Article
Reference
Quel espace de travail géométrique pour l'apprentissage des propriétés au primaire ?
COUTAT-GOUSSEAU, Sylvia
Abstract
Cette contribution interroge l'utilisation d'un logiciel de géométrie dynamique dans des classes de fin de primaire (10-12 ans) afin d'introduire un niveau de réflexion autour d'une géométrie GII/GI (Kuzniak 2010). Notre recherche utilise une ingénierie didactique qui reprend les concepts développés par Assude (2002) à propos de l'interaction entre l'utilisation d'un environnement dynamique et l'utilisation d'un environnement statique comme le papier-crayon. Ces deux environnements offrent deux registres de représentations (Coutat 2006). Partant de ces deux environnements, nous étudions dans quelle mesure la genèse instrumentale (Rabardel 1995) des instruments Déplacements (Resptrepo 2008) agit sur les connaissances géométriques des élèves.
COUTAT-GOUSSEAU, Sylvia. Quel espace de travail géométrique pour l'apprentissage des propriétés au primaire ? Revista latinoamerica des Investigacion en mathematica educativa , 2014, vol. 17, no. 4-1, p. 121-148
DOI : 10.12802/relime.13.1746
Available at:
http://archive-ouverte.unige.ch/unige:74015
Disclaimer: layout of this document may differ from the published version.
4XHOHVSDFHGHWUDYDLOJpRPpWULTXHSRXUO¶DSSUHQWLVVDJH GHVSURSULpWpVDXSULPDLUH"
:KDWJHRPHWULFDOZRUNLQJVSDFHIRUWKHOHDUQLQJRIWKHSURSHUWLHV LQSULPDU\VFKRRO"
6\OYLD&RXWDW
5(680(1
(VWDFRODERUDFLyQDQDOL]DHOXVRGHXQSURJUDPDGHJHRPHWUtD GLQiPLFDHQORV~OWLPRVJUDGRVGHSULPDULDDxRVSDUDHO DSUHQGL]DMHGHSURSLHGDGHVSRUPHGLRGHODPRGHOL]DFLyQ GH ODV DFWLYLGDGHV GH ORV DOXPQRV HQ HVSDFLR GH WUDEDMR JHRPpWULFR (VWD PRGHOL]DFLyQ UHDO]D ODV UHODFLRQHV HQWUH ODVGLIHUHQWHVJpQHVLV\SDUWLFXODUPHQWHODJpQHVLVLQVWUXPHQWDO OLJDGDDOLQVWUXPHQWRGHVSOD]DPLHQWRFRUUHODWLYRDODJpQHVLV YLGHRILJXUDOOLJDGDDODYLVXDOL]DFLyQGHILJXUDV
$%675$&7
7KLVFROODERUDWLRQDQDO\VHVWKHXVHRIG\QDPLFJHRPHWU\
VRIWZDUHLQWKHODWHVWSULPDU\VFKRROJUDGHVWR\HDUV ROGLQRUGHUWROHDUQSURSHUWLHVZKLOHPRGHOLQJWKHVWXGHQWV¶
DFWLYLWLHVLQJHRPHWULFDOZRUNLQJVSDFH7KLVPRGHOLQJ HPSKDVL]HVWKHUHODWLRQVEHWZHHQGLIIHUHQWJHQHVHVDQG PRUH SDUWLFXODUO\ WKH LQVWUXPHQWDO JHQHVLV OLQNHG WR WKH GLVSODFHPHQWYHKLFOHLQUHODWLRQWRWKHYLGHRILJXUDOJHQHVLV OLQNHGWRREMHFWYLVXDOL]DWLRQ
5(6802
(VWDFRQWULEXLomRDQDOLVDRXVRGHXPVRIWZDUHGHJHRPHWULD GLQkPLFDHPFODVVHVGRILPGHHVFRODSULPiULDDQRV SDUDDDSUHQGL]DJHPGDVSURSULHGDGHVDWUDYpVGHPRGHOOLQJDV DWLYLGDGHVGRVDOXQRVHPiUHDGHWUDEDOKRJHRPpWULFR(VWH PRGHOOLQJHQIDWL]DDVUHODo}HVHQWUHDVYiULDVJrQHVHVHPDLV SDUWLFXODUPHQWHDJrQHVHLQVWUXPHQWDOFRQHFWDGRjYLDJHP GHLQVWUXPHQWRPRYLPHQWRFRUUHODWDGDQRILJXUDOHGHJrQHVH YtGHRFRQHFWDGRjYLVXDOL]DomRGHILJXUDV
3$/$%5$6&/$9(
*HRPHWUtDGLQiPLFD *HRPHWUtDHQSULPDULD
HVFRODU
$SUHQGL]DMHGHODV SURSLHGDGHVGHJHRPHWUtD (VSDFLRGHWUDEDMR
JHRPpWULFR
.(<:25'6 '\QDPLFJHRPHWU\
3ULPDU\VFKRROJHRPHWU\
/HDUQLQJRIJHRPHWULFDO SURSHUWLHV
*HRPHWULFDOZRUNLQJVSDFH
3$/$95$6&+$9(
*HRPHWULDGLQkPLFD *HRPHWULDGHHVFRODU
SULPiULD
$SUHQGL]DJHPGDV SURSULHGDGHVGHJHRPHWULD (VSDoRGHWUDEDOKR
JHRPpWULFR
5e680e
&HWWH FRQWULEXWLRQ DQDO\VH O¶XWLOLVDWLRQ G¶XQ ORJLFLHO GH JpRPpWULHG\QDPLTXHGDQVGHVFODVVHVGHILQGHSULPDLUH DQVSRXUO¶DSSUHQWLVVDJHGHVSURSULpWpVHQPRGpOLVDQW OHVDFWLYLWpVGHVpOqYHVHQHVSDFHGHWUDYDLOJpRPpWULTXH&HWWH PRGpOLVDWLRQPHWHQYDOHXUOHVUHODWLRQVHQWUHOHVGLIIpUHQWHV JHQqVHVHWSOXVSDUWLFXOLqUHPHQWODJHQqVHLQVWUXPHQWDOHOLpHj O¶LQVWUXPHQWGpSODFHPHQWFRUUpOpHjODJHQqVHYLGpRILJXUDOH OLpHjODYLVXDOLVDWLRQGHVILJXUHV
,QWURGXFWLRQTXHVWLRQQHPHQWLQLWLDOHWpOpPHQWVWKpRULTXHV
/
HUDSSRUWGHVpOqYHVDX[ÀJXUHVJpRPpWULTXHVpYROXHWRXWDXORQJGHOHXU VFRODULWp /D SUHPLqUH DSSUpKHQVLRQ GH OD JpRPpWULH XWLOLVH GHV GHVVLQV LGHQWLÀpVSDUOHXUVIRUPHVJpRPpWULTXHVHWXQHYLVLRQLFRQLTXH'XYDO 3URJUHVVLYHPHQWOHVIRUPHVJpRPpWULTXHVVRQWWUDYDLOOpHVjWUDYHUVOHVpOpPHQWV TXLOHVFRPSRVHQWOHVDQJOHVOHVF{WpVOHVGURLWHVOHVVRPPHWVHWOHVSRLQWV )LQDOHPHQWOHFRQFHSWGHÀJXUHV·HQULFKLWSDUOHFRQFHSWGHSURSULpWpHWOHV GHVVLQVGHYLHQQHQWSURJUHVVLYHPHQWGHVUHSUpVHQWDWLRQVJUDSKLTXHVGHÀJXUHV /HSDVVDJHG·XQHYLVLRQGHODIRUPHjXQHYLVLRQSDUOHVVRXVpOpPHQWVGURLWHVHW SRLQWVHVWDSSHOpHSDU'XYDOODGpFRPSRVLWLRQGLPHQVLRQQHOOHGHVIRUPHV /HVpOqYHVDSSUpKHQGHQWGDQVXQSUHPLHUWHPSVGHVIRUPHVSDUOHXUVXUIDFH GHVpOpPHQWVGHGLPHQVLRQ'3XLVFHVVXUIDFHVVRQWGpFRPSRVpHVHWSHUoXHV SDUOHVpOpPHQWVGHGLPHQVLRQVLQIpULHXUHVOHVF{WpVHWOHVGURLWHVGHGLPHQVLRQ 'SRXUÀQLUSDUOHVVRPPHWVHWOHVSRLQWVpOpPHQWVGHGLPHQVLRQ'&HWWHSULVHHQFRPSWHGHO·pYROXWLRQGHODYLVLRQSDUXQFKDQJHPHQWGHUHJDUG GHVÀJXUHVJpRPpWULTXHVHVWO·REMHWG·pWXGHGHVWUDYDX[GH'XYDOHW*RGLQ HW2IIUH3HUULQ*ORULDQHW9HUEDHUH/HXUVUHFKHUFKHVpWXGLHQWHQTXRL O·XWLOLVDWLRQG·LQVWUXPHQWVFODVVLTXHVUqJOHVpTXHUUHLQÁXHQFHODSHUFHSWLRQ GHVÀJXUHVJpRPpWULTXHVHQDFFRPSDJQDQWODGpFRPSRVLWLRQGLPHQVLRQQHOOHGHV IRUPHV8QGHOHXUUpVXOWDWHVWTXHOHFKRL[GHVLQVWUXPHQWVPLVjGLVSRVLWLRQ ORUVG·XQHDFWLYLWpGHUHSURGXFWLRQGHÀJXUHLQÁXHQFHO·DSSUpKHQVLRQGHODÀJXUH HWODSHUFHSWLRQGHVSURSULpWpVWRSRORJLTXHVGHVpOpPHQWV'GDQVODÀJXUHj UHSURGXLUH&HSHQGDQWO·XWLOLVDWLRQGHVLQVWUXPHQWVQHYDSDVGHVRLHWGRLW rWUHSULVHHQFKDUJHGDQVODVpTXHQFHG·DSSUHQWLVVDJH/DSULVHHQFRPSWH
0276&/e6 *pRPpWULHG\QDPLTXH *pRPpWULHDXSULPDLUH $SSUHQWLVVDJHGHV
SURSULpWpVJpRPpWULTXHV (VSDFHGHWUDYDLO
JpRPpWULTXH
1RXVXWLOLVRQVODGpILQLWLRQGH/DERUGHHW&DSSRQLXQHILJXUHJpRPpWULTXHHVWO¶HQVHPEOHGHV FRXSOHVIRUPpVGHGHX[WHUPHVOHSUHPLHUWHUPHpWDQWOHUpIpUHQWOHGHX[LqPHpWDQWO¶XQGHVGHVVLQVTXL OHUHSUpVHQWH
GHVFRQQDLVVDQFHVLQVWUXPHQWDOHVHQOLHQDYHFOHVFRQQDLVVDQFHVFRQFHSWXHOOHV DSSDUDLWjWUDYHUVODJHQqVHLQVWUXPHQWDOHSURFHVVXVGHFRQVWUXFWLRQG·XQ LQVWUXPHQWSDUXQVXMHW5DEDUGHOGpÀQLWFHWWHJHQqVHFRPPHXQHFRPSRVpH GHGHX[SURFHVVXV/HSURFHVVXV G·LQVWUXPHQWDOLVDWLRQUHODWLIjO·pPHUJHQFHHW jO·pYROXWLRQGHVFRPSRVDQWHVGHO·DUWHIDFWHWOHSURFHVVXVG·LQVWUXPHQWDWLRQ SRUWDQWVXUO·pPHUJHQFHHWO·pYROXWLRQGHVVFKqPHVVRFLDX[G·XWLOLVDWLRQ$LQVLOHV DUWHIDFWVRXRXWLOVGHFRQVWUXFWLRQVRQWOHVHQWLWpVPDWpULHOOHVTXLGHYLHQQHQW GHVLQVWUXPHQWVORUVTX·LOVVRQWDVVRFLpVjXQHÀQDOLWpGDQVODUpVROXWLRQG·XQHWkFKH 'DQVOHFRQWH[WHGHODJpRPpWULHOHVRXWLOVGHFRQVWUXFWLRQVRQWSRUWHXUVGH SURSULpWpVJpRPpWULTXHVFRPPHODUqJOHHVWSRUWHXVHGHODSURSULpWpG·DOLJQHPHQW 6·DSSURSULHU XQ LQVWUXPHQW GH FRQVWUXFWLRQ FRPPH OD UqJOH SHXW DPHQHU O·XWLOLVDWHXUjV·DSSURSULHUOHFRQFHSWG·DOLJQHPHQWHWGHSDVVHUG·XQHYLVLRQ GHODIRUPHG·XQHÀJXUHJpRPpWULTXHYLVLRQ'jXQHYLVLRQSDUOHVGURLWHVTXL ODFRPSRVHQWpOpPHQWV'
/DERUGHHW&DSSRQLRQWDQDO\VpO·XWLOLVDWLRQG·XQ/RJLFLHOGH*pRPpWULH '\QDPLTXH/*'SRXUODVXLWHGDQVODYDOLGDWLRQGHFRQVWUXFWLRQVJpRPpWULTXHV /·LQVWUXPHQW FHQWUDO HVW OH GpSODFHPHQW XWLOLVp FRPPH XQ LQVWUXPHQW TXL SHUPHWG·LGHQWLÀHUGHVLQYDULDQWV/HVLQYDULDQWVFRUUHVSRQGHQWDX[SURSULpWpV JpRPpWULTXHVDVVRFLpHVDX[FRQVWUXFWLRQVSURSULpWpVHPEDUTXpHVH[SOLFLWHPHQW GDQVOHV&DEULGHVVLQVHWDVVXUpHVYDOLGHVSDUOHORJLFLHOOXLPrPH&RXWDWHW 5LFKDUGRQWXWLOLVpXQ/*'SRXUXQDSSUHQWLVVDJHLQVWUXPHQWpGHVSURSULpWpV GDQVOHEXWGHFRQVWUXLUHXQHSUHPLqUHD[LRPDWLTXHHWDPRUFHUXQSURFHVVXVGH YDOLGDWLRQ V·DSSX\DQW VXU XQ UDLVRQQHPHQW K\SRWKpWLFRGpGXFWLI DX GpEXW GX VHFRQGDLUHpOqYHVGHDQV/HVILJXUHVG\QDPLTXHVVRQWXWLOLVpHVSRXU WUDYDLOOHU OD UHODWLRQ GH VXERUGLQDWLRQ GH OD FRQFOXVLRQ DX[ FRQWUDLQWHV G·XQHSURSULpWp&HVGHX[UHFKHUFKHVSUpVHQWHQWGHVHIIHWVSRVLWLIVTXDQW j O·XWLOLVDWLRQ G·XQ /*' SRXU O·DSSUHQWLVVDJH GHV SURSULpWpV JpRPpWULTXHV GDQVODFRQVWUXFWLRQG·XQHD[LRPDWLTXH
$SDUWLUGHFHVUpVXOWDWVQRXVTXHVWLRQQRQVO·XWLOLVDWLRQGHVLQVWUXPHQWV VSpFLILTXHVG·XQ/*'SRXUO·DSSUHQWLVVDJHGHVSURSULpWpVHQILQGHSULPDLUH DQV'DQVXQHSUHPLqUHSDUWLHQRXVSUpVHQWRQVHQTXRLOHVSDUDGLJPHV JpRPpWULTXHV +RXGHPHQW .X]QLDN HW OHV (VSDFHV GH 7UDYDLO
*pRPpWULTXHV.X]QLDNVRQWGHVRXWLOVSHUWLQHQWVSRXUQRWUHpWXGH3XLV QRXVSUpVHQWRQVODVpTXHQFHGLGDFWLTXHHWTXHOTXHVDQDO\VHVUpVXOWDQWGHVD PLVHHQ±XYUHHQFODVVH(QÀQQRXVFRQFOXURQVVXUODQDWXUHGHVFRQQDLVVDQFHV JpRPpWULTXHVFRQVWUXLWHVFKH]OHVpOqYHV
1RXVUHSUHQRQVODGpILQLWLRQGH/DERUGHHW&DSSRQLXQHUHSUpVHQWDWLRQJUDSKLTXHVXUO¶pFUDQGH
&DEULJpRPqWUH
&DGUHWKpRULTXH
0RGpOLVDWLRQGHVUDLVRQQHPHQWVJpRPpWULTXHVDXSULPDLUHjO¶DLGHGHV SDUDGLJPHVJpRPpWULTXHV
$ÀQG·LGHQWLÀHUOHVGLIIpUHQWVW\SHVGHUDLVRQQHPHQWVHQJpRPpWULHQRXV XWLOLVRQVOHVWUDYDX[GH+RXGHPHQWHW.X]QLDNVXUODQRWLRQGH SDUDGLJPHV JpRPpWULTXHV TXL SHUPHWWHQW G·LGHQWLILHU WURLV UpIpUHQWLHOV WKpRULTXHV VXLYDQW OHV UHODWLRQV HQWUH OHV REMHWV HW OD WKpRULH DVVRFLpH jFHVREMHWV$XQLYHDX*,QLYHDXGHODJpRPpWULHQDWXUHOOHOHVREMHWVGHOD UpDOLWp OHV RXWLOV GH FRQVWUXFWLRQ HW OD YDOLGDWLRQ VHQVLEOH VRQW SUpGRPLQDQWV
$X QLYHDX *,, XQH SUHPLqUH D[LRPDWLTXH DSSDUDvW FH TXL SHUPHW XQH YDOLGDWLRQ V·DSSX\DQW VXU GHV ORLV K\SRWKpWLFRGpGXFWLYHV FHSHQGDQW OD UpIpUHQFH j OD UpDOLWp VXEVLVWH (QILQ DX QLYHDX *,,, O·D[LRPDWLTXH HVW FRQVWUXLWHVXUXQUDLVRQQHPHQWIRUPDOLVWHHWODYDOLGDWLRQV·DSSXLHVXUOH UDLVRQQHPHQWORJLTXH$XFRXUVGHODUpVROXWLRQG·XQHDFWLYLWpFHVGLIIpUHQWV SDUDGLJPHVSHXYHQWrWUHPRELOLVpVFRQMRLQWHPHQW%UDFRQQH0LFKRX[V·HVW LQWpUHVVpH j O·DUWLFXODWLRQ HQWUH OHV SDUDGLJPHV *, HW *,, &HV WUDYDX[
V·DSSXLHQWVXUOHGpFRXSDJHGHYDQ+LHOHSURFKHGHFHOXLGH+RXGHPHQW HW.X]QLDNGHVUDLVRQQHPHQWVHQJpRPpWULH9DQ+LHOHGpÀQLW QLYHDX[ GH SHQVpH JpRPpWULTXHV GDQV O·pYROXWLRQ GHV FRQQDLVVDQFHV G·XQ pOqYH$XQLYHDX1DSSHOpQLYHDXGHYLVXDOLVDWLRQO·pOqYHLGHQWLÀHOHV REMHWVJpRPpWULTXHVSDUOHXUIRUPHJOREDOH$XQLYHDX1QLYHDXG·DQDO\VH OHVpOqYHVDVVRFLHQWGHVSURSULpWpVDX[REMHWVJpRPpWULTXHV&HSHQGDQWFHV SURSULpWpVQHVRQWSDVUHOLpHVHQWUHHOOHV&HVOLDLVRQVDSSDUDLVVHQWDXQLYHDX 1 DSSHOpGpGXFWLRQ LQIRUPHOOH PDLV HOOHV QH SHUPHWWHQW SDV HQFRUH GHUHOLHUOHVREMHWVHQWUHHX['DQVOHQLYHDX1GpGXFWLRQ IRUPHOOH OHVOLDLVRQVVHIRUPHQWHWOHVpOqYHVSHXYHQWRUJDQLVHUFHUWDLQHVGpGXFWLRQV IRUPHOOHV/HGHUQLHUQLYHDX1QLYHDXGH ULJXHXUFRUUHVSRQGUDLWjO·pWDW GHVFRQQDLVVDQFHVGXPDWKpPDWLFLHQH[SHUW(QXWLOLVDQWOHVWUDYDX[GHYDQ+LHOH FRQMRLQWHPHQWDX[SDUDGLJPHVJpRPpWULTXHVGH+RXGHPHQWHW.X]QLDN
%UDFRQQH0LFKRX[DSSRUWHXQHFHUWDLQHÀQHVVHjO·DUWLFXODWLRQ*,
*,,$LQVLHOOHPRQWUHTXHOHQLYHDXG·DQDO\VH1SHXWrWUHHQYLVDJpFRPPHXQH
©]RQHGHWXLODJHªHQWUHOHVSDUDGLJPHV*,HW*,,$LQVLOHQLYHDXG·DQDO\VHHVW SDUWDJpHQGHX[QLYHDX[*,1HW*,,1&HVUpVXOWDWVV·DSSXLHQWVXUO·DQDO\VH GXVWDWXWGXGHVVLQHWODUpÁH[LRQGHO·pOqYH'DQVOHSDUDGLJPH*,OHGHVVLQHVW O·REMHWG·pWXGHHWGHYDOLGDWLRQHWODYDOLGDWLRQHVWSHUFHSWLYHYRLUHLQVWUXPHQWpH 'DQVOHSDUDGLJPH*,,ODÀJXUHGHYLHQWREMHWG·pWXGHHWODYDOLGDWLRQV·RUJDQLVH DXWRXUGHVSURSULpWpV2UGDQVOHQLYHDXG·DQDO\VHOHGHVVLQVHUDSSURFKHGX FRQFHSWGHÀJXUH*,,PDLVOHVSURSULpWpVUHVWHQWLQGpSHQGDQWHVOHVXQHVGHV DXWUHV*,$LQVLO·DUWLFXODWLRQ*,*,,SHXWrWUHWUDYDLOOpHHQV·DSSX\DQWVXU
OHQLYHDX1G·DQDO\VHGHYDQ+LHOHFHTXLSRXUUDLWUHYHQLUjWUDYDLOOHUVXUOHV SURSULpWpVHQYXHG·HQULFKLUOHFRQFHSWGHÀJXUH
/HVLQVWUXPHQWVGDQVXQ/*'
8QWUDYDLOVSpFLÀTXHVXUOHVLQVWUXPHQWVGHFRQVWUXFWLRQ'XYDO *RGLQ SHXWSHUPHWWUHXQWUDYDLOVXUOHVSURSULpWpVJpRPpWULTXHV'DQVXQ/*'OHV LQVWUXPHQWVGLVSRQLEOHVGLIIqUHQWGHVLQVWUXPHQWVFODVVLTXHVXWLOLVpVHQSDSLHU FUD\RQSDUH[HPSOHOHGpSODFHPHQWQ·H[LVWHSDVHQGHKRUVGXORJLFLHO5HVWUHSR LGHQWLÀH SOXVLHXUV LQVWUXPHQWV GpSODFHPHQWV TX·HOOH FODVVH HQ IRQFWLRQ GHGLIIpUHQWHVÀQDOLWpV1RXVSRLQWRQVLFLGHX[GpSODFHPHQWVVSpFLÀTXHV/H SUHPLHULQVWUXPHQWHVWOHGpSODFHPHQW SRXULGHQWLÀHUOHVLQYDULDQWVGHODÀJXUH 'LSRXUODVXLWH&HWLQVWUXPHQWGpSODFHPHQWHVWFODVVpGDQV OHVGpSODFHPHQWV H[SORUDWRLUHVHOOHOHGpÀQLWDLQVL©eWDQWGRQQpHXQHFRQVWUXFWLRQRQGpSODFH OHVSRLQWVGHEDVHDÀQGHWURXYHUVHVLQYDULDQWV$LQVLRQSHXWLGHQWLÀHUOHV SURSULpWpVJpRPpWULTXHVGHODÀJXUHª5HVWUHSRS
/HGHX[LqPHLQVWUXPHQWTXHQRXVUHWHQRQVHVWO·LQVWUXPHQWGpSODFHPHQW SRXUYDOLGHUXQHFRQVWUXFWLRQ'FSRXUODVXLWHFODVVpGDQVOHVGpSODFHPHQWVSRXU YDOLGHURXLQYDOLGHUXQHFRQVWUXFWLRQ
'pSODFHUWRXVOHVSRLQWVGpSODoDEOHVG¶XQHFRQVWUXFWLRQSRXUYRLUVLFHOOH FLFRQVHUYHOHVSURSULpWpVDSSDUHQWHVjO¶pWDWLQLWLDO6LF¶HVWOHFDVDORUV OD FRQVWUXFWLRQ HVW YDOLGpH GDQV OH FDV FRQWUDLUH HOOH HVW LQYDOLGpH OD FRQVWUXFWLRQQ¶DYDLWSDVpWpFRQVWUXLWHVHORQOHVSURSULpWpVJpRPpWULTXHV GHPDQGpHV5HVWUHSRS
&HVGHX[LQVWUXPHQWV'LHW'FVRQWGLIIpUHQWVFDUOHVVFKqPHVVRFLDX[
G·XWLOLVDWLRQV VRQW GLIIpUHQWV WRXW FRPPH OHV FRQQDLVVDQFHV HW VLJQLILpV PDWKpPDWLTXHVHQMHX/H'LHVWXQGpSODFHPHQWRXYHUWVRXYHQW©HUUDWLTXHª HWSHXV\VWpPDWLTXHFDULOQHV·DSSXLHVXUDXFXQDSULRULLOHVWH[SORUDWRLUH /RUVGHODPLVHHQ±XYUHGX'FO·H[SORUDWLRQHVWEHDXFRXSSOXVIHUPpHHOOHVXLW GHVGLUHFWLRQVHWGHVWUDMHFWRLUHVSDUWLFXOLqUHV/HVXMHWDXQHDWWHQWHSUpFLVH ORUVTX·LOOHPRELOLVHLOOXLDVVRFLHXQHREVHUYDWLRQDWWHQGXH&HGHX[LqPHLQVWUXPHQW GLIIqUHDXVVLGXSUHPLHUFDULODXQVWDWXWGHYDOLGDWLRQGHVFRQVWUXFWLRQVUpDOLVpHV FHTXLQ·HVWSDVOHFDVSRXUOH'L
(VSDFHGHWUDYDLOJpRPpWULTXHDYHFXQ/*'
/HV(VSDFHVGH7UDYDLO*pRPpWULTXH(7*SRXUODVXLWHGpYHORSSpVSDU.X]QLDN SHUPHWWHQW GH WUDYDLOOHU FRQMRLQWHPHQW OH SURFHVVXV GH JHQqVH LQVWUXPHQWDOHOHSURFHVVXVG·pYROXWLRQGXUHJDUGGHVILJXUHVJpRPpWULTXHV HW OH SURFHVVXV G·DSSURSULDWLRQ GHV SURSULpWpV ,OV PRGpOLVHQW O·DFWLYLWp
PDWKpPDWLTXH ORUV GH OD UpVROXWLRQ GH SUREOqPH HQ XWLOLVDQW GHX[ SODQV 8Q SUHPLHU SODQ FRQWHQDQW OHV REMHWV PDWpULHOV O·HQVHPEOH GHV DUWHIDFWV HW OHV\VWqPHWKpRULTXHGHUpIpUHQFHHVWDSSHOpOHSODQpSLVWpPRORJLTXH/H VHFRQGSODQHVWOHSODQFRJQLWLILOHVWDVVRFLpDX[FRQQDLVVDQFHVJpRPpWULTXHV GDQVOHXUPLVHHQ±XYUH&HVGHX[SODQVV·HQULFKLVVHQWPXWXHOOHPHQWJUkFHj WURLVSURFHVVXVGHJHQqVHLQVWUXPHQWDOHYLGpRÀJXUDOHHWGLVFXUVLYRJUDSKLTXH
&HVWURLVJHQqVHVVRQWOHVVXSSRUWVGHWURLVW\SHVGHGpPDUFKHVXQHGpPDUFKH GHGpFRXYHUWHXQHGpPDUFKHGHYDOLGDWLRQHWXQHGpPDUFKHGHPRGpOLVDWLRQ 1RXVUHQYR\RQVOHOHFWHXUjODÀJXUHGHO·DUWLFOHG·LQWURGXFWLRQGHFHWWHUHYXH
©,QWURGXFWLRQ(VSDFHVGHWUDYDLOPDWKpPDWLTXH3RLQWGHYXHHWSHUVSHFWLYHVª 1RVDWWHQWHVFRQFHUQDQWO·pYROXWLRQGHODYLVLRQGHVILJXUHVJpRPpWULTXHV LPSOLTXH XQH JHQqVH YLGpRILJXUDOH GDQV ODTXHOOH OHV GHVVLQV VRQW FRQVLGpUpVFRPPHGHVUHSUpVHQWDWLRQVSDUWLFXOLqUHVGHÀJXUHVJpRPpWULTXHV HW OHV ÀJXUHV JpRPpWULTXHV FRPPH XQH FRQVWUXFWLRQ PHQWDOH V·DSSX\DQW VXU GHV GHVVLQV GHV SURSULpWpV GHV WH[WHV /·pYROXWLRQ GH FHWWH YLVLRQ SHXW V·DSSX\HU VXU OD JHQqVH LQVWUXPHQWDOH GX GpSODFHPHQW SRXU LGHQWLILHU OHV LQYDULDQWV/·DUWLFXODWLRQGHFHVGHX[JHQqVHVGpÀQLWODGpPDUFKHGHGpFRXYHUWH /·DSSURSULDWLRQ GX FRQFHSW GH ILJXUH V·DSSXLH DXVVL VXU O·DSSURSULDWLRQ GHV SURSULpWpV FH TXL UHQYRLH j OD JHQqVH GLVFXUVLYRJUDSKLTXH &HV GHX[
JHQqVHVFRQVWLWXHQWODGpPDUFKHGHPRGpOLVDWLRQ(QILQO·DSSURSULDWLRQGX GpSODFHPHQW V·DUWLFXOH DYHF O·LGHQWLILFDWLRQ GHV SURSULpWpV OD JHQqVH LQVWUXPHQWDOHVHUpDOLVHDYHFODJHQqVHGLVFXUVLYRJUDSKLTXHHQVHPEOHHOOHV GpILQLVVHQWODGpPDUFKHGHYDOLGDWLRQ
$QDO\VHDSULRUL
'HVFULSWLRQGHODVpTXHQFHGLGDFWLTXH
$ÀQG·pWXGLHUOHVGLIIpUHQWHVJHQqVHVHWOHVGLIIpUHQWHVGpPDUFKHUHODWLYHPHQW DXFRQFHSWGHSURSULpWpJpRPpWULTXHDYHFXQ/*'QRXVPHWWRQVHQSODFHXQH LQJpQLHULHGLGDFWLTXHTXLUHSUHQGOHVWUDYDX[GH'XYDOHW*RGLQHWOHV WUDYDX[ GH$VVXGH HW *pOLV &HV GHUQLHUV pWXGLHQW O·LQWpJUDWLRQ G·XQ /*'jO·DLGHGHODGLDOHFWLTXHDQFLHQQRXYHDXVXUGHVW\SHVGHWkFKHVHWGH WHFKQLTXHV3DUH[HPSOHLOVUpLQWURGXLVHQWGHVWkFKHVDQFLHQQHVjUpVRXGUHj O·DLGHGHWHFKQLTXHVQRXYHOOHV8QGHOHXUVUpVXOWDWVIRUWVTXHQRXVUHWHQRQV HVW TXH O·HQWUHODFHPHQW HQWUH GHV WkFKHV SDSLHUFUD\RQ HW GHV WkFKHV DYHF OH/*'XQHUpHOOHLQWpJUDWLRQG·XQ/*'GDQVO·HQVHLJQHPHQWGHODJpRPpWULH /HV FRQQDLVVDQFHV LQVWUXPHQWDOHV LVVXHV GX WUDYDLO DYHF OH /*' GRLYHQW
rWUH OLpHV H[SOLFLWHPHQW DX[ FRQQDLVVDQFHV FRQFHSWXHOOHV DFTXLVHV GDQV O·HQYLURQQHPHQWSDSLHUFUD\RQ
/·LQJpQLHULHGLGDFWLTXHVHGpURXOHGDQVXQHFODVVHGH6XLVVH5RPDQGH jGRXEOHGHJUpVDYHFpOqYHVGHDQVHWpOqYHVGHDQVGHX[
GHUQLqUHVDQQpHVGHSULPDLUH(OOHV·DSSXLHVXU&DEUL(OHPXQORJLFLHOGH JpRPpWULHG\QDPLTXHDGDSWpDXSULPDLUHLVVXGXORJLFLHO&DEULJpRPqWUHROHV DFWLYLWpVVHSUpVHQWHQWVRXVIRUPHGHFDKLHUVYLUWXHOV&KDTXHSDJHGXFDKLHUHVW XQHSDJHGX/*'DYHFXQHVpOHFWLRQGHVRXWLOVGHFRQVWUXFWLRQVSpFLÀTXHVDX /*'XQHFRQVLJQHHWXQH]RQHGHFRQVWUXFWLRQ/D)LJXUHSUpVHQWHXQH[HPSOH GHSDJHG·XQFDKLHU&DEUL(OHP
)LJXUH
1RXVDYRQVFRQoXDYHFO·HQVHLJQDQWHFLQTFDKLHUV&DEUL(OHPFKDTXH FDKLHUFRQWHQDQWjSDJHV/HWUDLWHPHQWG·XQFDKLHUSUHQGHQWUHPQ HWPQ&KDTXHFDKLHU&DEUL(OHPHVWV\VWpPDWLTXHPHQW VXLYLG·XQHVpDQFH TXLDOLHXTXHOTXHVMRXUVSOXVWDUG3HQGDQWFHWWHVpDQFHXQVHXORUGLQDWHXU HVWSUpVHQWHWHVWPLVjGLVSRVLWLRQGHO·HQVHLJQDQW/HVpOqYHVXWLOLVHQWOHXUV QRWHVSULVHVSHQGDQWODVpDQFHSUpFpGHQWHSRXUUHODWHUOHXUVLQWHUDFWLRQVDYHF OHORJLFLHO/·HQVHLJQDQWHUpDOLVHOHVGLIIpUHQWHVDFWLRQVVXUO·RUGLQDWHXUGRQW O·pFUDQHVWSURMHWpSDUWDJpDYHFODFODVVH&HVDFWLYLWpVRQWSRXUEXWGHGLVFXWHU FROOHFWLYHPHQWGHVREMHWVWUDYDLOOpVGDQVOHFDKLHUG\QDPLTXHFRUUHVSRQGDQW
&HVVpDQFHVSDSLHUFUD\RQGXUHQWHQWUHPQHWPQ&KDTXHFDKLHU&DEUL (OHPVXLYLGHVDVHVVpDQFHVHQSDSLHUFUD\RQHVWDSSHOpXQUHJURXSHPHQWGH VpDQFHV &KDTXH UHJURXSHPHQW GH VpDQFHV HVW DVVRFLp j XQ REMHFWLI G·DSSUHQWLVVDJHPDWKpPDWLTXHWUDYDLOOpGDQVO·HQYLURQQHPHQWG\QDPLTXH&DEUL (OHP HW GDQV O·HQYLURQQHPHQW SDSLHUFUD\RQ$LQVL DX VHLQ GH FKDTXH UHJURXSHPHQWWURLVW\SHVG·DFWLYLWpVVRQWPLVHVHQSODFHOHVDFWLYLWpVGHUpVROXWLRQ DYHFOHFDKLHU&DEUL(OHPOHVDFWLYLWpVFROOHFWLYHVDYHF&DEUL(OHPSURMHWp OHVDFWLYLWpVDYHFSDSLHUFUD\RQ
8QHGHVFULSWLRQGHVUHJURXSHPHQWVGHVpDQFHVHVWGpWDLOOpHHQDQQH[H
/HSDUDGLJPHDWWHQGXHGHODVpTXHQFHG¶HQVHLJQHPHQW
/HVDFWLYLWpVGDQVO·HQYLURQQHPHQWG\QDPLTXHGX/*'YLVHQWXQWUDYDLOVXUOHV SURSULpWpVJpRPpWULTXHVG·XQ&DEULGHVVLQ/HVSURSULpWpVTXHQRXVYLVRQVSHXYHQW rWUHGHVSURSULpWpVGHSHUSHQGLFXODULWpRXSDUDOOpOLVPHRXODUHFRQQDLVVDQFHGH ÀJXUHVXVXHOOHVFRPPHOHUHFWDQJOHOHFDUUpRXOHORVDQJH&HVSURSULpWpVSHXYHQW rWUHDERUGpHVjWUDYHUVODJHQqVHLQVWUXPHQWDOHGH'L HW'F/HÀOFRQGXFWHXU LQVWUXPHQWDOGHVDFWLYLWpVGDQVO·HQYLURQQHPHQWG\QDPLTXHHVWODFRQVWUXFWLRQGH FHVGHX[LQVWUXPHQWV3RXUFHODQRXVDYRQVFKRLVLG·XWLOLVHUXQHWkFKHDQFLHQQH GHVDFWLYLWpVGHUHSURGXFWLRQDYHFGHVWHFKQLTXHVQRXYHOOHVDVVRFLpHVDX/*' 'DQVFHVQRXYHOOHVDFWLYLWpVOHVpOqYHVGRLYHQWUpDOLVHUXQHFRQVWUXFWLRQ jSDUWLUG·XQ&DEULGHVVLQGRQQpODFRQVLJQHpWDQWTXHOHXUFRQVWUXFWLRQGRLW VHFRPSRUWHUDXFRXUVGXGpSODFHPHQWFRPPHOHPRGqOH&HWWHFRQVLJQH UHSUpVHQWH XQ FKDQJHPHQW GH FRQWUDW GLGDFWLTXH IRUW FDU OD YDOLGDWLRQ QH V·DSSXLH SOXV VXU XQH VXSHUSRVLWLRQ GH OD UHSURGXFWLRQ DX PRGqOH F·HVWjGLUH TXH OHV pOqYHV QH SHXYHQW SDV UHSURGXLUH XQLTXHPHQW XQH IRUPH pOpPHQW ' PDLV XQH ILJXUH DYHF VHV SURSULpWpV /D UpVROXWLRQ GHFHWWHDFWLYLWpSDVVHSDUO·LGHQWLÀFDWLRQGHVLQYDULDQWVGX&DEULGHVVLQPRGqOH F·HVWjGLUH XWLOLVHU OH'L SRXU LGHQWLILHU OHV SURSULpWpV GH OD ILJXUH /HVREVHUYDWLRQVLVVXHVGHFHGpSODFHPHQWGRLYHQWSHUPHWWUHG·LGHQWLÀHUOHV UHODWLRQV HQWUH OHV REMHWV TXL SHUGXUHQW DX FRXUV GX GpSODFHPHQW (QVXLWH O·REMHFWLIHVWGHUHSURGXLUHFHVLQYDULDQWVjO·DLGHGHVLQVWUXPHQWVGLVSRQLEOHV
&RPPHO·REMHFWLIÀQDOHVWGHUHSURGXLUHOH&DEULGHVVLQPRGqOHOH'LSHXW DXVVLrWUHDVVRFLpjODGpFRQVWUXFWLRQLQVWUXPHQWDOHWHOOHTX·HOOHHVWGpÀQLHSDU 0LWKDODOF·HVWjGLUHLGHQWLILHUO·HQFKDLQHPHQWRUGRQQpGHVDFWLRQV SHUPHWWDQWGHUHSURGXLUHXQHUHSUpVHQWDWLRQJUDSKLTXHG·XQREMHWJpRPpWULTXH /D YDOLGDWLRQ G·XQH UHSURGXFWLRQ UHSRVH VXU OH'F TXL FRQWU{OH VL OHV GHX[
FRQVWUXFWLRQVRQWGHVFRPSRUWHPHQWVVLPLODLUHVDXFRXUVGXGpSODFHPHQW/H WUDYDLOVXUFHVGpSODFHPHQWVGHYUDLWSHUPHWWUHGHVHIRFDOLVHUVXUOHVUHODWLRQV HQWUHpOpPHQWV'YRLUH'HWQRQSOXVVXUOHVIRUPHVpOpPHQWV'jUHSURGXLUH FRPPHREVHUYpGDQV&RXWDW
/HSDUDGLJPHLGRLQHGHQRWUHVpTXHQFHHVWOHQLYHDX*,,1/DSHUFHSWLRQ HW OH VHQVLEOH UHVWHQW SUpVHQWV HW OH UDLVRQQHPHQW DWWHQGX V·DSSXLH VXU O·LGHQWLÀFDWLRQGHSURSULpWpVHWOHXUUHSURGXFWLRQ
$QDO\VHDSULRULG¶XQHDFWLYLWpDYHFXQ/*'4XHO(7*LGRLQH"
1RXV QRXV FHQWURQV VXU O·DQDO\VH GHV SURFpGXUHV GHV pOqYHV DX FRXUV GH OD UpVROXWLRQ G·XQH DFWLYLWp LVVXH GX FDKLHU &DEUL (OHP GX UHJURXSHPHQW
©&RPSDVHW&HUFOHªGDQVOHEXWGHPRGpOLVHUOHWUDLWHPHQWGXWUDYDLOGHV pOqYHVjO·DLGHGHV(7*.X]QLDN/H&DEULGHVVLQGRQQpFRPPHPRGqOH VHFRPSRVHG·XQTXDGULODWqUHTXHOFRQTXHHWGHGHX[FHUFOHV/HVUHODWLRQV HQWUHOHTXDGULODWqUHHWOHVFHUFOHVVRQWUHQGXHVYLVLEOHSRXUODFODUWpGXWH[WH VXU OD )LJXUH &KDTXH FHUFOH D SRXU FHQWUH XQ VRPPHW GX TXDGULODWqUH OHVGHX[VRPPHWVpWDQWRSSRVpV/HUD\RQGHFKDTXHFHUFOHHVWGRQQpSDUXQ GHVF{WpVGXTXDGULODWqUHRSSRVpDXFHQWUHGXFHUFOH3RXULGHQWLÀHUFHVUHODWLRQV HQWUHOHVFHUFOHVHWOHVF{WpVGXTXDGULODWqUHLOHVWLQGLVSHQVDEOHGHGpIRUPHU OHTXDGULODWqUHHQGpSODoDQWOHVVRPPHWV/DUHSURGXFWLRQFRPPHQFHSDUOD FRQVWUXFWLRQ GX TXDGULODWqUH 3RXU FRQVWUXLUH OHV FHUFOHV LO IDXW XWLOLVHU O·RXWLOFHUFOHHQGpVLJQDQWWRXWG·DERUGXQHORQJXHXULFLVRXVODIRUPHG·XQ VHJPHQWTXLGpILQLWOHUD\RQGXFHUFOHSXLVHQGpVLJQDQWXQSRLQWTXLVHUD OHFHQWUHGXFHUFOH'DQVQRWUHFDVOHUD\RQHVWXQF{WpGXTXDGULODWqUHOH FHQWUH XQ VRPPHW RSSRVp DX F{Wp FKRLVLW 1RXV QRWRQV FHWWH XWLOLVDWLRQ GHO·RXWLOFHUFOH&HUFOH5D\RQ&HQWUH8QHDXWUHXWLOLVDWLRQGHFHWRXWLOSOXV FRQYHQWLRQQHOOHHVWGHGpVLJQHUWRXWG·DERUGXQSUHPLHUSRLQWFRPPHFHQWUH SXLVXQGHX[LqPHSRLQWODGLVWDQFHHQWUHOHFHQWUHHWFHGHX[LqPHSRLQW FRUUHVSRQGDQWDXUD\RQGXFHUFOH1RXVQRWRQVFHWWHGHX[LqPHXWLOLVDWLRQ GXFHUFOH&HUFOH&HQWUH3RLQW&HVGHX[XWLOLVDWLRQVGHO·RXWLOFHUFOHVRQW DFFHVVLEOHVjSDUWLUGHODPrPHLF{QHHOOHVGpÀQLVVHQWGHX[LQVWUXPHQWVSRXUXQ PrPHRXWLO$XPRPHQWROHVpOqYHVFRPPHQFHQWO·DFWLYLWpGHOD)LJXUHOHV GHX[XWLOLVDWLRQVGHO·RXWLOFHUFOHVRQWFRQQXHVGHVpOqYHV
)LJXUH )LJXUH
/D UpDOLVDWLRQ GH FHWWH DFWLYLWp GHPDQGH WRXW G·DERUG O·XWLOLVDWLRQ GH O·LQVWUXPHQW'LSRXULGHQWLÀHUOHVSURSULpWpVGHODÀJXUHF·HVWjGLUHOHVUHODWLRQV HQWUHOHVUD\RQVGHVFHUFOHVHWOHVF{WpVGXTXDGULODWqUH/HGpSODFHPHQWGH FHUWDLQVVRPPHWVGXTXDGULODWqUHPRGLÀHOHUD\RQGXFHUFOHFRPPHLOOXVWUpVXU OD)LJXUH8QHIRLVTXHOHVUHODWLRQVHQWUHOHVFHUFOHVHWOHVF{WpVGXTXDGULODWqUH
/HFDKLHUHVWGpFULWGDQVO¶DQQH[H
VRQW LGHQWLÀpHV LO IDXW DVVRFLHU OH ERQ VFKqPH G·XVDJH j O·RXWLO FHUFOH SRXU PHWWUH HQ ±XYUH O·LQVWUXPHQW &HUFOH 5D\RQ &HQWUH (QILQ OD YDOLGDWLRQ GHODUHSURGXFWLRQXWLOLVHOH'F VXUOHVGHX[FRQVWUXFWLRQVDILQGHV·DVVXUHU TXH&DEULGHVVLQPRGqOHHWOH&DEULGHVVLQFRQVWUXLWRQWGHVFRPSRUWHPHQWV VLPLODLUHVDXFRXUVGHVGpSODFHPHQWV&HWWHUHSURGXFWLRQQHSHXWSDVV·DSSX\HUVXU XQHYLVLRQ'GX&DEULGHVVLQPDLVHOOHGRLWSUHQGUHHQFRPSWHOHVUHODWLRQVHQWUH OHVGURLWHV'HWOHVSRLQWV'1RXVSODoRQVFHWWHUpIOH[LRQDXQLYHDX
*,,1/DGpFRPSRVLWLRQLQVWUXPHQWDOHSHUPHWG·LGHQWLÀHUTXHOHTXDGULODWqUH GRLWrWUHFRQVWUXLWHQSUHPLHUSXLVOHVFHUFOHVGRQWOHVUD\RQVGpSHQGHQWGHV F{WpVGXTXDGULODWqUH'HSOXVFHWWHUHSURGXFWLRQXWLOLVHXQVHXOGHVGHX[
LQVWUXPHQWVDVVRFLpjO·RXWLOFHUFOHO·LQVWUXPHQW&HUFOH5D\RQ&HQWUH3RXU UpVRXGUHFHWWHDFWLYLWpOHVpOqYHVGRLYHQWPDLWULVHUOHVLQVWUXPHQWV'L&HUFOH 5D\RQ&HQWUHHW'F/D)LJXUHHVWO·DGDSWDWLRQGHODÀJXUHSUpVHQWpHGDQV O·DUWLFOH©,QWURGXFWLRQ(VSDFHVGHWUDYDLOPDWKpPDWLTXH3RLQWGHYXHHW SHUVSHFWLYHVªGHQRWUHDFWLYLWp
)LJXUH
'LVWLQFWLRQGHVVLQILJXUHQGHV 9DOLGDWLRQGHVLQYDULDQWVSHUFHSWLIVQYDUL DXFRXUVGXGpSODFHPHQWXGpS
$SSURSULDWLRQGHVLQVWUXPHQWVQGH 'L'FHW
&HUFOH5D\RQ&HQWUH5D\RQ 9LVXDOLVDWLRQG¶XQREMHWSDU
VHVLQYDULDQWVSHUFHSWLIV
&RQVWUXFWLRQV V¶DSSX\DQWVXUGHVLQYDULDQWV
SHUFHSWLIV'L HW'F
5DLVRQQHPHQWHWYDOLGDWLRQ V¶DSSX\DQWVXUGHVLQYDULDQWV
SHUFHSWLIVDXFRXUVGX GpSODFHPHQW
3ODQFRJQLWLI
(QYLURQQHPHQW G\QDPLTXH
'L'FHW
&HUFOH5D\RQ&HQWUH
*,,1
3ODQpSLVWpPRORJLTXH
/HV(7*SHUVRQQHOVFRQVWUXLWVSDUOHVpOqYHV
1RXVDYRQVH[SpULPHQWpFHWWHDFWLYLWpDYHFQHXIELQ{PHV/·DQDO\VHGXWUDYDLO GHFHVQHXIELQ{PHVQRXVDPqQHjLGHQWLÀHUFLQT(7*SHUVRQQHOV/HVSULQFLSDOHV DFWLRQVGHVELQ{PHVFRQVLGpUpVVRQWHQDQQH[H3RXULGHQWLÀHUFHVFLQT(7*
QRXVFDUDFWpULVRQVOHVWURLVJHQqVHVjWUDYHUVOHVSURFHVVXVGHUpVROXWLRQGHV pOqYHV/HUHJDUGVXUOH&DEULGHVVLQPRGqOHQRXVUHQVHLJQHVXUODJHQqVHYLGpR ÀJXUDOHGHVpOqYHV/DFDUDFWpULVDWLRQGHODJHQqVHLQVWUXPHQWDOHV·DSSXLHVXU O·DQDO\VHGHVLQVWUXPHQWV'L'F&HUFOH5D\RQ&HQWUHHW&HUFOH&HQWUH3RLQW PRELOLVpVSDUOHVpOqYHV/DSHUFHSWLRQGHVUHODWLRQVHQWUHOHVFHUFOHVHWOH TXDGULODWqUHHWOHXUYDOLGDWLRQSRXUFRQFOXUHODUHSURGXFWLRQQRXVUHQVHLJQHVXU ODJHQqVHGLVFXUVLYRGLVFXUVLYH&KDTXHSURÀOHVWQRPPpHQVSpFLÀDQWO·pWDW VXSSRVpGHFKDFXQHGHVJHQqVHVSRXUFHWWHDFWLYLWp1RXVFRQFOXRQVVXUOH SDUDGLJPHGHV(7*SHUVRQQHOHQHVVD\DQWGHGpÀQLUOHVWURLVGpPDUFKHVDVVRFLpHV DX[WURLVJHQqVHV
(7*SURILOLFRQLTXHQRQLQVWUXPHQWpHVDQVSURSULpWpV
&H SURILO FRQFHUQH XQ ELQ{PH REVHUYp /HV pOqYHV Q·XWLOLVHQW SDV OH'L GDQVO·H[SORUDWLRQGXPRGqOH&HODLPSOLTXHTX·LOVQHSHXYHQWSDVLGHQWLÀHUOHV SURSULpWpVJpRPpWULTXHVGHODÀJXUHHWOHVUpLQYHVWLUGDQVOHXUFRQVWUXFWLRQ /RUVTXHFHVpOqYHVHVVDLHQWGHUHSURGXLUHODÀJXUHLOVXWLOLVHQWO·LQVWUXPHQW
&HUFOH&HQWUH3RLQWHQSUHQDQWXQVRPPHWGXTXDGULODWqUHFRPPHFHQWUH HWXQSRLQWTXHOFRQTXHGXSODQSRXUGpÀQLUOHUD\RQGHFKDTXHFHUFOH/HV FHUFOHVREWHQXVQ·RQWSDVOHVPrPHVUHODWLRQVGHGpSHQGDQFHDXTXDGULODWqUH TXHODÀJXUHPRGqOHSRXUWDQWODUHSURGXFWLRQHVWVXSHUSRVDEOHDXPRGqOH PrPHWDLOOHPrPHRULHQWDWLRQ/HVpOqYHVLQYDOLGHQWV\VWpPDWLTXHPHQWOHXUV WHQWDWLYHVHQGpSODoDQWXQVRPPHWGXPRGqOHSXLVOHVRPPHWFRUUHVSRQGDQW GHOHXUFRQVWUXFWLRQ'F,OVSUHQQHQWFRQVFLHQFHTXHOHXUFRQVWUXFWLRQQHVH GpIRUPHSDVFRPPHOHPRGqOHVDQVSDUYHQLUjLGHQWLÀHUOHVUHODWLRQVGXPRGqOH /DJHQqVHYLGpRILJXUDOHTXLGHYUDLWSHUPHWWUHGHGLVWLQJXHUGDQVOH&DEUL GHVVLQOHVUHODWLRQVHQWUHOHVFHUFOHVHWOHTXDGULODWqUHQ·HVWSDVIRQFWLRQQHOOH OHVpOqYHVRQWXQHYLVLRQ'GHODÀJXUH/HSURFHVVXVGHJHQqVHLQVWUXPHQWDOH VHPEOHSDUWLFXOLqUHPHQWDYDQFpSRXUODYDOLGDWLRQSDUODPLVHHQ±XYUHGX 'FPDLVSDVSRXUO·H[SORUDWLRQDYHFDXFXQHXWLOLVDWLRQGX'L/DGpPDUFKHGH GpFRXYHUWHUHVWHSHUFHSWLYHHWQRQLQVWUXPHQWpH/DGpPDUFKHGHPRGpOLVDWLRQ XWLOLVHXQHSHUFHSWLRQGXGHVVLQHWXQHYLVLRQLFRQLTXHHWODGpPDUFKHGH YDOLGDWLRQXWLOLVHOH'FSRXUFRPSDUHUXQHVXFFHVVLRQGHGHVVLQVPRGqOHHW GHVVLQFRQVWUXLWV/HXU(7*SHUVRQQHOVHVLWXHGDQVOHSDUDGLJPH*,1FDULOV FRQVLGqUHQWGHVREMHWVJpRPpWULTXHVSDUOHXUDVSHFWJpQpUDOHQPRELOLVDQWXQH YLVLRQ'GpSRXUYXGHSURSULpWpV
(7*SURILOQRQLFRQLTXHQRQLQVWUXPHQWpHVDQVSURSULpWpV
'HX[ELQ{PHVREVHUYpVFRUUHVSRQGHQWjFHSURÀO/HVpOqYHVDVVRFLpVjFHSURÀO PRELOLVHQWSHXOH'LDXGpEXWGHOHXUUpVROXWLRQ,OVHPEOHTXHOH'FXWLOLVpSRXU YDOLGHUOHVRLWDXVVLSRXUH[SORUHUOHPRGqOHFDUHQLGHQWLÀDQWOHVGLIIpUHQFHVHQWUH OHXU&DEULGHVVLQHWOH&DEULGHVVLQPRGqOHLOVLGHQWLÀHQWDXVVLFHUWDLQVLQYDULDQWV GHODILJXUHPRGqOH,OVILQLVVHQWSDULGHQWLILHUTXHOHVUD\RQVGHVFHUFOHVVRQW OLpVjGHVF{WpVGXTXDGULODWqUHVDQVSRXYRLUSUpFLVHUTXHOVF{WpV&HSHQGDQW FRPPHSRXUOHVpOqYHVGXSURÀOSUpFpGHQWFHVpOqYHVXWLOLVHQWO·LQVWUXPHQW&HUFOH
&HQWUH3RLQW,OVSUHQQHQWFRQVFLHQFHGHUHODWLRQVGDQVODÀJXUHPRGqOHVDQV SDUYHQLUjLGHQWLÀHUTXHOVREMHWVVRQWOLpV$LQVLLOVQHSHXYHQWSDVV·RUJDQLVHUSRXU UHSURGXLUHFHVUHODWLRQVGDQVOHXUUHSURGXFWLRQ/HIDLWTXHOHSURFHVVXVGHJHQqVH LQVWUXPHQWDOH FRQFHUQDQW O·LQVWUXPHQW &HUFOH 5D\RQ &HQWUH QH VRLW SDV RSpUDWLRQQHOHVWFHUWDLQHPHQWXQHGLIÀFXOWpVXSSOpPHQWDLUHSRXUFHVpOqYHV /DJHQqVHYLGpRÀJXUDOHHVWSUREDEOHPHQWSOXVDYDQFpHTXHOHSURÀOSUpFpGHQW VDQVSRXUDXWDQWrWUHDERXWLH/DGpPDUFKHGHGpFRXYHUWHHVWSHUFHSWLYH PDLVLQVWUXPHQWpHFHTXLOHXUSHUPHWG·HQULFKLUOHXUDQDO\VHGHODÀJXUHHQ FRQVLGpUDQWOHVpOpPHQWVTXLODFRPSRVH/DGpPDUFKHGHPRGpOLVDWLRQOHXU SHUPHWG·LGHQWLÀHUGHVUHODWLRQVVDQVSRXYRLUH[SULPHUGHVSURSULpWpV(QÀQ OHXUGpPDUFKHGHYDOLGDWLRQV·DSSXLHVXUO·LGHQWLÀFDWLRQG·LQYDULDQWVHQWUHOHVGHX[
&DEULGHVVLQeWDQWGRQQpTXHOHXUJHQqVHLQVWUXPHQWDOHHWYLGpRÀJXUDOHVRQW SOXVDYDQFpHVTXHOHSUpFpGHQWSURÀOQRXVFRQVLGpURQVTXHO·(7*GHFHSURÀOVH VLWXHGDQVOHSDUDGLJPH*,1
(7*SURILOQRQLFRQLTXHQRQLQVWUXPHQWpHDYHFOLDLVRQVSHUFHSWLYHV 7URLVELQ{PHVVRQWDVVRFLpVjFHSURÀO,OVPHWWHQWHQ±XYUHW{WO·LQVWUXPHQW'L GDQVOHXUH[SORUDWLRQ,OVSDUYLHQQHQWjLGHQWLÀHUOHVUHODWLRQVHQWUHOHVFHUFOHVHWOHV F{WpVGXTXDGULODWqUH&HSHQGDQWLOVUHQFRQWUHQWGHVGLIÀFXOWpVGDQVO·XWLOLVDWLRQ GHO·LQVWUXPHQW&HUFOH5D\RQ&HQWUH,OVO·XWLOLVHQWHQGpVLJQDQWXQF{WpGX TXDGULODWqUHPRGqOHHWQRQXQF{WpGHOHXUSURSUHTXDGULODWqUHFRPPHUD\RQ SXLVLOVGpVLJQHQWXQVRPPHWGXTXDGULODWqUHFRQVWUXLWFRPPHFHQWUHGXFHUFOH ,OVREWLHQQHQWXQHFRQVWUXFWLRQTXLQHSRVVqGHSDVGHUHODWLRQVLQWHUQHVj HOOHPrPHPDLVGHVUHODWLRQVDYHFOHPRGqOH/HVFHQWUHVGHVFHUFOHVFRQVWUXLWV VRQW OLpV DX[ VRPPHWV GHV TXDGULODWqUHV FRQVWUXLWV PDLV OHV UD\RQV VRQW GpILQLV SDU OHV F{WpV GX TXDGULODWqUH PRGqOH /D JHQqVH YLGpRILJXUDOH HVWDYDQFpHGDQVOHVHQVROHVpOqYHVLGHQWLÀHQWOHVUHODWLRQVLQWHUQHVjODÀJXUHHW QHFRQWHQWHQWSDVG·XQHDQDO\VHSDUODIRUPHHWODWDLOOH/DJHQqVHLQVWUXPHQWDOH HVWHOOHDXVVLDYDQFpH/HVpOqYHVDQDO\VHQWODÀJXUHPRGqOHHQXWLOLVDQWOH'L PRELOLVHQWO·LQVWUXPHQW&HUFOH5D\RQ&HQWUHSRXUUHSURGXLUHOHVFHUFOHVHW
pYDOXHQWOHXUSURGXFWLRQjO·DLGHGX'F3RXUWDQWLOVQHSDUYLHQQHQWSDVjXQH UHSURGXFWLRQFRUUHFWH
/HXUXWLOLVDWLRQGHO·LQVWUXPHQW&HUFOH5D\RQ&HQWUHGpPRQWUHTXHOHV pOqYHVQHSDUYLHQQHQWSDVjVHGpWDFKHUGHVOLDLVRQVSHUFHSWLYHVGXPRGqOHSRXU OHVWUDQVIRUPHUHQUHODWLRQVHQWUHREMHWVJpRPpWULTXHVG·XQHPrPHILJXUH /·XWLOLVDWLRQSHUWLQHQWHGHV'LHW'FDVVRFLpHjODGpFRPSRVLWLRQGLPHQVLRQQHOOH GH OD ILJXUH SHUPHW j FHV pOqYHV G·DYRLU XQH GpPDUFKH GH GpFRXYHUWH TXL V·DSSXLHVXUODÀJXUH/DGpPDUFKHGHPRGpOLVDWLRQFRQVLGqUHDLQVLOHVSURSULpWpV GX&DEULGHVVLQPRGqOHPDLVFHVSURSULpWpVUHVWHQWVSpFLÀTXHVDXPRGqOHHW QHSHXYHQWHQrWUHGpWDFKpHV/·XWLOLVDWLRQTX·LOVIRQWGHO·LQVWUXPHQW&HUFOH 5D\RQ &HQWUH GpPRQWUH TXH OHV pOqYHV QH SDUYLHQQHQW SDV j FRQVLGpUHU OHVSURSULpWpVLQGpSHQGDPPHQWGXPRGqOHF·HVWSRXUFHWWHUDLVRQTXHQRXV FRQVLGpURQVTXHFHW(7*IRQFWLRQQHGDQVOHSDUDGLJPH*,1
(7*SURILOQRQLFRQLTXHLQVWUXPHQWpDYHFSURSULpWpVLQVWUXPHQWpHV 8QELQ{PHHVWGpÀQLSDUFHSURÀO/HVpOqYHVPHWWHQWHQSODFHXQHSURFpGXUH WUqVVXUSUHQDQWH,OVXWLOLVHQWOH'LGDQVO·H[SORUDWLRQVDQVFKHUFKHUjLGHQWLÀHU SUpFLVpPHQW OHV UHODWLRQV HQWUH OHV FHUFOHV HW OHV F{WpV GX TXDGULODWqUH F·HVWjGLUHTX·LOVQHFKHUFKHQWSDVjLGHQWLÀHUTXHOF{WpHVWDVVRFLpjTXHO UD\RQ GH FHUFOH SDU GH'L /D GHX[LqPH pWDSH GDQV OHXU H[SORUDWLRQ V·DSSXLH VXUO·XWLOLVDWLRQGpWRXUQpHGHO·LQVWUXPHQW&HUFOH5D\RQ&HQWUH/HVpOqYHV XWLOLVHQW FHW LQVWUXPHQW SRXU LGHQWLILHU j TXHO F{Wp FKDTXH FHUFOH HVW OLp ,OVVpOHFWLRQQHQWO·RXWLOFHUFOHSXLVLOVGpVLJQHQWXQF{WpGXTXDGULODWqUHFH TXLOHXUGRQQHXQFHUFOHDYHFXQUD\RQFRQVWDQWGRQWLOQHUHVWHSOXVTX·jUHOLp jXQSRLQWFRPPHFHQWUH
/HVpOqYHVGpSODFHQWOHFHUFOHGDQVOHSODQDÀQG·LGHQWLÀHUjTXHOFHUFOH GXPRGqOHLOSHXWVHVXSHUSRVHU/RUVTX·DXFXQHVXSHUSRVLWLRQQ·HVWSRVVLEOHLOV FRQVWUXLVHQWXQQRXYHDXFHUFOHOLpjXQDXWUHF{WpMXVTX·jFHTX·LOVREWLHQQHQW XQFHUFOHVXSHUSRVDEOHjXQFHUFOHGXPRGqOH8QHIRLVFHFHUFOHREWHQXLOV UHSURGXLVHQWODFRQVWUXFWLRQDYHFOHXUTXDGULODWqUH/DJHQqVHLQVWUXPHQWDOH GHO·RXWLO&HUFOH5D\RQ&HQWUHHVWWUqVDYDQFpHWRXWFRPPHOH'FOH'LHVW XWLOLVp GDQV XQH SUHPLqUH H[SORUDWLRQ SXLV UHPSODFp SDU O·XWLOLVDWLRQ GpWRXUQpH GH &HUFOH 5D\RQ &HQWUH /D JHQqVH YLGpRILJXUDOH VHPEOH V·DSSX\HUG·DYDQWDJHVXUOHVpOpPHQWVGHO·HVSDFHUpHOTXHVXUOHVUHODWLRQVTX·LOV SHXYHQWDYRLUHQWUHHX[/DGpPDUFKHGHGpFRXYHUWHGpPRQWUHXQHUpÁH[LRQ LQVWUXPHQWpHVXUODÀJXUH/DGpPDUFKHGHPRGpOLVDWLRQXWLOLVHXQHYLVLRQGX
&DEULGHVVLQ SDU VHV SURSULpWpV /D GpPDUFKH GH YDOLGDWLRQ V·DSSXLH VXU OD FRPSDUDLVRQ GHV LQYDULDQWV GH OD ILJXUH PRGqOH HW OD ILJXUH FRQVWUXLWH 3RXUFHVpOqYHVOHSDUDGLJPHDVVRFLpjOHXU(7*HVWOHSDUDGLJPH*,,1
(7*SURILOQRQLFRQLTXHLQVWUXPHQWpDYHFSURSULpWpV
/HVSURFpGXUHVXWLOLVpHVSDUOHVGHUQLHUVpOqYHVGHFHWWHDQDO\VHGpPRQWUHQW XQFHUWDLQDERXWLVVHPHQWGDQVOHVGLIIpUHQWHVJHQqVHV/·H[SORUDWLRQGXPRGqOH V·DSSXLHVXUOH'LSXLVODFRQVWUXFWLRQXWLOLVHGHIDoRQDGpTXDWHO·LQVWUXPHQW
&HUFOH5D\RQ&HQWUH/DYDOLGDWLRQUHSRVHVXUO·LQVWUXPHQW'FXWLOLVpHQ SDUDOOqOHVXUOHPRGqOHHWODFRQVWUXFWLRQ&HVpOqYHVRQWXQHXWLOLVDWLRQSHUWLQHQWH GHVGLIIpUHQWVLQVWUXPHQWVGLVSRQLEOHVHWXQHYLVLRQGX&DEULGHVVLQPRGqOHSDU VHVSURSULpWpV/DGpPDUFKHGHGpFRXYHUWHV·DSSXLHVXUO·LGHQWLILFDWLRQGHV SURSULpWpVGHODÀJXUHSDUOHGpSODFHPHQW/DGpPDUFKHGHPRGpOLVDWLRQUHSUHQG OHVGLIIpUHQWHVSURSULpWpVHWHQÀQODGpPDUFKHGHYDOLGDWLRQGpPRQWUHXQHUpÁH[LRQ VXUODÀJXUHHWVHVSURSULpWpV/HXU(7*SHUVRQQHOVHPEOHSURFKHGHO·(7*LGRLQH DLQVLOHSDUDGLJPHLGHQWLÀHUHVWOHSDUDGLJPH*,,1
&RQFOXVLRQ
(7*SHUVRQQHOVHW(7*LGRLQH
1RXVDYRQVLGHQWLÀpFLQT(7*SHUVRQQHOVSRXUWURLVSDUDGLJPHV/HSDUDGLJPH
*,1HVWDVVRFLpjXQ(7*HWXQELQ{PHSRXUOHTXHOOHVGLIIpUHQWHVJHQqVHV VRQWHQFRUHHQFRQVWUXFWLRQ/HSDUDGLJPH*,1HVWDVVRFLpjGHX[(7*HWj FLQTELQ{PHV3RXUFHSDUDGLJPHOHVJHQqVHVVRQWDXVVLHQFRQVWUXFWLRQPDLV FRPPHQFHQWjrWUHPLVHHQSUDWLTXH/HVpOqYHVUHQFRQWUHQWGHVGLIÀFXOWpVVRLW GDQVODJHQqVHYLGpRÀJXUDOHHWODGLVWLQFWLRQGXGHVVLQHWGHODÀJXUHVRLWGDQV ODJHQqVHLQVWUXPHQWDOHDYHFXQHGLIÀFXOWpGDQVO·XWLOLVDWLRQGHO·LQVWUXPHQW
&HUFOH5D\RQ&HQWUH&HVGLIIpUHQWHVGLIILFXOWpVLPSOLTXHQWXQHUpIOH[LRQ SOXW{WSHUFHSWLYHHWLQVWUXPHQWpHROHVSURSULpWpVVRQWSHUFHSWLYHVYRLUH QRQLGHQWLILpHV(QILQOHGHUQLHUSDUDGLJPHHVWOHSDUDGLJPHYLVpSDUO·(7*
LGRLQH *,,1 ,O FRQFHUQH GHX[ (7* HW WURLV ELQ{PHV &HV pOqYHV RQW VX PHWWUH HQ ±XYUH OHV GLIIpUHQWHV JHQqVHV SRXU LGHQWLÀHU OHV SURSULpWpV GH OD ILJXUH OHV UpLQYHVWLU GDQV OHXU UHSURGXFWLRQ HW YDOLGHU OHXU SURGXFWLRQ /·DQDO\VHGHVSURFpGXUHVGHVpOqYHVHQXWLOLVDQWOHV(7*SHUPHWG·LGHQWLÀHUTXH OHVGLIIpUHQWHVJHQqVHVVRQWOHVpOpPHQWVPRWHXUGHO·pYROXWLRQGHOHXUV(7*
SHUVRQQHOV YHUV XQ QLYHDX *,,1 HW TXH FHV JHQqVHV V·HQULFKLVVHQW OHV XQHV GHVDXWUHV
%LODQHWSHUVSHFWLYHV
/·LQJpQLHULHTXHQRXVDYRQVPLVHHQSODFHDYDLWSRXUEXWGHQRXVpFODLUHUVXUOHV DSSRUWVpYHQWXHOVG·XQ/*'GDQVXQWUDYDLOVXUOHVSURSULpWpVJpRPpWULTXHVHQÀQ
GHSULPDLUHDQV/·(7*LGRLQHFRUUHVSRQGDQWjO·DFWLYLWpSUpVHQWpHV·DSSXLH VXUWURLVJHQqVHV/DJHQqVHYLGpRILJXUDOHYLVHXQHYLVLRQGHV&DEULGHVVLQV SDUOHXUVSURSULpWpVHWQRQSDUOHXUIRUPHHOOHV·DSSXLHVXUODGpFRPSRVLWLRQ GLPHQVLRQQHOOHHWO·pYROXWLRQGHODYLVLRQYHUVXQHYLVLRQQRQLFRQLTXHGHODÀJXUH /DJHQqVHLQVWUXPHQWDOHYLVHXQHDSSURSULDWLRQGHVLQVWUXPHQWV'pSODFHUSRXU LGHQWLÀHUGHV LQYDULDQWVVHW'pSODFHUSRXUYDOLGHUXQHFRQVWUXFWLRQTXLVRQWXWLOLVpHV WRXWDXORQJGHODVpTXHQFH/DJHQqVH GLVFXUVLYRJUDSKLTXHYLVHXQHYDOLGDWLRQ TXLV·DSSXLHVXUOHVSURSULpWpVJpRPpWULTXHVGHVÀJXUHVSURSRVpHV/HSDUDGLJPH GHO·(7*LGRLQHVHVLWXHDXQLYHDX*,,1/HVGLIIpUHQWHVDQDO\VHVGHVpOqYHV REVHUYpVPRQWUHQWTXHO·XWLOLVDWLRQG·XQ/*'HWVHVLQVWUXPHQWVVSpFLÀTXHVSRXU XQSUHPLHUDSSUHQWLVVDJHGHVSURSULpWpVDHIIHFWLYHPHQWXQLPSDFWVXUOHV FRQQDLVVDQFHVGHVpOqYHV&·HVWSDUO·DERXWLVVHPHQWGHVWURLVJHQqVHVTXH OHSDUDGLJPH*,,1HVWHIIHFWLYHPHQWOHSDUDGLJPHGDQVOHTXHOOHVpOqYHV UpVROYHQWO·DFWLYLWp,OVHUDLWLQWpUHVVDQWGHTXHVWLRQQHUOHVHIIHWVjORQJWHUPH GHO·XWLOLVDWLRQG·XQ/*'SRXUO·DSSUHQWLVVDJHGHVSURSULpWpVHWSDUWLFXOLqUHPHQW O·LQWURGXFWLRQ GX SDUDGLJPH *,, DYHF OH WUDYDLO VXU OD GpPRQVWUDWLRQ 2Q SRXUUDLW DXVVL TXHVWLRQQHU XQH XWLOLVDWLRQ SOXV SUpFRFH G·XQ /*' &HWWH LQWURGXFWLRQQHYLVHUDLWHQDXFXQFDVXQHDSSURFKHGXSDUDGLJPH*,,PDLV HOOHSHUPHWWUDLWGHIDFLOLWpODJHQqVHLQVWUXPHQWDOHVSpFLÀTXHjO·HQYLURQQHPHQW G\QDPLTXHHWO·H[SORLWDWLRQGXSDUDGLJPH*,1&HODDXUDLWSUREDEOHPHQWXQ LPSDFWVXUODIDFLOLWpXOWpULHXUHGHODPLVHHQSODFHGHVGHX[DXWUHVJHQqVHVGDQV ODYLVpHG·XQWUDYDLOVXUOHSDUDGLJPH*,,1
5pIpUHQFHV
$VVXGH7 *pOLV-0/DGLDOHFWLTXHDQFLHQQRXYHDXGDQVO¶LQWpJUDWLRQGH&DEULj O¶pFROHSULPDLUH(GXFDWLRQDO6WXGLHV RI 0DWKHPDWLFV
%UDFRQQH0LFKRX[$eYROXWLRQGHVFRQFHSWLRQVHWGHO¶DUJXPHQWDWLRQHQJpRPpWULH FKH]OHVpOqYHVSDUDGLJPHVHWQLYHDX[GHYDQ+LHOHjO¶DUWLFXODWLRQ&0H7KqVHGH 'RFWRUDW8QLYHUVLWp3DULV'LGHURW3DULV)UDQFH
&RXWDW69HUVXQHpYROXWLRQGHODYLVLRQHQJpRPpWULHDXSULPDLUHDYHFXQORJLFLHOGH JpRPpWULHG\QDPLTXH0DWK(FROH
&RXWDW 6 5LFKDUG 3 5 /HV ILJXUHV G\QDPLTXHV GDQV XQ HVSDFH GH WUDYDLO PDWKpPDWLTXHSRXUO¶DSSUHQWLVVDJHGHVSURSULpWpVJpRPpWULTXHV$QQDOHVGHGLGDFWLTXHHW GHVFLHQFHVFRJQLWLYHV
'XYDO 5 /HV FRQGLWLRQV FRJQLWLYHV GH O¶DSSUHQWLVVDJH GH OD JpRPpWULH$QQDOHV GH 'LGDFWLTXHHWGHVFLHQFHVFRJQLWLYHV
'XYDO5 *RGLQ0/HVFKDQJHPHQWVGHUHJDUGQpFHVVDLUHVVXUOHVILJXUHV*UDQG 1
+RXGHPHQW& .X]QLDN$3DUDGLJPHVJpRPpWULTXHVHWHQVHLJQHPHQWGHOD JpRPpWULH$QQDOHVGH'LGDFWLTXHHWGH6FLHQFHV&RJQLWLYHV
.X]QLDN$/¶HVSDFHGH7UDYDLO0DWKpPDWLTXHHWVHVJHQqVHV$QQDOHVGHGLGDFWLTXH HWGHVFLHQFHVFRJQLWLYHV
.X]QLDN$ 5LFKDUG35 (VSDFHVGH7UDYDLO0DWKpPDWLTXHV3RLQWVGHYXH HWSHUVSHFWLYHV5HYLVWD/DWLQRDPHULFDQDGH,QYHVWLJDFLyQHQ0DWHPiWLFD(GXFDWLYD
1~PHUR(VSHFLDO7202,SS
/DERUGH& &DSSRQL%&DEUL*pRPqWUHFRQVWLWXDQWG¶XQPLOLHXSRXUO¶DSSUHQWLVVDJH GHODQRWLRQGHILJXUHJpRPpWULTXH5HFKHUFKHVHQ'LGDFWLTXHGHV0DWKpPDWLTXHV
0LWKDODO - 'pFRQVWUXFWLRQ LQVWUXPHQWDOH HW GpFRQVWUXFWLRQ GLPHQVLRQQHOOH GDQV OHFRQWH[WH GH ODJpRPpWULHG\QDPLTXHWULGLPHQVLRQQHOOH7KqVHGH'RFWRUDW8QLYHUVLWp -RVHSK)RXULHU*UHQREOH
2IIUH%3HUULQ*ORULDQ0-9HUEDHUH28VDJHGHVLQVWUXPHQWVHWGHVSURSULpWpV JpRPpWULTXHVHQILQGH&03HWLW[
5DEDUGHO3/HVKRPPHVHWOHVWHFKQRORJLHV8QHDSSURFKHFRJQLWLYHGHVLQVWUXPHQWV FRQWHPSRUDLQV3DULV)UDQFH$UPDQG&ROLQ
5HVWUHSR$*HQqVH LQVWUXPHQWDOH GXGpSODFHPHQWW HQJpRPpWULH G\QDPLTXHFKH]GHV pOqYHV GH LqPH7KqVHGH'RFWRUDW8QLYHUVLWp-RVHSK)RXULHU*UHQREOH
9DQ +LHOH 30 YDQ +LHOH*HOGRI ' $ PHWKRG RI LQLWLDWLRQ LQWR *HRPHWU\ DW VHFRQGDU\ VFKRRO 5HSRUW RQ 0HWKRGV RI ,QLWLDWLRQ LQWR *HRPHWU\LQ )UHXGHQWKDO + /HDUQLQJDQG8QGHUVWDQGLQJLQ0DWKHPDWLFVD7ULEXWHWR5LFKDUG6NHPS /DERUGH&&DSSRQL%&DEUL*pRPqWUHFRQVWLWXDQWG¶XQPLOLHXSRXUO¶DSSUHQWLVVDJH
GHODQRWLRQGHILJXUHJpRPpWULTXH5HFKHUFKHV HQGLGDFWLTXH GHV PDWKpPDWLTXHV
0LWKDODO-'pFRQVWUXFWLRQLQVWUXPHQWDOHHW GpFRQVWUXFWLRQGLPHQVLRQQHOOH GDQV OH FRQWH[WH GH ODJpRPpWULHG\QDPLTXHWULGLPHQVLRQQHOOH7KqVHGHGRFWRUDWGHO¶XQLYHUVLWp -)RXULHU*UHQREOH
2IIUH%3HUULQ*ORULDQ0-9HUEDHUH28VDJHGHVLQVWUXPHQWVHWGHVSURSULpWpV JpRPpWULTXHVHQILQGH&0*UDQG11
5DEDUGHO3/HV KRPPHV HW OHVWHFKQRORJLHV XQH DSSURFKHFRJQLWLYH GHV LQVWUXPHQWV FRQWHPSRUDLQV3DULV$UPDQG&ROLQpGLWLRQ
5HVWUHSR$*HQqVH LQVWUXPHQWDOH GXGpSODFHPHQW HQJpRPpWULH G\QDPLTXHFKH]GHV pOqYHV GH LqPH7KqVHGHGRFWRUDWGH O¶XQLYHUVLWp-RVHSK)RXULHU*UHQREOH
YDQ+LHOH30YDQ+LHOH*HOGRI'$0HWKRGRI,QLWLDWLRQLQWR*HRPHWU\LQ5HSRUW RQ PHWKRGVRI,QLWLDWLRQLQWR*HRPHWU\LQ+)UHXGHQWKDO/HDUQLQJDQG8QGHUVWDQGLQJ LQ0DWKHPDWLFVD7ULEXWHWR5LFKDUG6NHPS
$XWRUD
6\OYLD&RXWDW
8QLYHUVLWpGH*HQqYH6XLVVH 6\OYLD&RXWDW#XQLJHFK
$QQH[H
5HJURXSHPHQW/HVSHWLWHVErWHV
6pDQFH &DKLHU pOqYHV HQ ELQ{PH DYHF &DEUL (OHP LQWURGXFWLRQ j O¶HQYLURQQHPHQW G\QDPLTXH SUHPLqUH DSSURFKH GHV LQVWUXPHQWV GHFRQVWUXFWLRQSRLQW GURLWHVHJPHQWWULDQJOHFHUFOHHWFDUUpHW SUHPLqUHVXWLOLVDWLRQVGH'LHWW'F
6pDQFH HQFODVVHHQWLqUH&DEUL(OHPSURMHWpLQWURGXFWLRQGHODIHXLOOH GHFRQVWDW
5HJURXSHPHQW3DUDOOqOHVHW3HUSHQGLFXODLUHV
6pDQFH &DKLHU pOqYHV HQ ELQ{PH DYHF &DEUL (OHP LQWURGXFWLRQ GHV LQVWUXPHQWVGHFRQVWUXFWLRQ3HUSHQGLFXODLUHHW3DUDOOqOHDSSOLFDWLRQV SRXUUHSURGXLUHXQUHFWDQJOHHWXQSDUDOOpORJUDPPH
6pDQFH HQELQ{PHjSDUWLUGHILOPVH[WUDLWVGHODVpDQFHSUpFpGHQWHOHVpOqYHV pYDOXHQWO¶XWLOLVDWLRQGHVLQVWUXPHQWV3HUSHQGLFXODLUHHW3DUDOOqOH 6pDQFH HQFODVVHHQWLqUHH[WUDLWVGHODVpDQFHFDKLHUVpDQFHSURMHWpV PLVHjMRXUGHODIHXLOOHGHFRQVWDWDYHFOHVQRXYHDX[LQVWUXPHQWV 3HUSHQGLFXODLUHHW3DUDOOqOH
5HJURXSHPHQW±&DUUp5HFWDQJOH/RVDQJH«
6pDQFH DYHF&DEUL(OHPUHFRQQDvWUHHWLGHQWLILHUGHVTXDGULODWqUHVGRQQpV pYDOXDWLRQQRWpH
6pDQFH DYHFSDSLHUFUD\RQFRUUHFWLRQGHO¶pYDOXDWLRQHQSDSLHUFUD\RQ 5HJURXSHPHQW&RPSDVHW&HUFOH
6pDQFH DYHF &DEUL (OHP LQWURGXFWLRQ GH O¶LQVWUXPHQW &HUFOH 5D\RQ
&HQWUH 5HJURXSHPHQW6\PpWULHV
6pDQFH DYHF&DEUL(OHPLQWURGXFWLRQGHO¶LQVWUXPHQW6\PpWULH $[LDOH DYHF OHGpSODFHPHQW
6pDQFH DYHF &DEUL (OHP LQWURGXFWLRQ GH O¶LQVWUXPHQW 7UDQVODWLRQDYHF OHGpSODFHPHQW
$QQH[H²&DKLHU&RPSDV&HUFOH
2EMHFWLIDFWLYLWppLGHQWLILHUHWPHWWUH HQ°XYUHGHX[XWLOLVDWLRQVGHO¶RXWLO FHUFOHDYHFXQVHJPHQWGRQQpFRPPH UD\RQ&HUFOH5D\RQ&HQWUHRX XQSRLQWVXUOHFHUFOH&HUFOH&HQWUH 3RLQW5pLQYHVWLVVHPHQWGDQVGLYHUVHV DFWLYLWpV
'pURXOHPHQWPRPHQWVGHWUDYDLOW HQELQ{PHHQWUHFRXSpVGHPRPHQWV FROOHFWLIVVXUO¶XWLOLVDWLRQGHVRXWLOV FHUFOH
/HVQRPVGHVFHUFOHVHWGHVVHJPHQWV RQWpWpDMRXWpSRXUO¶DUWLFOHSRXU IDFLOLWHUODFRPSUpKHQVLRQ
/HFHUFOHDSRXUUD\RQOHVHJPHQWF /HFHUFOHDSRXUUD\RQOHVHJPHQWE /HFHUFOHDSRXUUD\RQOHVHJPHQWD /HFKDQJHPHQWGHORQJXHXUGHV VHJPHQWVFKDQJHOHVUD\RQVGHVFHUFOHV
/¶HQVHLJQDQWHSUpVHQWHODFRQVLJQHGHODSDJHODSDJHOHVpOqYHVPDQLSXOHQWREVHUYHQWHW SUHQQHQWGHVQRWHVSXLVO¶HQVHLJQDQWHGHPDQGHTXHWRXWOHPRQGHSDVVHjODSDJHVXLYDQWH
0LVHHQ°XYUHGHVGHX[XWLOLVDWLRQV SRVVLEOHVGHO¶RXWLOFHUFOH
3RXUOHVFHUFOHVHW&HUFOH5D\RQ
&HQWUHHQXWLOLVDQWOHVHJPHQWFFRPPH UD\RQSRXUOHFHUFOHHWXQHH[WUpPLWp GXVHJPHQWDFRPPHFHQWUHHW OHVHJPHQWDFRPPHUD\RQSRXUOH FHUFOHHWXQHH[WUpPLWpGXVHJPHQW FFRPPHFHQWUH
3RXUOHFHUFOH&HUFOH&HQWUH3RLQW DYHFXQHH[WUpPLWpGXVHJPHQWETXL GpILQLWOHFHQWUHHWO¶DXWUHH[WUpPLWp TXLGpILQLWODORQJXHXUGXUD\RQ 2QSHXWDXVVLXWLOLVHU&HUFOH5D\RQ 3RLQWSRXUOHFHUFOHDYHFOHVHJPHQW EFRPPHUD\RQHWXQHH[WUpPLWpGX VHJPHQWFRPPHFHQWUH
3DJH/¶HQVHLJQDQWHLQVWLWXWLRQQDOLVHO¶XWLOLVDWLRQGHO¶LQVWUXPHQW&HUFOH5D\RQ&HQWUH jSDUWLUG¶XQUD\RQSXLVG¶XQFHQWUHHWQRWHO¶XWLOLVDWLRQDXWDEOHDXQRLUH[HPSOHDYHFOH SUHPLHUFHUFOHSXLVOHVpOqYHVWHUPLQHQWVHXOVOHVGHX[DXWUHVFHUFOHV
$SSOLFDWLRQGHO¶XWLOLVDWLRQGH O¶LQVWUXPHQW&HUFOH5D\RQ&HQWUH /HVVHJPHQWVGHYLHQQHQWGpIRUPDEOHV ORUVTX¶RQYDOLGH9DOLGDWLRQO¶pOqYH ORUVTX¶LOPRGLILHODORQJXHXUGHV VHJPHQWVYHUWHWURXJHOHUHFWDQJOH GRLWDXVVLVHPRGLILHU
3DJHQRQDERUGpHHQFROOHFWLI
5HODQFHVFRPPHQWIDLWRQHQSDSLHUFUD\RQ"3DUTXRLFRPPHQFHWRQHQSDSLHUFUD\RQ"
)DLUHUpIpUHQFHjODGpILQLWLRQGHO¶LQVWUXPHQW&HUFOH5D\RQ&HQWUHDXWDEOHDX
/HTXDGULODWqUHHVWXQTXDGULODWqUH TXHOFRQTXH/HFHUFOHDSRXUUD\RQXQ GHVF{WpVGXTXDGULODWqUHRSSRVpDX FHQWUHGXFHUFOH
3DJHVjVXUOHFHUFOHFRPPHHQVHPEOHGHSRLQWVjpJDOHGLVWDQFHGXFHQWUHWUDYDLOOpj WUDYHUVXQHVLPXODWLRQG¶XQMHXGHSpWDQTXH8WLOLVDWLRQGHO¶RXWLOFHUFOHSRXUO¶LQVWUXPHQW
&HUFOH&HQWUH3RLQW
/HTXDGULODWqUHHVWTXHOFRQTXH
&KDTXHFHUFOHDSRXUUD\RQXQGHV F{WpVGXTXDGULODWqUHRSSRVpj VRQFHQWUH
$QQH[H²3URGXFWLRQSURÀO,FRQLTXH
7UDQVODWLRQGXPRGqOHSDUGpSODFHPHQW GXTXDGULODWqUHGDQVVDJOREDOLWp SDVGHGpIRUPDWLRQ
&RQVWUXFWLRQHQFRQVHUYDQWODWDLOOH O¶RULHQWDWLRQHWODIRUPHGXPRGqOH 4XDGULODWqUHSXLV&HUFOH>&HQWUH3RLQW@
$MXVWHPHQWSHUFHSWLIGXUD\RQGHV FHUFOHVFRQVWUXLWV
'pSODFHPHQWG¶XQVRPPHWGXPRGqOH HWGpIRUPDWLRQGXPRGqOH
'pSODFHPHQWG¶XQVRPPHWGHOD FRQVWUXFWLRQHWGpIRUPDWLRQGH ODUHSURGXFWLRQ
/DFRQVWUXFWLRQHVWHIIDFpHSDU OHVpOqYHV
$QQH[H²3URGXFWLRQSURÀO
'pSODFHPHQWG¶XQVRPPHWGXPRGqOH 'pSODFHPHQWG¶XQDXWUHVRPPHW GXPRGqOH
5HSURGXFWLRQjO¶DLGHGHO¶LQVWUXPHQW 4XDGULODWqUHSXLV&HUFOH&HQWUH3RLQW HQXWLOLVDQWXQGHVVRPPHWVGX TXDGULODWqUHFRQVWUXLWHWXQSRLQWOLEUH
'pSODFHPHQWG¶XQVRPPHWGX TXDGULODWqUHFRQVWUXLW
'pSODFHPHQWGXPrPHVRPPHWGX TXDGULODWqUHPRGqOH
5HPDUTXHG¶XQpOqYH©LOHVWROHSRLQW
"ªHQPRQWUDQWOHFHUFOHGXPRGqOH SXLVERXJHDQWOHSRLQWOLEUHGX FHUFOHUHSURGXLW
5HSURGXFWLRQFRPSOqWHHQUHSUHQQDQW ODPrPHXWLOLVDWLRQGHO¶LQVWUXPHQW&HUFOH
&HQWUH3RLQWSRXUOHFHUFOHSXLV 4XDGULODWqUHSXLV&HUFOH&HQWUH3RLQW SRXUOHFHUFOH
'pSODFHPHQWG¶XQVRPPHWGX TXDGULODWqUHFRQVWUXLWSXLVGXTXDGULODWqUH PRGqOHUHPDUTXH©LO\DXQWUXFGH EL]DUUHF¶HVWTXHOHFHUFOHHQKDXW LOERXJHSDVª
$QQH[H²3URGXFWLRQSURÀO
'pSODFHPHQWG¶XQVRPPHWGXPRGqOH 5HSURGXFWLRQDYHFOHVLQVWUXPHQWV 4XDGULODWqUHHW&HUFOH&HQWUH3RLQW
'pSODFHPHQWG¶XQFHUFOHGH ODUHSURGXFWLRQ
'pSODFHPHQWG¶XQFHUFOHGXPRGqOH pTXLYDXWjXQHWUDQVODWLRQGXPRGqOH UpDFWLRQGHO¶pOqYH©DORUVoDF¶HVW FRPSOqWHPHQWUDWpª
'pSODFHPHQWXQVRPPHWSXLVXQDXWUH GXPRGqOH"
5HSURGXFWLRQXWLOLVDQWO¶LQVWUXPHQW&HUFOH 5D\RQ&HQWUHDYHFOHVF{WpVGXPRGqOH
&RQVWUXFWLRQGXTXDGULODWqUHDYHF O¶LQVWUXPHQW4XDGULODWqUHHQXWLOLVDQW OHVFHQWUHVGHVFHUFOHVUHSURGXLWV
'pSODFHPHQWG¶XQVRPPHWGXPRGqOH TXLFKDQJHOHUD\RQG¶XQFHUFOHGH ODUHSURGXFWLRQ
$QQH[H²3URGXFWLRQSURÀO
'pSODFHPHQWG¶XQVRPPHWGXPRGqOH 'pSODFHPHQWG¶XQDXWUHVRPPHW GXPRGqOH
5HSURGXFWLRQGXTXDGULODWqUH 5HFKHUFKHGXUD\RQGXFHUFOHDYHF
&HUFOH5D\RQ&HQWUHHVVDLF{WpE )LJXUH
(VVDLDYHFOHF{WpD (VVDLDYHFOHF{WpGFRQFOXDQW
FHUFOHHIIDFp
«SRXUrWUHUHSURGXLWDYHF&HUFOH 5D\RQ&HQWUHXWLOLVpVXUOH TXDGULODWqUHFRQVWUXLWSDUO¶pOqYH
5HSURGXFWLRQGXFHUFOHDYHF&HUFOH 5D\RQ&HQWUHXWLOLVpDYHFOHF{WpGX TXDGULODWqUHPRGqOHHWOHVRPPHW GXTXDGULODWqUHFRQVWUXLW
3OXVLHXUVHVVDLVVRQWQpFHVVDLUHVSRXU DSSOLTXHUODSURFpGXUHXWLOLVpHSRXUOH FHUFOHVXUOHFHUFOH
'pSODFHPHQWSXLVQRQYDOLGDWLRQGH ODFRQVWUXFWLRQ
$QQH[H²3URGXFWLRQSURÀO
'pSODFHPHQWG¶XQVRPPHWGXPRGqOH 'pSODFHPHQWG¶XQDXWUHVRPPHW GXPRGqOH
$VVRFLDWLRQG¶XQF{WpDXUD\RQG¶XQ FHUFOH©/jF¶HVWOHUD\RQGHFHOXLOjª
5HFRQVWUXFWLRQGXTXDGULODWqUHHW GHVGHX[FHUFOHV
'pSODFHPHQWG¶XQVRPPHWGH OHXUFRQVWUXFWLRQ
'pSODFHPHQWXQVRPPHWGXPRGqOH
