLRQGH&2HWGHVIUDJPHQWVFDUERQpVIRUPpV 6FKpPD,
(90) . 6FKpPD, 'pFDUERQ\ODWLRQG¶XQDOGpK\GHVXUXQPpWDOJpQpULTXH0 . /¶DGVRUSWLRQ GH &2 D pWp PLVH HQ pYLGHQFH SDU DQDO\VH LQ VLWX $WWHQXDWHG 7RWDO 5HIOHFWLRQ ,QIUD 5HG $75,5
(91) SHQGDQWO¶R[\GDWLRQGHO¶DOFRROEHQ]\OLTXHHQEHQ]DOGpK\GHVXU3G$O2GDQVOH F\FORKH[DQHj&> @ . ,&DWDO\VHXUVELPpWDOOLTXHV &HWWHSUHPLqUHJpQpUDWLRQGHFDWDO\VHXUVSODWLQHRXSDOODGLXPVXSSRUWpVDHQVXLWHpYROXpYHUVGH QRXYHDX[ PDWpULDX[ DX FRXUV GHV pWXGHV VXU O¶R[\GDWLRQ GHV VXFUHV LO D pWp PRQWUp TXH O¶LQWURGXFWLRQG¶XQGHX[LqPHPpWDO %L3EHWDXWUHV
(92) DXV\VWqPHPRQRPpWDOOLTXHSRXYDLWEDLVVHU YRLUH VXSSULPHU OD GpVDFWLYDWLRQ WRXW HQ PDLQWHQDQW OD VpOHFWLYLWp /H PpWDO SURPRWHXU VHXO HVW LQDFWLI SRXU FHWWH UpDFWLRQ /H GpYHORSSHPHQW GH FHWWH QRXYHOOH FDWpJRULH GH FDWDO\VHXUV ELPpWDOOLTXHVDSHUPLVG¶RSWLPLVHUFHW\SHGHWUDQVIRUPDWLRQV /D PpWKRGH GH SUpSDUDWLRQ HVW LPSRUWDQWH GHIDoRQ j GpSRVHU OH %L VXU OHV SDUWLFXOHV GH PpWDO QREOH3DUH[HPSOHGDQVQRWUHODERUDWRLUH>@ODSURPRWLRQG¶XQFDWDO\VHXU3G&DpWpHIIHFWXpH HQXWLOLVDQW%L212FRPPHSUpFXUVHXUGH%LHQPLOLHXDFLGHHWOHJOXFRVHFRPPHDJHQWUpGXFWHXU 6FKpPD ,
(93) /¶DQDO\VH 67(0('; GX FDWDO\VHXU D PRQWUp TXH JUkFH j FHWWH PpWKRGH GH SUpSDUDWLRQG¶R[\GRUpGXFWLRQGHVXUIDFHOHELVPXWKpWDLWSULQFLSDOHPHQWGpSRVpVXUOHVSDUWLFXOHV GHSDOODGLXP Ϯϱ .
(94) ,%LEOLRJUDSKLH±2[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV. . 6FKpPD, 3UpSDUDWLRQGXFDWDO\VHXU3G%L&SDUR[\GRUpGXFWLRQGHVXUIDFH>@. /HFDWDO\VHXUDpWpHQVXLWHHPSOR\pGDQVO¶R[\GDWLRQGXJOXFRVHHQDFLGHJOXFRQLTXHj&HQ PLOLHX DTXHX[ j S+ O¶HIIHW VXU OD YLWHVVH GH UpDFWLRQ HW OH PpFDQLVPH GH OD SURPRWLRQ VRQW SUpVHQWpVGDQVOD)LJXUH, D
(95) . . . E
(96) . . . )LJXUH, (IIHWGHODSURPRWLRQDXELVPXWKSHQGDQWO¶R[\GDWLRQDpURELHGXJOXFRVHDYHFXQFDWDO\VHXU 3G& D
(97) HWPpFDQLVPHSURSRVpSRXUODSURPRWLRQ E
(98) &RQGLWLRQV JOXFRVH060 DLU 3DWP
(99) &S+ D 3G& E 3G%L& %L3G PROPRO
(100) >@. /D SURPRWLRQ GX FDWDO\VHXU IDYRULVH VHQVLEOHPHQW O¶DFWLYLWp FDWDO\WLTXH DYHF FRQYHUVLRQ WRWDOH DX ERXW GH KHXUHV HW XQH VpOHFWLYLWp SUHVTXH WRWDOH HQ DFLGH JOXFRQLTXH *UkFH j VD SOXV JUDQGH DIILQLWp SRXU O¶R[\JqQH OH ELVPXWK HVW FDSDEOH GH SURWpJHU OH SDOODGLXP GH OD GpVDFWLYDWLRQ VDQV VXELU GH OL[LYLDWLRQ j S+ EDVLTXH )LJ ,D
(101) GH SOXV LO D pWp PRQWUp TXH OH FDWDO\VHXU HVW UHF\FODEOHVXUSOXVLHXUVF\FOHVVDQVSHUWHG¶DFWLYLWpQLGHVpOHFWLYLWp /HV FDWDO\VHXUV DX SODWLQH SURPXV DX ELVPXWK VH VRQW DXVVL PRQWUpV HIILFDFHV GDQV O¶R[\GDWLRQ G¶DOFRROV VLPSOHVFRPPH SDU H[HPSOH OH GpF qQRO URVDOYD
(102) HQ DFLGH GpF HQRwTXH XQ V\QWKRQXWLOLVpGDQVO¶LQGXVWULHGHVSDUIXPV>@ Ϯϲ .
(103) ,%LEOLRJUDSKLH±2[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV. D
(104) E
(105) . )LJXUH, 2[\GDWLRQGX GHFHQRO&RQGLWLRQV 3W± %L& %L3W
(106) &JFDWDO\VHXU . GLR[DQH HDX/K DLU
(107) D
(108) S+QRQFRQWU{Op E
(109) S+ >@ . 8Q PpODQJH GLR[DQHHDX D pWp XWLOLVp FRPPH VROYDQW j FDXVH GH O¶LQVROXELOLWp GX VXEVWUDW HW GHV SURGXLWV GDQV O¶HDX /H FRQWU{OH GX S+ HVW HQFRUH XQH IRLV LPSRUWDQW SRXU SUpYHQLU O¶HPSRLVRQQHPHQWGXPpWDOGHODSDUWGHO¶DFLGHFDUER[\OLTXHVRXVVDIRUPHPROpFXODLUHHWIDFLOLWHU ODGpVRUSWLRQGXFDUER[\ODWHIRUPp %U|QQLPDQQ HW FROO >@ TXDQW j HX[ RQW HIIHFWXp OD SURPRWLRQ G¶XQ FDWDO\VHXU 3W$O2 SDU LPSUpJQDWLRQ HW UpGXFWLRQ GH QLWUDWH GH ELVPXWK DYHF O¶K\GURJqQH HQ PLOLHX DTXHX[ DFLGH VXLYLH SDUXQODYDJHGXILOWUDWDYHFGHO¶LVRSURSDQROSXLVDYHF1D+&2SRXUQHXWUDOLVHUVRXVD]RWHSRXU PDLQWHQLUOHV\VWqPHVRXVIRUPHUpGXLWH 6FKpPD,
(110) . 6FKpPD, 3UpSDUDWLRQG¶XQFDWDO\VHXUELPpWDOOLTXH3W%L$O2>@. /HFDWDO\VHXUDpWpHQVXLWHWHVWpGDQVO¶R[\GDWLRQGX/VRUERVH 0
(111) HQDFLGHFpWRJXORQLTXH ./*
(112) j & HQ PLOLHX DTXHX[ QHXWUH /H ./* HVW XQ LQWHUPpGLDLUH LPSRUWDQW SRXU OD V\QWKqVHGHO¶DFLGHDVFRUELTXH YLWDPLQH&
(113) LOV¶DJLWLFLG¶R[\GHUVpOHFWLYHPHQWXQDOFRROSULPDLUH DYHF XQ FDUERQ\OH HQ Į HQ DFLGH /D )LJXUH , PRQWUH OD VWUXFWXUH GX VXEVWUDW HW GHV SURGXLWV G¶R[\GDWLRQGpWHFWpV. Ϯϳ .
(114) ,%LEOLRJUDSKLH±2[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV. . )LJXUH, 6FKpPDUpDFWLRQQHOSRXUO¶R[\GDWLRQDpURELHGXVRUERVH . /D UpDFWLRQ HIIHFWXpH DYHF XQ UDSSRUW IDLEOH VXEVWUDW VXU PpWDO 60
(115) GH GRQQH SRXU OH FDWDO\VHXU3W$O2XQHFRQYHUVLRQGHGXVRUERVHDYHFXQHVpOHFWLYLWpGHHQ./* jS+QHXWUHDSUqVKHXUHVGHUpDFWLRQ/DSURPRWLRQDYHFOH%LDXJPHQWHODYLWHVVHGHUpDFWLRQ PDLVODVpOHFWLYLWpHQ./*HVWSOXVIDLEOH
(116) /HVHVVDLVjS+SOXVpOHYpVFRQGXLVHQWjGHV VpOHFWLYLWpV HQFRUH PRLQV ERQQHV HQ UDLVRQ GH O¶LQVWDELOLWp GX ./* GDQV FHV FRQGLWLRQV )LQDOHPHQW O¶DMRXW GH EDVHV D]RWpHV TXL V¶DGVRUEHQW j OD VXUIDFH UpVXOWH HQ XQH DFWLYLWp HW XQH VpOHFWLYLWpUDLVRQQDEOHV>@>@ DYHFO¶DMRXWGHKH[DPpWK\OqQHWHWUDPLQH +07$
(117) jXQFDWDO\VHXU 3W& +07$3WVPROPRO
(118) ODVpOHFWLYLWpHQ./*SDVVHGHj jGHFRQYHUVLRQ /¶LQIOXHQFHGHO¶DMRXWG¶XQVHFRQGPpWDOVXUODVpOHFWLYLWpHVWFODLUHPHQWREVHUYpHGDQVOHFDVGH O¶R[\GDWLRQ GX JO\FpURO SRVVpGDQW j OD IRLV GHV DOFRROV SULPDLUHV HW XQ DOFRRO VHFRQGDLUH )LJXUH ,
(119) (Q SUpVHQFH G¶XQ FDWDO\VHXU PRQRPpWDOOLTXH 3G& XQH VROXWLRQ GH JO\FpURO 0
(120) D pWp FRQYHUWLHj&HWS+HQDFLGHJO\FpULTXHDYHFXQHVpOHFWLYLWpGHjFRQYHUVLRQWRWDOH OD SURPRWLRQ SDU OH %L SHUPHW G¶RULHQWHU OD VpOHFWLYLWp YHUV O¶R[\GDWLRQ GX JURXSHPHQW K\GUR[\OH VHFRQGDLUHSRXUREWHQLUODGLK\GUR[\DFpWRQHDYHFXQHVpOHFWLYLWpGHjGHFRQYHUVLRQj S+>@ . )LJXUH, 6FKpPDUpDFWLRQQHOG¶R[\GDWLRQDpURELHGXJO\FpUROHWSURGXLWVSULQFLSDX[GHUpDFWLRQVHORQOHV FRQGLWLRQVUpDFWLRQQHOOHV . Ϯϴ .
(121) ,%LEOLRJUDSKLH±2[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV. 3RXUSURJUHVVHUVXUODFRPSUpKHQVLRQGHO¶HIIHWSURPRWHXUGX%L0RQGHOOLHWFROO>@RQWDQDO\Vp SDU WHFKQLTXH $75 ,5 LQ VLWX OHV HVSqFHV j OD VXUIDFH GH GHX[ FDWDO\VHXUV XQ PRQRPpWDOOLTXH 3W$O2 HW XQ ELPpWDOOLTXH 3W%L$O2
(122) VRXV DWPRVSKqUH VDWXUpH GH PRQR[\GH GH FDUERQH j &/HVVLJQDX[FRUUHVSRQGDQWVjO¶DGVRUSWLRQGX&2jFPHWFPVRQWSOXVIDLEOHV HQSUpVHQFHGHSURPRWHXU ODPRGLILFDWLRQGHODVXUIDFHGXSODWLQHSDUOHELVPXWKUpGXLWOHVVLWHV GLVSRQLEOHVSRXUO¶DGVRUSWLRQGXPRQR[\GHGHFDUERQHDYHFFRPPHUpVXOWDWILQDOODSURWHFWLRQGH OD VXUIDFH DFWLYH GX PpWDO QREOH VRLW GH OD VXUR[\GDWLRQ VRLW GH O¶HPSRLVRQQHPHQW GH OD SDUW GX &2 ,$XWUHVIRUPXODWLRQVFDWDO\WLTXHV /HV QDQRSDUWLFXOHV GH SODWLQH HW SDOODGLXP VRQW KDELWXHOOHPHQW VXSSRUWpHV VXU FKDUERQ DFWLI RX DOXPLQH 'HV WUDYDX[ RQW SRUWp DXVVL VXU G¶DXWUHV W\SHV GH VXSSRUW WHOV TXH OHV K\GUR[\DSDWLWHV &D 2+
(123) 32
(124)
(125) OHV K\GURWDOFLWHV 0J$O&2
(126) HW OHV PRQWPRULOORQLWHV VLOLFDWHV G¶DOXPLQLXP HW PDJQpVLXP
(127) TXLVRQWGHVVXSSRUWVPXOWLFRXFKHV>@ /HJURXSHGH0RUL>@DREWHQXGHVUpVXOWDWVLQWpUHVVDQWVGDQVO¶R[\GDWLRQGHGLIIpUHQWVDOFRROV EHQ]\OLTXHV HW DOO\OLTXHV j & VRXV EDU G¶R[\JqQH HW HQ PLOLHX RUJDQLTXH WULIOXRUREHQ]qQH
(128) HQ SUpVHQFH G¶XQ FDWDO\VHXU FRQVWLWXp GH SDOODGLXP LPPRELOLVp j O¶LQWpULHXU G¶XQH K\GUR[\DSDWLWH 3G+$3
(129) /HFDWDO\VHXUDpWpSUpSDUpSDULPSUpJQDWLRQGHO¶+$3DYHFXQHVROXWLRQRUJDQLTXHGH 3G&O 3K&1
(130) 8QH DQDO\VH ©; 5D\ $EVRUSWLRQ 1HDU (GJH 6WUXFWXUHª ;$1(6
(131) GXFDWDO\VHXU DYDQW HW DSUqV UpDFWLRQ PRQWUH TXH OH 3G HVW SUpVHQW VRXV GHX[ IRUPHV GLIIpUHQWHV O¶pWDW G¶R[\GDWLRQ FRUUHVSRQGDQW j XQ SDOODGLXP VRXV IRUPH PRQRPpULTXH HVW DQDO\Vp VXU OH FDWDO\VHXULQLWLDO&HWWHHVSqFHpYROXHYHUVGXSDOODGLXPPpWDOOLTXH/HVLWHFDWDO\WLTXHVXELWGRQF XQHPRGLILFDWLRQDXFRXUVGHODUpDFWLRQSRXUFRQGXLUHjODIRUPDWLRQGHQDQRSDUWLFXOHVTXLUHVWHQW VWDEOHVHWDFWLYHVSRXUSOXVLHXUVF\FOHVFDWDO\WLTXHV/DFRPSDUDLVRQDYHFXQFDWDO\VHXUFODVVLTXH 3G&HVWPRQWUpHGDQVOH7DEOHDX, 7DEOHDX, 2[\GDWLRQG¶DOFRROVHQSUpVHQFHGH3G HIIHWGXVXSSRUWXWLOLVp&RQGLWLRQV DOFRRO PPRO
(132) 60 WULIOXRUREHQ]qQH P/
(133) &K2 DWP
(134) 6pOHFWLYLWp DOGpK\GHRXFpWRQH>@ &DWDO\VHXU &RQY
(135) . 6XEVWUDW. . . 6pO
(136) . 3G+$3. . . 3G&. . . 3G+$3. . . 3G&. . . . Ϯϵ .
(137) ,%LEOLRJUDSKLH±2[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV 'DQVOHVFRQGLWLRQVUpDFWLRQQHOOHVPLVHVHQ°XYUH &EDUG¶R[\JqQH
(138) O¶R[\GDWLRQG¶DOFRROV SULPDLUHV FRQGXLW H[FOXVLYHPHQW j OD IRUPDWLRQ GHV DOGpK\GHV FRUUHVSRQGDQWV DYHF XQH FRQYHUVLRQSOXVLPSRUWDQWH HWUHVSHFWLYHPHQW
(139) /DGLIIpUHQFHG¶DFWLYLWpHVWHQFRUHSOXV PDUTXpH SRXU O¶R[\GDWLRQ G¶DOFRROV VHFRQGDLUHV DYHF GH FRQYHUVLRQ HQ K DYHF 3G+$3 FRQWUHDYHF3G& 8R]RPL > @ D UHSRUWp O¶R[\GDWLRQ GH GLIIpUHQWV DOFRROV EHQ]\OLTXHV HW DOLSKDWLTXHV j & VRXV DWPRVSKqUHG¶R[\JqQHHQSUpVHQFHGH3W PRO
(140) VXSSRUWpVXUXQHUpVLQHGHSRO\VW\UqQH± SRO\pWK\OqQHJO\FRO DPSKLSKLOH 3W$53
(141) HQ PLOLHX DTXHX[ /H FDWDO\VHXU HVW SUpSDUp SDU FRPSOH[DWLRQDYHFXQHUpVLQHFRPPHUFLDOHDPLQpH 363(*1+
(142) G¶XQVHOGHSODWLQHVXLYLHG¶XQH UpGXFWLRQSUpFLSLWDWLRQ DYHF O¶DOFRRO EHQ]\OLTXH j UHIOX[ 6FKpPD ,
(143) /D QDWXUH K\GURSKREH GX VXSSRUW SRO\PpULTXH SHUPHW G¶REWHQLU XQ HQYLURQQHPHQW UpDFWLRQQHO IDYRUDEOH j O¶DGVRUSWLRQ GHV DOFRROV PRLQV SRODLUHV PrPH HQ PLOLHX DTXHX[ /HV DOFRROV VHFRQGDLUHV DOLSKDWLTXHV RX Į± DURPDWLTXHV VRQW R[\GpV HQ FpWRQHV HQ K j & HQ XWLOLVDQW XQLTXHPHQW O¶HDX FRPPH VROYDQW /H V\VWqPH D SX rWUH UHF\FOp IRLV SRXU O¶R[\GDWLRQ GX SKpQ\OpWKDQRO VDQV SHUWH G¶DFWLYLWp. 6FKpPD, 6\QWKqVHGXFDWDO\VHXU3W$53jEDVHGHQDQRSDUWLFXOHVGHSODWLQHDFWLIGDQVO¶R[\GDWLRQ. . G¶DOFRROV> @ . /¶R[\GDWLRQG¶DOFRROVSULPDLUHVDDXVVLpWppYDOXpHDYHFFHV\VWqPHFDWDO\WLTXH4XHOVTXHVRLHQW OHVVXEVWUDWV DOLSKDWLTXHVDOO\OLTXHVDURPDWLTXHV
(144) VHXOO¶DFLGHFRUUHVSRQGDQWHVWREWHQXj& HQK,OHVWjQRWHUTXHGDQVOHFDVG¶DOFRROVSULPDLUHVDOLSKDWLTXHV RFWDQRO
(145) ODYLWHVVHGH OD UpDFWLRQ HVW EHDXFRXS SOXV IDLEOH HW LO HVW QpFHVVDLUH G¶DMRXWHU pTXLYDOHQW GH .&2 SRXU REWHQLU GHUHQGHPHQWDSUqVKHXUHVHQSUpVHQFHGHGHFDWDO\VHXU )LQDOHPHQW OH JURXSH GH ,NHGD >@ >@ D SUpSDUp XQH VpULH GH FDWDO\VHXUV R OH SODWLQH D pWp HQFDSVXOp j O¶LQWpULHXU GH QDQRVSKqUHV GH FDUERQH ©FUHX[ª &HV FDWDO\VHXUV VRQW REWHQXV j WUDYHUVXQHUpDFWLRQSKRWRFDWDO\WLTXHVXUOHSKpQROHQSUpVHQFHGH7L2 HW+3W&OVXLYLHSDUXQH FDUERQLVDWLRQj&VRXVYLGHHWXQHGLVVROXWLRQGX7L2LQFRUSRUpDYHFGHO¶DFLGHIOXRUK\GULTXH Q3W#K&
(146) >@ &HWWH PpWKRGH GH SUpSDUDWLRQ SHUPHW G¶REWHQLU XQ FDWDO\VHXU PLFURSRUHX[ WDLOOH GHV SRUHV QP
(147) DYHF XQH VXUIDFH VSpFLILTXH pOHYpH ! Pð J
(148) &H FDWDO\VHXU D pWp HPSOR\pGDQVXQHVpULHGHWHVWVG¶R[\GDWLRQG¶DOFRROVGDQVOHWROXqQHHWXQHFRPSDUDLVRQDpWp HIIHFWXpHDYHFXQFDWDO\VHXU3W&FRPPHUFLDOpJDOHPHQWPLFURSRUHX[ WDLOOHGHVSRUHV QP
(149) HWGHVXUIDFHVSpFLILTXHLQIpULHXUH PðJ
(150) /HVUpVXOWDWVVRQWPRQWUpVGDQVOH7DEOHDX, ϯϬ .
(151) ,%LEOLRJUDSKLH±2[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV. 7DEOHDX, &RPSDUDLVRQGHGHX[FDWDO\VHXUVGDQVO¶R[\GDWLRQDpURELHG¶DOFRROV&RQGLWLRQV WHPSpUDWXUH DPELDQWHDLU 3DWP
(152) 60 WROXqQH P/
(153) 6pOHFWLYLWp DOGpK\GHRXFpWRQH
(154) >@ . 6XEVWUDW. . . . FDWDO\VHXU. 72) K
(155) . 3W&. . Q3W#K&. . 3W&. . Q3W#K&. . 3W&. . Q3W#K&. . 3W&. . Q3W#K&. . /HVWHVWVG¶R[\GDWLRQPRQWUHQWTXHODVWUXFWXUHFUHXVHGXFDWDO\VHXUQ3W#K&DXJPHQWHO¶DFWLYLWp FDWDO\WLTXH SRXU WRXV OHV VXEVWUDWV DYHF XQH DXJPHQWDWLRQ SOXV QHWWH SRXU OHV DOFRROV DURPDWLTXHV /HV DXWHXUV DWWULEXHQW FHWWH KDXVVH G¶DFWLYLWp j OD PRUSKRORJLH GLIIpUHQWH GX VLWH FDWDO\WLTXHRODGLIIXVLRQRSWLPDOHGHVVXEVWUDWVHVWIDYRULVpHDYHFXQHSRURVLWpSOXVpOHYpH . ,&DWDO\VHXUVjEDVHGHUXWKpQLXP /HVFDWDO\VHXUVjEDVHGHUXWKpQLXPRQWpJDOHPHQWpWppWXGLpVHQR[\GDWLRQVpOHFWLYHG¶DOFRROV 6L GHV SHUUXWKpQDWHV GH WHWUDSURS\ODPPRQLXP 73$3
(156) VXSSRUWpV VXU 6L2 RX SRO\PqUH RQW pWp GpYHORSSpV >@ >@ OHV pWXGHV VH VRQW SOXW{W RULHQWpHV YHUV GHV FDWDO\VHXUV KpWpURJqQHV VXSSRUWpVWHOVTXH5X&5X 2+
(157) [$O2RX7L2RX5X±K\GUR[\DSDWLWH 6RXVIRUPHPpWDOOLTXHGLIIpUHQWVFDWDO\VHXUVPpWDOOLTXHVFRPPHUFLDX[VXSSRUWpVVXUFKDUERQRX DOXPLQHRQWpWpHPSOR\pVSRXUO¶R[\GDWLRQG¶XQHVpULHG¶DOFRROVGDQVOHWROXqQHj&VRXV EDU G¶DLU >@ /HV FDWDO\VHXUV 5X& VRQW PRLQV DFWLIV TXH OHV FDWDO\VHXUV 3W& SRXU O¶R[\GDWLRQ G¶DOFRROVDOLSKDWLTXHVOHVDFWLYLWpVVRQWFRPSDUDEOHVSRXUGHVDOFRROVDURPDWLTXHV3DUFRQWUHOHV FDWDO\VHXUV DX UXWKpQLXP R[\GHQW VpOHFWLYHPHQW OHV DOFRROV SULPDLUHV HQ DOGpK\GHV FRUUHVSRQGDQWV DYHF WUqV SHX G¶DFLGHV FRPPH SDU H[HPSOH OH SHQWDQRO RX O¶DOFRRO RX K\GUR[\EHQ]\OLTXH8QFDWDO\VHXUFRPPHUFLDO5X&DpWpWHVWpDYHFVXFFqVSRXUO¶R[\GDWLRQ G¶DOFRROVEHQ]\OLTXHVSULPDLUHVRXVHFRQGDLUHVGDQVOHWROXqQHj&>@'HVFDWDO\VHXUVROH UXWKpQLXPDpWpVXSSRUWpVXUQDQRWXEHVGHFDUERQHDYHFGHVWDLOOHVGHVSDUWLFXOHVGHO¶RUGUHGH QP VH VRQW PRQWUpV WUqV DFWLIV VpOHFWLIV HW VWDEOHV GDQV O¶R[\GDWLRQ GH O¶DOFRRO EHQ]\OLTXH HQ ϯϭ .
(158) ,%LEOLRJUDSKLH±2[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV EHQ]DOGpK\GHHWG¶DXWUHVDOFRROVSULPDLUHVHWVHFRQGDLUHVGDQVXQHpPXOVLRQWROXqQHHDXj& VRXVEDUG¶R[\JqQH>@ '¶DXWUHV FDWDO\VHXUV R OH UXWKpQLXP HVW VRXV IRUPH G¶R[\GH K\GUDWp SHXYHQW SUpVHQWHU GHV DFWLYLWpVpOHYpHV3DUH[HPSOHXQFDWDO\VHXU5X 2+
(159) [$O2 SUpSDUpSDUDJLWDWLRQG¶DOXPLQHGDQV XQH VROXWLRQ DTXHXVH GH 5X&O EDVLILFDWLRQ DYHF GH OD VRXGH MXVTX¶j S+ HW PDWXUDWLRQ SHQGDQW KHXUHV D pWp ODUJHPHQW pWXGLp >@ &H W\SH GH FDWDO\VHXU D PRQWUp XQH DFWLYLWp VXSpULHXUHjODIRUPHPpWDOOLTXH OHVWHVWVHIIHFWXpVj&VRXVEDUG¶R[\JqQHPROpFXODLUHHQ PLOLHXRUJDQLTXH WULIOXRUREHQ]qQH
(160) PRQWUHQWGHVVpOHFWLYLWpVpOHYpHVHQDOGpK\GHVVDQVIRUPDWLRQ G¶DFLGH RX HQ FpWRQHV /H V\VWqPH HVW HIILFDFH DXVVL GDQV OD FRQYHUVLRQ G¶XQ DOFRRO KpWpURDURPDWLTXH FRPPH OH S\ULGLQHPpWKDQRO R O¶DWRPH G¶D]RWH Q¶LQWHUIqUH SDV GDQV O¶R[\GDWLRQ/HVDOFRROVDOLSKDWLTXHVPRQWUHQWXQHIDLEOHUpDFWLYLWp(QSDUWLFXOLHUOHRFWDQDOQ¶HVW REWHQX TX¶HQ SUpVHQFH G¶K\GURTXLQRQH FRPPH SLpJHXU GH UDGLFDX[ >@ /HV UpVXOWDWV VRQW PRQWUpVGDQVOH7DEOHDX, 7DEOHDX, 2[\GDWLRQDpURELHHQSUpVHQFHGH5X 2+
(161) [VXSSRUWpVXU$O2&RQGLWLRQV 5X PRO
(162) WULIOXRUREHQ]qQH P/
(163) &EDU 2
(164) $OFRROVSULPDLUHV. 7HPSV. &RQY. K
(165) .
(166) . . . . $OFRROV. 7HPSV. &RQY. VHFRQGDLUHV. K
(167) .
(168) . . . . . . . . . . . . . . . . . . . 5X PRO
(169) HT+\GURTXLQRQH6pOHFWLYLWp DOGpK\GHRXFpWRQH !
(170) . /H PpFDQLVPH SURSRVp SRXU OD UpDFWLRQ >@ UHSRVH VXU SOXVLHXUV IDLWV H[SpULPHQWDX[ FRPPH OH IDLWTX¶HOOHQ¶HVWSDVUDGLFDODLUHTXHO¶R[\GDWLRQGHVDOFRROVSULPDLUHVHVWSOXVUDSLGHTXHFHOOHGHV DOFRROV VHFRQGDLUHV HW TXH O¶LQIOXHQFH GHV VXEVWLWXDQWV VXJJqUH OD IRUPDWLRQ G¶XQ pWDW WUDQVLWRLUH FDUERFDWLRQLTXH SRXU O¶pOLPLQDWLRQ GH O¶K\GUXUH HQ ȕ HW OD IRUPDWLRQ G¶XQH HVSqFH PRQR K\GUXUH PpWDOOLTXH DSUqV O¶pOLPLQDWLRQ GX SURGXLW FDUERQ\Op /HV DXWHXUV GRQQHQW XQ U{OH SUpFLV j OD VWUXFWXUH GX VLWH DFWLI OHV K\GUR[\GHV DGVRUEpV HQ VXUIDFH HW OH PpWDO GDQV VD IRUPH R[\GpH FRQWULEXHQW j DFWLYHU O¶DOFRRO VHORQ XQH LQWHUDFWLRQ DFLGHEDVH GH /HZLV DFWLYDWLRQ FRQFHUWpH ± 6FKpPD ,
(171) (Q SOXV GDQV O¶pWDSH R[\GDQWH GH UpJpQpUDWLRQ GX VLWH DFWLI SDU O¶R[\JqQH PROpFXODLUH LOV SURSRVHQW OD IRUPDWLRQ GH SHUR[\GH G¶K\GURJqQH TXL j FDXVH GHV FRQGLWLRQV UpDFWLRQQHOOHVVHGpFRPSRVHIDFLOHPHQWHQ2HW+2HWQ¶HVWGRQFSDVGpWHFWDEOH ϯϮ .
(172) ,%LEOLRJUDSKLH±2[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV. . 6FKpPD, 0pFDQLVPHSURSRVpSRXUOH5X 2+
(173) [HWGpWDLOGHO¶DFWLYDWLRQFRQFHUWpH>@ . /H UXWKpQLXP VRXV FHWWH IRUPH D pWp SUpSDUp pJDOHPHQW VXU GHV VXSSRUWVFRPPH 7L2 >@ RX &D2 =U2 V\QWKpWLVp SDU FRSUpFLSLWDWLRQ &D=U
(174) >@ 'DQV FHWWH GHUQLqUHSUpSDUDWLRQ O¶LQWURGXFWLRQ GH &D2 DXJPHQWH OD EDVLFLWp GX VXSSRUW HW SHUPHW G¶REWHQLU XQH PHLOOHXUH DFWLYLWp FRPPHUpVXPpGDQVOH7DEOHDX,TXLFRPSDUHGLIIpUHQWVFDWDO\VHXUV5X 2+
(175) [VXSSRUWpV 7DEOHDX , &RPSDUDLVRQ GH O¶DFWLYLWp GX 5X 2+
(176) [ SRXU GLIIpUHQWV VXSSRUWV &RQGLWLRQV D
(177) $O2 5X PRO
(178) &WULIOXRUREHQ]qQH E
(179) 7L2 5X PRO
(180) &WROXqQH F
(181) &D2=U2 5X PRO
(182) &R[\OHQH . 72) K
(183) 5X. 6XEVWUDW. . $O2>@. 7L2>@. &D2=U2>@. . . . . . . . . . . . . . /HVK\GUR[\DSDWLWHV +$3&D 32
(184) 2+
(185)
(186) RQWXQHVWUXFWXUHKH[DJRQDOHFRQVWUXLWHjSDUWLUGH FRORQQHVG¶LRQVFDOFLXPHWG¶DWRPHVG¶R[\JqQHORFDOLVpVSDUDOOqOHPHQWjO¶D[HKH[DJRQDO )LJXUH ,
(187) ϯϯ .
(188) ,%LEOLRJUDSKLH±2[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV. )LJXUH, 6WUXFWXUHG¶XQHK\GUR[\DSDWLWH +$3
(189) >@. . 'DQV OHV +$3 OHV LRQV &D GDQV OH UpVHDX SHXYHQW IDFLOHPHQW rWUH VXEVWLWXpV SDU GHV LRQV PpWDOOLTXHV &HWWH SURSULpWp D pWp XWLOLVpH SDU <DPDJXFKL >@ SRXU SUpSDUHU GHV FDWDO\VHXUV 5X+$3jHQSRLGVGHUXWKpQLXPSDUVLPSOHLPPHUVLRQGH+$3GDQVGHVVROXWLRQVDTXHXVHV GH5X&OjO¶DPELDQWH$SDUWLUGHVFDUDFWpULVDWLRQVSK\VLFRFKLPLTXHVGHFHFDWDO\VHXUPRQWUDQW OD SUpVHQFH GH FKORUH GDQV XQ UDSSRUW DWRPLTXH 5X &O LO D pWp SURSRVp OD VWUXFWXUH VXLYDQWH R OHV HVSqFHV DFWLYHV GH UXWKpQLXP VRQW VRXV OD IRUPH GH FDWLRQV PRQRPqUHV PpWDOOLTXHVDYHFOHPpWDOHQWRXUpG¶XQDWRPHGHFKORUHHWGHTXDWUHDWRPHVG¶R[\JqQH SURYHQDQW GHGHX[WpWUDqGUHVGH32
(190) )LJXUH,
(191) . . . )LJXUH, 3URSRVLWLRQGHVWUXFWXUHGXVLWHDFWLIGH5X+$3>@ . /¶R[\GDWLRQ GH GLYHUV DOFRROV SULPDLUHV HW VHFRQGDLUHV EHQ]\OLTXHV DOO\OLTXHV RFWDQRO S\ULGLQH RX WKLRSKqQHPpWKDQRO
(192) HQ FRPSRVpV FDUERQ\OHV FRUUHVSRQGDQWV j & HW VRXV DWPRVSKqUH G¶R[\JqQH GDQV OH WROXqQH D FRQGXLW j GHV FRQYHUVLRQV LPSRUWDQWHV DYHF GHV WUqV ERQQHVVpOHFWLYLWpVHQFDUERQ\OH HQSDUWLFXOLHU G¶RFWDQDOjFRQGLWLRQGHWUDYDLOOHUj&
(193) /H FDWDO\VHXUHVWUHF\FODEOHHWDXFXQHOL[LYLDWLRQGXUXWKpQLXPQ¶HVWGpWHFWpH3DUFRQWUHODPpWKRGH XWLOLVpHLQFRUSRUHHQSRLGVGH5XFHTXLFRQGXLWjGHV72)WUqVIDLEOHV K
(194) /¶R[\GDWLRQ VHUDLWLQLWLpHSDUXQpFKDQJHGHOLJDQGHQWUHXQFKORUHHWO¶DOFRROSRXUGRQQHUXQ5X±DOFRRODWH TXLVXELWXQHpOLPLQDWLRQG¶+HQȕSRXUSURGXLUHOHFRPSRVpFDUERQ\OpHWXQK\GUXUHGHUXWKpQLXP FHGHUQLHUUpDJLVVDQWDYHF2 /D WHQHXU HQ 5X D pWp EDLVVpH ± 5X
(195) HW O¶DFFHVVLELOLWp GHV HVSqFHV 5X LVROpHV D pWp DPpOLRUpHHQDMRXWDQWGHVPpWDX[SURPRWHXUV &RRX3E
(196) /HXUU{OHHVWG¶RFFXSHU ODPDMRULWpGHVVLWHV&DVLWXpVjO¶LQWpULHXUGHVFDQDX[pWURLWVGHODVWUXFWXUHDSDWLWH>@>@&HV FDWDO\VHXUV SURPXV VRQW SOXV DFWLIV GDQV O¶R[\GDWLRQ GH GLIIpUHQWV DOFRROV SULPDLUHV RX. ϯϰ .
(197) ,%LEOLRJUDSKLH±2[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV. VHFRQGDLUHV DFWLYpV RX QRQ DYHF GHV 72) GH K DX OLHX GH K SRXU O¶DOFRRO EHQ]\OLTXH 7DEOHDX,
(198) 7DEOHDX, (IIHWSURPRWHXUGX&RSRXU5X+$3&RQGLWLRQV >@ PPRODOFRRO5X PRO
(199) & &RFWDQRO
(200) P/WROXqQHDWP 2
(201) >@ PPRODOFRRO5X PRO
(202) &R5X PRO
(203) &P/WROXqQHEDU 2
(204) RFWDQRO 5X PRO
(205) . 6XEVWUDW. 72) K
(206) 5X+$3>@. 5X&R+$3>@. $OFRROEHQ]\OLTXH. . . $OFRROFLQQDPLTXH. . . S\ULGLQHPpWKDQRO. . . WKLRSKqQHPpWKDQRO. . . RFWDQRO. . . . 'HV FDUDFWpULVDWLRQV (;$)6 >@ LQGLTXHQW TXH OD SUHPLqUH VSKqUH GX UXWKpQLXP FRQWLHQW GHX[ OLJDQGV K\GUR[\ HW TXDWUH DWRPHV G¶R[\JqQH OLpV j DWRPHV GH SKRVSKRUH FRPPH PRQWUp HQ )LJXUH, . )LJXUH, 6WUXFWXUHSURSRVpSRXUOH5X&R+$3>@ . /HPpFDQLVPHSURSRVpHVWDORUVOHVXLYDQW . 6FKpPD, ±0pFDQLVPHSURSRVpSRXU5X&R+$3>@. ϯϱ .
(207) ,%LEOLRJUDSKLH±2[\GDWLRQVpOHFWLYHDpURELHG¶DOFRROV . 'HV pWXGHV VSHFWURVFRSLTXHV '5,)7 'LIIXVH 5HIOHFWLRQ ,QIUDUHG )RXULHU7UDQVIRUP
(208) G¶DGVRUSWLRQ GH&2> @HWG¶$75,5LQVLWX>@RQWHQVXLWHPLVHQpYLGHQFHODSUpVHQFHHQSOXVGHVHVSqFHV PRQRPqUHV5XGHSDUWLFXOHVG¶R[\GHGHUXWKpQLXPK\GUDWp 5X2[+2
(209) &HVpWXGHVPRQWUHQW TXH FH VHUDLW FHV QDQRSDUWLFXOHV QP
(210) j OD VXUIDFH GH O¶+$3 TXL VRQW OHV YUDLV VLWHV DFWLIV FRPPHGDQVOHVpWXGHVSUpFpGHQWHVVXU5X 2+
(211) [VXSSRUWpVXU$O2RX7L2>@ 'HVSUpSDUDWLRQVGHFDWDO\VHXUVDXUXWKpQLXPGDQVGHVK\GUR[\DSDWLWHVFRQWHQDQWGX)&ORX%U HQVXEVWLWXWLRQGHV2+PXOWLSOLHQWOHVDFWLYLWpVSDUXQIDFWHXU>@&HVPHLOOHXUHVSHUIRUPDQFHV VRQWDWWULEXpHVjODSUpVHQFHG¶XQSOXVJUDQGQRPEUHGHQDQRSDUWLFXOHVG¶R[\GHGH5XK\GUDWp HQ VXUIDFH HW j XQ HQYLURQQHPHQW GLIIpUHQW GH FHV HVSqFHV G j OD SUpVHQFH GHV FRPSRVpV KDORJpQpV. ,&DWDO\VHXUVjEDVHG¶RU /¶HPSORL GH O¶RU SRXU O¶R[\GDWLRQ DpURELH G¶DOFRROV HQ SKDVH OLTXLGH HVW SOXV UpFHQW >@ /HV FDWDO\VHXUV VXSSRUWpV VRQW DFWLIV HWWUqV VpOHFWLIV SRXU O¶R[\GDWLRQ GH GLROV RX GH WULROV HQ DFLGHV PRQRFDUER[\OLTXHV HQ PLOLHX DTXHX[ HW HQ SUpVHQFH G¶XQ pTXLYDOHQW GH EDVH SDU UDSSRUW j O¶DOFRRO'HVVpOHFWLYLWpVGHjRQWpWpREWHQXHVGDQVO¶R[\GDWLRQGHGLROVHQDFLGHVĮ K\GUR[\FDUER[\OLTXHV >@ G¶DPLQRDOFRROV HQ DFLGHV DPLQpV >@ HW GH JO\FpURO HQ DFLGH JO\FpULTXH>@ $LQVL3UDWLHWFROO>@RQWpWXGLpO¶R[\GDWLRQGHGLROVHQSUpVHQFHGHFDWDO\VHXUVjO¶RUVXSSRUWpV VXUFKDUERQRXDOXPLQH(QSDUWLFXOLHUXQFDWDO\VHXU$X&GDQVO¶R[\GDWLRQGXSURSDQHGLRO j&EDUG¶R[\JqQHHWHQPLOLHXEDVLTXHDGRQQpGHVFRQYHUVLRQVFRPSDUDEOHVjFHOOHVGHV FDWDO\VHXUVDXSODWLQHRXDXSDOODGLXP
(212) PDLVODVpOHFWLYLWpHQODFWDWHHVWWRWDOH 7DEOHDX ,
(213) 'DQV FH FDV O¶R[\GDWLRQ GX JURXSHPHQW DOFRROLTXH VHFRQGDLUH HW OD IRUPDWLRQ G¶DFLGH S\UXYLTXHVRQWGpIDYRULVpHV 7DEOHDX, 2[\GDWLRQDpURELHGHSURSDQHGLRO 5 0H
(214) HQPLOLHXDTXHX[&RQGLWLRQV EDU 2
(215) 60 W KHT1D2+SDUUDSSRUWDXSURSDQHGLRO. . ϯϲ . FDWDO\VHXU. 7 &
(216) . &RQYHUVLRQ
(217) . 6HO/DFWDWH
(218) . $X&. . . . 3W&. . . . 3G&. . . .
Documents relatifs
On trouvera alors que T est dans le sens du mouvement du véhicule pour la roue avant (non motrice), ç-à-d le résultat inverse du moment de démarrage. Pour approfondir
On constate que la puissance des forces de frottement au niveau de la zône de contact se réduit bien à la puissance de la force de frottement exercée par le support sur le solide
• Le vélo est constitué d’un cadre, solide indéformable, sur lequel sont articulés par des liaisons sans frottement les deux roues et le pédalier assimilés à des
Cette accumulation apparente de charges (+), pourtant a priori immobiles, résulte d’un déficit de charges (–) qui sont elles mobiles.. 1.9 Champ E ⎯ → dans
Chaque opsine absorbe dans une partie spécifique du spectre de la lumière blanche, dans le bleu ou dans le vert ou dans le rouge ; les trois gènes codant ces opsines sont
carbone (déjà lié à un atome d’oxygène) et un atome d’oxygène présent dans le milieu (molécule d’eau…) sans toutefois casser la chaîne de carbone (oxydation pas assez
o Introduire, dans un tube à essai, environ 2 mL (2cm) de solution de nitrate d’argent de concentration 1mol.L -1.. o Ajouter 2 mL de solution de soude de concentration
• Pour le calcul des incertitudes sur cette relation théorique, même si on a utilisé des résistances théorique- ment égales, il faut tenir compte du fait qu'on a utilisé
