• Aucun résultat trouvé

Les gneiss de la région Emaney-Barberine

N/A
N/A
Protected

Academic year: 2022

Partager "Les gneiss de la région Emaney-Barberine"

Copied!
48
0
0

Texte intégral

(1)

Article

Reference

Les gneiss de la région Emaney-Barberine

GYSIN, Marcel

GYSIN, Marcel. Les gneiss de la région Emaney-Barberine. Archives des Sciences, 1962, vol.

15, no. 3, p. 533-572,pl.I-VI

DOI : 10.5169/SEALS-738681

Available at:

http://archive-ouverte.unige.ch/unige:150278

Disclaimer: layout of this document may differ from the published version.

1 / 1

(2)

/(6 *1(,66

'( /$ 5e*,21 (0$1(<%$5%(5,1(

3$5

0DUFHO

*<

6,1

,QWURGXFWLRQ

(Q ODGPLQLVWUDWLRQ

GHV &))

D\DQW SUpYX

GH FROOHFWHU OHV HDX[ GX

WRUUHQW

GH 7ULqJH GDQV OH

YDOORQ G(PDQH\ SRXU

OHV FRQGXLUH GDQV OH ODF GH %DUEHULQH

SDU

XQH JDOHULH

WUDYHUVDQW

OH PDVVLI

FULVWDOOLQ

FRPSULV HQWUH (PDQH\ HW %DUEHULQH QRXV DYRQV pWp DPHQp j

pWXGLHU UDSLGHPHQW

FH PDVVLI DILQ

GpWDEOLU

OH

SURILO SpWURJUDSKLTXH

SUpVXPp GH OD JDOHULH

GDGGXFWLRQ

ORQJXH

GHQYLURQ

NP

'DSUqV OHV SUHPLqUHV REVHUYDWLRQV IDLWHV HQ VXUIDFH OHV

WHUUDLQV FULVWDOOLQV

GH FHWWH UpJLRQ VHPEODLHQW SUpVHQWHU

WURLV

W\SHV

SULQFLSDX[

GH URFKHV

*QHLVV VpULFLWLTXHV ELHQ

VWUDWLILpV

SDUIRLV WUqV VFKLVWHX[ HW

IRUWH

PHQW PLFDFpV GH FRXOHXU URXJHkWUH

SDU DOWpUDWLRQ

VXSHUILFLHOOH

*QHLVV © FRQJORPpUDWLTXHV ª

FRPSRUWDQW

XQH

PDWULFH

XQ SHX VFKLVWHXVH DQDORJXH DX[ JQHLVV SUpFpGHQWV HW GHV VRUWHV GH QRGXOHV RYRwGHV IRUPpV

VXUWRXW

GH

IHOGVSDWK

FHV JQHLVV VRQW GpVLJQpV VXU OD

IHXLOOH )LQKDXW

GH OD FDUWH JpRORJLTXH GH

OD

6XLVVH DX

>@

VRXV OH QRP GH JQHLVV

OHQWLFXODLUHV

j IHOGVSDWKV DOFDOLQV HW j

ELRWLWH

HW VRQW FRPSULV GDQV OD ]RQH

GLQMHFWLRQ

HW GRUWKRJQHLVV

*QHLVV IHOGVSDWKLVpV VRXYHQW GH FRXOHXU URVH

RIIUDQW

XQH EHOOH

FULVWDOOLQLWp

WUqV ULFKHV HQ IHOGVSDWKV FHV URFKHV VHPEODQW

UpVXOWHU

GH OD

IHOGVSDWKLVDWLRQ

GHV JQHLVV HW &H

W\SH

GH URFKH QH IRUPH SDV GHV EDQFV

GLVWLQFWV

PDLV

SOXW{W

GHV PDVVHV HW DSRSK\VHV GLIIXVHV GDQV OHV JQHLVV SUpFpGHQWV FHUWDLQHV

SDUWLHV

GHYHQDQW

SHJPDWLWLTXHV

FRPPH VXU OH

YHUVDQW

QRUG GH

)RQWDQDEUDQ

$UFKLYHV GHV 6FLHQFHV 9RO IDVF

(3)

/HV JQHLVV VRQW GDQV

OHXU

HQVHPEOH ELHQ

VWUDWLILpV OHXU GLUHFWLRQ pWDQW

1 j

11(

HW

OHXU

SORQJHPHQW GH ƒ j ƒ (

UDUHPHQW

GH ƒ ,OV pYRTXHQW XQ SXLVVDQW FRPSOH[H GH

IRUPDWLRQV

VpGLPHQWDLUHV SOXV RX PRLQV

IRUWHPHQW

PpWDPRUSKRVpHV

/HV JQHLVV © FRQJORPpUDWLTXHV ª

FRQVWLWXHQW

GHV EDQFV pSDLV

TXL

VH

SRXUVXLYHQW

HQ

GLUHFWLRQ

HQ FRQVHUYDQW

OHXU VWUXFWXUH

KpWpURJqQH WDQGLV TXH OHV EDQFV JQHLVVLTXHV DGMDFHQWV

SHXYHQW

rWUH GpSRXUYXV

GH QRGXOHV

(Q SDUWDQW G(PDQH\ SRXU

VH

GLULJHU

YHUV %DUEHULQH HQ

VXLYDQW

HQ VXUIDFH OH WUDFp GH OD JDOHULH

1(6:

QRXV DYRQV REVHUYp OD VXFFHVVLRQ VXLYDQWH GH JQHLVV

(FKDQWLOORQ

(QWUpH GH OD JDOHULH *QHLVV

VpULFLWLTXH

j

ELRWLWH

OHVVLYpH

(FKDQWLOORQ

$ P DX 6:

GX SRLQW

SUpFpGHQW *QHLVV

VpULFLWLTXH (FKDQWLOORQ

$

P DX 6: GH

OHQWUpH

GH OD JDOHULH *QHLVV VpULFLWLTXH pFUDVp

UHQIHUPDQW

GH UDUHV IHOGVSDWKV SRWDVVLTXHV

(FKDQWLOORQ

0rPH RULJLQH TXH OH QXPpUR SUpFpGHQW *QHLVV OHXFRFUDWH URVH

UHQIHUPDQW

GH EHDX[ IHOGVSDWKV SRWDVVLTXHV

(FKDQWLOORQ Q

$ P j

O: GX SRLQW

SUpFpGHQW *QHLVV OHXFRFUDWH URVH j

ELRWLWH

FKORULWLVpH HW j EHDX[ IHOGVSDWKV SRWDV VLTXHV

(FKDQWLOORQ

$ P j

O:

GX

SRLQW

SUpFpGHQW &[QHLVV JULV j GHX[

PLFDV SLDJLRFODVHV HW

IHOGSDWKV

SRWDVVLTXHV

(FKDQWLOORQ

0rPH RULJLQH TXH OH QXPpUR SUpFpGHQW *QHLVV URVH j GHX[ PLFDV SLDJLRFODVHV HW JURV IHOGVSDWKV SRWDV VLTXHV

(FKDQWLOORQ

$

P DX 1 GH

)RQWDQDEUDQ

*QHLVV

SRUSK\ULTXH

URVH j GHX[ PLFDV SLDJLRFODVHV HW JURV IHOGVSDWKV SRWDVVLTXHV

(FKDQWLOORQ

P j

O:

GH

)RQWDQDEUDQ 4XDUW]LWH

GX

7ULDV (FKDQWLOORQ

Qƒ P j

O:

GH

)RQWDQDEUDQ

*QHLVV VFKLVWHX[

PpODQRFUDWH ULFKH HQ

ELRWLWH

HW

UHQIHUPDQW

GHV SLDJLRFODVHV VpULFLWLVpV

(4)

'( /$ 5e*,21 (0 $1(<%$5%(5,1(

(FKDQWLOORQ Qƒ

P j

O:

GH

)RQWDQDEUDQ

*QHLVV OHXFRFUDWH URVH j

ELRWLWH

FKORULWLVpH SODJLRFODVHV VpULFLWLVpV HW JURV IHOGVSDWKV SRWDVVLTXHV

UHQIHUPDQW

GHV © JDOHWV ª DP\JGDORLGHV GH IHOGVSDWK

(FKDQWLOORQ Qƒ

0rPH RULJLQH *QHLVV j

ELRWLWH

FKORULWLVpHSODJLRFODVHV VpULFLWLVpV HW JURV IHOGVSDWKV SRWDVVLTXHV

(FKDQWLOORQ

$

P DX 6: GX

SRLQW

SUpFpGHQW *QHLVV j GHX[

PLFDV HW IHOGVSDWKV SRWDVVLTXHV

(FKDQWLOORQ

$

P j

O:

GX

SRLQW

SUpFpGHQW *QHLVV URVH j GHX[ PLFDV SODJLRFODVHV HW IHOGVSDWKV SRWDVVLTXHV

(FKDQWLOORQ

$

P DX 6: GX

SRLQW

SUpFpGHQW &PHLVV j GHX[

PLFDV SODJLRFODVHV HW IHOGVSDWKV SRWDVVLTXHV

(FKDQWLOORQ Qƒ

$ P DX 66: GH

)RQWDQDEUDQ

*QHLVV pFUDVp j

ELRWLWH FKORULWLVpH

(FKDQWLOORQ

$

P DX 1( GX ODF GH

)RQWDQDEUDQ

*QHLVV j

ELRWLWH FKORULWLVpH

SODJLRFODVHV VpULFLWLVpV HW IHOG VSDWKV SRWDVVLTXHV

(FKDQWLOORQ Qƒ

$

P j

O:

GX ODF GH

)RQWDQDEUDQ

*QHLVV VFKLVWHX[

PpODQRFUDWH j

ELRWLWH

(FKDQWLOORQ

$

P DX 6: GX ODF GH

)RQWDQDEUDQ

*QHLVV j

ELRWLWH FKORULWLVpH

SODJLRFODVHV VpULFLWLVpV HW UDUHV IHOGVSDWKV SRWDVVLTXHV

(FKDQWLOORQ

$

P DX 6: GX ODF GH

)RQWDQDEUDQ

*QHLVV j

ELRWLWH FKORULWLVpH

SODJLRFODVHV HW UDUHV IHOGVSDWKV SRWDVVLTXHV

UHQIHUPDQW

GHV © JDOHWV ª GH IHOGVSDWK SRWDVVLTXH

SHUWKLWLTXH

j LQFOXVLRQV JUDQRSK\ULTXHV GH

TXDUW]

(FKDQWLOORQ

$

P DX 6: GX

SRLQW

SUpFpGHQW *QHLVV VFKLVWHX[

JODQGXOHX[

j GHX[ PLFDV HW UDUHV IHOGVSDWKV SRWDV VLTXHV

(FKDQWLOORQ

$

P DX

1(

GH OD VRUWLH GH OD JDOHULH GDQV OH ODF GH

%DUEHULQH

*QHLVV HQ SODTXHWWHV j SODJLRFODVHV VpULFLWLVpV

HW FKORULWH

(FKDQWLOORQ

$

P DX

1(

GH OD VRUWLH GH

OD

JDOHULH *QHLVV

j GHX[ PLFDV

(5)

(FKDQWLOORQ

$

P DX 1( GH OD VRUWLH GH OD JDOHULH RX j P DX QRUG GHV EDUDTXHV GH %DUEHULQH *QHLVV j GHX[

PLFDV HW IHOGVSDWKV SRWDVVLTXHV

(FKDQWLOORQ

Qƒ $ P DX 1 GHV EDUDTXHV GH

%DUEHULQH

*QHLVV j

ELRWLWH

SODJLRFODVHV HW IHOGVSDWKV SRWDVVLTXHV

UHQIHUPDQW

GHV © JDOHWV ª GH

IHOGVSDWK

SRWDVVLTXH

SHUWKLWLTXH

j LQFOXVLRQV

JUDQRSK\ULTXHV

GH

TXDUW]

/D ILJXUH

FLFRQWUH GRQQH OD

UpSDUWLWLRQ

GHV

GLIIpUHQWV

W\SHV GH JQHLVV GDQV OD UpJLRQ (PDQH\%DUEHULQH

352),/ 3e752*5$3+,48( '( /$ *$/(5,( (0$1(<%$5%(5,1(

/D

JDOHULH

GDGGXFWLRQ (PDQH\%DUEHULQH

ORQJXH

GHQYLURQ

NP

D pWp IRUpH HQ

SDUWLH

SDU OD ILUPH =VFKRNNH &RQUDG 6$

TXL

VXU OHV

LQGLFDWLRQV

GH

ODGPLQLVWUDWLRQ

GHV &)) D VRLJQHXVHPHQW

IDLW SUpOHYHU

WRXV OHV PqWUHV XQ JURV

pFKDQWLOORQ

GH URFKH FHFL GHSXLV

OHQWUpH

GH OD JDOHULH

3RLQW MXVTXj

OD

SURIRQGHXU

GH PqWUHV

HQYLURQ

&HV

pFKDQWLOORQV TXL

QRXV

RQW

pWp WUDQVPLV

RQW IDLW OREMHW GXQH

pWXGH

PLQpUDORJLTXH TXDOLWDWLYH

HW

TXDQWLWDWLYH GRQW

QRXV GRQQRQV OH UpVXPp FLGHVVRXV

(QWUpH GH OD JDOHULH $

O°LO

QX URFKH JQHLVVLTXH PLFDFpH

j VWUXFWXUH JUHQXH

6RXV OH PLFURVFRSH URFKH VFKLVWHXVH IRUPpH GH TXDUW] FDWDFODVWLTXH FRQVWLWXDQW SDUIRLV GH JURV JUDLQV RYDOHV VXEGLYLVpV SDU pFUDVHPHQW HQ XQH PRVDwTXH GH SHWLWHV SODJHV LPEULTXpHV DQFLHQV JDOHWV" GH SODJLRFODVH j $Q H[WLQFWLRQ VXU JM ² M ƒ XQ SHX VpULFLWLVp FRQWHQDQW GHV LQFOXVLRQV XQ SHX DUURQGLHV GHTXDUW] HW GHV LQFOXVLRQVDQJXOHXVHV© IRQGXHV ª GH IHOGVSDWK SRWDVVLTXHjH[WLQFWLRQVVLPXOWDQpHV GHJUDQGHV SODJHV GH IHOGVSDWK SRWDVVLTXH

jH[WLQFWLRQV QXDJHXVHV ULFKHV HQLQFOXVLRQVGHTXDUW] HWGHSODJLRFODVH FRUURGp SUpVHQWDQW SDUIRLV XQ TXDGULOODJH WUqV IORX HWT

VLQILOWUDQW

GDQVS JS OH SODJLRFODVH

/D

VFKLVWRVLWp GH OD URFKH HVW DFFXVpH SDU ODOLJQHPHQW GH ILQHV ODPHOOHV GH PXVFRYLWH HW GH

ELRWLWH

EUXQH WUqV SOpRFKURwTXH IUpTXHPPHQW FKORULWLVpH WHLQWHV GH GLVSHUVLRQ EOHXHV 2Q REVHUYH HQ RXWUH GH PLQXVFXOHV JUDLQV GH ]LUFRQ XQ SHX GDSDWLWH HW GHV R[\GHV GH IHU RSDTXHV

)HOGVSDWK SRWDVVLTXH

([WLQFWLRQ

VXU JA ƒ

([WLQFWLRQV

VXU 6QP ƒ ƒ ƒ HW ƒ WDFKHV TXDGULOOpHV

([WLQFWLRQV

VXU 6QS ƒ HW ƒ

&RPSRVLWLRQ YDULDEOH FRPSULVH HQWUH FHOOH GH ORUWKRVH HW FHOOH GX PLFURFOLQH

*QHLVV JUDQRGLRULWLTXH

j

GHX[ PLFDV

*QHLVV j GHX[ PLFDV

GH FRPSRVLWLRQ

J

JUDQRGLRULWLTXH

T T

(6)
(7)

…F$DQWRQ $ P GH OHQWUpH GH OD JDOHULH $ ORHLO QX JQHLVVVFKLVWHX[

IRUWHPHQW PLFDFp

6RXV OH PLFURVFRSH URFKH VFKLVWHXVH IRUPpH GH OLWV SDUDOOqOHV GH TXDUW]

JUHQX j LQFOXVLRQV UpVLGXHOOHV GH SODJLRFODVH VpULFLWLVp HW GH SODJLRFODVH j $Q H[WLQFWLRQ VXU OD QRUPDOH j SJL

ƒ DOWHUQDQW DYHF GHV FRXFKHV

ULFKHV HQ PXVFRYLWH HW HQ ELRWLWH OHVVLYpHJ

HW FKORULWLVpH 5DUHV SODJHV GH IHOGVSDWK SRWDVVLTXH

*QHLVV TXDUW]RGLRULWLTXH

j

GHX[ PLFDV

…FbDQLRQ $ P GH OHQWUpH GH OD JDOHULH $ O°LO QX URFKH JUHQXH JULVYHUW XQ SHX VFKLVWHXVH IRUWHPHQW PLFDFpH

6RXV OH PLFURVFRSH URFKH XQ SHX VFKLVWHXVH IRUPpH GH TXDUW] JUHQX VRXYHQW VWULp GH SODJLRFODVH j $Q HQ VHFWLRQV UHFWDQJXODLUHV SDUIRLV ]RQpHV GH IHOGVSDWK SRWDVVLTXH [pQRPRUSKH j H[WLQFWLRQV QXDJHXVHV SDUIRLV WUHLOOLVVpHV GH QRPEUHXVHV ODPHOOHV GH ELRWLWH EUXQH WUqV IUDvFKHJ HW GH PXVFR YLWH 4XHOTXHV SODJHV RSDTXHV GR[\GH GH IHU

*QHLVV JUDQRGLRULWLTXH

j

GHX[ PLFDV

77FP.LIRQ $ O°LO QX JQHLVV PLFDFp UHQIHUPDQW GHV © JDOHWV ª RYRwGHV GH IHOGVSDWK SRWDVVLTXH PDFOp VHORQ &DUOVEDG

6RXV OH PLFURVFRSH OD URFKH DSSDUDvWIRUPpH GHODPHOOHV SDUDOOqOHV GHELRWLWH EUXQH IRUWHPHQWFKORULWLVpH HW GH PXVFRYLWH GHJUDLQV FDWDFODVWLTXHV GH TXDUW]

GH VHFWLRQV PDFOpHV GH SODJLRFODVH XQ SHX VpULFLWLVp j $Q HW GH SOXV UDUHV SODJHV GH IHOGVSDWK SRWDVVLTXH j H[WLQFWLRQV QXDJHXVHV HW

WUHLOOLV

WUqV IORX 5DUHV JUDLQV GDSDWLWH

*QHLVV JUDQRGLRULWLTXH

j

GHX[ PLFDV

j

QRGXOHV IHOG VSDWKLTXHV J

7VF$RQLLIIRUF $ O°LO QX JQHLVV FRPSDFW JULVYHUGjWUH ULFKH HQ PXVFRYLWH

6RXV OH PLFURVFRSH URFKH VFKLVWHXVH FRPSRUWDQW GX TXDUW] JUHQX FDWD pODVWLTXH GX SODJLRFODVH j $Q H[WLQFWLRQ PD[LPXP GDQV OD ]RQH QRUPDOH

j

JL

ƒ ILQHPHQW PDFOp HWDVVH]IRUWHPHQWVpULFLWLVp GX IHOGVSDWK SRWDVVLTXH

j

J

H[WLQFWLRQV

RQGXOHXVHV WDFKHWpHV SDUIRLV WUHLOOLVVpHV HW GH QRPEUHXVHV ODPHOOHV GH ELRWLWH EUXQH IRUWHPHQW FKORULWLVpH HW GH PXVFRYLWH

*QHLVV JUDQRGLRULWLTXH

j

GHX[ PLFDV

…LDQILRUH $ O°LO QX JQHLVV JUHQX JULVYHUW SDXYUH HQ PLFDV

6RXV OH PLFURVFRSH URFKH FDWDFODVWLTXH OHXFRFUDWH IRUPpH GH TXDUW]

GDOELWH PDFOpH XQ SHX VpULFLWLVpH H[WLQFWLRQ PD[LPXP GDQV OD ]RQH QRUPDOH

jJL ƒ 1P HQY GHIHOGVSDWK SRWDVVLTXH HQVHFWLRQV[pQRPRUSKHV SUpVHQWDQW GHV H[WLQFWLRQV WUqV RQGXOHXVHV HW SDUIRLV XQ TXDGULOODJH IORX

GH UDUHV ODPHOOHV FKLIIRQQpHV GH PXVFRYLWH GH SDLOOHWWHV GH

ELRWLWH

GpFRPSRVpH HW GH UDUHV JUDLQV GDSDWLWH /HV PLQpUDX[ SUpVHQWHQW GH QRPEUHXVHV ILVVXUHV UHPSOLHV GH FDOFLWH GH FKORULWH HW GH VpULFLWH

)HOGVSDWK SRWDVVLTXH ([WLQFWLRQV VXU 6QS ƒ HW ƒ 2UWKRVH WULFOLQLTXH

*QHLVV DOFDOLQ OHXFRFUDWH

(8)

'( /$ 5e*,21 (0$1(<%$5% (5,1(

)9$DQK:RUF $ O°LO QX JQHLVV JUHQX JULVYHUW PDVVLI

6RXV OH PLFURVFRSH URFKH JUHQXH IRUPpH GH QRPEUHXVHV SODJHV GDOELWH PDFOpH HW VpULFLWLVpH H[WLQFWLRQ VXU 6QS ƒ 1P YRLVLQ GH UHQ IHUPDQW SDUIRLV GH SHWLWV ODPEHDX[ GH PLFURFOLQH HW GH SODJLRFODVH j $Q H[WLQFWLRQ VXU 6QS GH JUDLQV FDWDFODVWLTXHV GH TXDUW] GHSODJHV [pQR PRUSKHV GH IHOGVSDWK SRWDVVLTXH j H[WLQFWLRQV RQGXOHXVHV HW WUHLOOLVVpHV HW GDPDV IROLDFpV GH

ELRWLWH

EUXQ FODLU IRUWHPHQW OHVVLYpH HW GH PXVFRYLWH DYHF LQFOXVLRQV GH ]LUFRQ HW GpSLGRWH

)HOGVSDWK SRWDVVLTXH

([WLQFWLRQ

VXU 6QS ƒ 2UWKRVH WULFOLQLTXH

*QHLVV DOFDOLQ

j

GHX[ PLFDV

(F$DQLWIRQ $ O°LO QX URFKH JUHQXH PDVVLYH JULV VRPEUH GDSSDUHQFH GLRULWLTXH

6RXV OH PLFURVFRSH URFKH JUHQXH j SHLQH JQHLVVLTXH IRUPpH GH QRPEUHX[

JUDLQV GH SODJLRFODVH j $QJ H[WLQFWLRQ VXU 6QJ

ƒ GH SOXV UDUHV

SODJHV GHIHOGVSDWK SRWDVVLTXH j H[WLQFWLRQV RQGXOHXVHV GHJUDLQV FDWDFODVWLTXH GH TXDUW] HW GH QRPEUHXVHV ODPHOOHV GH ELRWLWHEUXQ WUqV IRQFp HW GH PXVFRYLWH

)HOGVSDWK SRWDVVLTXH

([WLQFWLRQ

VXU 6QS ƒ 2UWKRVH WULFOLQLTXH

*QHLVV JUDQRGLRULWLTXH

j

GHX[ PLFDV

(FQPOL:RQ $ O°LO QX JQHLVV YHUGjWUH PDVVLI

6RXV OH PLFURVFRSH URFKH IRUPpH GH QRPEUHXVHV ODPHOOHV GH ELRWLWH EUXQ YHUGjWUH IRQFp SDUIRLV FKORULWLVpH WHLQWHV GH GLVSHUVLRQ EUXQ FKDXGURQ YLRODFp GH JUDLQV GH SODJLRFODVH j $Q H[WLQFWLRQ VXU OD QRUPDOH j SJM

ƒ

XQ SHX VpULFLWLVp HW GH JUDLQV FDWDFODVWLTXHV GH TXDUW]

*QHLVV TXDUW]RGLRULWLTXH

j

ELRWLWH

…H$DQKRQ $ O°LO QX JQHLVV FKORULWHX[ SOLVVp YHUGjWUH

6RXV OH PLFURVFRSH URFKH VFKLVWHXVH PLFURSOLVVpH pFUDVpH IRUPpH GH EHDX[ FULVWDX[ GH JUHQDW GH SODJHV GDOELWHVpULFLWLVpH GHJUDLQV FDWDFODVWLTXHV GH TXDUW]

MROLPHQW

VWULp GH TXHOTXHV VHFWLRQV SULVPDWLTXHV GH WRXUPDOLQH RUDQJH HW GDPDV IROLDFpV GH

ELRWLWH

EUXQH GH FKORULWH YHUWMDXQH SUHVTXH LVRWURSHGH VpULFLWH pFDLOOHXVH HW GXQ PLQpUDO LQFRORUH jELUpIULQJHQFH PRGpUpH

*QHLVV DOELWLTXH FKORULWRVpULFLWLTXH

j

JUHQDW

(F$DvILRQ $ O°LO QX JQHLVV PLFDFp YHUGjWUH

6RXVOHPLFURVFRSH URFKHjWH[WXUH SDUDOOqOH IRUPpHGHODPHOOHVGHPXVFRYLWH HW GH ELRWLWH EUXQ IRQFp HQ YRLH GH OHVVLYDJH HWGHFKORULWLVDWLRQ GHQRPEUHX[

JUDLQV GH SODJLRFODVH j $Q XQ SHX VpULFLWLVp GH TXDUW] FDWDFODVWLTXH HW

GH SODJHV [pQRPRUSKHV GH IHOGVSDWK SRWDVVLTXH FRQWHQDQW GHV LQFOXVLRQV UpVLGXHOOHV GH SODJLRFODVH

*QHLVV JUDQRGLRULWLTXH

j

GHX[ PLFDV

(FLDQWW:RQ $ O°LO QX JQHLVV ILQHPHQW VFKLVWHX[ JULVYHUW IRUWHPHQW PLFDFp

6RXV OH PLFURVFRSH OD URFKH HVW IRUPpH GH UXEDQV SDUDOOqOHV GH ELRWLWH EUXQH IRUWHPHQW OHVVLYpH HW GH PXVFRYLWH HW GXQ DJUpJDW JUHQX GH TXDUW]

(9)

XQ SHX FDWDFODVWLTXH MROLPHQW VWULp GH SODJLRFODVH j $Q H[WLQFWLRQ VXU 6QJ ƒ GH WUqV UDUHV SODJHV GH IHOGVSDWK SRWDVVLTXH GH TXHOTXHV FULV WDX[ GH WRXUPDOLQH HW GH JURV JUDLQV GDSDWLWH

*QHLVV TXDUW]RGLRULWLTXH

j

GHX[ PLFDV

FIPQWL0RUW $ O°LO QX JQHLVV VFKLVWHX[ JULVYHUW IRUWHPHQW PLFDFp

6RXV OH PLFURVFRSH URFKH IRUPpH GH ODPHOOHV SDUDOOqOHV GH ELRWLWH EUXQH IRUWHPHQW OHVVLYpH HW GH PXVFRYLWH VpULFLWLTXH HW GXQ DJUpJDW GH TXDUW]

FDWDFODVWLTXH GH SODJLRFODVH j $Q H[WLQFWLRQ VXU 6QS ƒ SDUIRLV WUqV VpULFLWLVp

*QHLVV TXDUW]RGLRULWLTXH

j

GHX[ PLFDV

…:LDQLL2RQ $ O°LO QX JQHLVV VFKLVWHX[ JULVYHUW IRUWHPHQW PLFDFp 6RXV OH PLFURVFRSH URFKH IRUPpH GH ODPHOOHV SDUDOOqOHV GH PXVFRYLWH HW GH ELRWLWH XQ SHX OHVVLYpH GH JUDLQV GHQWHOpV GH TXDUW] FDWDFODVWLTXH HW GH SHWLWHV VHFWLRQV GH SODJLRFODVH j $Q DVVH] IRUWHPHQW VpULFLWLVp

*QHLVV TXDUW]RGLRULWLTXH

j

GHX[ PLFDV

…:LDQLLRQ $ O°LO QX URFKH JULVYHUGkWUH WUqV VFKLVWHXVH

6RXV OH PLFURVFRSH UXEDQV IROLDFpV GH ELRWLWH EUXQH IRUWHPHQW OHVVLYpH HW GH SOXV UDUH PXVFRYLWH UHQIHUPDQW GHV KRXSSHV DFLFXODLUHV GH VLOOLPDQLWH

VpSDUpV OHV XQV GHV DXWUHV SDU GHV JUDLQV FDWDFODVWLTXHV GH TXDUW] HW GHV SODJHV ILQHPHQW PDFOpHV GDOELWH OLPSLGH

*QHLVV DOELWLTXH

j

ELRWLWH HW VLOOLPDQLWH

…FLDQLW:RQ $ O°LO QX URFKH VFKLVWHXVH IROLDFpH PLFDFpH UHQIHUPDQW

GH SHWLWV JUDLQV GH JUHQDW

6RXV OH PLFURVFRSH OD URFKH UHQIHUPH GH EHDX[ SRUSK\UREODVWHV GDOELWH VRXYHQW PDFOpH GHV DJUpJDWV JUHQXV GH TXDUW] ILQHPHQW VWULp GH QRPEUHXVHV JHUEHV IROLDFpHV GH ELRWLWH EUXQH HW GH PXVFRYLWH GH EHDX[ FULVWDX[ GH JUHQDW

GHV DPDV VpULFLWLTXHV HW GH ILQHV DLJXLOOHV GHVLOOLPDQLWH SURORQJHDQW OHV ODPHOOHV

GH ELRWLWH

*QHLVV SRUSK\UREODVWLTXH

j

DOELWH VLOOLPDQLWH HW GHX[

PLFDV

…9$DQLRQ $ O°LO QX JQHLVV YHUGkWUH SUpVHQWDQW GHV VXUIDFHV GH JOLVVHPHQW

6RXV OH PLFURVFRSH URFKH VFKLVWHXVH IRUPpH GH JUDQGHV VHFWLRQV GH SODJLR FODVH j $Q SDUIRLV IRUWHPHQW VpULFLWLVpHV GH JUDLQV GH TXDUW] GH JHUEHV GH ELRWLWH EUXQH SDUIRLV FKORULWLVpH HW GH SOXV UDUHV ODPHOOHV GH PXVFRYLWH 8Q PLQHUDL IRUPH GH JURVVHV SODJHV RSDTXHV

VLQILOWUDQW

GDQV OHV ILVVXUHV GH OD URFKH

*QHLVV TXDUW]RGLRULWLTXH

j

GHX[ PLFDV

(:LDQWWIRQ $ O°LO QX JQHLVV VFKLVWHX[ JULV UHQIHUPDQW GHV pFDLOOHV GH PXVFRYLWH HW GHV YHLQXOHV GH S\ULWH

6RXV OH PLFURVFRSH URFKH VFKLVWHXVH IRUPpH GH UXEDQV SDUDOOqOHV GH

ELRWLWH

EUXQH IRUWHPHQW OHVVLYpH HW GH PXVFRYLWH VpSDUpV SDU GHV OLWV GH TXDUW] JUHQX

(10)

'( /$ 5e*,21 (0$1(<%$5%(5,1( HW GH JUDQGHV VHFWLRQV GH SODJLRFODVH IRUWHPHQW VpULFLWLVp *URV FULVWDX[ GH S\ULWH SODFpV PpWDVRPDWLTXHPHQW GDQV OD SUpSDUDWLRQ

*QHLVV TXDUW]RGLRULWLTXH

j

GHX[ PLFDV HW S\ULWH

…F$DQWRQ 6 $ O°LO QX JQHLVV PLFDFp JULVEUXQ XQ SHX VFKLVWHX[

6RXV OH PLFURVFRSH URFKH WUqV VFKLVWHXVH FRPSRUWDQW GHV UXEDQV SDUDOOqOHV

GH

ELRWLWH

EUXQH HW GH PXVFRYLWH SDVVDQW j GHV PDVVHV pFDLOOHXVHV GH VpULFLWH VpSDUpV SDU GHV DJUpJDWV JUHQXV FDWDFODVWLTXHV GH TXDUW] HW GHV VHFWLRQV GH SODJLRFODVH j $Q DVVH] IRUWHPHQW VpULFLWLVp 4XHOTXHV VHFWLRQV UHFWDQJX ODLUHV GH S\ULWH

*QHLVV TXDUW]RGLRULWLTXH

j

GHX[ PLFDV

‡(:PQLL:RQ $ O°LO QX JQHLVV VFKLVWHX[ JULVEUXQ IRUWHPHQW PLFDFp

6RXV OH PLFURVFRSH URFKH WUqV VFKLVWHXVH IRUPpH GH UXEDQV SDUDOOqOHV GH ELRWLWH EUXQH XQ SHX OHVVLYpH HW GH PXVFRYLWH VpSDUpV SDU GHV DJUpJDWV JUHQXV GH TXDUW] FDWDFODVWLTXH HW GH UDUHV VHFWLRQV GH SODJLRFODVH j $Q PDFOp HW VpULFLWLVp

0LFDVFKLVWH

j

GHX[ PLFDV

"F$DQILRQ $ O°LO QX VFKLVWH TXDUW]LWRVpULFLWLTXH JULVYHUW

6RXV OH PLFURVFRSH URFKH JUHQXH IRUPpH GH SHWLWHV SODJHV GH TXDUW] HW GDOELWH j $Q SDUVHPpH GH QRPEUHXVHV ODPHOOHV LQIRUPHV GH ELRWLWH EUXQH GpFRPSRVpH HW GH VpULFLWH 5DUHV GpEULV GH WRXUPDOLQH EUXQH

4XDUW]LWH DOELWLTXH VpULFLWLTXH

…F$DQILRQ $ O°LO QX JQHLVV PLFDFp JULVEUXQ

6RXV OH PLFURVFRSH ORQJV UXEDQV SDUDOOqOHV GH PXVFRYLWH HW GH FKORULWH MDXQHVDOH DX[ WHLQWHV GH GLVSHUVLRQ EOHXHV VpSDUpVSDUGHV OLWVJUHQXV GH TXDUW]

HW GH SODJLRFODVHj $Q $XWRXUGHV IHXLOOHWV GHPLFD RQ REVHUYH GHVKRXSSHV GH VLOOLPDQLWH

*QHLVV TXDUW]RGLRULWLTXH

j

PXVFRYLWH FKORULWH HW VLOOL

PDQL

W

H

…FbDQO2FP $ O°LO QX JQHLVV FKORULWRPLFDFp YHUGkWUH UHQIHUPDQW

GHV QRGXOHV IHOGVSDWKLTXHV OHQWLFXODLUHV

6RXV OH PLFURVFRSH URFKH XQ SHX VFKLVWHXVH IRUPpH GH ODPHOOHV SDUDOOqOHV

GH PXVFRYLWH HW GH FKORULWH YHUWVDOH DX[ WHLQWHV GH GLVSHUVLRQ JULVEOHX HQVHUUDQW GHV

OLWV

JUHQXV GH TXDUW] FDWDFODVWLTXH HW GH SODJLRFODVH j $Q

DVVH] IRUWHPHQW VpULFLWLVp SUpVHQWDQW GH UDUHV

LQILOWUDWLRQV

GH IHOGVSDWK SRWDV VLTXH &HUWDLQV

OLWV

SOXV JURVVLHUV UHQIHUPHQW GH JUDQGHV SODJHV [pQRPRUSKHV

GH IHOGVSDWK SRWDVVLTXH DX[ H[WLQFWLRQV QXDJHXVHV TXL HQUREHQW HW FRUURGHQW

OH SODJLRFODVH

*QHLVV JUDQRGLRULWLTXH

j

PXVFRYLWH FKORULWH HW QRGXOHV

IHOGV SDWKLTXHV J

8QH VHFRQGH FRXSH PLQFH UHQIHUPH XQ QRGXOH IHOGVSDWKLTXH GHIRUPH RYDOH PHVXUDQW HQYLURQ PP VXU PP HW RIIUDQW OD FRPSRVLWLRQ VXLYDQWH

/D PDVVH SULQFLSDOH GX QRGXOH HVW FRQVWLWXpH SDU XQH LPPHQVH SODJH GH SHUWKLWH FRPSRUWDQW XQ SODJLRFODVH VpULFLWLVp ODLVVDQWSS

DSSDUDvWUH GH QRP

(11)

EUHXVHV © IHQrWUHV ª RFFXSpHV SDU XQ IHOGVSDWK SRWDVVLTXH DX[ H[WLQFWLRQV RQGXOHXVHV SDUIRLV WUHLOOLVVpHV &HWWH SODJH UHQIHUPH GH SHWLWHV LQFOXVLRQV GH TXDUW] DX[ IRUPHV FDSULFLHXVHV VpWHLJQDQW SDU JURXSHV /HV FRQWDFWV GX QRGXOH DYHF OD URFKH HQFDLVVDQWH

WRXW

HQ SSpWDQWJ ELHQ PDUTXpV VRQW HQFRUH VRXOLJQpV SDUXQH ]RQH SpULSKpULTXH JUHQXH GH TXDUW] GH SODJLRFODVH HW GH IHOGVSDWK SRWDVVLTXH RX SDU GHV ODPHOOHV GH PLFDV SDUDOOqOHV j OD VFKLVWRVLWp GH OD URFKH

M(:LDQE0RQ $ O°LOQX JQHLVVFRPSDFWJULVYHUWDVVH]IRUWHPHQW PLFDFp 6RXV OH PLFURVFRSH RQ REVHUYH GHV UXEDQV SDUDOOqOHV GH ELRWLWH EUXQH IRUWH PHQW OHVVLYpH HW FKORULWLVpH DVVRFLpH j XQ SHX GH PXVFRYLWH VpSDUDQW GHV OLWV JUHQXV GH TXDUW] FDWDFODVWLTXH HW GH SODJLRFODVH j $Q SOXV RX PRLQV VpULFLWLVp DYHF GH UDUHV LQILOWUDWLRQV GH IHOGVSDWK SRWDVVLTXH

*QHLVV JUDQRGLRULWLTXH

j

GHX[ PLFDV

$ O°LO QX JQHLVV PLFDFp ILQHPHQW JUHQX UHQIHUPDQW GHV QRGXOHV DP\JGDORLGHV GH IHOGVSDWK PP VXU PP HW PP VXU PP 6RXV OH PLFURVFRSH UXEDQV pFDLOOHX[ SDUDOOqOHV GH PXVFRYLWH HW GH ELRWLWH EUXQH HQ YRLH GH FKORULWLVDWLRQ HQVHUUDQW GHV OLWV JUHQXV GH TXDUW] HW GH SODJLRFODVH j $Q VpULFLWLVp DYHF TXHOTXHV

LQILOWUDWLRQV

J GH IHOGVSDWK SRWDVVLTXH

*QHLVV JUDQRGLRULWLTXH

j

GHX[ PLFDV HW QRGXOHV IHOGVSD

WKLTXHV

…H$PL=RQ $ O°LO QX JQHLVV PLFDFp JULV j QRGXOHV IHOGVSDWKLTXHV 6RXV OH PLFURVFRSH ILOHV SDUDOOqOHV GH ODPHOOHV GH PXVFRYLWH HW GH ELRWLWH EUXQHHQYRLH GHFKORULWLVDWLRQVpSDUDQWGHV

OLWV

JUHQXVGHTXDUW] GHSODJLRFODVH j $Q H[WLQFWLRQ VXU 6QS ƒ HW GH IHOGVSDWK SRWDVVLTXH QXDJHX[

UDUHPHQW WUHLOOLVVp IRUPDQW GH JUDQGHV SODJHV TXL HQYDKLVVHQW HW ©URQJHQW ª OH SODJLRFODVH

)HOGVSDWK SRWDVVLTXH

([WLQFWLRQ

VXU 6QS ƒ

2UWKRVH WUqV WULFOLQLTXH YRLVLQH GX PLFURFOLQH

*QHLVV JUDQRGLRULWLTXH

j

GHX[ PLFDV HW QRGXOHV IHOGVSD

WKLT XHV

)F=LRQLL==RQ $ O°LO QX JQHLVV PLFDFF YHUGkWUH UHQIHUPDQW XQ JURV QRGXOH IHOGVSDWKLTXH PP VXU PP

6RXV OH PLFURVFRSH QRPEUHXVHV pFDLOOHV GH FKORULWH YHUWH DX[ WHLQWHV GH GLVSHUVLRQ JULVEOHX HW H[VXGDWV GH OHXFR[qQH FRQWHQDQW GHV UHOLTXHV GH

ELRWLWH

EUXQH HWGH PXVFRYLWH DVVRFLpHV j GHV DJUpJDWV JUHQXV GHTXDUW] FDWDFODVWLTXH GH SODJLRFODVH VpULFLWLVp D $Q H[WLQFWLRQ VXU 6QS ƒ LQGLFHV YRLVLQV GH HW GH PLFURFOLQH [pQRPRUSKH

*QHLVV JUDQRGLRULWLTXH

j

GHX[ PLFDV HW QRGXOHV IHOGVSD

WKL TXHV

‰FILDQWL==RQ $

O°LO

QX JQHLVV FRPSDFW JULVYHUW

6RXV OH PLFURVFRSH OD URFKH RIIUH XQH VWUXFWXUH DVVH] ILQHPHQW JUHQXH HOOH HVW IRUPpH GH QRPEUHX[ SHWLWV JUDLQV DOORQJpV GH TXDUW] FDWDFODVWLTXH GHSODJHV WUqV VpULFLWLVpHV GDOELWH PDFOpH H[WLQFWLRQ VXU6QJ ƒ GH ORQJXHV

(12)

'( /$ 5e*,21 (0$1(<% $5%(5,1(

ODPHOLHV GH PXVFRYLWH HW GH SHWLWHV pFDLOOHV GH ELRWLWH OHVVLYpH HW FKORULWLVpH 2Q REVHUYH DXVVL GH JURV JUDLQV GDSDWLWH GH SHWLWV FULVWDX[ GH ]LUFRQ GHV DJUpJDWV ILQHPHQW pFDLOOHX[ GH FKORULWH K\GURWKHUPDOH HW GHV SODJHV GH FDOFLWH 6XU XQ ERUG GH OD SUpSDUDWLRQ XQH JURVVH YHLQH OHQWLFXODLUH HVW UHPSOLH GH TXDUW] GDOELWH HW GH IHOGVSDWK SRWDVVLTXH [pQRPRUSKH

*QHLVV DOELWLTXH

j

PXVFRYLWH HW FKORULWH

ÉF$DQWL:RQ $ O°LO QX JQHLVV JULVYHUW j SDLOOHWWHV GH PLFD DUJHQWp SUpVHQWDQWGHV

OLWV

DPYJGDORwGHV HWGHV QRGXOHV IHOGVSDWKLTXHVVH© IRQGDQW ª GDQV OD URFKH

6RXV OH PLFURVFRSH URFKHOHXFRFUDWH FRPSRUWDQWGHILQHVpFDLOOHV GH FKORULWH YHUWH DX[ WHLQWHV GH GLVSHUVLRQ JULVEOHX DYHF UpVLGXV GH ELRWLWH EUXQH HW GHV ODPHOOHV GH PXVFRYLWH GLVSHUVpHV GDQV XQ DJUpJDW JUHQX GH TXDUW] FDWDFODV WLTXH GDOELWH PDFOpH HW VpULFLWLVpH H[WLQFWLRQ VXU ODJ QRUPDOH j SJA ²ƒ

HW GH IHOGVSDWK SRWDVVLTXH j H[WLQFWLRQV QXDJHXVHV 2Q REVHUYH HQ RXWUH XQH JUDQGH SODJH GH SHUWKLWH j LQFOXVLRQV TXDUW]HXVHV LGHQWLTXH j FHOOHV TXL FRQVWL WXHQW OHV QRGXOHV IHOGVSDWKLTXHV

)HOGVSDWK SRWDVVLTXH

([WLQFWLRQ

VXU 6QJ ƒ

([WLQFWLRQ

VXU 6QS ƒ

([WLQFWLRQ

VXU 6QP ƒ 2UWKRVH WULFOLQLTXH

*QHLVV DOFDOLQ

j

GHX[ PLFDV HW QRGXOHV IHOGVSDWKLTXHV

…:LFWUWLKP

$

O°LO QX JQHLVV PLFDFp JULVYHUW FRQWHQDQW XQ JURV QRGXOH IHOGVSDWKLTXH PP VXU PP

6RXV OH PLFURVFRSH URFKH VFKLVWHXVH SUpVHQWDQW GHV UXEDQV SDUDOOqOHV GH PXVFRYLWH HW GH ELRWLWH OHVVLYpH HW FKORULWLVpH WUDYHUVDQW XQ DJUpJDW JUHQX GH TXDUW] HW GDOELWH H[WLQFWLRQ PD[LPXP GDQV OD ]RQH QRUPDOH j

JL

ƒ LQGLFHV IDLEOHV GDQV OHTXHO OH IHOGVSDWK SRWDVVLTXH IRUPH GHQRPEUHXVHV

J

SODJHV [pQRPRUSKHV j TXDGULOODJH IORX

*QHLVV DOFDOLQ

j

GHX[ PLFDV HW QRGXOHV IHOGVSDWKLTXHV

$FIWDQWL0RQ $ O°LO QX JQHLVV UXEDQp JULVYHUW WUDYHUVp SDU GH QRP EUHXVHV YHLQXOHV OHXFRFUDWHV

6RXV OH PLFURVFRSH PLQFHV UXEDQV SDUDOOqOHV GH PXVFRYLWH HW GH FKORULWH YHUWH jH[VXGDWV GHOHXFR[qQH WUDYHUVDQWXQDJUpJDW JUHQX GHTXDUW] GH SODJLR FODVH j $Q H[WLQFWLRQ GDQV OD VHFWLRQ QRUPDOH j SJM ƒ 1S VXSpULHXU

j HW GH IHOGVSDWK SRWDVVLTXH IRUPDQW GHV SODJHV [pQRPRUSKHV j TXD GULOODJH IORX 2Q REVHUYH DXVVL GHV

LQILOWUDWLRQV

GH FKORULWH PLFURpFDLOOHXVH HW XQH YHLQH UHPSOLHGH IHOGVSDWK SRWDVVLTXH OLPSLGH DX[ H[WLQFWLRQV QXDJHXVHV

*QHLVV JUDQRGLRULWLTXH UXEDQp

j

PXVFRYLWH HW FKORULWH

(H$DPL:RUF $ O°LO QX JQHLVV UXEDQp JULVYHUW j QRGXOHV IHOGVSDWKLTXHV pWLUpV

6RXV OH PLFURVFRSH OD URFKH FRPSRUWH GHV ODPHOOHV GH PXVFRYLWH GHV pFDLOOHV GH FKORULWH GHV JUDLQV GH TXDUW] HW GH SODJLRFODVH j $Q H[WLQFWLRQ VXU 6QS ƒ PDFOp HW VpULFLWLVp GHV ERXUJHRQV GH P\UPpNLWH GHV JUDLQV GDSDWLWH HW GHV SODJHV [pQRPRUSKHV GH IHOGVSDWK SRWDVVLTXH /D URFKH FRQWLHQW XQ QRGXOH RYDOH PP VXU PP IRUPp GXQH JUDQGH SODJH GH IHOGVSDWK

(13)

SRWDVVLTXH PDFOp VHORQ &DUOVEDG UHQIHUPDQW GHV PDUEUXUHV GH SODJLRFODVH VpULFLWLVp HW GH UDUHV LQFOXVLRQV GH TXDUW]

*QHLVV JUDQRGLRULWLTXH

j

PXVFRYL WH FKORULWH HW QRGXOHV IHOGVSDWKLTXHV J

(FLDQLLRQ $ O°LO QX JQHLVV PLFDFp JULVYHUW UHQIHUPDQW GHV QRGXOHV IHOGVSDWKLTXHV OHQWLFXODLUHV PP VXU PP

6RXV OH PLFURVFRSH JQHLVV VFKLVWHX[ IRUPp GH ODPHOOHV GH PXVFRYLWH HW GHELRWLWH EUXQH OHVVLYpH HWFKORULWLVpH WHLQWHV GH GLVSHUVLRQJULVEOHX GHJUDLQV GH TXDUW] GH SODJLRFODVH j $Q H[WLQFWLRQ VXU 6QS ƒ HW GH SODJHV [pQRPRUSKHV GH IHOGVSDWK SRWDVVLTXH DX TXDGULOODJH IORX *UDLQV GDSDWLWH HW GH ]LUFRQ

*QHLVV JUDQRGLRULWLTXH

j

GHX[ PLFDV HW QRGXOHV IHOGVSD

W

KL T XHV

"U$©QK==RQ L $ O°LO QX JQHLVV JULV UHQIHUPDQW GH QRPEUHXVHV SDLOOHWWHV GH PLFD DUJHQWp XQH FRXFKH OHQWLFXODLUH GH TXDUW] HW TXHOTXHV QRGXOHV IHOGVSDWKLTXHV

6RXV OH PLFURVFRSH OD URFKH FRQWLHQW GH QRPEUHXVHV ODPHOOHV SDUDOOqOHV GH ELRWLWH EUXQ IRQFp HW GH PXVFRYLWH GHV JUDLQV FDWDFODVWLTXHV GH TXDUW]

GDERQGDQWHV SHWLWHVVHFWLRQV GH SODJLRFODVHj $Q H[WLQFWLRQVXU6QS ƒ 1S YRLVLQ GH VpULFLWLVp HWXQ QRGXOHIRUPp GHTXDUW] JUHQX HWGHSHUWKLWH

*QHLVV GLRULWLTXH

j

GHX[ PLFDV HW QRGXOHV TXDUW]RIHOG VSDWKLTXHV

(HjDQI===RW $ O°LO QX JQHLVV PLFDFp JULVYHUW XQ SHX UXEDQp UHQIHU PDQW GH SHWLWV QRGXOHV IHOGVSDWKLTXHV PP VXU PP

6RXV OH PLFURVFRSH OD URFKH DSSDUDvW IRUPpH GH ILQHV pFDLOOHV GH

ELRWLWH

EUXQHXQ SHXFKORULWLVpH HWGHUDUH PXVFRYLWH GHJUDLQVFDWDFODVWLTXHVGHTXDUW]

GHQRPEUHXVHV SHWLWHVVHFWLRQV VpULFLWLVpHVGH SODJLRFODVHj$Q HWGHJUDQGHV SODJHV [pQRPRUSKHV GH IHOGVSDWK SRWDVVLTXH j TXDGULOODJH WUqV IORX

)HOGVSDWK SRWDVVLTXH

([WLQFWLRQ

VXU 6QP ƒ 2UWKRVH WULFOLQLTXH

*QHLVV JUDQRGLRULWLTXH

j

ELRWLWH HW QRGXOHV IHOGVSD

WKLT XH V

M(9=LDQ]===FP $ O°LO QX JQHLVV FRPSDFW JULVYHUGkWUH UHQIHUPDQW GH UDUHV SHWLWV QRGXOHV IHOGVSDWKLTXHV

6RXV OH PLFURVFRSH RQ REVHUYHGHV ILOHVSDUDOOqOHVGHILQHVODPHOOHVGH PXVFR YLWH HW GH FKORULWH YHUWH DX[ WHLQWHV GH GLVSHUVLRQ JULVEOHX jUpVLGXV GH ELRWLWH EUXQH GLVSHUVpHV GDQV XQ DJUpJDW JUHQX GH TXDUW] FDWDFODVWLTXH GDOELWH

WUqV VpULFLWLVpH H[WLQFWLRQ VXU 6QS ƒ HW GH IHOGVSDWK SRWDVVLTXH [pQR PRUSKH DX TXDGULOODJH WUqV IORX dq HW Oj GHV

LQILOWUDWLRQV

GH FKORULWH HW GH FDOFLWH

*QHLVV DOFDOLQ

j

GHX[ PLFDV HW

j

UDUHV QRGXOHV IHOGVSD

WKLTXHV

(14)

'( ,$ 5e*,21 (0$1(<%$5%(+,1( 7VF$DQLLIFP $ O°LO QX JQHLVV PLFDFp JULVYHUW FRQWHQDQW XQH YHLQH

GH FDOFLWH HW TXHOTXHV QRGXOHV IHOGVSDWKLTXHV

6RXV OH PLFURVFRSH ODPHOOHV GH PXVFRYLWH HW GH FKORULWH YHUWH DX[ WHLQWHV GH GLVSHUVLRQ JULVEOHX GLVSHUVpHV GDQV XQ DJUpJDWJUHQX GH TXDUW] GH SODJLR FODVHVpULFLWLVp j $Q H[WLQFWLRQ VXU 6QJ

ƒ GHIHOGVSDWK SRWDVVLTXH

[pQRPRUSKH HW GH JUDLQV GDSDWLWH 2Q REVHUYH XQ ODUJH QRGXOH GH TXDUW]

IRUPp GH SHWLWV JUDLQV LPEULTXpV

*QHLVV JUDQRGLRULWLTXH

j

PXVFRYLWH FKORULWH HW QRGXOHV IHOGVSDWKLTXHV J

…:LDQLL:RUH $ O°LO QX JQHLVV OHXFRFUDWH JULV

6RXV OH PLFURVFRSH DJUpJDW JUHQX GH TXDUW] FDWDFODVWLTXH GH SODJLRFODVH VpULFLWLVp j $Q H[WLQFWLRQ VXU 6QS ƒ HW GH IHOGVSDWK SRWDVVLTXH [pQR LQRUSKH SDUVHPp GH ILQHV pFDLOOHV GH FKORULWH YHUWH HW GH ODPHOOHV GH PXVFRYLWH

*QHLVV JUDQRGLRULWLTXH

j

FKORULWH HW PXVFRYLWH

$H$DQLIRQ $ O°LO QX JQHLVV VFKLVWHX[ IRUWHPHQW PLFDFp

6RXV OH PLFURVFRSH URFKH IRUPpH GH WUqV QRPEUHX[ JUDLQV FDWDFODVWLTXHV GH TXDUW] GH QRPEUHXVHV ODPHOOHV GH PXVFRYLWH DVVRFLpH j XQ SHX GH FKORULWH

GH UDUHV VHFWLRQV GH SODJLRFODVH VpULFLWLVp HW GHSODJHV [pQRPRUSKHVGH IHOGVSDWK SRWDVVLTXH 2Q REVHUYH DXVVL GHV JUDLQV GDSDWLWH HW GHV DPDV GH VpULFLWH

*QHLVV JUDQRGLRULWLTXH WUqV TXDUW]HX[

j

PXVFRYLWH

$F$RQLLORQ $ O°LO QX JQHLVV JULVYHUGkWUH ILQHPHQW PLFDFp

6RXVOH PLFURVFRSH URFKH j WH[WXUHSDUDOOqOH IRUPpH GH QRPEUHXVHV ODPHOOHV GHPXVFRYLWH HW GHELRWLWH FKORULWLVpH GH JURVVHV SODJHV FDWDFODVWLTXHVGHTXDUW]

GH QRPEUHXVHV VHFWLRQV GHSODJLRFODVH VpULFLWLVp j $Q HW GH SOXV UDUHVSODJHV GH IHOGVSDWK SRWDVVLTXH

*QHLVV JUDQRGLRULWLTXH

j

GHX[ PLFDV

7WF:LIL2RQ $ O°LO QX JQHLVV JULVYHUW FODLU SDUVHPp GH SDLOOHWWHV GH PLFD DUJHQWp

6RXV OH PLFURVFRSH URFKH JUHQXH IRUPpH GH SHWLWHV pFDLOOHV GH ELRWLWH EUXQH VRXYHQW FKRULWLVpH HW GH PXVFRYLWH GHJUDLQV GH TXDUW] GH SODJLRFODVHVpULFLWLVp

j $Q H[WLQFWLRQVXU OD QRUPDOHjSJL ƒ HWGH ODUJHVSODJHV[pQRPRUSKHV

GH IHOGVSDWK SRWDVVLTXH j TXDGULOODJH IORXJ

*QHLVV JUDQRGLRULWLTXH

j

GHX[ PLFDV

…:LIOLLRUF $ O°LO QX JQHLVV JUHQX JULVYHUW FODLU VFKLVWHX[

6RXVOH PLFURVFRSH OD URFKH HVW IRUPpHGXQ DJUpJDWGHTXDUW] FDWDFODVWLTXH GDOELWH PDFOpH HWVpULFLWLVpH H[WLQFWLRQVXU OD QRUPDOHjSJM ƒ1S HW GH IHOGVSDWK SRWDVVLTXH [pQRPRUSKH SDUVHPp GH SJMSODPHOOHV

GH PXVFRYLWH HW GH ELRWLWH EUXQH IRUWHPHQW FKORULWLVpH

*QHLVV DOFDOLQ

j

GHX[ PLFDV

(F$DQK:RQ $ O°LO QX URFKH ILQHPHQW PLFDFpH JULVkWUH PDVVLYH 6RXVOH PLFURVFRSH URFKH IRUPpHGHJUDLQVGHTXDUW] GHQRPEUHXVHV VHFWLRQV GH SODJLRFODVH j $Q H[WLQFWLRQ VXU OD VHFWLRQ QRUPDOH j SJL ƒ GH

(15)

IHOGVSDWK SRWDVVLTXH [pQRPRUSKH HW GHILQHV ODPHOOHV GH PXVFRYLWHHW GH ELRWLWH EUXQH WUqV IUDvFKH

*QHLVV JUDQRGLRULWLTXH

j

GHX[ PLFDV

(FbDUFIW0RQ $ O°LO QX EHDX JQHLVV PLFDFp JULV JUHQX PDVVLI

6RXV OH PLFURVFRSH URFKH IRUPpH GH JUDLQV FDWDFODVWLTXHV GH TXDUW]

GH QRPEUHXVHV VHFWLRQV GH SODJLRFODVH j $Q XQ SHX VpULFLWLVp GH IHOGVSDWK SRWDVVLTXH [pQRPRUSKH GHMROLHV ODPHOOHV GH ELRWLWH EUXQIRQFpHW GH PXVFRYLWH HWGH SHWLWV JUDLQV GDSDWLWH HW GH ]LUFRQ

*QHLVV JUDQRGLRULWLTXH

j

GHX[ PLUDV

M(:LDQE0RQ $ O°LO QX JQHLVV JUHQX JULVYHUW PDVVLI SDUVHPp GH ILQHV ODPHOOHV GH PLFD DUJHQWp

6RXV OH PLFURVFRSH URFKH IRUPpH GH JUDLQV GH TXDUW] GH QRPEUHXVHV VHFWLRQV GH SODJLRFODVH j $Q PDFOp HW VpULFLWLVp H[WLQFWLRQ VXU OD VHFWLRQ QRUPDOH j SJM

ƒ GH SODJHV [pQRPRUSKHV GH IHOGVSDWK SRWDVVLTXH GH JUDLQV GDSDWLWH GH ODPHOOHV GH PXVFRYLWH HW GH QRPEUHXVHV pFDLOOHV GH ELRWLWH EUXQH OHVVLYpH HW FKORULWLVpH

*QHLVV JUDQRGLRULWLTXH

j

GHX[ PLFDV

…9bDQWL:RW $ O°LO QX JQHLVV JUDQLWLTXH JULV UHQIHUPDQW GHV QRGXOHV IHOGVSDWKLTXHV PP VXU PP XQ SHX © IRQGXV ª GDQV OD URFKH 6RXV OH PLFURVFRSH URFKH JUHQXH IRUPpH GH QRPEUHXVHV SODJHV GDOELWH

j $Q GH TXDUW] XQ SHX FDWDFODVWLTXH GH JUDQGHV SODJHV [pQRPRUSKHV GH IHOGVSDWK SRWDVVLTXH DX TXDGULOODJH IORX HW GH JUDQGHV ODPHOOHV GH FKORULWH YHUWH DX[ WHLQWHV GH GLVSHUVLRQ JULVEOHX DFFRPSDJQpH GXQ SHX GH PXVFRYLWH

&HWWH URFKH HQWRXUH XQH LPPHQVH SODJH GH IHOGVSDWK SRWDVVLTXH SHUWKLWLTXH PDFOp VHORQ &DUOVEDG FRQWHQDQW GH SHWLWHV LQFOXVLRQV GDOELWHHW GH PXVFRYLWH DLQVL TXXQ ERXUJHRQ GH P\UPpNLWH /HV FRQWDFWV GH FHWWH SODJH DYHF OH JQHLVV VRQWPDUTXpV SDU GDERQGDQWHV LQFOXVLRQVGHTXDUW]GDQVOHIHOGVSDWK SRWDVVLTXH RX SDU GH ODUJHV ODPHOOHV GH FKORULWH

*QHLVV DOFDOLQ

j

FKORULWH HW

j

QRGXOHV IHOGVSDWKLTXHV

RX

JQHLVV JUDQLWLTXH DOFDOLQ

…:LDQLL0RQ $ O°LO QXJQHLVV JUHQX JULV SDUIRLV VWULp GH URXJH UHQWHU LQDQW GH SHWLWV QRGXOHV IHOGVSDWKLTXHV PP VXU QXQ

6RXV OH PLFURVFRSH URFKH JUHQXH IRUPpH GH TXDUW] GDOELWH j $Q

GH IHOGVSDWK SRWDVVLTXH [pQRPRUSKH GH ODPHOOHV GH PXVFRYLWH HW GpFDLOOpV GH FKORULWH YHUWH DX[ WHLQWHV GH GLVSHUVLRQ JULVEOHX DYHF GHV H[VXGDWV GH OHXFR[qQH

*QHLVV DOFDOLQ

j

PXVFRYLWH FKORULWH HW QRGXOHV IHOGVSD

WKLT XHV

(:LDQ2RQ $ O°LOQXJQHLVVGDVSHFWJUDQLWLTXHFRQWHQDQWGHQRPEUHX[

HW JURV IHOGVSDWKV URXJHkWUHV

6RXV OH PLFURVFRSH OD URFKH FRPSRUWH XQH SkWH ILQHPHQW JUHQXH GDSSD UHQFH IHOVLWLTXH IRUPpH GH PLQXVFXOHV SODJHV GH TXDUW] GDOELWHJJ j $Q GH IHOGVSDWK SRWDVVLTXH HW GH VpULFLWH FHWWH SkWH HQYHORSSH GH SHWLWV pOpPHQWV SOXV RX PRLQV DQJXOHX[ SDUIRLV GH IRUPH WULDQJXODLUH GH TXDUW] GDOELWH

(16)

'( /$ 5e*,21 (0$1(<%$5%(5,1(

H[WLQFWLRQ PD[LPXP GDQV OD ]RQH QRUPDOH j JA ƒ 1S LQIpULHXU j GH IHOGVSDWK SRWDVVLTXH XQ SHX SHUWKLWLTXH SUpVHQWDQW SDUIRLV OH TXDGULOODJH GX PLFURFOLQH HW GH TXHOTXHV ODPHOOHV GH PXVFRYLWH HW GH ELRWLWH HQWLqUHPHQW GpFRPSRVpH 4XHOTXHV SOXV JURV pOpPHQWV VRQW FRQVWLWXpV SDU GHV DJUpJDWV TXDUW]RIHOGVSDWKLTXHV PLFDFpV SDU GX TXDUW] IRUWHPHQW FDWDFODVWLTXH HW SDU XQ IHOGVSDWK SRWDVVLTXH SHUWKLWLTXH XQ SHX GLVORTXp j H[WLQFWLRQV RQGX

LHXVHVSS

GRQW OHV IUDFWXUHV VRQW UHPSOLHV GXQH SkWH TXDUW]RIHOGVSDWKLTXH /RULJLQH GH FHWWH URFKH QHVW SDV FHUWDLQH HW RQ SHXW IRUPXOHU OHV WURLV K\SR WKqVHV VXLYDQWHV

0LFURJUDQLWH $UNRVH 0\ORQLWH /D GHUQLqUH K\SRWKqVH SDUDLW OD SOXV SUREDEOH

)HOGVSDWK SRWDVVLTXH

*UDQG FULVWDO 9 ²ƒ 2UWKRVH XQ SHX WULFOLQLTXH 3HWLWH SODJH TXDGULOOpH

([WLQFWLRQ

VXU 6QP ƒ

0LFURFOLQH

*UDQLWH DOFDOLQ WUqV pFUDVp

F$DQWRQ $O°LO QX URFKH JULVURVpj WH[WXUH SRUSK\ULTXHUHQIHUPDQW

GH JURV FULVWDX[ GH IHOGVSDWK URXJHkWUH

6RXV OH PLFURVFRSH URFKH XQ SHX FDWDFODVWLTXH IRUPpH GH JUDQGV FULVWDX[

GH IHOGVSDWK SRWDVVLTXH PDFOpV HW ILQHPHQW SHUWKLWLTXHV GLVWULEXpV GDQV XQH

PDVVH JUHQXH GH IHOGVSDWK SRWDVVLTXH GDOELWH j $Q H[WLQFWLRQ VXU 6QS

ƒ

1P YRLVLQ GH GH TXDUW] GH ODPHOOHV GH PXVFRYLWH HW GH

FKORULWH YHUWH /D FDWDFODVH VH PDQLIHVWH SDU OD IUDFWXUDWLRQ GHV JUDQGV IHOG VSDWKV SDUOHVH[WLQFWLRQV WUqV RQGXOHXVHV GX TXDUW] HW GX IHOGVSDWK SRWDVVLTXH HW SDU OD

S IRUPDWLRQ GH ]RQHV P\ORQLWLTXHV j PRUWLHU IHOVLWLTXH HW VpULFLWLTXH )HOGVSDWK SRWDVVLTXH

*UDQG FULVWDO PDFOp 1J 1S 1P

&OLYDJH ƒ ƒ 9 ²ƒL

&OLYDJH ƒ ƒ

2UWKRVH XQ SHX WULFOLQLTXH

3HWLW

FULVWDO FOLYp

&OLYDJH ƒ ƒ ƒ 9 ²ƒ

2UWKRVH XQ SHX WULFOLQLTXH

*UDQLWH DOFDOLQ pFUDVp

)F$DQWL0RQ UHFXHLLDXYRLVLQDJHGX SRLQW $ O°LO QX URFKHSHJPDWLWLTXH IRUPpH GH WUqV JUDQGHV SODJHV GH TXDUW] VH GpELWDQW HQ SODTXHWWHV HW GH JURV FULVWDX[ GH IHOGVSDWK SDUIRLV FRORUpV HQ URXJH

6RXV OH PLFURVFRSH DJUpJDW WUqV JURVVLHU GH TXDUW] FDWDFODVWLTXH GDOELWH ILQHPHQW PDFOpH 1S LQIpULHXU j DX[ ODPHOOHV SRO\V\QWKpWLTXHV FRXUEpHV HW GH IHOGVSDWK SRWDVVLTXH SHUWKLWLTXH DX[ H[WLQFWLRQV WUqV RQGXOHXVHV

)HOGVSDWK SRWDVVLTXH

([WLQFWLRQ

VXU 6QS ƒ 2UWKRVH WULFOLQLTXH

*UDQG FULVWDO 1J 1S 1P

&OLYDJH ƒ ƒ ƒ 9 ²ƒ

*UDQG FULVWDO SHUWKLWLTXH

&OLYDJH ƒ ƒ ƒ 9 ²ƒ

2UWKRVH WULFOLQLTXH

3HJPDWLWH DOFDOLQH

(17)

M(F$DLL=RL $ O°LO QX JQHLVV PLFDFp UHQIHUPDQW GHV QRGXOHV IHOGVSD WKLTXHV PP VXU PP SDUIRLV PDFOpV VHORQ &DUOVEDG

$ O°LO QX URFKH JUHQXH IRUPpH GH ODPHOOHV GH PXVFRYLWH HW GH ELRWLWH EUXQH HQ YRLH GH FKORULWLVDWLRQ GH SODJHV FDWDFODVWLTXHV GH TXDUW] GH QRP EUHXVHV VHFWLRQV GDOELWH j $Q H[WLQFWLRQ VXU OD QRUPDOH j SJL ²ƒ

HW GH SODJHV [pQRPRUSKHV GH IHOGVSDWK SRWDVVLTXH

*QHLVV DOFDOLQ

j

GHX[ PLFDV HW QRGXOHV IHOGVSDWKLTXHV

8Q GHV QRGXOHV IHOGVSDWKLTXHV PHVXUDQW PP VXU PP D pWp SUpSDUp HQ FRXSH PLQFH 6RXV OH PLFURVFRSH FH QRGXOHOHQWLFXODLUH DSSDUDvW IRUPp GXQH WUqV JUDQGH SODJH GH SHUWKLWH PDFOpH VHORQ &DUOVEDG FRQWHQDQW GHV LQFOXVLRQV JUDQRSK\ULTXHV GH TXDUW] /H IHOGVSDWK SRWDVVLTXH SUpVHQWH XQ TXDGULOODJH IORX HW OH SODJLRFODVH GH ILQHV ODPHOOHV PDFOpHV VHORQ

ODOELWH

0LFURSKRWR ILJXUH SODQFKH , /H FRQWDFW GX QRGXOH DYHFOD URFKH HQFDLVVDQWHVH SUpVHQWH GH GHX[ IDoRQV /H ORQJ GX QRGXOH OD OLPLWH HVW PDUTXpH SDU GH ILQHV ODPHOOHV GH PLFD SDUIRLV DYHF TXHOTXHV SODJHV DOORQJpHV GH TXDUW] HW GH IHOG VSDWK $X[ H[WUpPLWpV GX PRGXOH OH SDVVDJH VH

IDLW

SDU OLQWHUPpGLDLUH GXQH ]RQH JUHQXH TXDUW]RIHOGVSDWKLTXH

(F$DQvL0RQ $ O°LO QX URFKH FULVWDOOLQH JURVVLqUHPHQW JUHQXH JULVYHUW HW URVH

6RXV OH PLFURVFRSH URFKH j JURV JUDLQ IRUWHPHQW pFUDVpH IRUPpH GH SODJHV WUqV FDWDFODVWLTXHV GH TXDUW] HW GH IHOGVSDWK SRWDVVLTXH GH VHFWLRQV PDFOpHV

GDOELWH 1P LQIpULHXU j HIIUDQJpHV HW ILVVXUpHV GH ODPHOOHV WRUGXHV HW GpFKLUpHVGHPXVFRYLWHSDVVDQWj GHV DPDV GHVpULFLWH HW GpFDLOOpVGH FKORULWH YHUWH /HV pOpPHQWV TXDUW]RIHOGVSDWKLTXHV VRQW SDUIRLV IUDFWXUpV UpGXLWV HQ DJUpJDWV EUpFKLIRUPHV IHOVLWLTXHV HW VpULFLWLTXHV

)HOGVSDWK SRWDVVLTXH

([WLQFWLRQ

VXU 6QP ƒ 0LFURFOLQH

*QHLVV JUDQLWLTXH DOFDOLQ IRUWHPHQW pFUDVp

VF=LDQIP $ O°LO QX FRQJORPpUDW FULVWDOOLQ JQHLVVLTXH UHQIHUPDQW

GH JURV JDOHWV GH TXDUW] PP VXU PP HW GH IHOGVSDWK PP VXU PP FHV JDOHWV pWDQW ILVVXUpV GLVORTXpV HW © URQJpVª SDU OD SkWH GX FRQJORPpUDW

6RXV OH PLFURVFRSH OD SkWH HVW IRUPpH GH WUqV QRPEUHXVHV SODJHV GDOELWH IRUWHPHQW VpULFLWLVpH H[WLQFWLRQ VXU OD QRUPDOH j SJM ²ƒ VRXYHQW WRUGXHV HW IUDFWXUpHV GH UDUHV SODJHV GH IHOGVSDWK SRWDVVLTXH HQ LQFOXVLRQV DX[ FRQWRXUV JpRPpWULTXHVGDQV OHVJUDLQV GDOELWH GHSODJHV WUqVFDWDFODVWLTXHV GH TXDUW] GH JUDQGHV ODPHOOHV GH ELRWLWH EUXQH SOXV RX PRLQV GpFRORUpH RX FKORULWLVpH HW GH PXVFRYLWH HW GH JUDLQV GDSDWLWH 2Q REVHUYH DXVVL XQH JUDQGH SODJH GH SHUWKLWH j LQFOXVLRQV JUDQRSK\ULTXHV GH TXDUW]

&RQJORPpUDW JQHLVVLTXH DOELWLTXH

j

JDOHWV

GH

TXDUW]

HW

GH

IHOGVSDWK J J

6RXV OH PLFURVFRSH OD SUpSDUDWLRQ PRQWUH WURLV JDOHWV RIIUDQW OHV FDUDFWqUHV VXLYDQWV

*DOHW D

,O

DSSDUDvW IRUPp GH ORQJXHV SODJHV FDWDFODVWLTXHV GH TXDUW] WUqV GHQWHOpHV LPEULTXpHV OHV XQHV GDQV OHV DXWUHV /D SkWH JQHLVVLTXH IRUPH XQH SHWLWH SURWXEpUDQFH GDQV FH JDOHW

Références