! " # $ !% ! & $ ' ' ( $ ' # % % ) % * % ' $ ' + " % & ' ! # $, ( $ - . / 0 . - . . 0 1 ! 2 - . - % - . . % - - . . . /1 - % % %
3% % % 4 - 1 . 5 6 5 - 4 . 0 1. . - - . .
4 . - - 7 $$$ 8 9 " . - : - . . ; & ) * < 7 +) = >?% @@AAA & % " 9 B ! - * & 6 C " .. 2 % " - 2 % D . 7 % AEE? 7 F 1 G >HA@ ; & ) * < 7 +) " I 2 . . & >HA@
7$%/( '(6 0$7,(5(6 5pVXPp $EVWUDFW
,1752'8&7,21 $ ± $1$/<6( %,%/,2*5$3+,48(
, 5(3216( 3+<6,2/2*,48( '( /¶2/,9,(5 $ /¶$33257 +<'5,48( ,, &216200$7,21 (1 ($8 '( /¶2/,9,(5 (7 0(7+2'(6 '( 0(685(6 ,,, 02'(/(6 '( 5(3216( $ /¶($8
% ± $3352&+( 0(7+2'2/2*,48(
, 3$5$0(75,6$7,21 (7 68,9,6
& ± 5(68/7$76
, ± $1$/<6( '(6 &21',7,216 '( /¶(66$, ,,± (7$7 +<'5,48( '8 62/ (7 &216200$7,21 (1 ($8 '(6 -(81(6 2/,9,(56
',6&866,21
&21&/86,21 *(1(5$/(
5()(5(1&(6 %,%/,2*5$3+,48(6
$11(;(
/,67( '(6 $57,&/(6 38%/,(6 3$5 /¶$87(85
5pVXPp /H GpYHORSSHPHQW GH MHXQHV ROLYLHUV D pWp VXLYL SHQGDQW OHV VL[ SUHPLqUHV DQQpHV GH FXOWXUH GDQV OH EXW G¶pODERUHU XQ PRGqOH GH FURLVVDQFH W\SH HQ UHODWLRQ DYHF VRQ DOLPHQWDWLRQ K\GULTXH / H[SpULPHQWDWLRQ D pWp PHQpH DX 1RUG GH OD 7XQLVLH VXU TXDWUH YDULpWpV FRPPHUFLDOHV &KpWRXL 0HVNL 0DQ]DQLOOH HW 3LFKROLQH &HWWH FDUDFWpULVDWLRQ D pWp DERUGpH HQ FRQVLGpUDQW O¶DUEUH HQ WDQW TX¶XQLWp LQWpJUpH GDQV OH V\VWqPH VRO SODQWH FOLPDW HQ YXH GH GpWHUPLQHU VD FRQVRPPDWLRQ HQ HDX HQ UDSSRUW DYHF OD GHPDQGH FOLPDWLTXH HW OH GpYHORSSHPHQW GX V\VWqPH UDGLFXODLUH 3RXU FH IDLUH O DSSURFKH K\GURORJLTXH D pWp XWLOLVpH HQ FRQVLGpUDQW GLIIpUHQWV FRPSDUWLPHQWV GX VRO DORUV TXH O DSSURFKH SK\VLRORJLTXH D SHUPLV GH GpWHUPLQHU OD WUDQVSLUDWLRQ GH O ROLYLHU j SDUWLU GHV PHVXUHV GX IOX[ GH OD VqYH EUXWH PpWKRGH GH *UDQLHU /HV UpVXOWDWV RQW pWp FRPSDUpV DYHF FHX[ REWHQXV SDU OD PpWKRGH FOLPDWLTXH GH OD )$2 /HV UpVXOWDWV RQW PRQWUp TXH O¶pWDW K\GULTXH GX VRO YDULH FRQVLGpUDEOHPHQW VRXV OD IURQGDLVRQ DX FRXUV GH OD VDLVRQ G¶LUULJDWLRQ HQ IRQFWLRQ GH OD GLVWDQFH DX WURQF /D WUDQVSLUDWLRQ PD[LPDOH QH UHSUpVHQWH TXH GH OD GHPDQGH FOLPDWLTXH $ SDUWLU GH FHV UpVXOWDWV XQ PRGqOH GH FDOFXO GHV EHVRLQV HQ HDX GH O¶ROLYLHU (7F D pWp GpYHORSSp EDVp VXU OD PpWKRGH GH OD )$2 SRXU OHV FRQGLWLRQV QRQ VWDQGDUG ,O D pWp DMXVWp HQ UDSSRUWDQW OHV GLIIpUHQWV SDUDPqWUHV GX PRGqOH j OD VXUIDFH GX VRO H[SORLWpH SDU OHV UDFLQHV 0RWV FOHIV -HXQH ROLYLHU ± 9DULpWpV ± &URLVVDQFH ± (YDSRWUDQVSLUDWLRQ ± &RQVRPPDWLRQ GH O¶HDX ± 0HVXUH GX IOX[ GH OD VqYH EUXWH
$EVWUDFW *URZWK RI \RXQJ ROLYH WUHHV ZDV PRQLWRUHG GXULQJ WKH ILUVW VL[ \HDUV RI FXOWLYDWLRQ LQ RUGHU WR VHW D W\SLFDO PRGHO RI JURZWK LQ UHODWLRQ WR ZDWHU FRQVXPSWLRQ ([SHULPHQW ZDV FDUULHG RXW LQ QRUWKHUQ 7XQLVLD RQ IRXU FRPPHUFLDO YDULHWLHV &Kp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± 9DULHW\ ± *URZWK ± (YDSRWUDQVSLUDWLRQ ± :DWHU FRQVXPSWLRQ ± VDS IORZ PHDVXUHPHQW
,1752'8&7,21 /¶ROLYLHU HVW XQH HVSqFH UXVWLTXH SUpVHQWH HVVHQWLHOOHPHQW DXWRXU GX EDVVLQ 0pGLWHUUDQpHQ & 2 , $FWXHOOHPHQW RQ FRPSWH SOXV GH PLOOLRQV GH SLHGV SODQWpV VXU PLOOLRQV G¶KD /D 7XQLVLH FRPSWH SUqV GH PLOOLRQV G¶DUEUHV FXOWLYpV VXU PLOOLRQ G¶KD 3OXV GH GHV SODQWDWLRQV VRQW FRQGXLWHV VRXV OH UpJLPH SOXYLDO HW QH EpQpILFLHQW GH O¶LUULJDWLRQ TXH SHQGDQW OHV DQQpHV GH VpFKHUHVVH /HV VXSHUILFLHV LUULJXpHV FRXYUHQW DFWXHOOHPHQW KD GRQW VRQW GHVWLQpV j OD SURGXFWLRQ G¶KXLOH G¶ROLYH 2 1 + $X QLYHDX GHV SODQWDWLRQV GX 1RUG HW GDQV XQH PRLQGUH PHVXUH DX &HQWUH GX SD\V GLIIpUHQWHV FRPELQDLVRQV GH YDULpWpV HW GH GHQVLWpV GH SODQWDWLRQ VRQW XWLOLVpHV (OOHV VRQW FKRLVLHV HQ IRQFWLRQ GHV SRWHQWLDOLWpV K\GULTXHV GH OD UpJLRQ HW GX PRGH GH FRQGXLWH LQWHQVLYH VHPL LQWHQVLYH RX H[WHQVLYH 'HV pFDUWHPHQWV GH SOXV HQ SOXV VHUUpV VRQW DGRSWpV DX 1RUG P[ P P[ P HQ YXH G¶DXJPHQWHU OD SURGXFWLYLWp GHV ROLYHUDLHV 0DVPRXGL &KDUIL HW DO ,QYHUVHPHQW GHV pFDUWHPHQWV LPSRUWDQWV VRQW FRQVLGpUpV DX &HQWUH HW DX 6XG GX SD\V P[ P j P[ P SHUPHWWDQW O¶H[SORUDWLRQ G¶XQ SOXV JUDQG YROXPH GH VRO TXL DWWHLQW P SDU ROLYLHU GDQV OHV SODQWDWLRQV WUDGLWLRQQHOOHV GH OD UpJLRQ GH 6ID[ 2 1 + 3DUPL OHV YDULpWpV DGRSWpHV OHV FXOWLYDUV DXWRFKWRQHV 0HVNL ROLYLHU GH WDEOH HW &KpWRXL ROLYLHU j GRXEOH ILQV FRQVWLWXHQW OH IRQG GHV SODQWDWLRQV GX 1RUG 7ULJXL HW 0VDOOHP TXL VRQW FDUDFWpULVpHV SDU GH IDLEOHV UHQGHPHQWV WRQQH KD HQ SOXYLDO HW GH WRQQHV KD HQ LUULJXp PDOJUp O¶DVVRFLDWLRQ G¶DXWUHV FXOWLYDUV QRWDPPHQW OD %HVEHVVL OD 3LFKROLQH IUDQoDLVH HW OD 0DQ]DQLOOH HVSDJQROH 0DLV OH PpODQJH YDULpWDO HW OH FKRL[ GH GHQVLWpV SOXV pOHYpHV QH VXIILVHQW SDV j HX[ VHXOV SRXU REWHQLU GHV UHQGHPHQWV pOHYpV HW VWDEOHV /¶DGRSWLRQ G¶XQ SDTXHW WHFKQLTXH DSSURSULp ,QVWLWXW GH O¶2OLYLHU 0DVPRXGL &KDUIL HW DO SRXU FKDTXH PRGH GH FRQGXLWH GqV O¶LQVWDOODWLRQ GH OD SODQWDWLRQ WDLOOH GH IRUPDWLRQ LUULJDWLRQ
IHUWLOLVDWLRQ«HWF HVW QpFHVVDLUH SRXU JpUHU UDWLRQQHOOHPHQW O¶ROLYHWWH FH TXL UHTXLHUW OD FRQQDLVVDQFH GHV SULQFLSDX[ DVSHFWV UHODWLIV DX GpYHORSSHPHQW GH OD SODQWH HW j VRQ ERQ IRQFWLRQQHPHQW FRPSWH WHQX GHV FRQGLWLRQV HQYLURQQHPHQWDOHV HW FH GDQV OH EXW GH PDLQWHQLU O¶pTXLOLEUH HQWUH OHV DFWLYLWpV YpJpWDWLYHV HW IUXFWLIqUHV 8QH DWWHQWLRQ SDUWLFXOLqUH HVW j DWWULEXHU DX GpYHORSSHPHQW GH O¶DUEUH SHQGDQW OHV SUHPLqUHV DQQpHV GH FXOWXUH pWDQW GRQQp TXH OH SRWHQWLHO GH SURGXFWLRQ HW OD GXUpH GH OD SpULRGH SURGXFWLYH VRQW LQWLPHPHQW OLpV DX GpYHORSSHPHQW GH O¶DUEUH SHQGDQW OD SpULRGH GH MHXQHVVH HW j VRQ YpFX GHSXLV VD PXOWLSOLFDWLRQ HQ SpSLQLqUH MXVTX¶j VRQ HQWUpH HQ SURGXFWLRQ /DYHH 0VDOOHP /HV IDFWHXUV FOLPDWLTXHV HQ SDUWLFXOLHU OD WHPSpUDWXUH HW OH UD\RQQHPHQW VRODLUH VRQW GpWHUPLQDQW GDQV O¶pODERUDWLRQ GHV SURGXFWLRQV %RQML HW 3DOOLRWWL *UHHQ 0DULVFDO HW DO 6WDQOH\ HW DO ,OV DIIHFWHQW OH QLYHDX GH WUDQVSLUDWLRQ OD SKRWRV\QWKqVH HW OHV SURFHVVXV GH GpYHORSSHPHQW GH O¶ROLYH 0RUHQR HW DO 0RULDQD HW DO /¶LQGXFWLRQ IORUDOH TXL HVW OD SUHPLqUH PDQLIHVWDWLRQ GH O¶RUJDQRJHQqVH GpSHQG HQ SUHPLHU GH OD TXDQWLWp GH OXPLqUH LQWHUFHSWpH SDU OD FDQRSpH 'HPDUH] HW DO /H GpYHORSSHPHQW GH FHOOH FL HVW OXL PrPH OLp j OD GLVSRQLELOLWp GH OD OXPLqUH HQ SDUWLFXOLHU GDQV OHV YHUJHUV FXOWLYpV j KDXWH GHQVLWp 3LHGUD HW DO &HSHQGDQW O¶HDX GHPHXUH DX 6XG GH OD 0pGLWHUUDQpH OH IDFWHXU OH SOXV OLPLWDQW SRXU OH GpYHORSSHPHQW GH O¶ROLYLHU HW O¶pODERUDWLRQ GX UHQGHPHQW GX IDLW TXH OD PDMHXUH SDUWLH GX F\FOH SURGXFWLI VH SURGXLW SHQGDQW XQH SpULRGH GH GpILFLW FOLPDWLTXH HW TXH FKDTXH VWDGH SKpQRORJLTXH SHXW rWUH VRXPLV j OD FRQWUDLQWH K\GULTXH GRQW OHV FRQVpTXHQFHV SHXYHQW rWUH FRQWRXUQpHV RX OLPLWpHV SDU O¶LUULJDWLRQ 6ROH ULHUD 6DQFKH] 5D\D 'HWWRUL HW 5XVVR 3DVWHU HW DO ;LOR\DQQLV HW DO 1RJXHV HW %DNHU 0DVPRXGL &KDUIL HW DO 0DVPRXGL &KDUIL HW DO /HV UHFKHUFKHV HIIHFWXpHV VXU O¶LUULJDWLRQ RQW PRQWUp TXH O¶DSSRUW GH O¶HDX j OD ILQ GH O¶KLYHU DX FRXUV GH OD SKDVH GH GLIIpUHQFLDWLRQ GHV ERXUJHRQV IORUDX[ IDYRULVH OD IRUPDWLRQ GH IOHXUV SDUIDLWHV VWLPXOH OD FURLVVDQFH GHV SRXVVHV DX SULQWHPSV HW DXJPHQWH OH QRPEUH SRWHQWLHO GH VLWHV GH
IUXFWLILFDWLRQ HW GH SURGXFWLRQ 6DPLVK HW 6SLHJHO /H %RXUGHNOOHV HW /RXVVHUW HW %URXVVH 5DOOR 5DOOR HW 5DSRSRUW &HUWDLQV DXWHXUV UDSSRUWHQW TXH O¶LUULJDWLRQ HQ SpULRGH GH FURLVVDQFH SULQWDQLqUH DWWpQXH O¶DOWHUQDQFH GH OD SURGXFWLRQ %HQ 0HFKOLD HW +DPURXQL 3ROL DFWLYH OD SKRWRV\QWKqVH HW VWLPXOH OD SURGXFWLRQ GHV DVVLPLODWV HQ TXDQWLWp LPSRUWDQWH TXL DVVXUHUDLW OD QRXDLVRQ HW OH GpYHORSSHPHQW G¶XQ JUDQG QRPEUH GH IUXLWV )HUQDQGHV 6HUUDQR DQG 9LQFHQW $EHOD 7RPEHVL )ORUH HW /D\QH 1XEHUJ DQG <XQXVD 0RULDQD HW DO HW /RUVTXH O¶DSSRUW GH O¶HDX VH SRXUVXLW SHQGDQW OD SpULRGH HVWLYDOH XQH FURLVVDQFH GHV SRXVVHV SHXW rWUH REVHUYpH DORUV TXH OD FURLVVDQFH GHV ROLYHV SHXW VH SRXUVXLYUH PrPH SHQGDQW OD SKDVH GH GXUFLVVHPHQW GH O¶HQGRFDUSH &RQQRU HW )HUHUHV (Q DXWRPQH OD FURLVVDQFH GHV UDPHDX[ HVW WULEXWDLUH GHV DSSRUWV K\GULTXHV HW GH OD WHPSpUDWXUH (OOH D pWp REVHUYpH FKH] FHUWDLQV FXOWLYDUV QRWDPPHQW OD 3LFKROLQH PDURFDLQH DSUqV OHV SUHPLqUHV SOXLHV GH OD VDLVRQ %RXORXKD HOOH HQJHQGUH XQ DFFURLVVHPHQW SOXV IDLEOH TXH FHOXL GX SULQWHPSV HQ UDLVRQ GH OD SUpVHQFH FRPSpWLWLYH GHV IUXLWV TXL VRQW j FH VWDGH OH VLqJH G¶XQH DFWLYLWp GH V\QWKqVH HW G¶DFFXPXODWLRQ GHV OLSLGHV /¶DSSRUW GH O¶HDX SHQGDQW OD SpULRGH GH QRXDLVRQ YpUDLVRQ DX FRXUV GH ODTXHOOH VH SURGXLVHQW VLPXOWDQpPHQW OH GpYHORSSHPHQW GHV ROLYHV GHV SRXVVHV HW GX V\VWqPH UDGLFXODLUH HW O¶LQGXFWLRQ GHV QRXYHDX[ ERXUJHRQV j IOHXUV SHUPHW GH FRPSHQVHU OHV SHUWHV G¶HDX SDU WUDQVSLUDWLRQ TXL SHXYHQW DWWHLQGUH OLWUHV MRXU HW PrPH OHV GpSDVVHU DX FRXUV GHV MRXUQpHV GH IRUWH GHPDQGH FOLPDWLTXH $ELG .DUUD\ 0DLV OD UpSRQVH j O¶HDX GH O¶ROLYLHU FRQVRPPDWLRQ GpSHQG GH SOXVLHXUV SDUDPqWUHV QRWDPPHQW OD YDULpWp HW VRQ DGDSWDWLRQ OD FKDUJH HQ ROLYHV O¶pWDW SK\VLRORJLTXH HW K\GULTXH GH O¶DUEUH OD UpVHUYH K\GULTXH GX VRO OD GHPDQGH FOLPDWLTXH HW OD TXDQWLWp G¶HDX GpOLYUpH 0LFKHODNLV HW 0LFKHODNLV HW 9RXJLRXFDORX &UX] &RQGH 6XDUH] GH 7DQJLO HW )XHQWHV &DEDQDV )HUQDQGH] HW DO HW &ORWKLHU HW *UHHQ ,QJOHDVH HW DO 'LFKLR HW DO %DQGLQR HW 'HWWRULR
/D GpWHUPLQDWLRQ GHV EHVRLQV HQ HDX GH OD FXOWXUH GH O¶ROLYLHU HW GH VD FRQVRPPDWLRQ UHYrW XQ LQWpUrW SDUWLFXOLHU HQ FXOWXUH LQWHQVLYH &HV DVSHFWV RQW pWp DERUGpV GHSXLV TXHOTXHV GpFHQQLHV HQ YXH GH OD GpWHUPLQDWLRQ GHV EHVRLQV UpHOV HQ HDX GH O¶ROLYLHU TXH FH VRLW j O¶pFKHOOH GH O¶DQQpH RX GXUDQW OHV GLIIpUHQWV VWDGHV SKpQRORJLTXHV j WLWUH LQGLYLGXHO O\VLPpWULH 'HLGGD HW DO RX SRXU O¶HQVHPEOH GX YHUJHU ELODQ FOLPDWLTXH RX K\GULTXH )$2 5LRX 'HWWRUL +DEDLHE HW 0DVPRXGL &KDUIL 3DORPR HW DO 7HVWL HW DO &HSHQGDQW HW HQ UDLVRQ GH OD FRPSOH[LWp GX V\VWqPH GH FXOWXUH RQ VH FRQIURQWH WRXMRXUV DX FKRL[ GH OD PpWKRGH GH FDOFXO RX GH PHVXUH $OOHQ HW DO 5DQD HW .DWHUML VXUWRXW SHQGDQW OHV SUHPLqUHV DQQpHV GH FXOWXUH HQ UDLVRQ GX IDLEOH WDX[ GH FRXYHUWXUH GX VRO SDU OD ELRPDVVH YpJpWDOH 6¶DJLVVDQW G¶XQH FXOWXUH DUERULFROH TXL FRXYUH SDUWLHOOHPHQW OH VRO O¶pYDSRWUDQVSLUDWLRQ GH OD FXOWXUH (7F QH UHSUpVHQWH SDV OD TXDQWLWp G¶HDX UpHOOHPHQW DEVRUEpH SDU O¶DUEUH 9LOODJUD HW DO $OOHQ HW DO 9LOODORERV HW DO /HV SDUWV DWWULEXpHV j OD WUDQVSLUDWLRQ GH O¶DUEUH 7 HW j O¶pYDSRUDWLRQ GLUHFWH GX VRO ( %RQDFKHOD HW DO QH VRQW SDV FODLUHPHQW GpILQLHV 0DVPRXGL HW DO 'H PrPH FHV GHX[ FRPSRVDQWHV SHXYHQW VXELU GHV YDULDWLRQV j GHV LQWHUYDOOHV GH WHPSV WUqV FRXUWV (Q HIIHW GX IDLW TXH O¶pWDW K\GULTXH GX VRO YDULH DX VHLQ GH O¶ROLYHWWH HQ UDLVRQ GH OD GLVWULEXWLRQ KpWpURJqQH GHV UDFLQHV G¶XQH SDUW 3DOHDVH HW DO HW GX UD\RQQHPHQW VRODLUH G¶DXWUH SDUW LO HVW GLIILFLOH GH FDUDFWpULVHU VRQ pWDW FRPPH LO HVW SRVVLEOH GH OH IDLUH SRXU GHV FXOWXUHV DQQXHOOHV KRPRJqQHV HW FXOWLYpHV GDQV OHV FRQGLWLRQV VWDQGDUGV /HV PHVXUHV SUDWLTXpHV DX QLYHDX GH OD UKL]RVSKqUH j O¶DLGH GH WHQVLRPqWUHV GH VRQGHV QHXWURQLTXHV RX G¶DXWUHV PpWKRGHV GH PHVXUH WHO TXH OD YDULDWLRQ GX GLDPqWUH GX WURQF SULV FRPPH LQGLFDWHXU GH O¶pWDW K\GULTXH GH OD SODQWH *ROGKDPHU HW )HUHUHV QH GRQQHQW SDV XQH HVWLPDWLRQ UHSUpVHQWDWLYH GHV GLVSRQLELOLWpV HQ HDX GDQV OH VRO SRXU O¶HQVHPEOH GX YHUJHU QL PrPH SRXU WRXWH OD ]RQH GHV UDFLQHV FKH] XQ PrPH DUEUH )HUQDQGH] HW DO RQW PRQWUp TXH OHV SDUWLHV UDGLFXODLUHV QRQ KXPHFWpHV ORUV GH O¶LUULJDWLRQ pPHWWHQW GHV VLJQDX[ GH VWUHVV DORUV TXH OHV EHVRLQV HQ HDX GH OD FXOWXUH VRQW FRUUHFWHPHQW FRXYHUWV
/H UHFRXUV j GHV PpWKRGHV SOXV ILQHV G¶HVWLPDWLRQ GH OD FRQVRPPDWLRQ HQ HDX WHOOH TXH OD PHVXUH GX IOX[ GH OD VqYH EUXWH 1DVU &UXL]LDW HW 7\UHH /RXVWHDX HW DO *UDQLHU &DELEHO &DELEHO HW 'R D HW E 6ZDQVRQ 6PLWK .RVWHU HW DO *LRULR HW '¶$QGULD )HUQDQGH] HW DO 'R HW 5RFKHWHDX SHUPHW GH FRQWRXUQHU OHV SUREOqPHV OLpV j O¶KpWpURJpQpLWp GX VRO &HSHQGDQW G¶DXWUHV SUREOqPHV DSSDUDLVVHQW OLpV j O¶pFKDQWLOORQQDJH j O¶DSSDUHLOODJH HW j O¶KpWpURJpQpLWp GX V\VWqPH GH FRQGXFWLRQ GH OD VqYH WUqV FRPSOH[H FKH] O¶ROLYLHU HW j O¶RULJLQH GH YDULDWLRQV LPSRUWDQWHV DX VHLQ GH O¶DUEUH HW HQWUH OHV DUEUHV $ELG .DUUD\ /D FRPELQDLVRQ GH GLIIpUHQWHV PpWKRGHV G¶HVWLPDWLRQ GH OD FRQVRPPDWLRQ HQ HDX FKH] O¶ROLYLHU HQ O¶RFFXUUHQFH FHOOH GX ELODQ K\GULTXH &RKHQ .DVSDUL HW DO $ELG .DUUD\ OD PpWKRGH FOLPDWLTXH HW OD PHVXUH GX IOX[ GH OD VqYH EUXWH VXU GHV DUEUHV UHSUpVHQWDWLIV GX YHUJHU SHXW DERXWLU j XQH GpWHUPLQDWLRQ FRUUHFWH GH FHV EHVRLQV j O¶pFKHOOH DQQXHOOH RX GHV GLIIpUHQWV VWDGHV SKpQRORJLTXHV 6DQ] &RUWHV HW DO /¶DQDO\VH ELEOLRJUDSKLTXH D PRQWUp TXH SHX G¶pWXGHV VRQW FRQVDFUpHV j O¶ROLYLHU SDU UDSSRUW j G¶DXWUHV FXOWXUHV DUERULFROHV TXH FH VRLW SRXU OD FDUDFWpULVDWLRQ GH VD FURLVVDQFH RX SRXU OD GpWHUPLQDWLRQ GH VD FRQVRPPDWLRQ HQ HDX HQ UDLVRQ GH OD FRPSOH[LWp GH OD UpSRQVH GH O¶HVSqFH TXL GLIIqUH G¶XQH DQQpH j O¶DXWUH $ FHOD V¶DMRXWHUDL OD GLYHUVLWp GHV FRQGLWLRQV GH FXOWXUH OH QRPEUH pOHYp GH YDULpWpV HW GH V\VWqPHV GH FRQGXLWH 'H QRPEUHXVHV DQQpHV G¶REVHUYDWLRQV VRQW QpFHVVDLUHV SRXU FDUDFWpULVHU VD FURLVVDQFH HW VRQ GpYHORSSHPHQW HW VD UHODWLRQ DYHF OH FOLPDW HW OHV DSSRUWV K\GULTXHV 9X O¶LPSRUWDQFH TXH UHYrW O¶HVSqFH GDQV QRWUH SD\V OD FRPSUpKHQVLRQ GX IRQFWLRQQHPHQW GH O¶DUEUH DX FRXUV GH VRQ F\FOH GH GpYHORSSHPHQW RX j XQH pFKHOOH GH WHPSV SOXV ORQJXH HVW QpFHVVDLUH /HV UHFKHUFKHV RQW pWp VRXYHQW RULHQWpHV YHUV OD GpWHUPLQDWLRQ GH OD UpSRQVH GH OD FXOWXUH j XQ IDFWHXU SK\VLTXH GRQQp DORUV TXH OD UpSRQVH GH O¶ROLYLHU GHYUDLW rWUH LQWpJUpH GDQV XQH pWXGH JOREDOH GX V\VWqPH 6RO 2OLYLHU &OLPDW HQ UDLVRQ GHV LQWHUDFWLRQV HQWUH OHV IDFWHXUV H[WULQVqTXHV HW
LQWULQVqTXHV &¶HVW GDQV FH FDGUH TXH V¶LQVFULW FH WUDYDLO GDQV OHTXHO RQ VH SURSRVH G¶pWXGLHU OH FRPSRUWHPHQW GH TXDWUH YDULpWpV G¶ROLYLHU FRXUDPPHQW FXOWLYpHV GDQV OHV SODQWDWLRQV LQWHQVLYHV HQ UHODWLRQ O¶HQYLURQQHPHQW HW SOXV SDUWLFXOLqUHPHQW O¶DOLPHQWDWLRQ K\GULTXH /¶REMHFWLI HVW GH TXDQWLILHU OD FURLVVDQFH GH O¶DUEUH SHQGDQW OHV SUHPLqUHV DQQpHV GH FXOWXUH HQ YXH GH OD PRGpOLVDWLRQ j WUDYHUV O¶pODERUDWLRQ GH UHODWLRQV VLPSOHV HQWUH OD FURLVVDQFH GHV GLIIpUHQWHV SDUWLHV GH O¶DUEUH G¶XQH SDUW HW OHV IDFWHXUV H[WHUQHV TXL O¶DIIHFWHQW G¶DXWUH SDUW SRXU DERXWLU HQILQ DX GpYHORSSHPHQW G¶XQ PRGqOH GH FDOFXO GHV EHVRLQV HQ HDX HQ UDSSRUW DYHF OD FURLVVDQFH GHV SDUWLHV DpULHQQH HW VRXWHUUDLQH
$ $1$/<6( %,%/,2*5$3+,48(
&+$3,75( , 5(3216( 3+<6,2/2*,48( '( /¶2/,9,(5 $ /¶$33257 '¶($8 &URLVVDQFH HW GpYHORSSHPHQW &KH] O¶ROLYLHU OD FURLVVDQFH GHV UDPHDX[ HVW DIIHFWpH SDU OD GLVSRQLELOLWp GH O¶HDX 0LFNHODNLV /HV DUEUHV LUULJXpV SUpVHQWHQW XQH FURLVVDQFH YLJRXUHXVH DYHF GHV HQWUH Q°XGV ORQJV SDU UDSSRUW j FHX[ TXL QH OH VRQW SDV /¶DFFURLVVHPHQW HQJHQGUp SDU O¶LUULJDWLRQ YDULH GH j VHORQ OD YDULpWp &KH] O¶$UEpTXLQD 6ROH 5LHUD PRQWUH TXH OD ORQJXHXU GH OD SRXVVH GH O¶DQQpH / FP HVW pWURLWHPHQW OLpH j OD TXDQWLWp G¶HDX UHoXH SDU OD SOXLH GX PRLV GH PDL 3 HW j OD GRVH G¶LUULJDWLRQ , (TXDWLRQ / 3 ,
5 > @
/H GLDPqWUH GX WURQF DXJPHQWH GH j HQ IRQFWLRQ GH OD TXDQWLWp G¶HDX DSSRUWpH ,O HVW FRQVLGpUp FRPPH XQ ERQ LQGLFDWHXU GH O¶pWDW K\GULTXH GX YpJpWDO *ROGKDPHU HW )HUHUHV pWDQW GRQQp TX¶LO SHXW YDULHU VLJQLILFDWLYHPHQW SRXU GHV DSSRUWV G¶HDX UpGXLWV *UDQLHU E /H 7DEOHDX PRQWUH O¶HIIHW GH O¶LUULJDWLRQ VXU OD FURLVVDQFH GH O¶ROLYLHU µ$VFRODQD¶ HQ IRQFWLRQ GX WUDLWHPHQW DSSOLTXp 'HWWRUL
7DEOHDX (IIHW GH O¶LUULJDWLRQ VXU OD FURLVVDQFH GX WURQF FP FKH] O¶ROLYLHU µ$VFRODQD¶ FXOWLYp GDQV OD UpJLRQ GH 6DUGDLJQH VHORQ O¶pFDUWHPHQW GH P[ P 'HWWRUL 7UDLWHPHQW DQQXHO
4XDQWLWp G¶HDX DSSRUWpH
&URLVVDQFH GX
PR\HQ
P ROLYLHU
WURQF
(
F
(
F
(
E
7pPRLQ
D
( OHFWXUH EDF FODVVH $ /HV YDOHXUV VXLYLHV GH OHWWUHV GLIIpUHQWHV SUpVHQWHQW XQ pFDUW VLJQLILFDWLI DX VHXLO &KH] OHV DUEUHV LUULJXpV OD FURLVVDQFH GX WURQF HVW pWURLWHPHQW OLpH j OD FKDUJH HQ ROLYHV &RQQRU HW )HUHUHV (Q DQQpH © PRLQV ª HW DSUqV XQH IRUWH SURGXFWLRQ OH WURQF VH GpYHORSSH OHQWHPHQW DX FRXUV GX SULQWHPSV 6D FURLVVDQFH DWWHLQW GHV YDOHXUV PD[LPDOHV j OD ILQ GH O¶pWp $X FRQWUDLUH DX FRXUV G¶XQH DQQpH GH IRUWH FKDUJH HQ IUXLWV OD FURLVVDQFH SULQWDQLqUH HVW UDSLGH PDLV HOOH UDOHQWL HQ pWp HW HQ DXWRPQH j FDXVH GH O¶DXJPHQWDWLRQ GH OD FRPSpWLWLRQ WURSKLTXH LPSRVpH SDU OHV IUXLWV HQ GpYHORSSHPHQW )ORUDLVRQ HW QRXDLVRQ /HV WDX[ GH IORUDLVRQ HW GH QRXDLVRQ VRQW DIIHFWpV SDU OHV DSSRUWV G¶HDX TXL SUpFqGHQW OD IORUDLVRQ 6W\OLDQRX HW 0HWRFKLV RQW REVHUYp VXU KXLW YDULpWpV G¶ROLYLHU FXOWLYpHV j &K\SUH XQH IORUDLVRQ SOXV SUpFRFH SOXV DERQGDQWH HW UHJURXSpH HQ GHX[ j WURLV VHPDLQHV FKH] OHV ROLYLHUV LUULJXpV / DUUrW GH O LUULJDWLRQ SHQGDQW OHV PRLV GH PDUV HW G¶DYULO HQJHQGUH OD IRUPDWLRQ G XQ JUDQG QRPEUH GH IOHXUV LPSDUIDLWHV &KH] OD YDULpWp © *DOHJXD YXOJDU ª OH WDX[ GH QRXDLVRQ D YDULp GH FKH] OHV DUEUHV LUULJXpV j FKH] OHV ROLYLHUV FRQGXLWV HQ SOXYLDO )HUQDQGH] 6HUUDQR HW 9LQFHQW $EHOD
/¶HIIHW GX PDQTXH G¶HDX VXU OD IORUDLVRQ GpSHQG GX PRPHQW R LO VpYLW $ OD ILQ GH O¶pWp OH VWUHVV K\GULTXH UHWDUGH OD IORUDLVRQ GH O¶DQQpH VXLYDQWH j FDXVH GH OD GpIHXLOODLVRQ TX¶LO SHXW SURYRTXHU 3HQGDQW OHV VWDGHV LQLWLDX[ GH GpYHORSSHPHQW IORUDO GpEXW PDUV OH PDQTXH G¶HDX HVW SUpMXGLFLDEOH j OD SURGXFWLRQ GHV LQIORUHVFHQFHV 6L OD FRQWUDLQWH K\GULTXH D OLHX SOXV WDUG OHV IOHXUV DYRUWHQW 'pYHORSSHPHQW UDGLFXODLUH /HV UDFLQHV G¶ROLYLHUV LUULJXpV VH FRQFHQWUHQW DXWRXU GX SRLQW G¶HDX j XQH SURIRQGHXU YDULDQW GH j FP HQ IRQFWLRQ GH OD QDWXUH GX VRO HW GX PRGH G¶LUULJDWLRQ DYHF XQ PD[LPXP GH UDFLQHV REVHUYp HQWUH HW FP 0LFKHODNLV )HUQDQGH] HW DO (Q LUULJDWLRQ ORFDOLVpH OHV YDOHXUV KDELWXHOOHV GH OD GHQVLWp UDGLFXODLUH YDULHQW GH PRLQV GH j FP FP GH VRO VHORQ O¶HQGURLW &RQQRU HW )HUHUHV 3URGXFWLRQ /HV UHQGHPHQWV REWHQXV YDULHQW HQ IRQFWLRQ GH OD SpULRGH G¶DSSRUW GH O¶HDX GH OD TXDQWLWp DSSOLTXpH HW GH OD YDULpWp &KH] O¶ROLYLHU µ0HPHFLN¶ OHV DSSRUWV G¶HDX HQ SpULRGH GH SUpIORUDLVRQ (73 GRXEOHQW OH UHQGHPHQW HQ ROLYHV 2]\LODPD] HW 2]NDUD &KH] OHV YDULpWpV GH WDEOH µ.DODPRQ HW $PILVVLV¶ OD SURGXFWLRQ D DXJPHQWp DYHF O LUULJDWLRQ PDLV VDQV HIIHW VLJQLILFDWLI HQWUH OHV WUDLWHPHQWV HW (73 0LFKHODNLV &KH] O¶ROLYLHU DGXOWH 3LFXDO GHV UHQGHPHQWV PD[LPXPV HQ ROLYHV HW HQ KXLOH VRQW REWHQXV SRXU XQ DSSRUW K\GULTXH pTXLYDOHQW j PP MRXU 7DEOHDX
7DEOHDX (IIHW GH O¶LUULJDWLRQ VXU OD SURGXFWLRQ G¶ROLYHV HW G¶KXLOH FKH] OD YDULpWp © 3LFXDO ª SODQWpH VHORQ O¶pFDUWHPHQW GH P; P +XPHW 5LHJRV
$SSRUW
P
PP MRXU
G¶HDX
(73 3HII 3URGXF
3URGXFWLRQ
.J
WLRQ
G¶KXLOH
ROLYHV
NJ DUEUH
NJ ROLYLHU
P
,UULJDWLRQ
ROLYLHU
F
F
E
D
1% /HV YDOHXUV VXLYLHV GH OHWWUHV GLIIpUHQWHV SUpVHQWHQW XQ pFDUW VWDWLVWLTXH VLJQLILFDWLI DX VHXLO GH
/D YDULpWp µ3LFXDO¶ GRQQH XQH SURGXFWLRQ PD[LPDOH GH NJ G¶ROLYHV SDU DUEUH SRXU XQ DSSRUW G¶HDX GH P SDU ROLYLHU DQ /¶HIILFLHQFH PD[LPDOH HVW REVHUYpH SRXU OH WUDLWHPHQW PP MRXU &KH] OD YDULpWp µ$VFRODQD¶ OD GRVH GH P KD DQ FRUUHVSRQGDQW j GH O¶pYDSRUDWLRQ D SHUPLV GH GRXEOHU VRQ UHQGHPHQW HQ ROLYHV HW DXJPHQWH OHXU SRLGV GH SDU UDSSRUW DX WpPRLQ 7DEOHDX /HV SURGXFWLRQV
PD[LPDOHV VRQW REWHQXHV DYHF GHV GRVHV GH (EDF 7DEOHDX (IIHW GX WUDLWHPHQW K\GULTXH VXU OD SURGXFWLRQ HW OH SRLGV GHV ROLYHV FKH] GH MHXQHV ROLYLHUV © $VFRODQD ª SODQWpV VHORQ XQ pFDUWHPHQW GH P[ P HQ UDSSRUW DYHF OHV TXDQWLWpV G¶HDX GpOLYUpHV 'HWWRUL
7UDLWHPHQW
P ROLYLHU
3URGXFWLRQ
3RLGV GHV ROLYHV
DQQXHO
DQ
7 KD
J
(
F
F
(
F
F
(
E
E
7pPRLQ
D
D
( OHFWXUH GX EDF FODVVH $ /HV YDOHXUV VXLYLHV GH OHWWUHV GLIIpUHQWHV SUpVHQWHQW XQ pFDUW VLJQLILFDWLI DX VHXLO GH
/HV WUDYDX[ HQWUHSULV HQ 7XQLVLH VXU O¶ROLYLHU µ&KHPODOL¶ /DNKRXD RQW SHUPLV GH GpILQLU XQH FRUUpODWLRQ SRVLWLYH HQWUH OH UHQGHPHQW < HQ ROLYHV GH O¶DQQpH Q HW OD SOXYLRPpWULH 3 PP GH O¶DQQpH pFRXOpH (TXDWLRQ < 3 > @ 6RXV LUULJDWLRQ OH UHQGHPHQW GH FHWWH YDULpWp DXJPHQWH VLJQLILFDWLYHPHQW ELHQ TX¶LO VRLW IRUWHPHQW DIIHFWp SDU O¶DOWHUQDQFH GH OD SURGXFWLRQ %RXD]L] /H UHQGHPHQW PD[LPDO HVW REWHQX SRXU (73 HQ UpJLPH FRQWLQX 4XDOLWp GX IUXLW /¶LUULJDWLRQ DXJPHQWH VLJQLILFDWLYHPHQW OH FDOLEUH GHV ROLYHV O¶pSDLVVHXU GX PpVRFDUSH HW OH UDSSRUW PpVRFDUSH QR\DX PDLV HOOH UpGXLW OH SRXUFHQWDJH GH PDWLqUH VqFKH GHV IUXLWV 'HWWRUL HW 5XVVR 6RXV LUULJDWLRQ OD FURLVVDQFH GX IUXLW VH SRXUVXLW DX FRXUV GH OD VDLVRQ HVWLYDOH QRWDPPHQW FKH] OD YDULpWp µ3LFXDO¶ 0DQULTXH /H 7DEOHDX SUpVHQWH OHV UpVXOWDWV REWHQXV HQ 6DUGDLJQH VXU OD YDULpWp µ$VFRODQD¶ 'HWWRUL 6D PHLOOHXUH UpSRQVH j O¶HDX HVW REWHQXH SRXU GH O¶pYDSRUDWLRQ EDF
7DEOHDX (IIHW GH OD GRVH G¶LUULJDWLRQ VXU OH UHQGHPHQW HW OD SRPRORJLH GH O¶ROLYH © $VFRODQD ª 'HWWRUL
7UDLWH PHQW
5HQGH
3RLGV
PHQW
GHV
(SDLVVHXU (SDLVVHXU GX
5DSSRUW
GX QR\DX
PpVRFDUSH
PP
QR\DX
W KD
ROLYHV 0pVRFDUSH J
PP
(
G
F
F
E
E
( (
F
F
F
E
E
E
E
E
D
D
7pPRLQ
D
D
D
D
D
( pYDSRUDWLRQ PR\HQQH GX EDF FODVVH $ /HV YDOHXUV VXLYLHV GH OHWWUHV GLIIpUHQWHV SUpVHQWHQW XQ pFDUW VLJQLILFDWLI DX VHXLO GH
6ROH 5LHUD PRQWUH TXH O¶LUULJDWLRQ GH O¶ROLYLHU µ$UEpTXLQD¶ HQWUH PL PDL HW PL VHSWHPEUH DXJPHQWH OH SRLGV GHV ROLYHV GH OD SURGXFWLRQ GH O¶KXLOH GH HW OD WHQHXU HQ KXLOH 7 KXLOH GH ,O GpILQLW XQH UHODWLRQ (TXDWLRQ HQWUH OH SRLGV GHV ROLYHV 3ROLYH J OD TXDQWLWp G¶HDX GH SOXLH UHoXH DX FRXUV GHV PRLV GH PDL HW GH MXLQ 3PDL MXLQ PP HW O¶LUULJDWLRQ , OLWUH DUEUH LUULJDWLRQ /D WHQHXU HQ KXLOH HVW FRUUpOpH j OD GRVH G¶LUULJDWLRQ , OLWUH DUEUH LUULJDWLRQ HW j OD SURGXFWLRQ G¶ROLYHV 3ROLYH NJ DUEUH DYHF GHV FRHIILFLHQWV GH GpWHUPLQDWLRQ GH HW UHVSHFWLYHPHQW (TXDWLRQV HW 3ROLYH 3PDL MXLQ , 5 > @ 7 KXLOH , HW 7 KXLOH 3Â&#x192;ROLYH
> @
/HV WUDYDX[ UpFHQWV GH 0RULDQD HW DO HW FRQFRUGHQW DYHF FHV UpVXOWDWV HW UHFRPPDQGHQW O¶DSSRUW GH O¶HDX HQ SpULRGH G¶DFFXPXODWLRQ GH O¶KXLOH
(IILFLHQFH GH O¶XWLOLVDWLRQ GH O¶HDX HQ 2OpLFXOWXUH /¶HIILFLHQFH GH O¶XWLOLVDWLRQ GH O¶HDX HQ ROpLFXOWXUH GpSHQG GH OD UpJLRQ HW GX V\VWqPH GH FRQGXLWH /H %RXUGHOOHV HW (OOH DWWHLQW HW NJ P VRXV GH ERQQHV FRQGLWLRQV FXOWXUDOHV HW HQ FXOWXUH SOXYLDOH 9HUQHW HW DO (Q WHUUH PDUJLQDOH HW VRXV FOLPDW GH 6ID[ OD SURGXFWLYLWp FKXWH j PRLQV GH NJ P 6RXV LUULJDWLRQ HOOH YDULH GH j NJ P G¶HDX DSSRUWp 7DEOHDX 'DQV G¶DXWUHV VLWHV $XVWUDOLH GHV YDOHXUV PR\HQQHV YDULDQW GH j NJ OLWUH G¶HDX FRQVRPPpH RQW pWp WURXYpHV SDU 1XEHUJ HW <DQXVD (OOHV SDVVHQW j HW NJ OLWUH ORUVTXH O¶(8( HVW H[SULPpH SDU UDSSRUW j OD TXDQWLWp G¶HDX WUDQVSLUpH
7DEOHDX (IILFLHQFH GH O¶XWLOLVDWLRQ GH O¶HDX (8( NJ G¶ROLYHV P G¶HDX DSSRUWp HQ ROpLFXOWXUH SRXU GLYHUVHV FRQGLWLRQV FXOWXUDOHV HW FOLPDWLTXHV 9HUQHW HW DO 6XUIDFH
P
5pFROWH
NJ G¶ROLYHV
ROLYLHU
G¶HDX
.J
P G¶HDX
P
ROLYLHU
ROLYLHU
(QILGDYLOOH
6ID[ WHUUH WUqV
6ID[ VRO OpJqU
6ID[ VRXV VRO
'RVH
P KD
2OLYLHUV LUULJXpV (75 (73 &(( 2OLYLHUV LUULJXpV (75 (73 &(( (O $RXDUHE 3 PP HW , PP 2OLYLHU LUULJXp (75 (73 &(( 2OLYLHU SOXYLDO 7XQLV
OpJqUH VXODPLWH
ORXUG HW VDOp 6ID[ SODQWDWLRQ GHQVH SOXV pSDQGDJH
&+$3,75( ,, &216200$7,21 (1 ($8 '( /¶2/,9,(5 (7 0(7+2'(6 '( 0(685(6 ,QWURGXFWLRQ /D FRQVRPPDWLRQ HQ HDX GH O¶ROLYLHU HW VD UpSRQVH j O¶DSSRUW K\GULTXH YDULHQW HQ IRQFWLRQ GH OD SpULRGH G¶DSSRUW GH OD YDULpWp HW GHV FRQGLWLRQV FXOWXUDOHV HW HQYLURQQHPHQWDOHV (OOHV GpSHQGHQW pJDOHPHQW GX PRGH GH FRQGXLWH HW QRWDPPHQW GH OD GHQVLWp GH SODQWDWLRQ (Q HIIHW O¶pYDSRWUDQVSLUDWLRQ GHV FXOWXUHV DUERULFROHV SUpVHQWH XQH YDULDELOLWp VSDWLDOH LPSRUWDQWH GX IDLW TXH OD YpJpWDWLRQ QH FRXYUH TX¶XQH SDUWLH GX VRO 'DQV GH WHOOHV VLWXDWLRQV O¶KpWpURJpQpLWp GX V\VWqPH UHQG GLIILFLOH O¶HVWLPDWLRQ GHV TXDQWLWpV G¶HDX XWLOLVpHV DX QLYHDX GH FKDFXQH GH VHV FRPSRVDQWHV $ELG .DUUD\ FH TXL QRXV FRQGXLW j HQWUHSUHQGUH GHV PHVXUHV VpSDUpHV GH O¶pYDSRUDWLRQ GX VRO HW GH OD WUDQVSLUDWLRQ GH O¶DUEUH QpFHVVLWDQW OH UHFRXUV j DX PRLQV GHX[ PpWKRGHV GH PHVXUHV GRQW O¶XQH VHUD DSSOLTXpH j O¶pFKHOOH GX YHUJHU HW O¶DXWUH DX QLYHDX GH O¶DUEUH /H FKRL[ GH OD PpWKRGH GH PHVXUH GpSHQG GH OD SUpFLVLRQ UHTXLVH GH OD GLVSRQLELOLWp GX PDWpULHO GH PHVXUH HW GHV GRQQpHV FOLPDWLTXHV HW pGDSKLTXHV 5DQD HW .DWHUML /HV PpWKRGHV FODVVLTXHV G¶HVWLPDWLRQ GHV EHVRLQV HQ HDX GHV FXOWXUHV WHO TXH OH ELODQ K\GULTXH OD PpWKRGH FOLPDWLTXH HW OD O\VLPpWULH VRQW ODUJHPHQW XWLOLVpHV HQ DUERULFXOWXUH ELHQ TX¶HOOHV SUpVHQWHQW FHUWDLQHV OLPLWHV HQ UDLVRQ GH OD YDULDWLRQ GH O¶HVSDFHPHQW HQWUH OHV SODQWV HW OD FRXYHUWXUH SDUWLHOOH GX VRO 'DQV FH FDV OD SDUW GH OD WUDQVSLUDWLRQ GH O¶DUEUH HW FHOOH GH O¶pYDSRUDWLRQ GLUHFWH GX VRO Q¶HVW SDV FODLUHPHQW GpILQLH /D PHVXUH GX IOX[ GH OD VqYH EUXWH SHXW FRQVWLWXHU GDQV FH FDV XQH DOWHUQDWLYH LQWpUHVVDQWH SRXU HVWLPHU OD FRQVRPPDWLRQ HQ HDX GH
O¶DUEUH HW FRQWRXUQHU OHV SUREOqPHV OLpV j O¶KpWpURJpQpLWp GX VRO PDLV HOOH QH SHXW rWUH FRQVLGpUpH VHXOH 3DUDPpWULVDWLRQ GHV WHUPHV GH O¶pYDSRWUDQVSLUDWLRQ (7 (YDSRWUDQVSLUDWLRQ GDQV OHV FRQGLWLRQV VWDQGDUGV /¶pYDSRWUDQVSLUDWLRQ GH UpIpUHQFH (7R PP MRXU HVW GpWHUPLQpH SDU PHVXUH O\VLPpWULTXH GDQV GHV FRQGLWLRQV VWDQGDUGLVpHV RX j O DLGH GH OD IRUPXOH GH 3HQPDQ 0RQWHLWK 30 $OOHQ HW DO TXL QpFHVVLWH GHV PHVXUHV GH OD WHPSpUDWXUH GH O¶KXPLGLWp UHODWLYH GH O¶DLU GX UD\RQQHPHQW JOREDO HW GH OD YLWHVVH GX YHQW /¶pYDSRWUDQVSLUDWLRQ PD[LPDOH G¶XQH FXOWXUH (7F HVW GpILQLH SRXU GHV FRQGLWLRQV RSWLPDOHV G¶DOLPHQWDWLRQ K\GULTXH HW PLQpUDOH HQ YXH G¶XQH SURGXFWLRQ PD[LPDOH $OOHQ HW DO (OOH HVW OH UpVXOWDW G¶XQ pTXLOLEUH HQWUH OD GHPDQGH FOLPDWLTXH TXL HVW H[HUFpH VXU OD VXUIDFH pYDSRUDQWH HW O¶HDX GLVSRQLEOH GDQV OH VRO /¶(7F GpSHQG GH O¶HVSqFH GH OD FRXYHUWXUH GX VRO HW GHV SUDWLTXHV FXOWXUDOHV (Q UpJLRQ 0pGLWHUUDQpHQQH OHV YDOHXUV GH O¶pYDSRWUDQVSLUDWLRQ FKH] O¶ROLYLHU YDULHQW HQ IRQFWLRQ GH O¶(7R HQWUH HW PP 'HWWRUL UDSSRUWH GHV YDOHXUV FRPSULVHV HQWUH HW PP VHORQ OD UpJLRQ SRXU XQH YDOHXU GH (7R FRPSULVH HQWUH HW PP )HUHUHV HW DO FLWpV SDU )HUQDQGH] HW 0RUHQR O¶RQW HVWLPp j PP SRXU OH 6XG GH O¶(VSDJQH R O¶(7R HVW GH O¶RUGUH GH PP /H EHVRLQ HQ HDX G¶XQH FXOWXUH GXUDQW XQH SpULRGH GRQQpH HVW OD KDXWHXU G HDX PP QpFHVVDLUH SRXU FRPSHQVHU OHV SHUWHV SDU pYDSRWUDQVSLUDWLRQ SHQGDQW FHWWH SpULRGH $OOHQ HW DO /¶DSSURFKH GH OD ) $ 2 H[SULPH FHWWH TXDQWLWp HQ IRQFWLRQ GH O¶pYDSRWUDQVSLUDWLRQ GH UpIpUHQFH (7R TXL WUDGXLW OD GHPDQGH FOLPDWLTXH HW GHV FDUDFWpULVWLTXHV GH OD FXOWXUH &HV FDUDFWpULVWLTXHV GpSHQGHQW GH O HVSqFH GH OD YDULpWp GH O kJH GX VWDGH SKpQRORJLTXH HW GX PRGH GH FRQGXLWH HW VRQW UHSUpVHQWpHV SDU XQ FRHIILFLHQW GLW FXOWXUDO .F (TXDWLRQ
(7F PP .F (7R PP > @ /H FRHIILFLHQW FXOWXUDO .F HVW GRQQp GDQV OH EXOOHWLQ QÂ&#x192; GH OD ) $ 2 $OOHQ HW DO VRXV IRUPH GH WDEOH SRXU OHV GLIIpUHQWHV HVSqFHV HQ IRQFWLRQ GX VWDGH GH GpYHORSSHPHQW &HV YDOHXUV RQW pWp pWDEOLHV SRXU GHV SUDWLTXHV FXOWXUDOHV PR\HQQHV HW GHV FRQGLWLRQV VWDQGDUG 3RXU OHV FXOWXUHV RX OHV VWDGHV SHQGDQW OHVTXHOV OH VRO Q¶HVW SDV WRWDOHPHQW FRXYHUW SDU OD YpJpWDWLRQ OD SDUW GH O¶pYDSRUDWLRQ HVW LPSRUWDQWH ORUVTXH OD VXUIDFH GX VRO HVW KXPLGLILpH j OD VXLWH G¶XQH SOXLH RX G¶XQH LUULJDWLRQ 'DQV FH FDV OH FRHIILFLHQW FXOWXUDO VLPSOH . F TXL LQWqJUH OHV GHX[ FRPSRVDQWHV WUDQVSLUDWLRQ GH OD FXOWXUH HW pYDSRUDWLRQ GLUHFWH GX VRO QH WUDGXLW SDV FRUUHFWHPHQW OD VLWXDWLRQ /¶DSSURFKH XWLOLVDQW OH FRHIILFLHQW FXOWXUDO GRXEOH (TXDWLRQ SHUPHW GH FRQVLGpUHU FHV GHX[ SURFHVVXV VpSDUpPHQW /H FRHIILFLHQW .F HVW GDQV FH FDV OD VRPPH GX FRHIILFLHQW GH EDVH .FE TXL UHSUpVHQWH OD WUDQVSLUDWLRQ GH OD SODQWH HW GX FRHIILFLHQW .H TXL WLHQW FRPSWH XQLTXHPHQW GH O¶pYDSRUDWLRQ GX VRO .F .FE .H > @ 3RXU O ROLYLHU DGXOWH FRQGXLW HQ LQWHQVLI D\DQW XQ SRXUFHQWDJH GH FRXYHUWXUH VXSpULHXU j OD YDOHXU GRQQpH GDQV OH EXOOHWLQ QÂ&#x192; GH OD ) $ 2 $OOHQ HW DO GX FRHIILFLHQW VLPSOH HVW VHORQ OH VWDGH SKpQRORJLTXH 3RXU OH FRHIILFLHQW GRXEOH OD YDOHXU GX FRHIILFLHQW GH EDVH .FE HVW GH DORUV TXH .H HVW FDOFXOp j O DLGH GH O pTXDWLRQ GX ELODQ K\GULTXH GDQV OD ]RQH KXPHFWpH SDU OD SOXLH RX O LUULJDWLRQ RX SDU OD PpWKRGH PLFURO\VLPpWULTXH %RQDFKHOD HW DO (YDSRWUDQVSLUDWLRQ GH O¶ROLYLHU GDQV OHV FRQGLWLRQV QRQ VWDQGDUGV (Q DUERULFXOWXUH IUXLWLqUH HW SDUWLFXOLqUHPHQW GDQV OHV YHUJHUV ROpLFROHV OD GHQVLWp GH SODQWDWLRQ O kJH GHV DUEUHV HW OH PRGH GH FRQGXLWH DIIHFWHQW FRQVLGpUDEOHPHQW OH SRXUFHQWDJH GH FRXYHUWXUH GX VRO HW OH
UDSSRUW WUDQVSLUDWLRQ GH OD FXOWXUH pYDSRUDWLRQ GX VRO 'H FH IDLW O¶HVWLPDWLRQ GHV EHVRLQV HQ HDX SDU OD PpWKRGH GX ELODQ K\GULTXH SHXW FRQGXLUH j FHUWDLQHV HUUHXUV OLpHV j O¶KpWpURJpQpLWp GH OD FRXYHUWXUH GX VRO QRWDPPHQW DX QLYHDX GX VWRFN G¶HDX HW GH OD FRQGXFWLYLWp K\GUDXOLTXH /¶XWLOLVDWLRQ GH FH ELODQ HQ ROpLFXOWXUH SRXU GpWHUPLQHU OHV EHVRLQV UpHOV HQ HDX GH OD FXOWXUH j O¶pFKHOOH GH O¶DQQpH RX GH OD VDLVRQ G¶LUULJDWLRQ HVW UDSSRUWpH GDQV GH QRPEUHX[ WUDYDX[ 0DLV SRXU OHV GLIIpUHQWV VWDGHV SKpQRORJLTXHV RX SRXU GHV SpULRGHV SOXV FRXUWHV 9LOODJUD HW DO HW 1XEHUJ HW <DQXVD HW +DEDLHE HW 0DVPRXGL &KDUIL UHFRPPDQGHQW O¶XWLOLVDWLRQ GHV PpWKRGHV EDVpHV VXU OHV REVHUYDWLRQV FOLPDWLTXHV HW OHV SDUDPqWUHV FXOWXUDX[ 3RXU GHV ROLYLHUV DGXOWHV OH YROXPH GH OD IURQGDLVRQ pYROXH SHX HQ GHKRUV GHV SpULRGHV GH WDLOOH 'H FH IDLW OH FRHIILFLHQW .F SHXW rWUH FRQVLGpUp FRPPH LQGpSHQGDQW GH O¶kJH PDLV SUpVHQWH GHV YDULDWLRQV VDLVRQQLqUHV OLpHV j OD SK\VLRORJLH GH O¶DUEUH HW j O¶pWDW K\GULTXH GX VRO /HV YDOHXUV UHQFRQWUpHV GDQV OD OLWWpUDWXUH VH VLWXHQW HQWUH HW /HV WUDYDX[ HQWUHSULV GXUDQW OD GHUQLqUH GpFHQQLH DX 6XG GH O¶(VSDJQH )HUQDQGH] HW 0RUHQR RQW SHUPLV GH VLWXHU OHV YDOHXUV PR\HQQHV PHQVXHOOHV GH .F SRXU GHV SODQWDWLRQV DGXOWHV HW LUULJXpHV G¶ROLYLHU G¶XQH GHQVLWp FRPSULVH HQWUH HW SLHGV KD HW FRXYUDQW j GX VRO 7DEOHDX (OOHV SRXUUDLHQW rWUH DGRSWpHV HQ SUHPLqUH DSSUR[LPDWLRQ GDQV OHV ROLYHUDLHV GX 1RUG GH OD 7XQLVLH 7DEOHDX 9DOHXUV PHQVXHOOHV GH .F SRXU GHV ROLYLHUV DGXOWHV SODQWpV DX 6XG GH O¶(VSDJQH j OD GHQVLWp GH SLHGV KD HW FRXYUDQW GX VRO )HUQDQGH] HW 0RUHQR
- ) 0 $ 0 - -W $ 6 2 1 ' .F /D YDULDWLRQ GHV YDOHXUV GH .F WUDGXLW OD YDULDWLRQ GH O¶DFWLYLWp GH OD SODQWH HW FHOOH GH O¶pWDW K\GULTXH GX VRO HQ VXUIDFH 'XUDQW OHV PRLV GX SULQWHPSV HW GH O¶DXWRPQH OHV YDJXHV GH FURLVVDQFH YpJpWDWLYH HW OD IUpTXHQFH pOHYpH GH O¶KXPHFWDWLRQ GX VRO SDU OHV SOXLHV VH WUDGXLVHQW SDU
GHV YDOHXUV pOHYpHV GH .F (Q SpULRGH HVWLYDOH OHV IDLEOHV YDOHXUV GH .F VRQW OH UpVXOWDW GX UDOHQWLVVHPHQW GH O¶DFWLYLWp SK\VLRORJLTXH GH OD SODQWH HW GH OD GLPLQXWLRQ GHV pYqQHPHQWV SOXYLHX[ $ILQ GH WHQLU FRPSWH GHV YDULDWLRQV GX SRXUFHQWDJH GH FRXYHUWXUH GX VRO OLpHV j OD GHQVLWp GH SODQWDWLRQ O XWLOLVDWLRQ G XQ IDFWHXU GH FRUUHFWLRQ .U HVW SURSRVpH & 2 , 'DQV FH FDV O¶pYDSRWUDQVSLUDWLRQ HVW H[SULPpH SDU O¶pTXDWLRQ (7F (7R [ .F [ .U > @ /HV YDOHXUV GH .U j XWLOLVHU ORUVTXH OH SRXUFHQWDJH GH FRXYHUWXUH GX VRO SDU OD YpJpWDWLRQ HVW LQIpULHXU j VRQW GRQQpHV DX 7DEOHDX & 2 , 7DEOHDX 9DOHXUV GX FRHIILFLHQW .U SRXU GLIIpUHQWV SRXUFHQWDJHV GH FRXYHUWXUH GX VRO SDU OD YpJpWDWLRQ & 2 , 3RXUFHQWDJH GH FRXYHUWXUH GX VRO SDU OD YpJpWDWLRQ
.U
3OXV GH
,QIpULHXUH j
'XUDQW OHV SUHPLqUHV DQQpHV DSUqV OD SODQWDWLRQ OD FURLVVDQFH UHODWLYH GH O¶ROLYLHU HVW UDSLGH /D PDVVH WUDQVSLUDQWH DLQVL TXH OH VXUIDFH FRXYHUWH GX VRO VRQW IDLEOHV HW YDULHQW FRQVLGpUDEOHPHQW G XQH DQQpH j O DXWUH FH TXL SODFH OHV FXOWXUHV GDQV GHV FRQGLWLRQV QRQ VWDQGDUGV /¶DGRSWLRQ G¶XQH YDOHXU GX FRHIILFLHQW FXOWXUDO DGDSWpH j O¶kJH GH O¶DUEUH HVW QpFHVVDLUH SRXU WHQLU FRPSWH GH FHV pFDUWV 3RXU GH MHXQHV ROLYLHUV kJpV GH PRLQV GH VL[ DQV /H %RXUGHOOHV VXJJqUH XQH YDOHXU GH .F HQWUH HW HW UHFRPPDQGH O XWLOLVDWLRQ GH OD YDOHXU SHQGDQW OHV GHX[ SUHPLqUHV DQQpHV DSUqV SODQWDWLRQ OD YDOHXU GH SRXU OHV WURLV DQQpHV VXLYDQWHV HW j SDUWLU GH OD FLQTXLqPH DQQpH OD YDOHXU GH 'HV
YDOHXUV FRPSDUDEOHV RQW pWp UDSSRUWpHV SDU &UX] &RQGH HW )XHQWHV SRXU GH MHXQHV ROLYLHUV GH OD YDULpWp µ3LFXDO¶ FXOWLYpV DX 6XG GH O¶(VSDJQH DYHF GLIIpUHQWV pFDUWHPHQWV /HV YDOHXUV REWHQXHV GH .F DLQVL TXH FHOOHV UHODWLYHV j OD FRQVRPPDWLRQ MRXUQDOLqUH HQ HDX GXUDQW OD SpULRGH DOODQW GH MXLQ j DRÂ&#x20AC;W VRQW SUpVHQWpHV DX 7DEOHDX /H UDSSRUW 7 (73 SHXW rWUH FRQVLGpUp FRPPH pWDQW OH FRHIILFLHQW FXOWXUDO HQ GHKRUV GHV SpULRGHV RX OH VRO HVW KXPHFWp HQ VXUIDFH 7DEOHDX 9DULDWLRQ GX FRHIILFLHQW FXOWXUDO HW GHV SHUWHV G HDX SDU WUDQVSLUDWLRQ 7 GH O¶ROLYLHU µ3LFXDO¶ HQ IRQFWLRQ GH OD GHQVLWp GH SODQWDWLRQ 9DOHXUV REVHUYpHV VXU GH MHXQHV ROLYLHUV ELHQ GpYHORSSpV FXOWLYpV GDQV OD UpJLRQ GH &RUGRXH (VSDJQH &UX] &RQGH HW )XHQWHV 1RPEUH
3RXUFHQWDJH
7PD[ MRXU
'RVH
7 (73
G ROLYLHUV KD
GH FRXYHUWXUH
O ROLYLHU
PP MRXU
P[ P
P[ P
P[ P
P[ P
P[ P
GX VRO P[ P
1% 9DOHXU PR\HQQH WUDQVSLUpH ROLYLHU MHXQH GXUDQW OD SpULRGH MXLQ DRÂ&#x20AC;W O
P GH IHXLOOH (YDSRUDWLRQ EDF $ GH PP HW (73 7KRUQWZKLWH GH PP (73 DYULO RFWREUH PP
0pWKRGHV GH GpWHUPLQDWLRQ GH O¶pYDSRWUDQVSLUDWLRQ GHV FXOWXUHV /HV PpWKRGHV GH PHVXUH GH O¶(7F VRQW FODVVpHV VHORQ OHXU FRQFHSW GH EDVH HQ WURLV DSSURFKHV K\GURORJLTXH PLFUR PpWpRURORJLTXH HW SK\VLRORJLTXH &RKHQ 5DQD HW .DWHUML
$SSURFKH K\GURORJLTXH /¶DSSURFKH K\GURORJLTXH SHUPHW GH PHVXUHU O¶pYDSRWUDQVSLUDWLRQ GHV FXOWXUHV VXU GH ORQJXHV SpULRGHV DOODQW GH TXHOTXHV VHPDLQHV j TXHOTXHV PRLV YRLU OD WRWDOLWp GX F\FOH GH GpYHORSSHPHQW /¶XWLOLVDWLRQ GHV O\VLPqWUHV j EDODQFH HW O¶pTXDWLRQ GX ELODQ K\GULTXH GX VRO VRQW OHV PpWKRGHV OHV SOXV XWLOLVpHV QRWDPPHQW HQ ROpLFXOWXUH 5DQD HW .DWHUML %LODQ K\GULTXH GX VRO (WDQW GRQQp OH SULQFLSH GH FRQVHUYDWLRQ GH OD PDVVH DSSOLTXp DX VRO OD YDULDWLRQ GX VWRFN G¶HDX '6 DX QLYHDX GH OD ]RQH UDGLFXODLUH ] HQWUH GHX[ GDWHV GRQQpHV FRUUHVSRQG j OD GLIIpUHQFH HQWUH OD TXDQWLWp G¶HDX DSSRUWpH SDU OHV SUpFLSLWDWLRQV 3 O¶LUULJDWLRQ , HW OD UHPRQWpH FDSLOODLUH : HW FHOOH TXL HVW SHUGXH SDU O¶pYDSRWUDQVSLUDWLRQ GH OD FXOWXUH (7F OH UXLVVHOOHPHQW 5 HW OD SHUFRODWLRQ SURIRQGH ' /¶LQWpJUDWLRQ GH FHV FRPSRVDQWHV GRQQH OLHX j O¶pTXDWLRQ GX ELODQ K\GULTXH (TXDWLRQ TXL V¶pFULW
3 , : (7F 5 ' r >û6@ > @ ]
/ pYDSRWUDQVSLUDWLRQ GH OD FXOWXUH (7F HVW pJDOH j OD TXDQWLWp G¶HDX XWLOLVpH SDU OD FXOWXUH HW pYDSRUpH GX VRO (OOH HVW GpWHUPLQpH GH PDQLqUH LQGLUHFWH SDU GpGXFWLRQ DSUqV DYRLU HVWLPp OHV DXWUHV SDUDPqWUHV GH O pTXDWLRQ /D TXDQWLWp G¶HDX UXLVVHOpH GpSHQG GHV FDUDFWpULVWLTXHV GX VRO PDLV VXUWRXW GH OD IUpTXHQFH GH OD TXDQWLWp GH OD GXUpH HW GH O¶LQWHQVLWp GHV SUpFLSLWDWLRQV /RUVTXH FHOOHV FL GpSDVVHQW OD FDSDFLWp G¶LQILOWUDWLRQ GH O¶HDX GX VRO O¶HDX UXLVVHOOH /D SHUFRODWLRQ SURIRQGH RX GUDLQDJH FRUUHVSRQG j OD TXDQWLWp G¶HDX SHUGXH DX GHOj GH OD UKL]RVSKqUH HW GH FH IDLW HOOH GHYLHQW LQGLVSRQLEOH j OD FXOWXUH (OOH HVW IRQFWLRQ GHV FDUDFWpULVWLTXHV GX VRO WH[WXUH VWUXFWXUH
SURIRQGHXU SHQWH SHUPpDELOLWp GX FOLPDW HW GH O¶pFKHOOH GX WHPSV FRQVLGpUpH SRXU O¶pWXGH (OOH HVW JpQpUDOHPHQW QpJOLJHDEOH j O¶pFKHOOH GH OD MRXUQpH VL O¶DSSRUW GH O¶HDX SDU OHV SUpFLSLWDWLRQV RX SDU O¶LUULJDWLRQ QH GpSDVVHQW SDV OD FDSDFLWp GH UpWHQWLRQ GX VRO /D PRQWpH FDSLOODLUH SHXW FRQVWLWXHU FKH] OHV DUEUHV j HQUDFLQHPHQW SURIRQG FXOWLYpV HQ UpJLPH SOXYLDO XQH VRXUFH LPSRUWDQWH G¶DSSRUW GH O¶HDX DX FRXUV GHV SpULRGHV VqFKHV GDQV TXHO FDV HOOH QH SHXW rWUH QpJOLJpH /D YDULDWLRQ GX VWRFN G¶HDX GDQV OH VRO HVW GpILQLH SDU OD GLIIpUHQFH HQWUH OH VWRFN ILQDO 6 I HW OH VWRFN LQLWLDO 6L REVHUYpV j GHX[ GDWHV GRQQpHV &HV VWRFNV VRQW GpWHUPLQpV j SDUWLU GH PHVXUHV GH O¶KXPLGLWp GX VRO &HOOH FL HVW REWHQXH j SDUWLU GH PHVXUHV JUDYLPpWULTXHV QHXWURQLTXHV VRQGH j QHXWURQV RX SDU OHFWXUH GLUHFWH DX PR\HQ GX © 7LPH 'RPDLQ 5HIOHFWRPHWU\ ª 7'5 /D PpWKRGH JUDYLPpWULTXH HVW XWLOLVpH SRXU XQH JUDQGH pFKHOOH GH WHPSV j FDXVH GH VRQ FDUDFWqUH GHVWUXFWLI /¶XWLOLVDWLRQ GH OD VRQGH j QHXWURQV SHXW FRQVWLWXHU XQH DOWHUQDWLYH LQWpUHVVDQWH PDLV HOOH SRVH OH SUREOqPH GH O¶pWDORQQDJH HW GH O¶pFKDQWLOORQQDJH 'H SOXV O¶DSSDULWLRQ GHV IHQWHV GH UHWUDLWH VXU VRO DUJLOHX[ HQ SKDVH GH GHVVqFKHPHQW SRXVVp HQJHQGUH GHV HUUHXUV GH PHVXUH /¶XWLOLVDWLRQ GX © 7'5 ª SHUPHW GH PHVXUHU FRUUHFWHPHQW O¶KXPLGLWp GX VRO VRXV FOLPDWV WHPSpUpV HW VHPL DULGHV j XQH pFKHOOH GH WHPSV UpGXLWH PDLV FHW DSSDUHLOODJH Q¶HVW SDV DGDSWp DX[ VROV DUJLOHX[ &RPPH LO HVW GLIILFLOH GH PHVXUHU WRXV OHV SDUDPqWUHV GH O¶pTXDWLRQ GX ELODQ K\GULTXH 3DORPR HW DO GHV VLPSOLILFDWLRQV VRQW VRXYHQW HIIHFWXpHV QRWDPPHQW SRXU OHV FRPSRVDQWHV GX GUDLQDJH ORUVTXH OH VWRFN G¶HDX UpVXOWDQW G¶XQ DSSRUW K\GULTXH QH GpSDVVH SDV OD FDSDFLWp DX FKDPSV GX UXLVVHOOHPHQW DX QLYHDX GHV VROV j WH[WXUH VDEOHXVH RX D IDLEOH SHQWH HW GH OD PRQWpH FDSLOODLUH ORUVTXH OD QDSSH G¶HDX HVW WUqV SURIRQGH /¶pTXDWLRQ VLPSOLILpH GX ELODQ (TXDWLRQ GHYLHQW
3 , (7F r >û6@ ]
> @
/H VWRFN G¶HDX 6 PP HVW H[SULPp HQ IRQFWLRQ GH O¶KXPLGLWp YROXPLTXH +Y HW GH OD SURIRQGHXU ' P SDU O¶pTXDWLRQ 6 +Y ' > @ /HV HUUHXUV GH PHVXUHV UHODWLYHV j OD PpWKRGH GX ELODQ K\GULTXH GpSHQGHQW GH OD SUpFLVLRQ UHODWLYH j FKDTXH FRPSRVDQWH GH O¶pTXDWLRQ /D PpWKRGH JUDYLPpWULTXH &HWWH PpWKRGH SHUPHW GH GpWHUPLQHU GLUHFWHPHQW O¶KXPLGLWp YROXPLTXH GX VRO (OOH FRQVLVWH j SUpOHYHU GHV pFKDQWLOORQV GH VROV j OD WDULqUH VXU XQH SURIRQGHXU GRQQpH DYHF XQ SDV GH PHVXUH UpJXOLHU /HV pFKDQWLOORQV PLV GDQV GHV ERLWHV KHUPpWLTXHV HQ DOXPLQLXP VRQW SHVpV IUDLV HW DSUqV VpFKDJH j O¶pWXYH j Â&#x192;& MXVTX¶j FRQVWDQFH GX SRLGV /D YDULDWLRQ GX SRLGV DYDQW HW DSUqV VpFKDJH GRQQH OD WHQHXU HQ HDX GH O¶pFKDQWLOORQ GH WHUUH &HWWH PpWKRGH FRQVWLWXH OD PpWKRGH GH UpIpUHQFH SDU UDSSRUW j ODTXHOOH G¶DXWUHV VRQW FDOLEUpHV (OOH HVW SHX FRÂ&#x20AC;WHXVH VLPSOH PDLV GHVWUXFWLYH HW QH SHXW rWUH UpDOLVpH TX¶j XQH pFKHOOH GH WHPSV GH OD VHPDLQH RX SOXV /D VRQGH j QHXWURQV (OOH SHUPHW GH GpWHUPLQHU O¶KXPLGLWp GX VRO HQ VH EDVDQW VXU OHV SURSULpWpV GH UpIOH[LRQ G¶XQ IOX[ GH QHXWURQV LVVX GH OD VRQGH SDU OHV DWRPHV G¶K\GURJqQH SUpVHQWV DX QLYHDX GHV PROpFXOHV G¶HDX GX IDLW TX¶LOV GLVSRVHQW GHV PrPHV SURSULpWpV SK\VLTXHV /D PHVXUH j OD VRQGH V¶HIIHFWXH j GLIIpUHQWHV SURIRQGHXUV DYHF XQ SDV UpJXOLHU DX PR\HQ G¶XQ WXEH HQ DOOLDJH G¶DOXPLQLXP RX HQ 39& G¶H[WUpPLWp FRQLTXH LPSODQWp GDQV OH VRO j XQH SURIRQGHXU GRQQpH /RUVTXH OD VRQGH HVW PLVH HQ PDUFKH XQ IOX[ GH QHXWURQV HVW pPLV SDU XQH VRXUFH UDGLRDFWLYH TXL GLIIXVH GDQV WRXWHV OHV GLUHFWLRQV $X IXU HW j PHVXUH TXH FHV QHXWURQV VH GpSODFHQW GDQV OH VRO LOV VH KHXUWHQW j GLIIpUHQWV DWRPHV HW SHUGHQW SURJUHVVLYHPHQW OHXU pQHUJLH FLQpWLTXH 8QH
SDUWLH G¶HQWUHV HX[ UHQFRQWUDQW OHV DWRPHV G¶K\GURJqQH GHV PROpFXOHV G¶HDX HVW UHQYR\pH YHUV OD VRQGH HQ FUpDQW GHV LPSXOVLRQV /H QRPEUH G¶LPSXOVLRQ HVW HQUHJLVWUp SDU OH FRPSWHXU GH OD VRQGH SRXU XQH GXUpH GH WHPSV GpWHUPLQpH &HV HQUHJLVWUHPHQWV VRQW WUDGXLWV HQ KXPLGLWp YROXPLTXH SDU OH ELDLV G¶XQH FRXUEH G¶pWDORQQDJH pWDEOLH GDQV OHV PrPHV FRQGLWLRQV GH PHVXUHV (OOH H[SULPH O¶KXPLGLWp YROXPLTXH GX VRO GpWHUPLQpH SDU JUDYLPpWULH HQ IRQFWLRQ GHV FRPSWDJHV FRUULJpV SDU UDSSRUW j OD PHVXUH GDQV O¶HDX HW PHVXUpV GDQV OHV PrPHV HQGURLWV SDU OD VRQGH 'HV HUUHXUV GH PHVXUHV VRQW REVHUYpHV ORUVTXH OH WXEH Q¶HVW SDV DGKpUDQW DX VRO HQ UDLVRQ GH OD SUpVHQFH GH O¶DLU HQWUH OHV GHX[ VXUIDFHV VROLGHV /H PrPH SUREOqPH HVW REVHUYp ORUVTXH OHV PHVXUHV VRQW UpDOLVpHV j SUR[LPLWp GH OD VXUIDFH GX VRO GX IDLW TXH OD VSKqUH G¶LQIOXHQFH GH OD VRXUFH GH QHXWURQV YDULH GH j FP 8QH SDUWLH GHV QHXWURQV pPLV SHXW V¶pFKDSSHU YHUV O¶DWPRVSKqUH HW OHXU QRPEUH QH VHUD SDV FRPSWDELOLVp /¶XWLOLVDWLRQ G¶XQ UpIOHFWHXU QHXWURQLTXH HQ SODVWLTXH HQWRXUDQW OH WXEH OLPLWH FHV UpIOH[LRQV 4XDQW j OD PHVXUH GH VXUIDFH HOOH HVW GpWHUPLQpH SDU JUDYLPpWULH &HWWH PpWKRGH SHUPHW GH IDLUH SOXVLHXUV PHVXUHV DX PrPH HQGURLW HW UDSLGHPHQW (OOH SUpVHQWH FHSHQGDQW FHUWDLQHV OLPLWHV OLpHV j O¶XWLOLVDWLRQ GH OD VRQGH HOOH PrPH WHFKQLFLWp VpFXULWp pWDORQQDJH HW j OD GLIILFXOWp G¶LQVWDOODWLRQ GHV WXEHV VXUWRXW HQ VRO ORXUG HW GDQV OHV SODQWDWLRQV DUERULFROHV pWDQFKpLWp FKRL[ GH O¶HPSODFHPHQW /D SUpFLVLRQ GH OD PpWKRGH GpSHQG GH O¶pWDORQQDJH GH OD VRQGH /HV HUUHXUV GH PHVXUHV VRQW JpQpUDOHPHQW OLpHV j OD SUpVHQFH GH O¶DLU DXWRXU GHV WXEHV HW DX FKDQJHPHQW GH OD F{WH GH PHVXUHV G¶XQH GDWH j O¶DXWUH 6D SUpFLVLRQ HVW GH Â&#x201C; FP FP /D VRQGH 7'5 /¶KXPLGLWp GX VRO HVW GpWHUPLQpH SDU OHFWXUH GLUHFWH (OOH HVW EDVpH VXU OH SULQFLSH GH UpIOH[LRQ G¶XQH LPSXOVLRQ pOHFWURPDJQpWLTXH HQYR\pH DX PR\HQ G¶XQ JXLGH G¶RQGHV SODFp j XQH SURIRQGHXU GRQQpH /D UpSRQVH GH FHWWH UpIOH[LRQ HVW DQDO\VpH HQ WHUPHV GH WHPSV GH WUDQVLW HW GH UHWRXU GH O¶LPSXOVLRQ (OOH HVW G¶DXWDQW SOXV UDSLGH TXH OH VRO HVW SRXUYX G¶HDX
&HWWH PpWKRGH HVW SHX GHVWUXFWLYH QH QpFHVVLWH SDV G¶pWDORQQDJH VSpFLILTXH IRXUQLW XQH UpSRQVH LQVWDQWDQpH PDLV OHV PHVXUHV QH VH IRQW TX¶j XQ VHXO HQGURLW j OD IRLV OLPLWDQW GH FH IDLW OH YROXPH pFKDQWLOORQQp 6D SUpFLVLRQ HVW LQIpULHXUH j VRXV FOLPDW WHPSpUp HW VHPL DULGH /\VLPqWUHV j EDODQFH /HV O\VLPqWUHV PHVXUHQW GLUHFWHPHQW O¶pYDSRWUDQVSLUDWLRQ GH OD FXOWXUH ,OV VRQW FRQVWLWXpV SDU XQ HQVHPEOH LVROp HW pWDQFKH GH VRO FXOWXUH j WUDYHUV OHTXHO RQ pWXGLH OH PRXYHPHQW GH O¶HDX /HV O\VLPqWUHV j EDODQFH GRQQHQW GHV PHVXUHV SUpFLVHV GH O¶(7F 'HLGGD HW DO HQ PHVXUDQW OHV YDULDWLRQV GX VWRFN G¶HDX SDU SHVpH j XQH pFKHOOH GH WHPSV TXL YD GH OD PLQXWH DX PRLV 6WHGXWR /H QLYHDX GH SUpFLVLRQ VRXV FOLPDW WHPSpUp HVW GH j O¶pFKHOOH TXRWLGLHQQH HW YDULH GH HW j O¶pFKHOOH KRUDLUH &HSHQGDQW HOOH SRVH OHV SUREOqPHV GH ORXUGHXU GH O¶LPSODQWDWLRQ GX V\VWqPH DYHF XQ PLQLPXP GH SHUWXUEDWLRQ GX VRO HW GH OD UHSUpVHQWDWLYLWp GH O¶pFKDQWLOORQ SXLVTXH OHV FRQGLWLRQV UpHOOHV HQ YHUJHU VRQW GLIIpUHQWHV GH FHOOHV GX O\VLPqWUH $SSURFKH PLFUR PpWpRURORJLTXH /HV PpWKRGHV PLFUR PpWpRURORJLTXHV SHUPHWWHQW GH GpWHUPLQHU O pYDSRWUDQVSLUDWLRQ j SDUWLU GH SDUDPqWUHV FOLPDWLTXHV PHVXUpV DX QLYHDX GH OD VXUIDFH pYDSRUDQWH (OOHV SHXYHQW IRXUQLU GHV PHVXUHV GH O¶pYDSRWUDQVSLUDWLRQ j O¶pFKHOOH GH O¶KHXUH DX PRLV HW V¶DSSOLTXHQW DX[ VXSHUILFLHV pWHQGXHV j VRO SODW HW j YpJpWDWLRQ KRPRJqQH HW XQLIRUPH DILQ GH VH SODFHU GDQV OHV FRQGLWLRQV GH FRQVHUYDWLRQ GHV GHQVLWpV GHV IOX[ G¶pQHUJLH 6WHGXWR 5DQD HW .DWHUML /¶XWLOLVDWLRQ GH FHWWH DSSURFKH GHPHXUH GX GRPDLQH GH OD UHFKHUFKH SXLVTX¶HOOH QpFHVVLWH XQH LQVWUXPHQWDWLRQ GpOLFDWH HW OH UHFRXUV DX VWRFNDJH HW DX WUDLWHPHQW GHV GRQQpHV 7URLV PpWKRGHV SULQFLSDOHV VRQW XWLOLVpHV OD PpWKRGH GX ELODQ G¶pQHUJLH OD PpWKRGH DpURG\QDPLTXH HW OD PpWKRGH GHV FRUUpODWLRQV WXUEXOHQWHV © (GG\ FRYDULDQFH ª
0pWKRGH GX ELODQ G¶pQHUJLH /¶pYDSRWUDQVSLUDWLRQ O ( FRQVLGpUpH VRXV O¶DQJOH pQHUJpWLTXH SHXW rWUH GpWHUPLQpH j SDUWLU GH O¶pTXDWLRQ GX ELODQ GHV IOX[ G¶pQHUJLH SRXU XQH VXUIDFH pYDSRUDQWH GRQQpH (OOH HVW H[SULPpH SDU O¶pTXDWLRQ
5Q * + O ( > @ $YHF 5Q OD UDGLDWLRQ QHWWH : P ð * HVW OH IOX[ GH FKDOHXU DX QLYHDX GX VRO : P ð HVWLPp j SDUWLU GH GRQQpHV FOLPDWLTXHV + HVW OD GHQVLWp GH IOX[ GH FKDOHXU VHQVLEOH : P ð HW O ( HVW OH IOX[ GH FKDOHXU ODWHQWH HW WHUPH GX ELODQ TXL UHSUpVHQWH O¶pYDSRWUDQVSLUDWLRQ &HWWH pTXDWLRQ FRQVLGqUH XQLTXHPHQW OHV IOX[ G¶pQHUJLH YHUWLFDX[ /HV WUDQVIHUWV ODWpUDX[ SDU DGYHFWLRQ VRQW QpJOLJpV $OOHQ HW DO 5DQD HW .DWHUML /D PpWKRGH HVW SOXV SUpFLVH ORUVTXH OHV IDLEOHV YDULDWLRQV GH SUHVVLRQ GH YDSHXU GH O¶DLU HW GH WHPSpUDWXUH VRQW GpWHFWpHV 0pWKRGH DpURG\QDPLTXH /D PpWKRGH DpURG\QDPLTXH VXSSRVH TXH OD GHQVLWp GH IOX[ G¶pQHUJLH HVW OLpH DX JUDGLHQW GH FRQFHQWUDWLRQ 5DQD HW .DWHUML /H IOX[ GH FKDOHXU ODWHQWH ( HVW H[SULPp HQ IRQFWLRQ GH OD YLWHVVH GX YHQW HW GH O¶KXPLGLWp VSpFLILTXH GH O¶DLU SRXU XQ QLYHDX GH PHVXUH GRQQp /D PpWKRGH HVW G¶DXWDQW SOXV SUpFLVH TXH OH QRPEUH GH QLYHDX[ GH PHVXUH GH OD YLWHVVH GX YHQW HW GHV SURILOV GH WHPSpUDWXUH HVW LPSRUWDQW VXSpULHXU j (OOH GHPHXUH FHSHQGDQW SHX SUpFLVH ORUVTX¶HOOH HVW DSSOLTXpH DX GHVVXV GH SODQWHV KDXWHV 5DQD HW .DWHUML (GG\ FRYDULDQFH (WDQW GRQQp TXH OH WUDQVSRUW GHV TXDQWLWpV VFDODLUHV RX YHFWRULHOOHV HQ EDVVH DWPRVSKqUH HW DX FRQWDFW GH OD YpJpWDWLRQ HVW JRXYHUQp SDU OD WXUEXOHQFH GH O¶DLU OHV IOX[ G¶pQHUJLH DX QLYHDX GH OD VXUIDFH SHXYHQW rWUH
PHVXUpV HQ FRUUpODQW OD GLVSHUVLRQ YHUWLFDOH GX YHQW DX[ IOXFWXDWLRQV GH OD FRQFHQWUDWLRQ GX PpODQJH /¶pYDSRWUDQVSLUDWLRQ O ( SHXW GRQF V¶H[SULPHU HQ IRQFWLRQ GH OD YLWHVVH GX YHQW Z HW GH OD GHQVLWp GH YDSHXU G¶HDX T 6WHGXWR 5DQD HW .DWHUML 9LOODORERV HW DO 7HVWL HW DO /¶pYDSRWUDQVSLUDWLRQ O ( HVW GRQQpH SDU OD PR\HQQH GHV PHVXUHV LQVWDQWDQpHV GH Z HW T (TXDWLRQ QRWpHV Z¶ WHO TXH
O ( O Z T > @ /D PpWKRGH G¶(GG\ FRYDULDQFH HVW FRPSOH[H /D PHVXUH IUpTXHQWH GH Z¶HW GH T¶ HQ FRQWLQX HW VXU XQH ORQJXH SpULRGH FRQVWLWXH XQH FRQWUDLQWH VXU OH SODQ LQVWUXPHQWDWLRQ 'H SOXV OD FRQILJXUDWLRQ JpRPpWULTXH GHV FDSWHXUV PpWpRURORJLTXHV SHXW rWUH j O¶RULJLQH GH OD GLVWRUVLRQ GHV IOX[ /D VpSDUDWLRQ VSDWLDOH HQWH O¶DQpPRPqWUH HW O¶K\JURPqWUH SHXW HQWUDvQHU XQ PDQTXH GH FRUUpODWLRQ HQWUH OD YLWHVVH GX YHQW HW O¶KXPLGLWp GH O¶DLU $SSURFKH SK\VLRORJLTXH /HV PpWKRGHV SK\VLRORJLTXHV SHUPHWWHQW GH TXDQWLILHU OD WUDQVSLUDWLRQ G¶XQ FRXYHUW YpJpWDO HW G¶DIILQHU OD FRQQDLVVDQFH GHV UHODWLRQV K\GULTXHV HQWUH OH VRO HW OD SODQWH 6WHGXWR (OOHV FRQFHUQHQW VRXYHQW GHV SpULRGHV OLPLWpHV DOODQW GH TXHOTXHV PLQXWHV DX MRXU HW V¶DSSOLTXHQW DX[ DUEUHV DX[ SODQWHV RX DX[ SDUWLHV GH SODQWHV /¶H[WUDSRODWLRQ GHV UpVXOWDWV REVHUYpV DX QLYHDX GH O¶RUJDQH RX GH O¶LQGLYLGX j O¶HQVHPEOH GX FRXYHUW YpJpWDO HVW GpOLFDWH 'H QRPEUHXVHV PpWKRGHV VRQW GpFULWHV GDQV OD ELEOLRJUDSKLH WHOOH TXH OD SRURPpWULH O¶XWLOLVDWLRQ GX V\VWqPH GH FKDPEUH G¶DVVLPLODWLRQ HW GH WUDQVSLUDWLRQ HW OHV WHFKQLTXHV GH PHVXUH GX IOX[ GH OD VqYH EUXWH
6\VWqPH GHV FKDPEUHV G¶DVVLPLODWLRQ HW GH WUDQVSLUDWLRQ &H V\VWqPH HVW FRQVWLWXp SDU XQH HQFHLQWH YHQWLOpH TXL DVVXUH XQH FLUFXODWLRQ IRUFpH GH O¶DLU GH PDQLqUH j FRQVHUYHU OD FRPSRVLWLRQ GH O¶DWPRVSKqUH SDU UDSSRUW j O¶DLU DPELDQW ,O SHUPHW GH FRQQDvWUH OH GpELW JpQpUDO GH O¶DLU TXL FLUFXOH GDQV O¶HQFHLQWH HW O¶pFDUW GH FRQFHQWUDWLRQ HQ YDSHXU G¶HDX HQWUH O¶HQWUpH HW OD VRUWLH $PpJOLR HW DO /D PRGLILFDWLRQ GH O¶DWPRVSKqUH GH O¶HQFHLQWH FRQVWLWXH XQH FRQWUDLQWH PDMHXUH /D YLWHVVH GX YHQW HVW HQ HIIHW IRUWHPHQW UpGXLWH GDQV OD FKDPEUH 'H SOXV O¶DXJPHQWDWLRQ UDSLGH GH OD WHPSpUDWXUH SHXW PRGLILHU OH FRQWU{OH ELRORJLTXH GH OD WUDQVSLUDWLRQ 3DU DLOOHXUV OH YROXPH GH OD FKDPEUH FRQYLHQW DX[ SODQWHV DQQXHOOHV 5DQD HW .DWHUML /HV YDOHXUV GH OD WUDQVSLUDWLRQ REWHQXHV SDU FHWWH WHFKQLTXH QH VRQW SDV DEVROXHV HW QH SHXYHQW rWUH H[SORLWpHV TX¶j WLWUH FRPSDUDWLI 6WHGXWR 0HVXUH GX IOX[ GH OD VqYH EUXWH /D WUDQVSLUDWLRQ HVW XQ SURFHVVXV pYDSRUDWRLUH SDU OHTXHO O¶HDX V¶pFKDSSH j WUDYHUV OHV VWRPDWHV GHV IHXLOOHV YHUV O¶DWPRVSKqUH VRXV O¶HIIHW GH OD GHPDQGH FOLPDWLTXH /RUVTXH O¶HDX HVW GLVSRQLEOH DX QLYHDX GX VRO OHV TXDQWLWpV WUDQVSLUpHV TXRWLGLHQQHPHQW SDU OD SODQWH VRQW YRLVLQHV GH FHOOHV TXL VRQW DEVRUEpHV SDU OHV UDFLQHV 3DU FRQVpTXHQW OH IOX[ G¶HDX WUDYHUVDQW OD SODQWH SHXW rWUH FRQVLGpUp FRPPH FRQVHUYDWLI DEVRUSWLRQ WUDQVSLUDWLRQ HW OD PHVXUH GX GpELW GH OD VqYH EUXWH SHXW IRXUQLU XQH ERQQH HVWLPDWLRQ GHV EHVRLQV HQ HDX GX YpJpWDO /D PHVXUH GX IOX[ GH OD VqYH EUXWH SHUPHW OH VXLYL GH OD FRQVRPPDWLRQ K\GULTXH GHV SODQWHV GDQV XQ V\VWqPH GH FXOWXUH GLVFRQWLQX j XQH pFKHOOH GH WHPSV UpGXLWH HW GH VpSDUHU OH IOX[ pYDSRUDWRLUH GH OD SODQWH GH FHOXL GX VRO TX¶LO VRLW FRXYHUW RX QRQ SDU XQH YpJpWDWLRQ VHFRQGDLUH 0LVH j SDUW OHV j XWLOLVpV SRXU OD SKRWRV\QWKqVH HW OHV UpDFWLRQV PpWDEROLTXHV O¶HDX DEVRUEpH SDU OHV SODQWHV WUDQVLWH SDU OH WURQF YLD OHV WLVVXV FRQGXFWHXUV VRXV IRUPH GH VqYH EUXWH HW V¶pFKDSSH SDU
WUDQVSLUDWLRQ YHUV O¶DWPRVSKqUH j WUDYHUV OHV VWRPDWHV GHV IHXLOOHV /HV SUHPLqUHV WHFKQLTXHV GH PHVXUH RQW IDLW DSSHO DX[ FRORUDQWV HW WUDFHXUV VSpFLILTXHV 0DLV O¶LQMHFWLRQ GH VXEVWDQFHV GH UHSpUDJH SHUWXUEH OD PHVXUH SDUFH TX¶HOOH LQWHUDJLW DYHF OH WLVVX YpJpWDO 'H FH IDLW OHV UpVXOWDWV GH FHV PHVXUHV QH SHXYHQW rWUH LQWHUSUpWpV TXDQWLWDWLYHPHQW (Q SOXV FHV WHFKQLTXHV VRQW GHVWUXFWLYHV HW QH SHUPHWWHQW SDV G¶pWXGHV j ORQJ WHUPH /HV WHFKQLTXHV GH PHVXUH GH OD YLWHVVH GH OD VqYH EUXWH LQ YLYR DX PR\HQ GH VRQGHV WKHUPLTXHV RQW FRQVWLWXp XQH DOWHUQDWLYH LQWpUHVVDQWH SRXU PHVXUHU OD WUDQVSLUDWLRQ GHV DUEUHV HQ VH EDVDQW VXU OD IRUWH FDSDFLWp FDORULILTXH GH OD VqYH EUXWH (Q HIIHW VRQ SDVVDJH j WUDYHUV OHV WLVVXV FRQGXFWHXUV GH OD WLJH SHUWXUEH VHQVLEOHPHQW OD GLIIXVLRQ GH OD FKDOHXU GDQV FHV WLVVXV &HV YDULDWLRQV SHXYHQW rWUH PHVXUpHV HW H[SULPpHV HQ WHUPHV GH IOX[ /¶DPpOLRUDWLRQ UpFHQWH GHV WHFKQLTXHV WKHUPRpOHFWULTXHV SRXU PHVXUHU O¶pYDSRWUDQVSLUDWLRQ D SHUPLV XQH XWLOLVDWLRQ DFFUXH GH FHV PpWKRGHV GH PHVXUH TXL UHSRVHQW VXU OH FDOFXO GX IOX[ PDVVLTXH GH O¶HDX HQ XWLOLVDQW OD FKDOHXU FRPPH WUDFHXU 0DOJUp OHV DYDQWDJHV GH FHV WHFKQLTXHV OH FDUDFWqUH LQGLYLGXHO GH OD PHVXUH SRVH XQ SUREOqPH DX PRPHQW GH O¶H[WUDSRODWLRQ GHV UpVXOWDWV j O¶HQVHPEOH GH OD SDUFHOOH /H SDVVDJH GH O¶LQGLYLGX DX FRXYHUW YpJpWDO XWLOLVH GHV SDUDPqWUHV FDUDFWpULVWLTXHV GH OD YpJpWDWLRQ WHOOH TXH OD VWUXFWXUH GH OD YpJpWDWLRQ VD GHQVLWp GH SODQWDWLRQ OD KDXWHXU GX FRXYHUW YpJpWDO O¶LQGLFH IROLDLUH RX HQFRUH OD VXUIDFH FRQGXFWULFH GH O¶HDX *UDQLHU HW DO 5DQD HW .DWHUML 0pWKRGHV GH PHVXUH GX IOX[ GH OD VqYH EUXWH 6\VWqPH YDVFXODLUH FKH] O¶ROLYLHU /¶ROLYLHU HVW XQH HVSqFH j ERLV GLIIXV HW SRUHX[ FDUDFWpULVp SDU XQH GHQVLWp pOHYpH NJ OLWUH GHV ILEUHV DERQGDQWHV SHX GH SDUHQFK\PH HW GHV YDLVVHDX[ FRQGXFWHXUV GH IDLEOH GLDPqWUH )HUQDQGH] HW 0RUHQR /HV YDLVVHDX[ GX [\OqPH VRQW FRQVWLWXpV GH FHOOXOHV WXEXODLUHV j SDURLV pSDLVVHV UHQIRUFpHV YHUV O¶LQWpULHXU SDU GHV GpS{WV GH
VXEpULQH HW GH OLJQLQH TXL OHV SURWqJHQW GH O¶HIIRQGUHPHQW HQ FDV GH IRUWH WUDQVSLUDWLRQ 0RUHQR HW DO /D OXPLqUH GHV YDLVVHDX[ GX [\OqPH UHSUpVHQWH HQ PR\HQQH GH OD VHFWLRQ GX UDPHDX FRQWUH FKH] OD YLJQH /H GLDPqWUH GX [\OqPH YDULH VHORQ O¶RUJDQH FRQGXFWHXU 6XU GHV SRXVVHV G¶XQ DQ *XOOR HW 2OLYHUL RQW PHVXUp GHV GLDPqWUHV GH P GDQV OD SDUWLH SUR[LPDOH GH O¶HQWUH Q°XG P DX PLOLHX HW P GDQV OD SDUWLH GLVWDOH 6XU GHV pFKDQWLOORQV GH WURQF G¶ROLYLHU 0DQ]DQLOOH kJp GH DQV OH GLDPqWUH GX PpWD[\OqPH YDULH GH j P DYHF XQ PD[LPXP GH P )HUQDQGH] HW 0RUHQR UDSSRUWHQW XQH YDOHXU PR\HQQH GH P SRXU GHV UDFLQHV G¶ROLYLHU 0DQ]DQLOOH kJpHV GH GHX[ DQV &HV YDOHXUV VRQW IDLEOHV FRPSDUDWLYHPHQW j FHOOHV GX /DXULHU HW GX .LZL HQJHQGUDQW XQH FRQGXFWDQFH K\GUDXOLTXH IDLEOH TXL SHUPHW GH SURWpJHU OH [\OqPH GH OD UXSWXUH ORUVTXH OD WUDQVSLUDWLRQ HVW LPSRUWDQWH 'X SRLQW GH YXH VWUXFWXUDO OHV YDLVVHDX[ GX [\OqPH VRQW UDUHPHQW VROLWDLUHV HW JpQpUDOHPHQW JURXSpV UDGLDOHPHQW HQ GHX[ RX SOXVLHXUV YDLVVHDX[ FRQVWLWXDQW GHV IDLVFHDX[ FRQGXFWHXUV /D VqYH EUXWH DEVRUEpH SDU OHV SRLOV DEVRUEDQWV GHV UDFLQHV HVW YpKLFXOpH MXVTX¶DX[ IHXLOOHV PDWXUHV HQ HPSUXQWDQW HQ SUHPLHU XQ WUDMHW UDGLDO H[WUD IDVFLFXODLUH SXLV HQ VHFRQG OLHX XQ WUDMHW IDVFLFXODLUH &KH] O¶ROLYLHU OD VXUIDFH FRQGXFWULFH GH O¶HDX GpSHQG GH O¶kJH GX UDPHDX (OOH FRXYUH FKH] OH MHXQH SODQW OD PDMHXUH SDUWLH GX UDPHDX 0RUHQR HW DO &KH] O¶ROLYLHU DGXOWH OD FRQGXFWLRQ GH O¶HDX HVW DVVXUpH SDU OH ERLV GH O¶DQQpH /¶HDX VH WURXYDQW GDQV OHV FRXFKHV LQWHUQHV HVW SHX PRELOH HW Q¶HVW SDV HQJDJpH GLUHFWHPHQW GDQV OD FRQGXFWLRQ DVFHQGDQWH GH OD VqYH EUXWH 6RQ U{OH VH OLPLWHUDLW j O¶DOLPHQWDWLRQ GH O¶DUEUH GXUDQW OHV SpULRGHV GH VpFKHUHVVH SURORQJpH &RQQRU HW )HUHUHV &LUFXODWLRQ GH O¶HDX /D VqYH EUXWH HVW YpKLFXOpH YHUV O¶DWPRVSKqUH SDU XQ FRXUDQW DVFHQGDQW PDLQWHQX SDU XQH FKXWH FRQWLQXH GH SRWHQWLHO HQWUH OH VRO HW OHV IHXLOOHV WKpRULH GH OD FRKpVLRQ /¶DVFHQVLRQ GH OD VqYH HVW UpJLH SDU
O¶DSSHO GH WUDQVSLUDWLRQ HW OD SRXVVpH UDGLFXODLUH &UXL]LDW HW 7\UHH TXL HVW XQ SURFHVVXV DFWLI SHUPHWWDQW OD UHFRQVWLWXWLRQ GHV UpVHUYHV K\GULTXHV GHV WLVVXV GX YpJpWDO /D WUDQVSLUDWLRQ HVW XQ SURFHVVXV pYDSRUDWRLUH FRQWLQX SDVVLI SDU OHTXHO O¶HDX VRXV WHQVLRQ VqYH PRQWH GDQV OHV YDLVVHDX[ GX [\OqPH HW V¶pFKDSSH j WUDYHUV OHV VWRPDWHV YHUV O¶DWPRVSKqUH VRXV O¶HIIHW GH OD GHPDQGH FOLPDWLTXH /H GHJUp G¶RXYHUWXUH VWRPDWLTXH GpSHQG GH O¶LQWHQVLWp OXPLQHXVH HW GH O¶pWDW K\GULTXH GH OD SODQWH HW GX VRO 0RUHQR HW DO 3DORPR HW DO /H IOX[ G¶HDX GDQV OH [\OqPH HVW GpWHUPLQp SDU OH JUDGXDQW GH SRWHQWLHO K\GULTXH HW OD FRQGXFWDQFH K\GUDXOLTXH ILJXUH DORUV TXH OH PRXYHPHQW YHUV RX j SDUWLU GHV WLVVXV GH VWRFNDJH HVW H[SULPp SDU OH YROXPH GH VWRFNDJH HW OD FDSDFLWDQFH F¶HVW j GLUH OD YDULDWLRQ GX FRQWHQX HQ HDX SDU XQLWp GH YDULDWLRQ GX SRWHQWLHO K\GULTXH /H IOX[ TXL WUDYHUVH OH V\VWqPH VRO SODQWH DWPRVSKqUH HVW GpFULW VHORQ XQ PRGqOH DVVLPLOp j FHOXL GH OD ORL G¶RKP /DUVHQ HW DO RQW DGRSWp FHWWH DSSURFKH SRXU HVWLPHU OD UpVLVWDQFH 5 03D PLFUR J FP V GHV WLVVXV FRQGXFWHXUV GH O¶ROLYLHU DX SDVVDJH GH O¶HDX HQ SURFpGDQW j XQH PHVXUH GHV SRWHQWLHOV GH EDVH HW j PLGL DX QLYHDX GX SpWLROH /D GLIIpUHQFH HQWUH FHV GHX[ SRWHQWLHOV UDSSRUWpH j OD GHQVLWp GH IOX[ WUDQVSLUDWRLUH FRUUHVSRQG j OD UpVLVWDQFH 5 &KH] O¶ROLYLHU FHWWH YDOHXU HVW GH HW VHXOHPHQW GH FKH] OH SRPPLHU 8QH WHOOH YDOHXU pOHYpH GH OD UpVLVWDQFH H[SOLTXH OHV IDLEOHV SHUWHV G¶HDX SDU WUDQVSLUDWLRQ FKH] O¶ROLYLHU HW WUDGXLW XQH GLIIpUHQFH LPSRUWDQWH HQWUH OHV SRWHQWLHOV GH EDVH ± DVVLPLOp j FHOXL GX VRO HW FHOXL TXL HVW PHVXUp j PLGL &KH] O¶ROLYLHU OD GLIIpUHQFH GH SRWHQWLHO HVW JpQpUDOHPHQW VXSpULHXUH j 03D DYHF XQ PD[LPXP PHVXUp GH 03D %RQJL HW 3DOOLRWWL
)LJXUH 0RGqOH GH WUDQVIHUW GH O¶HDX HQWUH OH VRO OD SODQWH HW O¶DWPRVSKqUH /D WUDQVSLUDWLRQ UpGXLW OH SRWHQWLHO GH OD IURQGDLVRQ F TXL SRPSH O¶HDX GHV EUDQFKHV GX WURQF W GHV UDFLQHV U HW GX VRO V &KDTXH RUJDQH HVW FDUDFWpULVp SDU XQH FDSDFLWDQFH 4 H[SULPpH SDU OH UDSSRUW GH OD YDULDWLRQ GX FRQWHQX HQ HDX HQ IRQFWLRQ GH FHOOH GX SRWHQWLHO &RQQRU HW )HUHUHV $X FRXUV GH OD MRXUQpH OH SRWHQWLHO IROLDLUH GH OD SODQWH GLPLQXH j PHVXUH TXH OD GHPDQGH pYDSRUDWRLUH DXJPHQWH SRXU DWWHLQGUH XQ PLQLPXP DX PLGL VRODLUH 3OXV WDUG GDQV O¶DSUqV PLGL LO DXJPHQWH GH QRXYHDX SRXU V¶pTXLOLEUHU DYHF OH SRWHQWLHO K\GULTXH GX VRO ORUVTXH VRQ pWDW K\GULTXH OH SHUPHW 'DQV OH FDV FRQWUDLUH OH SRWHQWLHO IROLDLUH GLPLQXH HQ GHoj GX SRWHQWLHO GX VRO DORUV TXH OHV WLVVXV GH VWRFNDJH TXL FRQWULEXHQW KDELWXHOOHPHQW GDQV OD WUDQVSLUDWLRQ DYHF XQH SURSRUWLRQ YDULDQW GH j VH UpK\GUDWHQW GH SOXV HQ SOXV GLIILFLOHPHQW $ILQ GH PDLQWHQLU XQ ERQ pWDW K\GULTXH GH O¶DUEUH O¶ROLYLHU OLPLWH VHV SHUWHV G¶HDX HQ PRGLILDQW VHV FDUDFWpULVWLTXHV PRUSKR DQDWRPLTXHV HW HQ UpJXODQW VD SUHVVLRQ RVPRWLTXH LQWHUQH TXL HQ GLPLQXDQW SHUPHW O¶DEVRUSWLRQ GH O¶HDX j SDUWLU GH WLVVXV HQYLURQQDQWV RX GX VRO (Q SUDWLTXH O¶DGRSWLRQ G¶XQ PRGH GH WDLOOH DSSURSULp SHUPHW GH OLPLWHU OH YROXPH GH OD IURQGDLVRQ HW SDU FRQVpTXHQW OD SHUWH GH O¶HDX SDU
WUDQVSLUDWLRQ *XFFL HW &DQWLQL FLWpV SDU &RQQRU DQG )HUHUHV 3DVWRU HW DO 0pWKRGHV GH PHVXUHV GX IOX[ GH OD VqYH /H FRQFHSW GH PHVXUH GX IOX[ GH OD VqYH D pWp GpYHORSSp SDU +XEHU FLWp SDU 6ZDQVRQ 'HSXLV SOXVLHXUV WHFKQLTXHV RQW pWp GpYHORSSpHV HW XWLOLVpHV &DELEHO &DELEHO HW 'R D HW E &DELEHO HW ,VEpULH )HUQDQGH] HW DO *UDQLHU HW *UHHQ *UDQLHU HW DO 0DVPRXGL HW DO 0RUHQR HW DO 1DVU 6ZDQVRQ (OOHV GLIIqUHQW VHORQ OHV SDUDPqWUHV PHVXUpV WHPSV RX pFDUW GH WHPSV OD FRPSOH[LWp GH O¶pTXLSHPHQW OH FRÂ&#x20AC;W GH O¶LQVWDOODWLRQ HW OH GRPDLQH G¶DSSOLFDWLRQ &HUWDLQHV WHFKQLTXHV QpFHVVLWHQW XQH FDOLEUDWLRQ SUpDODEOH FH TXL FRQVWLWXH XQ KDQGLFDS PDMHXU OLPLWDQW O¶H[WUDSRODWLRQ GHV UpVXOWDWV j G¶DXWUHV HVSqFHV (OOH GHPHXUH WRXWHIRLV XQ PR\HQ GH PHVXUH ILDEOH GLUHFWH SHX GHVWUXFWLI XWLOLVDEOH HQ SOHLQ FKDPSV RX VXU GHV SODQWHV HQ SRW HQ SOXV GHV SRVVLELOLWpV G¶DXWRPDWLVDWLRQ TXL SHUPHWWHQW GHV PHVXUHV j ORQJ WHUPH <DQXVD HW DO FLWpV SDU $ELG .DUUD\ HW HQ FRQWLQX H[SORLWDEOHV SRXU GLIIpUHQWV GRPDLQHV G¶DSSOLFDWLRQ 6PLWK HW $OOHQ /HV PpWKRGHV GH PHVXUH GX IOX[ GH OD VqYH XWLOLVHQW OD FKDOHXU FRPPH WUDFHXU WKHUPLTXH TXL HVW GLIIXVpH VRLW SDU LPSXOVLRQ VRLW SDU GLVVLSDWLRQ &HV PpWKRGHV VRQW FODVVpHV HQ WURLV SULQFLSDX[ JURXSHV OHV PpWKRGHV EDVpHV VXU OD YLWHVVH GH WUDQVIHUW G¶XQH LPSXOVLRQ GH FKDOHXU FHOOHV TXL DQDO\VHQW OH ELODQ G¶pQHUJLH HQ SUpVHQFH G¶XQH VRXUFH GH FKDOHXU FRQWLQXH RX OHV PpWKRGHV EDVpHV VXU O¶REVHUYDWLRQ GH OD YDULDWLRQ GH OD WHPSpUDWXUH DX YRLVLQDJH G¶XQH VRXUFH GH FKDOHXU FRQQXH /H FKRL[ GH O¶XQH GH FHV PpWKRGHV RX GH O¶DXWUH GpSHQG GH O¶REMHFWLI GX WUDYDLO j HQWUHSUHQGUH HW GX W\SH GH PDWpULHO YpJpWDO XWLOLVp
0pWKRGHV SDU LPSXOVLRQ GH OD FKDOHXU
&HWWH PpWKRGH XWLOLVH OD FKDOHXU FRPPH LQGLFDWHXU GH OD YLWHVVH GH WUDQVIHUW GH OD VqYH EUXWH 9 HQ P K (OOH FRQVLVWH j GpWHUPLQHU OH WHPSV WR DX ERXW GXTXHO XQH EUqYH LPSXOVLRQ GH FKDOHXU pPLVH SDU XQ pOpPHQW FKDXIIDQW DWWHLQW XQ SRLQW VLWXp j XQH GLVWDQFH FRQQXH HQ DYDO GH OD VRQGH FKDXIIDQWH 6ZDQVRQ &H WHPSV GH WUDQVSRUW HVW pJDO j FHOXL TXL HVW PLV SDU OD VqYH SRXU DWWHLQGUH OH SRLQW GH PHVXUH HQ VXSSRVDQW TXH OD FKDOHXU HVW WUDQVSRUWpH WRWDOHPHQW SDU FRQYHFWLRQ /H SUHPLHU PRGqOH +XEHU ±FLWp SDU 6ZDQVRQ HVW FRQVWLWXp SDU XQH VRQGH XQLTXH FKDXIIDQWH SODFpH j OD VXUIDFH GX UDPHDX HW HQ DPRQW G¶XQ WKHUPRFRXSOH /D YLWHVVH GH PRQWpH GH OD VqYH HVW GRQQpH SDU O¶pTXDWLRQ 9 WR > @ (Q UDLVRQ GH OD SUpVHQFH G¶XQ IOX[ FRQGXFWLI DVVRFLp DX WUDQVIHUW FRQYHFWLI GH OD VqYH +XEHU HW 6FKPLGW ±FLWpV SDU 6ZDQVRQ SURSRVHQW XQH GHX[LqPH DSSURFKH GLWH GH © FRPSHQVDWLRQ ª ,OV XWLOLVHQW GHX[ VRQGHV SODFpHV j OD VXUIDFH GX UDPHDX O¶XQH HQ DPRQW VHUYDQW GH UpIpUHQFH O¶DXWUH HVW SODFpH HQ DYDO GH O¶pOpPHQW FKDXIIDQW 0DUVKDOO ±FLWp SDU 6ZDQVRQ PRGLILH OD FRQILJXUDWLRQ GH +XEHU HW 6FKPLGW ±FLWp SDU 6ZDQVRQ HQ LQVpUDQW OHV VRQGHV UDGLDOHPHQW GDQV OH ERLV ,O H[SULPH OH IOX[ GH OD VqYH HQ IRQFWLRQ GH OD YLWHVVH G¶LPSXOVLRQ GH OD FKDOHXU HW GH OD GLIIXVLYLWp WKHUPLTXH GX ERLV 6ZDQVRQ ±FLWp SDU 6ZDQVRQ GpYHORSSH XQH DSSURFKH VLPLODLUH j FHOOH GH +XEHU HW 6FKPLGW ±FLWp SDU 6ZDQVRQ HQ LQVpUDQW OHV VRQGHV HW O¶pOpPHQW FKDXIIDQW GDQV OH ERLV /D YLWHVVH GH O¶RQGH GH FKDOHXU FRQYHFWLYH 9 HVW H[SULPpH HQ IRQFWLRQ GX WHPSV WR DX ERXW GXTXHO OD GLIIpUHQFH GH WHPSpUDWXUH HQWUH OHV GHX[ VRQGHV G¶DEVFLVVHV [DPRQW HW [DYDO V¶DQQXOOH (TXDWLRQ &HFL VH WUDGXLW SDU O¶pTXDWLRQ VXLYDQWH
9 [DPRQW [DYDO WR
> @
/D PpWKRGH G¶LPSXOVLRQ GH FKDOHXU D pWp XWLOLVpH VXU SOXVLHXUV HVSqFHV QRWDPPHQW 9LWLV YLQLIHUD <XQXVD HW DO FLWpV SDU $ELG .DUUD\ 3LQXV UDGLDWD 7HVNH\ HW 6KHULII FLWpV SDU $ELG .DUUD\ HW 2OHD HXURSDHD )HUQDQGH] HW 0RUHQR 0RUHQR HW DO (OOH SUpVHQWH XQH IDLEOH VHQVLELOLWp DX[ JUDGXHQWV WKHUPLTXHV HW SUpVHQWH O¶DYDQWDJH GX IDLEOH FRÂ&#x20AC;W pQHUJpWLTXH HW G¶LQYHVWLVVHPHQW (OOH SHUPHW GH PHVXUHU GHV GpELWV VXSpULHXUV j FP K PDLV HOOH QH FRQYLHQW SDV DX[ IDLEOHV GpELWV 6ZDQVRQ 6RQ LQFRQYpQLHQW PDMHXU HVW OD SRQFWXDOLWp GHV PHVXUHV TXL GLPLQXH OD SUpFLVLRQ GH OD WHFKQLTXH DORUV TXH OD GHQVLWp GX IOX[ GH OD VqYH YDULH HQ IRQFWLRQ GH OD SURIRQGHXU GDQV OH [\OqPH &HWWH YDULDWLRQ LQGXLW XQH KpWpURJpQpLWp LPSRUWDQWH GH OD GHQVLWp GX IOX[ GH OD VqYH PHVXUpH DX QLYHDX GH OD VXUIDFH FRQGXFWULFH GX WURQF FRPPH F¶HVW OH FDV FKH] O¶ROLYLHU 3RXU GLVSRVHU G¶XQH PHVXUH UHSUpVHQWDWLYH GX WURQF LO HVW QpFHVVDLUH GH PXOWLSOLHU OHV SRLQWV GH PHVXUHV HQ FRQVLGpUDQW GLIIpUHQWHV SURIRQGHXUV GDQV OH [\OqPH HW SOXVLHXUV GLUHFWLRQV 0pWKRGH GH ELODQ GH FKDOHXU 'pYHORSSpH SDU 'DXP FLWp SDU 1DVU FHWWH PpWKRGH QH IXW XWLOLVpH VXU OD WRWDOLWp GH OD VHFWLRQ GX WURQF TX¶HQ SDU 6DNXUDWDQL 6DNXUDWDQL FLWp SDU 1DVU 3DU OD VXLWH OHV WUDYDX[ VH VRQW PXOWLSOLpV VXU GLIIpUHQWHV HVSqFHV 0DVVDL HW DO 1DVU QRWDPPHQW VXU MHXQH ROLYLHU GH GHX[ DQV 'LFKLR HW DO FLWpV SDU )HUQDQGH] HW 0RUHQR /D PpWKRGH FRQVLVWH j DSSOLTXHU XQH TXDQWLWp GH FKDOHXU GH PDQLqUH FRQWLQXH DX QLYHDX G¶XQH VHFWLRQ GX WURQF j HVWLPHU OHV IOX[ GH FKDOHXU FRQGXFWLIV VXU OD SRUWLRQ FKDXIIpH HW j GpGXLUH OHV IOX[ FRQYHFWLIV OLpV DX GpSODFHPHQW GH OD VqYH HW TXL VRQW SURSRUWLRQQHOV DX GpELW G¶HDX 1DVU (OOH HVW DSSOLFDEOH VXU GHV VHFWLRQV GH IDLEOH GLDPqWUH FP QH QpFHVVLWH QL FDOLEUDJH QL FRQQDLVVDQFH GH OD VXUIDFH FRQGXFWULFH GH O¶HDX
0pWKRGHV GH GLVVLSDWLRQ GH OD FKDOHXU &HWWH PpWKRGH GpYHORSSpH SDU *UDQLHU D HW E HVW EDVpH VXU OD GLVVLSDWLRQ GH OD FKDOHXU SDU FRQYHFWLRQ VXLWH j OD FLUFXODWLRQ GH OD VqYH (OOH FRQVLVWH j PHVXUHU DX QLYHDX GHV YDLVVHDX[ FRQGXFWHXUV GH OD VqYH EUXWH O¶pFDUW GH WHPSpUDWXUH TXL HVW FUpH DSUqV GLVVLSDWLRQ GH O¶RQGH GH FKDOHXU HQWUH XQH VRQGH GH UpIpUHQFH HW XQH VRQGH FKDXIIDQWH /D GLIIpUHQFH GH WHPSpUDWXUH REWHQXH HVW PD[LPDOH SRXU XQ GpELW GH VqYH QXO HW GLPLQXH ORUVTXH OD YLWHVVH GX IOX[ GH OD VqYH DXJPHQWH VXLWH j OD GLVVLSDWLRQ G¶XQH TXDQWLWp GH SOXV HQ SOXV pOHYpH GH OD FKDOHXU SURGXLWH SDU OD VRQGH FKDXIIDQWH 7HVWpH VXU GLIIpUHQWHV HVSqFHV IRUHVWLqUHV HW IUXLWLqUHV FHWWH PpWKRGH D FRQGXLW j GHV UpVXOWDWV FRQFOXDQWV /HV PHVXUHV REWHQXHV VRQW FRKpUHQWHV DX[ PHVXUHV GH SRWHQWLHO K\GULTXH IROLDLUH VXU SLQ /RXVWDX HW DO HW DX[ PHVXUHV JUDYLPpWULTXHV HIIHFWXpHV VXU 0DQJXLHU 0DQJLIHUD LQGLFD /X HW &KDNR FLWpV SDU $ELG .DUUD\ 'H ERQQHV FRUUpODWLRQV RQW pWp pJDOHPHQW REWHQXHV VXU EDQDQLHU HW ROLYLHU HQWUH OHV PHVXUHV GX IOX[ GH OD VqYH HW FHUWDLQV SDUDPqWUHV FOLPDWLTXHV /X HW DO HQ O¶RFFXUUHQFH O¶pYDSRWUDQVSLUDWLRQ )HUQDQGH] HW DO 0RUHQR HW DO (Q SOXV FHWWH PpWKRGH VHPEOH V¶DGDSWHU j XQH ODUJH JDPPH G¶HVSqFHV RX GH PDWpULHO YpJpWDO (OOH SHUPHW G¶HQWUHSUHQGUH GHV PHVXUHV VXU XQH ORQJXH SpULRGH DOODQW MXVTX¶j GHX[ VDLVRQV GH FXOWXUH /X HW DO /¶LQVWDOODWLRQ GH O¶pTXLSHPHQW HVW VLPSOH UHTXLHUW XQH IDLEOH SXLVVDQFH GH IRQFWLRQQHPHQW DYHF XQ FRÂ&#x20AC;W UHODWLYHPHQW UpGXLW 1RXV O¶DYRQV DGRSWpH SRXU PHVXUHU OD WUDQVSLUDWLRQ GH MHXQHV SODQWV G¶ROLYLHUV &KpWRXL 0DKMRXE 0DVPRXGL HW DO /D WHFKQLTXH HVW SUpVHQWpH GDQV FH TXL VXLW GH PDQLqUH SOXV GpWDLOOpH
0HVXUH GX IOX[ GH OD VqYH SDU OD PpWKRGH GH GLVVLSDWLRQ GH OD FKDOHXU
'LVSRVLWLI GH PHVXUH /HV FDSWHXUV *UDQLHU VRQW FRQVWLWXpV GH GHX[ VRQGHV GH IRUPH F\OLQGULTXHV GH PP GH GLDPqWUH HW GH PP GH ORQJXHXU (OOHV VRQW LQVpUpHV UDGLDOHPHQW GDQV OH ERLV HW VpSDUpHV G¶XQH GLVWDQFH YDULDQW GH j FP &KDTXH VRQGH UHQIHUPH XQ WKHUPRFRXSOH FXLYUH FRQVWDQWDQ /HV GHX[ WKHUPRFRXSOHV VRQW PRQWpV HQ RSSRVLWLRQ FH TXL SHUPHW GH PHVXUHU O¶pFDUW GH WHPSpUDWXUH HQWUH OHV GHX[ VRQGHV /D VRQGH DYDO 7 P SODFpH HQ KDXW HVW FKDXIIpH HQ FRQWLQX j SXLVVDQFH FRQVWDQWH RKPV :DWW DX PR\HQ G¶XQ HQURXOHPHQW GH ILO GH FRQVWDQWDQ HQYHORSSp G¶XQH DLJXLOOH HQ DFLHU LQR[\GDEOH /D VRQGH DPRQW SODFpH HQ EDV GRQQH OD WHPSpUDWXUH GH UpIpUHQFH 7UpI /HV FDSWHXUV VRQW LQVpUpV UDGLDOHPHQW GDQV OH ERLV G¶DXELHU HW VRXV pFRUFH ,OV VRQW DOLPHQWpV SDU XQ FRXUDQW FRQWLQX JUkFH j XQH EDWWHULH /HV VLJQDX[ pPLV SDU FHV FDSWHXUV VRQW HQUHJLVWUpV DX QLYHDX G¶XQH FHQWUDOH G¶DFTXLVLWLRQ GHV GRQQpHV UpFXSpUpV SXLV WUDLWpV /D ILJXUH SUpVHQWH VFKpPDWLTXHPHQW OH GLVSRVLWLI GH PHVXUHV GX IOX[ GH OD VqYH /X HW DO )LJXUH 'LVSRVLWLI GH PHVXUH GX IOX[ GH OD VqYH VHORQ OD PpWKRGH GH GLVVLSDWLRQ GH OD FKDOHXU *UDQLHU /H FDSWHXU HVW FRQVWLWXp GH GHX[ VRQGHV HQ KDXW OD VRQGH FKDXIIDQWH HW HQ EDV OD VRQGH GH UpIpUHQFH WRXWHV OHV GHX[ DOLPHQWpHV SDU XQ FRXUDQW SURYHQDQW G¶XQH EDWWHULH HOOH PrPH DOLPHQWpH SDU XQ SDQQHDX VRODLUH /HV VLJQDX[ pPLV SDU OH FDSWHXU VRQW HQUHJLVWUpV DX QLYHDX G¶XQH FHQWUDOH G¶DFTXLVLWLRQ GH GRQQpHV R LOV VRQW VWRFNpV /X HW DO
3DUDPqWUHV GH FDOFXO GX IOX[ GH OD VqYH HW FDOLEUDJH GHV FDSWHXUV (Q FRQGLWLRQ GH UpJLPH WKHUPLTXH pWDEOL HQWUH O¶pOpPHQW FKDXIIDQW HW OH PLOLHX ERLV VqYH HW SRXU XQ IOX[ GH VqYH FRQVWDQW O¶DSSRUW GH FKDOHXU SDU HIIHW MRXOH HVW pJDO j OD TXDQWLWp GH FKDOHXU GLVVLSpH SDU FRQYHFWLRQ DX QLYHDX GH OD SDURL GX FDSWHXU *UDQLHU H[SULPp SDU O¶pTXDWLRQ K 6 7 7UpI 5 L
> @
$YHF K &RHIILFLHQW GH WUDQVIHUW GH OD FKDOHXU : P Â&#x192;& HQWUH OD VRQGH HW OH ERLV 6 $LUH GH VXUIDFH G¶pFKDQJH P 7 7HPSpUDWXUH GX FDSWHXU Â&#x192;& HW 7UpI 7HPSpUDWXUH GX ERLV HQ O¶DEVHQFH GH FKDXIIDJH Â&#x192;& 5 5pVLVWDQFH pOHFWULTXH GH O¶pOpPHQW FKDXIIDQW ÷ HW L ,QWHQVLWp GX FRXUDQW pOHFWULTXH $ /H FRHIILFLHQW K (TXDWLRQ GpSHQG GX GpELW GH OD VqYH X P V WHO TXH K KR . X > @ KR HVW OH FRHIILFLHQW G¶pFKDQJH ORUVTXH OD WUDQVSLUDWLRQ HVW QXOOH X ,O HVW FDOFXOp j SDUWLU GH O¶pTXDWLRQ KR 5 L 6 7P 7UpI > @ 7P GpVLJQH OD WHPSpUDWXUH PD[LPDOH j IOX[ GH VqYH QXO X (Q O¶DEVHQFH GH IOX[ GH VqYH OD WHPSpUDWXUH DXWRXU GH OD VRQGH FKDXIIDQWH FURvW HW DWWHLQW XQ SRLQW R OD FKDOHXU GLVVLSpH j WUDYHUV OH ERLV VH PHW HQ pTXLOLEUH DYHF O¶pQHUJLH DSSRUWpH SDU OD VRQGH FKDXIIDQWH 8QH
GLIIpUHQFH PD[LPDOH GH WHPSpUDWXUH V¶pWDEOLW HQWUH OHV GHX[ VRQGHV (Q SUpVHQFH GH IOX[ XQH SDUWLH GH OD FKDOHXU GpJDJpH SDU O¶pOpPHQW FKDXIIDQW HVW pYDFXpH SDU FRQYHFWLRQ *UDQLHU D pWDEOLW XQH UHODWLRQ HPSLULTXH HQWUH O¶pFDUW GH WHPSpUDWXUH PHVXUp HW OD GHQVLWp GX IOX[ X TXL HVW LQGpSHQGDQWH GX W\SH GH ERLV pWXGLp (TXDWLRQ WHOOH TXH X . [ > 7P 7 7 ± 7UpI @ > @ /H UDSSRUW 7P 7 7 7UpI QRWp . HVW DSSHOp O¶LQGLFH GH IOX[ ,O HVW SURSRUWLRQQHO j X /¶LQGLFH GH IOX[ D pWp GpWHUPLQp H[SpULPHQWDOHPHQW SDU *UDQLHU SRXU GLIIpUHQWHV HVSqFHV IRUHVWLqUHV j SDUWLU GH PHVXUHV VLPXOWDQpHV GH O¶H[VXGDW LVVX GH SRUWLRQV GH UDPHDX[ HW OH VLJQDO GRQQp SDU OH FDSWHXU WKHUPLTXH &HWWH H[SpULPHQWDWLRQ D SHUPLV G¶pWDORQQHU OHV FDSWHXUV LQGpSHQGDPPHQW GHV FDUDFWpULVWLTXHV GH O¶DUEUH RX GX ERLV 8Q DMXVWHPHQW QRQ OLQpDLUH D FRQGXLW j OD UHODWLRQ H[SpULPHQWDOH VXLYDQWH (TXDWLRQV HW . [ [ X > @ R X [ [ . > @ &HWWH pTXDWLRQ GLIIqUH OpJqUHPHQW GH FHOOH TXL D pWp pWDEOLH SDU &DELEHO HW 'R VXU G¶DXWUHV HVSqFHV HW TXL V¶pFULW X ; ; . > @ /HV YDOHXUV GH IOX[ PHVXUpHV SDU FHWWH FDOLEUDWLRQ VRQW MXVTX¶j SOXV pOHYpHV TXH FHOOHV TXL VRQW REWHQXHV j SDUWLU GH O¶pTXDWLRQ GH *UDQLHU SRXU GHV YDOHXUV GH . DOODQW MXVTX¶j /H IOX[ WRWDO ) P V WUDYHUVDQW OH WURQF HVW FDOFXOp j SDUWLU GH X HW GH OD VHFWLRQ WUDQVYHUVDOH GX ERLV G¶DXELHU 6F P j SDUWLU GH O¶pTXDWLRQ 6F HVW GpWHUPLQpH j SDUWLU GH SUpOqYHPHQWV GH FDURWWHV GH ERLV GDQV OH WURQF ) X 6& > @
/H FDOFXO GH OD GHQVLWp GH IOX[ GH OD VqYH X UHSRVH VXU OD GpWHUPLQDWLRQ GH OD GLIIpUHQFH GH WHPSpUDWXUH TXL HVW FUpH HQWUH OHV GHX[ VRQGHV QRWpH û7 /D YDOHXU PD[LPDOH GH FHWWH GLIIpUHQFH TXH O¶RQ QRWH û7PD[ HVW JpQpUDOHPHQW REVHUYpH DYDQW O¶DXEH HW UHSUpVHQWH OH IOX[ QXO 8Q IOX[ QRFWXUQH DVFHQGDQW SHXW rWUH REVHUYp DX FRXUV GH OD UHVWDXUDWLRQ GX VWRFN K\GULTXH GH O¶DUEUH VXLWH j XQH LUULJDWLRQ DSSRUWpH DSUqV XQH SpULRGH SURORQJpH GH VpFKHUHVVH RX DSUqV XQH MRXUQpH GH VLURFFR LO HVW LPSRUWDQW G¶HQ WHQLU FRPSWH &H IOX[ QRFWXUQH SHXW UHSUpVHQWHU VHORQ $ELG .DUUD\ GH j GX IOX[ MRXUQDOLHU DYHF GHV YDOHXUV DOODQW GH j OLWUHV GP MRXU 'HV YDOHXUV GH IOX[ K\GULTXH QRFWXUQH YDULDQW GH j RQW SX rWUH HQUHJLVWUpHV SHQGDQW GHV SpULRGHV R O¶RFFXUUHQFH GX IOX[ QRFWXUQH HVW WUqV IDLEOH $ILQ GH UpVRXGUH FHV SUREOqPHV OLpV G¶XQH SDUW DX[ YDULDWLRQV GH û7PD[ HW DX[ IOX[ QRFWXUQHV G¶DXWUH SDUW *UDQLHU SURSRVH GH GpWHUPLQHU G¶DERUG û7PD[ VXU XQH SpULRGH GH MRXUV G¶pFDUWHU HQVXLWH OHV YDOHXUV GHV IOX[ QRFWXUQHV HW GH UHFDOFXOHU HQILQ OD QRXYHOOH YDOHXU GH û7 &DOFXO GX IOX[ GH OD VqYH SDU OD PpWKRGH GH 'R HW 5RFKHWHDX /H SUREOqPH PDMHXU GH PHVXUH GX IOX[ SDU OD PpWKRGH GH *UDQLHU HVW OLp j O¶LQIOXHQFH GX JUDGXHQW QDWXUHO TXL SHXW DWWHLQGUH Â&#x192;& OD QXLW HW Â&#x192;& OH MRXU 'R HW 5RFKHWHDX D &H JUDGXHQW HQJHQGUH VHORQ 'R HW DO XQH VXUHVWLPDWLRQ GH û7PD[ TXL SHXW DWWHLQGUH HW PrPH DX QLYHDX GX IOX[ 'R HW 5RFKHWHDX D 'LIIpUHQWHV PpWKRGHV GH FRUUHFWLRQ RQW pWp SURSRVpHV &DELEHO HW 'R .RVWQHU HW DO /¶DGRSWLRQ G¶XQ FKDXIIDJH GLVFRQWLQX DOWHUQDQW GHV SpULRGHV GH FKDXIIDJH HW GH QRQ FKDXIIDJH DYHF GLIIpUHQWHV FRPELQDLVRQV GH WHPSV D PRQWUp TXH OH VLJQDO REWHQX QRWDPPHQW SRXU XQ F\FOH GH PQ GH QRQ FKDXIIDJH HW PQ GH FKDXIIDJH HVW LQGpSHQGDQW GHV JUDGXHQWV QDWXUHOV WKHUPLTXHV 'R HW 5RFKHWHDX D '¶DXWUHV
FRPELQDLVRQV RQW pWp WHVWpHV HQ YXH G¶DXJPHQWHU OH QRPEUH GH PHVXUHV j O¶KHXUH $X FRXUV G¶XQ F\FOH GH FKDXIIDJH QRQ FKDXIIDJH RQ RII OH VLJQDO DOWHUQDWLI REWHQX ¨7D HVW GpILQL SDU O¶pFDUW HQWUH ¨7RQ HW ¨7RII TXL UHSUpVHQWHQW UHVSHFWLYHPHQW OD GLIIpUHQFH GH WHPSpUDWXUH HQUHJLVWUpH j OD ILQ GH OD SpULRGH GH FKDXIIDJH HW FHOOH TXL HVW PHVXUpH j OD ILQ GH OD SpULRGH GH QRQ FKDXIIDJH HW TXL HVW DWWULEXpH DX IOX[ QDWXUHO (TXDWLRQ ¨7D ¨7RQ ¨7RII > @ /¶LQGLFH GX IOX[ . HVW FDOFXOp j SDUWLU GH ¨7D HW GH ¨7PD[ SDU O¶pTXDWLRQ DYHF ¨7PD[ OD GLIIpUHQFH PD[LPDOH GH WHPSpUDWXUH PHVXUpH j IOX[ QXO HW ¨7D OD GLIIpUHQFH GH WHPSpUDWXUH GX VLJQDO DOWHUQp PHVXUpH j XQH FHUWDLQH YDOHXU GH OD GHQVLWp GX IOX[ X . ¨7PD[ ¨7D ¨7D > @ /D FDOLEUDWLRQ GH FHWWH PpWKRGH DYHF GLIIpUHQHWHV FRPELQDLVRQV GH F\FOHV GH FKDXIIDJH QRQ FKDXIIDJH VXU XQH FRORQQH K\GUDXOLTXH DUWLILFLHOOH UHPSOLH GH VFLXUH GH ERLV D SHUPLV GH GpILQLU XQH UHODWLRQ H[SRQHQWLHOOH (TXDWLRQV HW HQWUH O¶LQGLFH GX IOX[ . HW OD GHQVLWp GH IOX[ X WHO TXH . X > @ R X . . > @ /D GHQVLWp GH IOX[ X HVW H[SULPpH HQ OLWUH GP KHXUH HW . XQ SDUDPqWUH VDQV GLPHQVLRQ
9DOHXUV GX IOX[ GH OD VqYH EUXWH FKH] O¶ROLYLHU DGXOWH HW VHV YDULDWLRQV (YROXWLRQ GX IOX[ DX FRXUV GH OD MRXUQpH /HV pFKDQJHV G¶HDX TXL RQW OLHX DX FRXUV GH OD MRXUQpH VRQW pWURLWHPHQW OLpV j O¶pWDW K\GULTXH GH OD SODQWH HW j OD GHPDQGH FOLPDWLTXH $ O¶pFKHOOH GH OD MRXUQpH OHV YDOHXUV GH IOX[ DXJPHQWHQW UDSLGHPHQW j SDUWLU GH K GX PDWLQ HQVXLWH HOOHV pYROXHQW HQ VXLYDQW XQ SODWHDX SHQGDQW HQYLURQ KHXUHV HW GLPLQXHQW j SDUWLU GH KHXUHV SDUDOOqOHPHQW j OD GLPLQXWLRQ GH OD UDGLDWLRQ VRODLUH $ELG .DUUD\ &HSHQGDQW GHV YDULDWLRQV LPSRUWDQWHV SHXYHQW rWUH REVHUYpHV DX FRXUV GH OD PrPH MRXUQpH DX VHLQ GH OD PrPH FXOWXUH HW GX PrPH DUEUH GRQQDQW GHV YDOHXUV SOXV RX PRLQV pOHYpHV GX IOX[ &HV YDULDWLRQV VRQW OLpHV j GHV IDFWHXUV LQWULQVqTXHV HW H[WULQVqTXHV QRWDPPHQW OH W\SH GH FDSWHXU VD SRVLWLRQ OH V\VWqPH GH FRQGXFWLRQ GH O¶HDX DX QLYHDX GH O¶DUEUH OD VDLVRQ O¶KXPLGLWp GX VRO HW OHV FRQGLWLRQV FOLPDWLTXHV 9DULDWLRQ GX IOX[ HQ IRQFWLRQ GH OD GLVSRQLELOLWp HQ HDX &KH] OHV DUEUHV LUULJXpV OHV YDOHXUV GH IOX[ DXJPHQWHQW UDSLGHPHQW GqV OHV SUHPLqUHV KHXUHV TXL VXLYHQW O¶DSSRUW GH O¶HDX VXLWH j XQH UpK\GUDWDWLRQ GHV WLVVXV YLYDQWV HW pODVWLTXHV *UDQLHU DX QLYHDX GHVTXHOV )HUQDQGH] HW 0RUHQR RQW UDSSRUWp XQH YDOHXU PD[LPDOH GH PP MRXU &HWWH YDOHXU GLPLQXH UDSLGHPHQW j SDUWLU GX qPH MRXU GH O¶LUULJDWLRQ PDOJUp OD GLVSRQLELOLWp GH O¶HDX GDQV OH VRO &KH] O¶ROLYLHU QRQ LUULJXp OH IOX[ PD[LPXP HQUHJLVWUp HVW GH PP MRXU HW Q¶DWWHLQW MDPDLV OH QLYHDX GH WUDQVSLUDWLRQ GHV DUEUHV LUULJXpV PrPH DSUqV LUULJDWLRQ $X QLYHDX GX ERLV kJp OD UpK\GUDWDWLRQ VH IDLW SOXV OHQWHPHQW HW OD UpFXSpUDWLRQ GH O¶DUEUH HVW G¶DXWDQW SOXV OHQWH TXH OD SpULRGH GH PDQTXH G¶HDX D pWp ORQJXH &H UHWDUG HVW OLp j OD IRUWH UpVLVWDQFH K\GUDXOLTXH GHV YDLVVHDX[ GX [\OqPH DX IOX[ K\GULTXH /HV YDLVVHDX[ TXL RQW VXELW XQH FDYLWDWLRQ QH SHXYHQW rWUH UHPSOL j QRXYHDX
/HV WUDYDX[ GH 0RUHQR HW DO HQWUHSULV DX 6XG GH O¶(VSDJQH RQW PRQWUp TXH OD FRQVRPPDWLRQ GH O¶ROLYLHU 0DQ]DQLOOH PHVXUpH DX QLYHDX GX WURQF YDULH j O¶kJH DGXOWH HW VRXV LUULJDWLRQ GH j OLWUHV MRXU SRXU XQH VXUIDFH IROLDLUH GH P FRUUHVSRQG j XQ IOX[ GH PP MRXU $X QLYHDX GHV UDFLQHV HW GHV FKDUSHQWHV OHV GHQVLWpV GH IOX[ PD[LPDOHV VRQW SOXV IDLEOHV &KH] OH .LZL *UHHQ HW &ORWKLHU RQW WURXYp GHV YDOHXUV SOXV pOHYpHV HQ UDSSRUW DYHF XQ GLDPqWUH SOXV ODUJH GX [\OqPH 6XU GHV ROLYLHUV GH OD YDULpWp &KHPODOL FXOWLYpV GDQV OD 7XQLVLH FHQWUDOH VRXPLV j XQH LUULJDWLRQ FRPSOpPHQWDLUH HVWLYDOH $ELG .DUUD\ REVHUYH TXH OD UpSRQVH GH O¶ROLYLHU H[SULPpH HQ WHUPH GH GHQVLWp GH IOX[ YDULH VHORQ OH FDSWHXU /¶DSSRUW GH O¶HDX JpQqUH GDQV OD SOXSDUW GHV FDV XQH DXJPHQWDWLRQ GX UDSSRUW GHV YDOHXUV GH OD GHQVLWp GH IOX[ HQWUH GHX[ FDSWHXUV TXL HVW SOXV RX PRLQV pOHYpH VHORQ OHXU RULHQWDWLRQ /HV YDOHXUV REWHQXHV DX QLYHDX GHV FDSWHXUV RULHQWpV 1RUG HW 6XG RXHVW GRQQHQW XQ UDSSRUW GH DYDQW O¶DSSRUW GH O¶HDX HW GH DSUqV O¶LUULJDWLRQ 3RXU OHV GLUHFWLRQV 1RUG HW 6XG HVW FH UDSSRUW GHPHXUH SUHVTXH FRQVWDQW &HWWH YDULDELOLWp WURXYH VRQ RULJLQH GDQV O¶KpWpURJpQpLWp GX V\VWqPH GH FRQGXFWLRQ GH O¶HDX TXL DIIHFWH OD UpSRQVH GX FDSWHXU /HV FDSWHXUV LQVpUpV DX QLYHDX GHV YDLVVHDX[ FRQGXFWHXUV SHXYHQW rWUH UHOLpV DX PrPH YDLVVHDX UDGLFXODLUH RX j XQ YDLVVHDX GLIIpUHQW TXL VH WURXYHUDLW VRLW GDQV OD ]RQH KXPHFWpH SDU O¶HDX G¶LUULJDWLRQ VRLW HQ GHKRUV GH FHOOH FL 'H FH IDLW OD UpSRQVH GH FHV FDSWHXUV j O¶DSSRUW K\GULTXH SHXW rWUH GLIIpUHQWH 3DU FRQWUH VL FHV GHX[ FDSWHXUV VRQW UHOLpV DX PrPH YDLVVHDX UDGLFXODLUH OD YDULDWLRQ GX UDSSRUW GHV GHQVLWpV GH IOX[ VHUD SOXV IDLEOH 9DULDWLRQ GX IOX[ HQ IRQFWLRQ GH O¶HPSODFHPHQW GX FDSWHXU *UDQLHU REVHUYH VXU OH 'RXJODV GHV YDULDWLRQV D]LPXWDOHV GX IOX[ DX FRXUV GHV MRXUQpHV j IRUWH GHPDQGH FOLPDWLTXH $X FRQWUDLUH XQH KRPRJpQpLWp GHV PHVXUHV GX IOX[ D pWp QRWpH HQWUH OHV RULHQWDWLRQV 12 1( HW 6 SRXU OHV MRXUQpHV R FHWWH GHPDQGH D pWp IDLEOH /HV WUDYDX[ G¶$ELG .DUUD\ RQW UpYpOp XQH YDULDELOLWp LPSRUWDQWH HQWUH OHV GLIIpUHQWV FDSWHXUV XWLOLVpV VXU ROLYLHU &KHPODOL DYHF
GHV GHQVLWpV GH IOX[ PD[LPDOHV FRPSULVHV HQWUH HW OLWUHV GP MRXU VHORQ OH FDSWHXU /¶H[SUHVVLRQ GH FHV GHQVLWpV SRXU FKDTXH FDSWHXU SDU UDSSRUW j OD PR\HQQH GHV YDOHXUV PRQWUH TXH FHUWDLQV GH FHV FDSWHXUV VXUHVWLPHQW OD GHQVLWp GH IOX[ DORUV TXH G¶DXWUHV OD VRXV HVWLPHQW (OOH FRQFOX GDQV XQH SUHPLqUH pWDSH TXH FHWWH YDULDELOLWp HVW OLpH j O¶RULHQWDWLRQ GX FDSWHXU 3DU OD VXLWH O¶DQDO\VH GpWDLOOpH GHV GRQQpHV HW OD FRPSDUDLVRQ GHV GLIIpUHQWHV RULHQWDWLRQV D PRQWUp TXH OH SRLGV UHODWLI G¶XQH GLUHFWLRQ GRQQpH GLIIqUH VHORQ OHV DUEUHV HW TXH OD UpSDUWLWLRQ GLUHFWLRQQHOOH GH OD GHQVLWp GX IOX[ HVW SOXW{W DOpDWRLUH HW SHXW rWUH GXH j OD YDULDELOLWp GH OD FRQGXFWLYLWp GH OD VqYH GDQV OD VHFWLRQ GX WURQF &HWWH K\SRWKqVH D pWp YpULILpH JUkFH DX[ UpVXOWDWV GH FRXSHV UpDOLVpHV VXU GLIIpUHQWHV VHFWLRQV GH UDPHDX[ DSUqV OHXU FRORUDWLRQ j OD 6DIUDQLQH 2UDQJH FRORUDQW VSpFLILTXH GHV WLVVXV FRQGXFWHXUV 6XU FHV FRXSHV XQH YDULDELOLWp GH O¶LQWHQVLWp GH OD FRORUDWLRQ D pWp REVHUYpH WpPRLJQDQW GH O¶KpWpURJpQpLWp GX WLVVX FRQGXFWHXU GH OD VqYH EUXWH &HV UpVXOWDWV FRUURERUHQW FHX[ GH 1LFRODV HW DO FLWpV SDU $ELG .DUUD\ TXL DWWULEXHQW OD VLPLODULWp GHV YDOHXUV GH IOX[ REWHQXHV SRXU OHV RULHQWDWLRQV 1RUG HW 6XG j XQH XQLIRUPLWp GH GLVWULEXWLRQ GHV YDLVVHDX[ FRQGXFWHXUV /H IOX[ GH OD VqYH YDULH pJDOHPHQW HQ IRQFWLRQ GH OD SURIRQGHXU GX [\OqPH HW GH O¶HPSODFHPHQW GX FDSWHXU *UDQLHU HQ RXWUH OH IOX[ PHVXUp j OD EDVH GH OD FRXURQQH DX FRXUV GH OD PDWLQpH HVW SOXV pOHYp TXH FHOXL TXL FLUFXOH HQ EDV GX WURQF &HV YDULDWLRQV FRQILUPHQW GDYDQWDJH O¶H[LVWHQFH G¶XQH KpWpURJpQpLWp GHV WUDQVIHUWV GH O¶HDX GDQV OH ERLV /D VHFWRULVDWLRQ GHV pFKDQJHV K\GULTXHV SHUPHW G¶H[SOLTXHU HQ SDUWLH FHWWH KpWpURJpQpLWp 'DQV OHV FDV OHV SOXV PDUTXpV XQ VHFWHXU GpWHUPLQp FRPPXQLTXHUDLW G¶XQH SDUW DYHF XQH SRUWLRQ GH OD FRXURQQH GH O¶DUEUH HW G¶DXWUH SDUW DYHF XQH UDFLQH RX XQ IDLVFHDX UDGLFXODLUH &RQQRU HW )HUHUHV &RPSWH WHQXH GH FHWWH YDULDELOLWp HW DILQ G¶HVWLPHU OH IOX[ PR\HQ VXU ROLYLHU *LRULR HW *LRULR FRPSDUHQW OH IOX[ PR\HQ PHVXUp GDQV XQH GLUHFWLRQ GRQQpH DX IOX[ PR\HQ FDOFXOp SRXU O¶HQVHPEOH GHV FDSWHXUV 1RXV DYRQV DGRSWp FHWWH SURFpGXUH SRXU FRPSDUHU OHV RULHQWDWLRQV HW OHV DUEUHV VXU OHVTXHOV QRXV DYRQV HQWUHSULV QRV PHVXUHV
9DULDWLRQ GX IOX[ HQ IRQFWLRQ GH OD GHPDQGH FOLPDWLTXH &KH] O¶ROLYLHU .DODPDWD *LRULR HW '¶$QGULD RQW WURXYp XQH pWURLWH FRUUpODWLRQ HQWUH O¶pYDSRWUDQVSLUDWLRQ GH UpIpUHQFH (7R HW OD WUDQVSLUDWLRQ 3RXU XQH (7R GH PP MRXU LOV REWLHQQHQW XQH FRQVRPPDWLRQ GH HW OLWUHV DUEUH MRXU SRXU GH MHXQHV ROLYLHUV GH DQV FXOWLYpV UHVSHFWLYHPHQW HQ SOXYLDO HW HQ LUULJXp &HV YDOHXUV FRUUHVSRQGDQWHV j XQH FRQVRPPDWLRQ HQ YHUJHU GH HW PP MRXU VRQW VRXV HVWLPpHV SDU UDSSRUW j FHOOHV TXL VRQW REWHQXHV HQ DGRSWDQW XQH YDOHXU GH O¶pYDSRWUDQVSLUDWLRQ GH OD FXOWXUH GH (7 R PP MRXU &RKHQ HW DO &HV UpVXOWDWV FRQFRUGHQW DYHF FHX[ GH *UDQLHU HW DO 0RQHQR HW DO HW &DELEHO HW ,VEpULH TXL RQW REVHUYp XQH ERQQH FRUUpODWLRQ HQWUH OHV PHVXUHV GLUHFWHV GH OD WUDQVSLUDWLRQ HW OHV YDOHXUV GpWHUPLQpHV SDU O¶pTXDWLRQ GH 3HQPDQ 0RQWHLWK 30 &KH] OHV DUEUHV QRQ LUULJXpV XQ pFDUW HQWUH FHV YDOHXUV HVW REVHUYp GqV OHV SUHPLqUHV KHXUHV PDWLQDOHV K ,O HVW G¶DXWDQW SOXV pOHYp TX¶RQ DYDQFH GDQV OD MRXUQpH /H PD[LPXP GH IOX[ PHVXUp DX QLYHDX GX WURQF HVW REVHUYp YHUV K /H SLF PHVXUp DX QLYHDX GH OD UDFLQH D pWp REVHUYp j KHXUHV 'HV WUDYDX[ VLPLODLUHV HQWUHSULV SDU &DELEHO HW 'R VXU SRPPLHU RQW PRQWUp TXH OH IOX[ GH VqYH PHVXUp DX QLYHDX GX WURQF G¶DUEUHV LUULJXpV HVW V\QFKURQH j OD GHPDQGH FOLPDWLTXH DORUV TXH OH IOX[ UDGLFXODLUH GpSHQG GH O¶pWDW G¶KXPHFWDWLRQ GHV UDFLQHV /HV UDFLQHV VH WURXYDQW GDQV OH EXOEH KXPLGH RQW GHV FLQpWLTXHV GH IOX[ V\QFKURQHV j FHOOHV GX WURQF SDU FRQWUH FHOOHV TXL VRQW ORFDOLVpHV HQ GHKRUV GH FH EXOEH SUpVHQWHQW XQ SLF UHWDUGp SDU UDSSRUW j FHOXL GH OD GHPDQGH FOLPDWLTXH PD[LPDOH &HWWH UpSRQVH WDUGLYH VHUDLW OLpH VRLW j XQH KXPHFWDWLRQ SDU GLIIXVLRQ G¶XQ SOXV JUDQG YROXPH GH VRO DWWHLJQDQW SOXV WDUGLYHPHQW OHV UDFLQHV SpULEXOEDLUHV VRLW j XQH UHFRQVWLWXWLRQ GHV UpVHUYHV K\GULTXHV GH OD UDFLQH V¶RSpUDQW j OD ILQ GH OD MRXUQpH RX DX FRXUV GH OD QXLW 3RXU OHV SRPPLHUV QRQ LUULJXpV OHV IOX[ PHVXUpV DX QLYHDX GHV UDFLQHV HW GX WURQF VRQW QRQ V\QFKURQHV j OD GHPDQGH FOLPDWLTXH /H PD[LPXP HVW G¶DXWDQW SOXV SUpFRFH HW SURQRQFp TXH OD SpULRGH GH QRQ LUULJDWLRQ D pWp ORQJXH HW
TXH OH VRO SOXV VHF &H FRPSRUWHPHQW SHXW rWUH FRQVLGpUp FRPPH WpPRLQ G¶XQ VWUHVV K\GULTXH RX G¶XQH UpJXODWLRQ VWRPDWLTXH 3RXU XQH GHPDQGH FOLPDWLTXH IDLEOH RX QXOOH OH IOX[ GH VqYH GpFURvW HW SHXW V¶DQQXOHU /HV IOX[ QRFWXUQHV VRQW SUpVHQWV ORUV G¶XQH VpTXHQFH GH IRUWH pYDSRWUDQVSLUDWLRQ MRXUQDOLqUH 1pDQPRLQV LOV SHXYHQW WURXYHU OHXU RULJLQH GDQV OD UHFRQVWLWXWLRQ GHV UpVHUYHV HQ HDX GH OD FDQRSpH HW GX WURQF TXL RQW FRQWULEXp j OD VDWLVIDFWLRQ GH OD GHPDQGH pYDSRUDWRLUH GLXUQH &DELEHO HW 'R PRQWUHQW TXH ELHQ TXH OH IOX[ GH VqYH DXJPHQWH DYHF OD GHPDQGH FOLPDWLTXH VRQ LQWHQVLWp HVW G¶DXWDQW PRLQV SURSRUWLRQQHOOH j O¶pYDSRWUDQVSLUDWLRQ TXH FHOOH FL GHYLHQW JUDQGH /HV IOX[ VH VWDELOLVHQW j XQ PD[LPXP RX GLPLQXHQW GqV TXH OD FRQWUDLQWH FOLPDWLTXH GpSDVVH XQ VHXLO GRQQp 'DQV OH FDV GX 3RPPLHU OH IOX[ Q¶D SDV H[FpGp (7R 6RXV LUULJDWLRQ OHV IOX[ FXPXOpV UHSUpVHQWHQW DX PD[LPXP (7R GX IDLW TXH OHV DUEUHV Q¶LQWHUFHSWHQW SDV OD WRWDOLWp GX UD\RQQHPHQW VRODLUH TXL DUULYH DX QLYHDX GX YHUJHU (Q VHF OHV IOX[ SHXYHQW DWWHLQGUH (7R /HV WUDYDX[ GH 0DKMRXE UpDOLVpV HQ 7XQLVLH GDQV OD UpJLRQ GH 0RUQDJ GXUDQW O¶DQQpH VXU GHV ROLYLHUV &KpWRXL kJpV GH DQV RQW PRQWUp TXH OH IOX[ GH VqYH PHVXUp DX PR\HQ GH FDSWHXUV W\SH ,15$ FRQVWUXLWV VHORQ OH PRGqOH GH *UDQLHU VXLW GH PDQLqUH JpQpUDOH OD YDULDWLRQ GX UD\RQQHPHQW JOREDO 5 J DYHF GHV IOXFWXDWLRQV OLpHV DX[ FRQGLWLRQV FOLPDWLTXHV 3RXU WURLV MRXUQpHV W\SHV FKRLVLHV DX FRXUV GH O¶pWp OD UpSRQVH GH O¶DUEUH D pWp GLIIpUHQWH VHORQ OHV FRQGLWLRQV GH FKDTXH MRXUQpH $X FRXUV G¶XQH MRXUQpH HQVROHLOOpH OH IOX[ VH VWDELOLVH DX PLOLHX GH OD MRXUQpH DORUV TXH 5J FRQWLQXH j DXJPHQWHU &H UpVXOWDW FRQFRUGH ELHQ DYHF FHOXL GH &DELEHO HW 'R VXU SRPPLHU PRQWUDQW TXH GHV PpFDQLVPHV GH UpJXODWLRQ LQWHUQHV VRQW PLV HQ MHX HQ YXH GH OLPLWHU OD FRQVRPPDWLRQ K\GULTXH GH O¶DUEUH (Q SUpVHQFH GH VLURFFR O¶pYROXWLRQ GX IOX[ GH OD VqYH SUpVHQWH OD PrPH DOOXUH DYHF GHV YDOHXUV GH IOX[ QHWWHPHQW SOXV pOHYpHV HQ GpSLW GH YDOHXUV GH UD\RQQHPHQW JOREDO FRPSDUDEOHV &HWWH DXJPHQWDWLRQ HVW OLpH j O¶HIIHW DGYHFWLI GX VLURFFR $X FRXUV G¶XQH MRXUQpH SOXYLHXVH G¶pWp OH UD\RQQHPHQW JOREDO SUpVHQWH GHV IOXFWXDWLRQV OLpHV DX[ SDVVDJHV GH QXDJHV &HSHQGDQW LO SHXW SUpVHQWHU
XQH FRXUVH GLIIpUpH SDU UDSSRUW DX UD\RQQHPHQW JOREDO TXL VHUDLW DWWULEXpH DX WHPSV QpFHVVDLUH SRXU O¶pYDSRUDWLRQ GH OD SOXLH LQWHUFHSWpH SDU OH IHXLOODJH /D PrPH pWXGH D PRQWUp TX¶j O¶pFKHOOH GX MRXU GHV pFDUWV LPSRUWDQWV VRQW REVHUYpV HQWUH OH IOX[ HW 5J 3RXU H[SOLTXHU FHV GLYHUJHQFHV O¶DXWHXU V¶HVW UpIpUp DX[ FRQFOXVLRQV WLUpHV j O¶pFKHOOH KRUDLUH (Q HIIHW VL OD YDULDWLRQ GH IOX[ GH VqYH KRUDLUH FRQFRUGH HQ JpQpUDO DYHF FHOOH GH 5J OHV SURSRUWLRQV SHXYHQW rWUH LQIOXHQFpHV SDU G¶DXWUHV IDFWHXUV FOLPDWLTXHV SDU H[HPSOH OH VLURFFR '¶DXWUH SDUW GHV PpFDQLVPHV GH UpJXODWLRQ LQWHUQH LQWHUYLHQQHQW ORUVTXH OD GHPDQGH FOLPDWLTXH GHYLHQW WURS pOHYpH SRXU OLPLWHU OD FRQVRPPDWLRQ K\GULTXH GH O¶DUEUH &HV UpVXOWDWV FRQFRUGHQW DYHF FHX[ GH $ELG .DUUD\ TXL REVHUYH TXH ORUVTXH OH UD\RQQHPHQW JOREDO HVW DVVH] IRUW OD GHQVLWp GH IOX[ GH OD VqYH HQ FRQGLWLRQ GH ERQQH DOLPHQWDWLRQ K\GULTXH VXLW FHOOH GH 5J /H PD[LPXP GH FHWWH GHQVLWp YDULDQW GH j OLWUHV GP K HVW DWWHLQW SRXU GHV UD\RQQHPHQWV JOREDX[ PD[LPXPV YDULDQW GH j -RXOHV GP K HW GHV YDOHXUV GH GpILFLW GH VDWXUDWLRQ GH O¶DLU DOODQW GH j .3D (Q RXWUH OD EDLVVH GH OD GHQVLWp GH IOX[ YHUV KHXUHV FRwQFLGH DYHF OH PD[LPXP GH GpILFLW GH VDWXUDWLRQ GH O¶DLU /¶pYDSRWUDQVSLUDWLRQ GH UpIpUHQFH SUpVHQWH XQH PHLOOHXUH UHODWLRQ DYHF OH IOX[ GH VqYH TXRWLGLHQ FDU HOOH LQWqJUH O¶LQIOXHQFH GH IDFWHXUV FOLPDWLTXHV DXWUHV TXH OH UD\RQQHPHQW JOREDO &HSHQGDQW O¶pYROXWLRQ GH OD GHQVLWp GX IOX[ GH VqYH HQ IRQFWLRQ GH O¶(7 R HVW OLpH HQ SDUWLH j OD WHQHXU HQ HDX GX VRO &RKHQ $ELG .DUUD\ PHVXUH VXU ROLYLHU &KHPODOL kJp GH VHSW DQV HW FXOWLYp GDQV OD UpJLRQ GH .DLURXDQ VHPL DULGH LQIpULHXU GHV YDOHXUV GLIIpUHQWHV GH OD GHQVLWp GX IOX[ GH O¶RUGUH GH HW OLWUHV GP K SRXU GHX[ MRXUQpHV G¶pWp FDUDFWpULVpHV SDU XQH (7R VLPLODLUH PDLV FRUUHVSRQGDQWHV j GHV pWDWV K\GULTXHV GLIIpUHQWV DYHF XQH KXPLGLWp GX VRO GH O¶RUGUH GH GH OD UpVHUYH XWLOH SRXU OD SUHPLqUH MRXUQpH HW GH 58 SRXU OD VHFRQGH 'HV UpVXOWDWV FRPSDUDEOHV RQW pWp REWHQXV SDU 0DKMRXE VXU GHV ROLYLHUV &KpWRXL kJpV GH VL[ DQV HW FXOWLYpV GDQV OD UpJLRQ GH 0RUQDJ VHPL DULGH VXSpULHXU 3RXU XQH PrPH YDOHXU GH (7 R GHV YDOHXUV GH IOX[
GLIIpUHQWHV VRQW REVHUYpHV HQ UDLVRQ GH OD YDULDWLRQ GH O¶pWDW K\GULTXH GX VRO 7UDQVSLUDWLRQ GH O¶ROLYLHU /D KDXWHXU GH OD ODPH G¶HDX WUDQVSLUpH SDU XQ DUEUH SHXW rWUH H[SULPpH VRLW HQ UDSSRUWDQW OD GHQVLWp GX IOX[ GH OD VqYH j OD VXUIDFH IROLDLUH GH O¶DUEUH SXLV O¶H[WUDSROHU j O¶HQVHPEOH GX YHUJHU &LHQFLHOD HW DO FLWpV SDU $ELG .DUUD\ VRLW HQ OD UDSSRUWDQW j OD VXUIDFH RFFXSpH SDU XQ DUEUH DX QLYHDX GX YHUJHU FH TXL FRQVLVWH j H[WUDSROHU OD VXUIDFH FRQGXFWULFH j O¶pFKHOOH GH O¶KHFWDUH 'R HW 5RFKHWHDX /H IOX[ GH OD VqYH j O¶pFKHOOH GH O¶DUEUH ) OLWUH MRXU RX WUDQVSLUDWLRQ PR\HQQH GH O¶DUEUH HVW GpWHUPLQp (TXDWLRQ HQ PXOWLSOLDQW OD YDOHXU GH OD GHQVLWp GX IOX[ GH OD VqYH X OLWUH GP MRXU SDU OD VXUIDFH FRQGXFWULFH FRUUHVSRQGDQWH 6F GP ) X 6F
> @
/D WUDQVSLUDWLRQ MRXUQDOLqUH GH O¶ROLYLHU j O¶pFKHOOH GH OD SDUFHOOH HVW GpWHUPLQpH HQ FDOFXODQW OD PR\HQQH DULWKPpWLTXH GH FHV IOX[ HQ FRQVLGpUDQW O¶HQVHPEOH GHV DUEUHV (TXDWLRQ DYHF )L OH IOX[ PR\HQ SDU DUEUH OLWUH MRXU HW Q HVW OH QRPEUH G¶DUEUHV VXU OHVTXHOV RQW pWp IDLWHV OHV PHVXUHV GH IOX[ 7D )L Q
> @
/¶H[WUDSRODWLRQ GH FHV UpVXOWDWV j O¶pFKHOOH GH O¶ROLYHUDLH SHUPHWWDQW GH FDOFXOHU VD WUDQVSLUDWLRQ 7 PP V¶HIIHFWXH (TXDWLRQ HQ GLYLVDQW OD YDOHXU GH 7D SDU OD VXUIDFH RFFXSpH SDU FKDTXH ROLYLHU 6R P WHO TXH 7 7D 6R > @ 'DQV QRWUH FDV HW SRXU XQ pFDUWHPHQW GH P; P 6R HVW GH P
/H FKRL[ GH OD PpWKRGH GH FDOFXO GH O¶pYDSRWUDQVSLUDWLRQ GH OD FXOWXUH GpSHQG GX WUDYDLO j HQWUHSUHQGUH GH OD FXOWXUH HW GH O¶LQVWUXPHQWDWLRQ GLVSRQLEOH 3RXU OHV FXOWXUHV DUERULFROHV SOXVLHXUV PpWKRGHV VRQW JpQpUDOHPHQW FRPELQpHV HQ UDLVRQ GH OD GLVFRQWLQXLWp GH OD FRXYHUWXUH GX VRO HW GH OD UpSDUWLWLRQ GHV UDFLQHV /D WHFKQLTXH GH PHVXUH GX IOX[ GH OD VqYH EUXWH GpYHORSSpH SDU *UDQLHU HW PRGLILpH SDU 'R HW 5RFKHWHDX D HW E QRXV D SDUX OD SOXV DGDSWpH j QRV FRQGLWLRQV SRXU HVWLPHU OD WUDQVSLUDWLRQ j O¶pFKHOOH GH O¶DUEUH TX¶LO HVW SRVVLEOH G¶H[WUDSROHU SDU OD VXLWH j O¶HQVHPEOH GX YHUJHU 0DLV V¶DJLVVDQW G¶XQH FXOWXUH j FRXYHUWXUH GLVFRQWLQXH GX VRO TXL QRXV SODFH GDQV GHV FRQGLWLRQV QRQ VWDQGDUGV QRXV O¶DYRQV DVVRFLpH j G¶DXWUHV PpWKRGHV G¶HVWLPDWLRQ HQ O¶RFFXUUHQFH FHOOH GX ELODQ K\GULTXH HW GX ELODQ FOLPDWLTXH DILQ GH SRXYRLU GpWHUPLQHU OHV GHX[ FRPSRVDQWHV GH O¶pYDSRWUDQVSLUDWLRQ GH OD FXOWXUH
&+$3,75( ,,, 02'(/(6 '( 5(3216( $ /¶($8
'pILQLWLRQ © 8Q PRGqOH GH FURLVVDQFH HVW XQH UHSUpVHQWDWLRQ VLPSOLILpH G¶XQ SURFHVVXV FRPSOH[H TXL LQWqJUH WRXV OHV PpFDQLVPHV SK\VLTXHV FKLPLTXHV ELRFKLPLTXHV ELRORJLTXHV«HWF ª 6FKZDUW] HW DO /H PRGqOH SHXW rWUH SK\VLTXH RX DEVWUDLW ,O HVW UHSUpVHQWp SDU XQH RX SOXVLHXUV pTXDWLRQV 8QH UpJUHVVLRQ OLQpDLUH HVW XQ PRGqOH /HV UHODWLRQV PLFURFOLPDW FXOWXUH SURGXFWLRQ VRQW OLpHV DX[ SURFHVVXV ELRORJLTXHV TXL VH SURGXLVHQW GXUDQW OH F\FOH DQQXHO GH OD FXOWXUH HW DX[ IDFWHXUV GH O¶HQYLURQQHPHQW QRWDPPHQW OD WHPSpUDWXUH HW O¶HDX /D FRPSUpKHQVLRQ GH FHV UHODWLRQV HW OD PRGpOLVDWLRQ G¶XQ pYpQHPHQW SHUPHWWHQW GH GpILQLU OHV SUDWLTXHV DJURQRPLTXHV QpFHVVDLUHV SRXU RSWLPLVHU OD SURGXFWLRQ 3DU H[HPSOH OHV PRGqOHV SKpQRORJLTXHV pWDEOLV SRXU SUpGLUH OD GDWH GH IORUDLVRQ FKH] OH SrFKHU VRQW pODERUpV VXU OD EDVH GH OD VDWLVIDFWLRQ GHV EHVRLQV HQ IURLG GH OD FXOWXUH 6FKZDUW] HW DO ,OV SHUPHWWHQW G¶LQGLTXHU OH PRPHQW RSSRUWXQ G¶LQWHUYHQWLRQ SRXU SURWpJHU OD FXOWXUH GH O¶HIIHW GX JHO 7\SHV GH PRGqOHV 0RGqOHV VWDWLVWLTXHV
/HV PRGqOHV VWDWLVWLTXHV GpFULYHQW OHV UHODWLRQV HQWUH GHV YDULDEOHV VDQV WHQLU FRPSWH GH OHXU VLJQLILFDWLRQ ELRORJLTXH ,OV VRQW FRQVWUXLWV j SDUWLU GH ORLV VWDWLVWLTXHV HW VRQW XWLOLVpV JpQpUDOHPHQW SRXU OD SUpYLVLRQ GHV UHQGHPHQWV /D UpJUHVVLRQ HVW XWLOLVpH SRXU H[SULPHU XQH UHODWLRQ VWDWLVWLTXH HQWUH XQH YDULDEOH GpSHQGDQWH HQ O¶RFFXUUHQFH OD FURLVVDQFH
DYHF SOXVLHXUV YDULDEOHV LQGpSHQGDQWHV SUpYLVLRQQHOOHV j XQ PRPHQW GRQQp 6FKZDUW] HW DO 'DQV OH FDV GH OD PRGpOLVDWLRQ SKpQRORJLTXH FH WHPSV HVW DVVRFLp j XQ pYpQHPHQW SKpQRORJLTXH VSpFLILTXH WHO TXH OD GDWH GH IORUDLVRQ VLPXOpH HQ IRQFWLRQ GH OD VRPPH GHV GHJUpV MRXUV 'H WHOV pYpQHPHQWV YDULHQW HQ IRQFWLRQ GH OD ORFDOLWp HW GH O¶DQQpH HW QH GpSHQGHQW TXH GH OD WHPSpUDWXUH (Q DJURQRPLH O¶RXWLO OH SOXV XWLOLVp HVW OD UpJUHVVLRQ OLQpDLUH RX QRQ OLQpDLUH VLPSOH RX PXOWLSOH &H PRGqOH HVW VLPSOH GDQV VD QDWXUH HW GpSHQG GDQV XQH ODUJH PHVXUH GH OD FRQFHSWLRQ GX PRGqOH HW GH OD UpSpWLWLYLWp GHV GRQQpHV XWLOLVpHV +DIIDQL µ/H PRGqOH GH UpSRQVH j O¶HDX¶ HVW XQ PRGqOH VWDWLVWLTXH 'HZLW FLWp SDU +DIIDQL TXL UHOLH OH UHQGHPHQW FXPXOp < j OD WUDQVSLUDWLRQ 7 FXPXOpH ,O HVW H[SULPp SDU O¶pTXDWLRQ < .F 7 (R > @ (R UHSUpVHQWH O¶pYDSRUDWLRQ G¶XQH VXUIDFH OLEUH HW .F OH FRHIILFLHQW FXOWXUDO 5LRX H[SULPH OH UHQGHPHQW HQ PDWLqUH VqFKH WRWDOH < HQ IRQFWLRQ GH OD FRQVRPPDWLRQ HQ HDX (75 SDU O¶pTXDWLRQ WHO TXH < D (75 E > @ /¶H[SUHVVLRQ GH FH PRGqOH SDU UDSSRUW j <PD[ HW (70 SHUPHW GH FRPSDUHU OHV UpVXOWDWV (TXDWLRQ /H PRGqOH V¶pFULW < <PD[ >F (75 (70@ G > @ /H UHQGHPHQW PD[LPDO HVW VXSSRVp FRwQFLGHU DYHF O¶(70 &KH] OH 3DFDQLHU :ULJKW HW DO H[SULPHQW OH QRPEUH GH ERXUJHRQV j IOHXUV % VXVFHSWLEOHV G¶pYROXHU HQ IUXLWV HQ IRQFWLRQ GH OD FLUFRQIpUHQFH GX WURQF &7 GX QRPEUH GH ERXUJHRQ SDU EUDQFKH %E
GX FRHIILFLHQW GH FRPSpWLWLRQ HQWUH OHV DUEUHV && GX QRPEUH GH MRXUV DSUqV GpERXUUHPHQW ' HW GX UHQGHPHQW 5 /D UpJUHVVLRQ OLQpDLUH 5 HVW H[SULPpH SDU O¶pTXDWLRQ WHO TXH OQ% OQ%E &7 ± OQ&& ' 5 > @
/H PRGqOH GH 6FKZDUW] HW 0DURW] H[SULPH OD GDWH GH IORUDLVRQ FKH] OH 3rFKHU SDU XQH UpJUHVVLRQ PXOWLSOH (TXDWLRQ DYHF ©GDWH ª OH MRXU MXOLHQ %L GHV FRHIILFLHQWV HW [L OHV YDULDEOHV LQGpSHQGDQWHV GDWH %R % ;L GDWH % ;L GDWH « %Q;LQ GDWH HL > @
&H PRGqOH SHXW rWUH XWLOLVp SRXU GLIIpUHQWV VWDGHV SKpQRORJLTXHV &KH] O¶ROLYLHU %HQ 0HFKOLD HW +DPURXQL PRQWUHQW TXH OD SURGXFWLRQ G¶XQH DQQpH Q 3Q GpSHQG GH OD SURGXFWLRQ SRWHQWLHOOH GH O¶DUEUH 3 HW GH FHOOH GH O¶DQQpH TXL SUpFqGH ,OV H[SULPHQW FHWWH UHODWLRQ SDU XQH UHODWLRQ OLQpDLUH (TXDWLRQ HQ WHQDQW FRPSWH GH O¶DOWHUQDQFH GH SURGXFWLRQ HW GH OD GRVH G¶LUULJDWLRQ DYHF E OD SHQWH GH OD UpJUHVVLRQ 3Q 3 E 3 Q > @ /H FRHIILFLHQW GH UpJUHVVLRQ HVW GH /HV SHQWHV GHV GURLWHV GH UpJUHVVLRQ FRUUHVSRQGDQW DX[ GRVHV GH HW PP DQ RQW GHV YDOHXUV TXL WHQGHQW YHUV FH TXL VH WUDGXLW SDU XQH DFFHQWXDWLRQ GX SKpQRPqQH GH O DOWHUQDQFH 3RXU OH WUDLWHPHQW FRUUHVSRQGDQW j PP DQ OD SHQWH DWWHLQW HW O DOWHUQDQFH HVW DWWpQXpH 0RGqOHV VHPL ± HPSLULTXHV /H PRGqOH VHPL HPSLULTXH HVW LQWHUPpGLDLUH HQWUH OH PRGqOH VWDWLVWLTXH HW OH PRGqOH GH VLPXODWLRQ ,O WLHQW FRPSWH WRXWHIRLV GH OD
SK\VLRORJLH GH OD SODQWH &RPPH H[HPSOHV QRXV FLWRQV OHV PRGqOHV WKpRULTXHV GH FURLVVDQFH /D FURLVVDQFH TXHOOH VRLW H[SULPpH HQ ORQJXHXU HQ VXUIDFH RX HQ PDWLqUH VqFKH : VXLW XQH FRXUEH VLJPRwGDOH H[SRQHQWLHOOH RX SDUDEROLTXH %OXPHQILHOG &HUWDLQHV SKDVHV GH FHWWH FRXUEH VRQW PrPH OLQpDLUHV ,O HVW GRQF SRVVLEOH GH OHV PRGpOLVHU 6WRUH\ HW 7UHHE\ UDSSRUWHQW XQ PRGqOH H[SR OLQpDLUH SRXU GpFULUH OD FURLVVDQFH GHV SRPPHV HW GHV 1DYHOV SHQGDQW OH SUHPLHU HW OH VHFRQG VWDGH GH GpYHORSSHPHQW GHV IUXLWV &KH] OHV 1DYHOV OD FRXUEH PRQWUH GHX[ SKDVHV OLQpDLUHV GH FURLVVDQFH VpSDUpHV SDU XQH LQIOH[LRQ &HV SKDVHV WUDGXLVHQW GHX[ SKpQRPqQHV ELRORJLTXHV OD GLYLVLRQ FHOOXODLUH 5 HW O¶pODUJLVVHPHQW GHV FHOOXOHV 5 /¶LQIOH[LRQ FRUUHVSRQG j XQH SKDVH GH WUDQVLWLRQ HQWUH FHV GHX[ SURFHVVXV ELRORJLTXHV (OOH SHXW WUDGXLUH pJDOHPHQW XQ FKDQJHPHQW GDQV O¶pTXLOLEUH GH OD EDODQFH GHV FDUERK\GUDWHV HQWUH OHV RUJDQHV VRXUFHV HW SXLWV VXLWH j XQH FKXWH VLJQLILFDWLYH GH IUXLWV /D SKDVH OLQpDLUH GH OD FRXUEH FRUUHVSRQG j XQ UpJLPH VWDWLRQQDLUH SRXU WRXV OHV SKpQRPqQHV LPSOLTXpV GDQV OD FURLVVDQFH /H SDVVDJH GH FHWWH SKDVH j OD SKDVH FRQFDYH WUDGXLW XQ UDOHQWLVVHPHQW GX SKpQRPqQH GpFULW /D FRQVLGpUDWLRQ VLPXOWDQpH GH SKDVHV DFFpOpUpHV HW GpFpOpUpHV FRQGXLW j XQ PRGqOH GLW © ORJLVWLTXH ª /HV IRQFWLRQV ORJLVWLTXHV XWLOLVpHV GDQV OHV PRGqOHV GH FURLVVDQFH VRQW XWLOHV FDU OHV SDUDPqWUHV XWLOLVpV RQW XQH VLJQLILFDWLRQ ELRORJLTXH WHOOH TXH OHV PD[LPD HW PLQLPD DV\PSWRWLTXHV HW OHV SRLQWV G¶LQIOH[LRQ WUDGXLVDQW XQH YLWHVVH GH FURLVVDQFH PD[LPDOH &HWWH ORJLVWLTXH HVW H[SULPpH SDU O¶pTXDWLRQ : :PD[ H 5*5 W
> @
W UHSUpVHQWH OH WHPSV DX ERXW GXTXHO OD PDVVH : DWWHLQW OD PRLWLp GH VD YDOHXU PD[LPDOH :PD[ 5*5 HVW OD YLWHVVH GH FURLVVDQFH UHODWLYH
/HV SKpQRPqQHV SK\VLRORJLTXHV SHXYHQW rWUH LOOXVWUpV SDU GHV IRQFWLRQV DV\PpWULTXHV WHOOH TXH OD IRQFWLRQ GH *RPSHUW] (TXDWLRQ 6WDQOH\ HW DO (OOH V¶pFULW G: GW R [ : H VW > @ DYHF R OH WDX[ GH FURLVVDQFH VSpFLILTXH j W : HVW OD PDWLqUH VqFKH HW 6 HVW OH SDUDPqWUH GH VpQHVFHQFH 6WDQOH\ HW DO RQW FRUUpOp OD FURLVVDQFH GHV SRPPHV j OD WHPSpUDWXUH PR\HQQH HW j OD VRPPH GHV GHJUpV MRXUV *'' Â&#x192;& /H PRGqOH GH SUpYLVLRQ REWHQX D PRQWUp TXH OD SUpYLVLRQ GH OD FURLVVDQFH HQ UHODWLRQ DYHF *'' Â&#x192;& HVW G¶DXWDQW SOXV IDLEOH TXH O¶LQWHUYDOOH GH SUpYLVLRQ HVW LPSRUWDQW /HV PHLOOHXUHV FRUUpODWLRQV HQWUH OH SRLGV GHV IUXLWV HW *'' Â&#x192;& VRQW REWHQXHV HQWUH OH WUHQWLqPH HW OH FLQTXDQWLqPH MRXU DSUqV OD SOHLQH IORUDLVRQ DYHF XQ FRHIILFLHQW GH YDULDWLRQ DOODQW GH j 'DQV FH PRGqOH OD FURLVVDQFH GHV SRPPHV HVW H[SULPpH HQ IRQFWLRQ GHV FKDQJHPHQWV VDLVRQQLHUV SDU O¶pTXDWLRQ < F H[S H[S E H[S >H[S E N '$3) @ > @ $YHF < OH SRLGV PR\HQ GX IUXLW F E HW N OHV SDUDPqWUHV GH *RPSHUW] F HVW OD PHVXUH GX SRLGV LQLWLDO HW '$3) HVW OD GDWH DSUqV OD SOHLQH IORUDLVRQ &H PRGqOH HVW DPpOLRUp ORUVTXH OD FURLVVDQFH GHV IUXLWV HVW H[SULPpH HQ IRQFWLRQ GHV WHPSpUDWXUHV PR\HQQHV GH FKDTXH LQWHUYDOOH GH SUpYLVLRQ 0RGqOHV GH VLPXODWLRQ /HV PRGqOHV GH VLPXODWLRQ VRQW GHV PRGqOHV FRPSOH[HV LQWpJUDQW GHV UpDFWLRQV LQWULQVqTXHV OLpHV j OD FXOWXUH OHV IDFWHXUV HQYLURQQHPHQWDX[ HW OHXUV LQWHUDFWLRQV 'DQV GH WHOV PRGqOHV OHV FKDQJHPHQWV G¶pWDWV VRQW GpFULWV SDU GHV pTXDWLRQV PDWKpPDWLTXHV PHWWDQW HQ pYLGHQFH OHV IDFWHXUV OLPLWDQWV GH OD FURLVVDQFH ,OV VRQW
RUJDQLVpV OH SOXV VRXYHQW HQ TXDWUH PRGXOHV XQ PRGXOH SKpQRORJLTXH XQ PRGXOH GH SURGXFWLRQ GH ELRPDVVH XQ PRGXOH GH UpSDUWLWLRQ HW GH UHGLVWULEXWLRQ HW XQ PRGqOH GH FRQWUDLQWH 3DUPL FHV PRGqOHV RQ SHXW FLWHU OH PRGqOH © '$57 ª 'HPDUH] HW DO TXL VLPXOH O¶HIIHW GH O¶DUFKLWHFWXUH GH OD FRXYHUWXUH GX VRO HW GHV HIIHWV GH ERUGV VXU OHV WUDQVIHUWV UDGLDWLIV HW O¶DFWLYLWp SKRWRV\QWKpWLTXH G¶XQ PLOLHX ILQL &H PRGqOH HVW H[SULPp HQ IRQFWLRQ GX /$, HW GH OD UDGLDWLRQ 3$5
% $3352&+( 0(7+2'2/2*,48(
&+$3,75( , 3$5$0(75,6$7,21 (7 68,9,6 6XLYL GH O¶pWDW K\GULTXH GX VRO +XPLGLWp YROXPLTXH /¶pWDW K\GULTXH GX VRO D pWp VXLYL GXUDQW OD FDPSDJQH j SDUWLU GH PHVXUHV QHXWURQLTXHV VRQGH j QHXWURQV PRGqOH 62/2 TXL RQW GpPDUUp DX PRLV G¶DYULO DX PRPHQW GH OD IORUDLVRQ 3RXU FRXYULU WRXV OHV pWDWV K\GULTXHV GX VRO QRXV DYRQV UpDOLVp GHV PHVXUHV WUqV UDSSURFKpHV DX FRXUV GH OD VDLVRQ G¶LUULJDWLRQ HW SRXUVXLYL OHV PHVXUHV MXVTX¶DX PRLV GH GpFHPEUH /HV PHVXUHV QHXWURQLTXHV RQW pWp UpDOLVpHV DX PR\HQ GH WXEHV HQ 39& TXH QRXV DYRQV IDEULTXp QRXV PrPH &HV WXEHV RQW pWp LPSODQWpV DXWRXU GH WURLV ROLYLHUV &KpWRXL GX SUHPLHU EORF /HV HPSODFHPHQWV GHV WXEHV RQW pWp FKRLVLV FRPSWH WHQX GH O¶KpWpURJpQpLWp GH OD FRXYHUWXUH GX VRO HW GH OD UpSDUWLWLRQ GHV UDFLQHV GH PDQLqUH j SRXYRLU FRXYULU O¶HQVHPEOH GH OD ]RQH H[SORLWDEOH SDU OHV UDFLQHV GH O¶ROLYLHU FHOOH TXL HVW VXMHWWH j O¶KXPHFWDWLRQ SDU O¶LUULJDWLRQ HW FHOOH TXL HVW H[SRVpH j O¶pYDSRUDWLRQ GLUHFWH GX VRO /HV PHVXUHV QHXWURQLTXHV RQW pWp UpDOLVpHV HQWUH OHV SURIRQGHXUV HW FP DYHF XQ SDV GH FP /H SULQFLSH FRQVLVWH j GpWHUPLQHU OD YDOHXU 1 GX FRPSWDJH DIILFKpH DX QLYHDX GX FRPSWHXU GH OD VRQGH HVW UDSSRUWpH j OD PHVXUH PR\HQQH GH UpIpUHQFH 1 HDX TXL HVW UpDOLVpH GDQV
O¶HDX DYDQW HW DSUqV FKDTXH VpULH G¶REVHUYDWLRQV SRXU FRUULJHU OH SKpQRPqQH
GH
GpULYH
pOHFWURQLTXH
/¶KXPLGLWp
YROXPLTXH
FRUUHVSRQGDQWH HVW GpWHUPLQpH SRXU FKDTXH SURIRQGHXU HW SRXU FKDTXH WXEH j SDUWLU GH OD FRXUEH G¶pWDORQQDJH GH OD VRQGH &HWWH WHFKQLTXH QpFHVVLWH O¶pWDORQQDJH GH OD VRQGH /D FRXUEH G¶pWDORQQDJH H[SULPH O¶KXPLGLWp YROXPLTXH +Y HQ IRQFWLRQ GX UDSSRUW 1 pJDO j 1 1HDX FRUUHVSRQGDQW /HV YDOHXUV GH +Y VRQW GpWHUPLQpHV SDU JUDYLPpWULH j SDUWLU G¶pFKDQWLOORQV GH VRO SUpOHYpV j OD WDULqUH OH PrPH MRXU TXH OHV PHVXUHV QHXWURQLTXHV HW j GHV HQGURLWV FRPSDUDEOHV j FHX[ GHV WXEHV G¶DFFqV /D FRXUEH HVW FRQVWUXLWH SRXU FKDTXH KRUL]RQ /HV SUpOqYHPHQWV JUDYLPpWULTXHV RQW pWp HIIHFWXpV DYHF XQ SDV GH FP MXVTX¶j OD SURIRQGHXU FP (Q VXUIDFH FP FHV PHVXUHV RQW pWp SOXV IUpTXHQWHV pWDQW GRQQp TXH OHV YDOHXUV PHVXUpHV j OD VRQGH VRQW HUURQpHV /¶KXPLGLWp YROXPLTXH HVW GRQQpH SDU OHV pTXDWLRQV HW +Y 'D +P > @ DYHF +P 3I 7 ± 3V 7 3V 7 > @
$YHF 3I HW 3V OHV SRLGV IUDLV HW VHF GH O¶pFKDQWLOORQ J 7 OD WDUH J +P HW +Y KXPLGLWpV PDVVLTXH HW YROXPLTXH 'D OD GHQVLWp DSSDUHQWH J FP 6WRFN G¶HDX /H VWRFN G¶HDX HVW GpWHUPLQp SRXU FKDTXH WUDQFKH GH VRO HW SRXU O¶HQVHPEOH GX SURILO 3RXU XQH WUDQFKH GH VRO SURIRQGH GH P OH VWRFN G¶HDX GRQQp HQ PP HVW pJDO j GHX[ IRLV OD YDOHXU GH O¶KXPLGLWp YROXPLTXH H[SULPpH HQ SRXUFHQWDJH &DUDFWpULVDWLRQ GX PDWpULHO YpJpWDO /HV PHVXUHV GH OD FLUFRQIpUHQFH GH OD IURQGDLVRQ RQW pWp HIIHFWXpHV VXU WURLV DUEUHV SDU YDULpWp HW SDU EORF DUEUHV YDULpWp DYHF
UpSpWLWLRQV VXU GHV ROLYLHUV FKRLVLV DX QLYHDX GH OD SDUWLH FHQWUDOH GH FKDTXH XQLWp SDUFHOODLUH HW HQ GHKRUV GHV OLJQHV GH ERUGXUH /D VXUIDFH GH OD FDQRSpH D pWp GpGXLWH GH FHV VXLYLV DLQVL TXH OH WDX[ GH FRXYHUWXUH GX VRO TXL D VHUYL GDQV OD GpWHUPLQDWLRQ GHV EHVRLQV HQ HDX GH OD FXOWXUH /H V\VWqPH UDGLFXODLUH D pWp pWXGLp VXU GHV DUEUHV kJpV GH j DQV VHORQ OD PpWKRGH GH OD WUDQFKpH )HUQDQGH] HW 0RUHQR j SDUWLU GH SURILOV SpGRORJLTXHV FUHXVpV j FP GX WURQF RULHQWDWLRQ 1RUG 2XHVW VXU XQH SURIRQGHXU DOODQW GH j P VHORQ O¶kJH 8QH UHSUpVHQWDWLRQ VFKpPDWLTXH GH OD GLVWULEXWLRQ GHV UDFLQHV pPHUJHQWHV GX F{Wp (VW GH OD WUDQFKpH D pWp UpDOLVpH SRXU FKDTXH DUEUH HQ LQGLTXDQW SRXU FKDTXH WUDQFKH GH VRO OH QRPEUH GH UDFLQHV REVHUYp HW OH GLDPqWUH PR\HQ GH FHV UDFLQHV /D VXUIDFH UDGLFXODLUH D pWp GpWHUPLQpH j SDUWLU GH FHV VXLYLV 0HVXUH GX IOX[ GH OD VqYH EUXWH )DEULFDWLRQ GHV FDSWHXUV µ*UDQLHU¶ HW DFTXLVLWLRQ GHV FDSWHXUV µ'\QDPD[¶ /¶H[SpULPHQWDWLRQ D GpPDUUp GqV OD ILQ GH O¶DQQpH SDU OD IDEULFDWLRQ DX /DERUDWRLUH GH %LRFOLPDWRORJLH GH O¶,1$7 GH FDSWHXUV µ*UDQLHU¶ GH PHVXUH GX IOX[ GH OD VqYH VHORQ OD WHFKQLTXH GpFULWH SDU 0DKMRXE HW $ELG .DUUD\ $X GpEXW GX PRLV GH PDUV QRXV DYRQV SURFpGp j O¶LQVWDOODWLRQ GHV FDSWHXUV HQ SOHLQ FKDPS VXU WURLV ROLYLHUV GH OD YDULpWp &KpWRXL 1RXV DYRQV XWLOLVp GL[ FDSWHXUV GH IOX[ GRQW WURLV RQW pWp FRQVWUXLWV DX ODERUDWRLUH 3KRWR HW TXH QRXV DSSHOOHURQV µ,15$ )UDQFH¶ HW VHSW DXWUHV GH OD PDUTXH µ'\QDPD[¶ FRQVWUXLWV VHORQ OH PrPH SULQFLSH HW TXH QRXV DYRQV DFTXLV GDQV OH FDGUH GH QRV DFWLYLWpV GH UHFKHUFKH /HV GHX[ PRGqOHV GH FDSWHXUV GLIIqUHQW SDU OHXU ORQJXHXU HW OHXU SXLVVDQFH GH FKDXIIDJH
3KRWR &DSWHXU GH IOX[ GH VqYH IDEULTXp DX ODERUDWRLUH VHORQ OD PpWKRGH GH *UDQLHU /H FDSWHXU HVW FRQVWLWXp GH GHX[ VRQGHV O¶XQH VHUYDQW GH UpIpUHQFH O¶DXWUH SRUWDQW XQH VRQGH FKDXIIDQWH ILO URXJH ,QVWDOODWLRQ GHV FDSWHXUV HQ SOHLQ FKDPS /H GLVSRVLWLI GH PHVXUH GX IOX[ GH VqYH HVW FRQVWLWXp SULQFLSDOHPHQW G¶XQ HQVHPEOH GH FDSWHXUV WKHUPLTXHV TXH QRXV DYRQV LQVpUp j FP VRXV O¶pFRUFH GX WURQF GHV WURLV ROLYLHUV &KpWRXL j FP DX GHVVXV GX QLYHDX GX VRO VHORQ OHV RULHQWDWLRQV 6( 62 HW 1( 3KRWR ,OV RQW pWp UHOLpV j OD FHQWUDOH G¶DFTXLVLWLRQ GHV GRQQpHV GDWD ORJJHU W\SH '/ DILQ G¶HQUHJLVWUHU OHV VLJQDX[ pPLV SDU FHV FDSWHXUV 0DVPRXGL HW DO /D FHQWUDOH HVW EUDQFKpH j XQH EDWWHULH 9 P$ TXL DVVXUH VRQ DOLPHQWDWLRQ HQ FRXUDQW /D EDWWHULH HVW UHOLpH j XQ SDQQHDX VRODLUH TXL SHUPHW VD UHFKDUJH DX FRXUV GH OD MRXUQpH 1pDQPRLQV QRXV SURFpGRQV j VRQ FKDQJHPHQW WRXV OHV MRXUV HQ KLYHU HW WRXV OHV MRXUV HQ pWp DILQ G¶pYLWHU VRQ pSXLVHPHQW $X ODERUDWRLUH HOOH HVW FRQWU{OpH HW UHFKDUJpH SHQGDQW FHWWH SpULRGH µGH UHSRV¶ /H FDSWHXU HVW FRQVWLWXp GH GHX[ VRQGHV IRUPpH FKDFXQH G¶XQ WKHUPRFRXSOH &XLYUH ± &RQVWDQWLQ 0DKMRXE 0DVPRXGL HW DO /D VRQGH DYDO SODFpH HQ KDXW GX WURQF HVW pTXLSpH G¶XQ pOpPHQW FKDXIIDQW GRQW OD FKDOHXU GLIIXVH j WUDYHUV OH ERLV HW OD VqYH SDU OH SDVVDJH GH OD VqYH LQGXLVDQW XQH GLIIpUHQFH GH WHPSpUDWXUH HQWUH OD VRQGH GH UpIpUHQFH SODFpH HQ EDV GX WURQF j O¶DUULYpH GH OD VqYH HW OD VRQGH FKDXIIDQWH 1RXV DYRQV DGRSWp XQ F\FOH GH FKDXIIDJH GH PLQXWHV GH FKDXIIDJH PLQXWHV GH QRQ FKDXIIDJH SRXU WHQLU FRPSWH GX O¶HIIHW GX
JUDGXDQW QDWXUHO &HOXL FL SHXW HQ HIIHW rWUH LPSRUWDQW QRWDPPHQW DX FRXUV GHV MRXUQpHV GH IRUWH GHPDQGH pYDSRUDWRLUH
3KRWR D &DSWHXUV GH PHVXUH GX IOX[ GH OD VqYH [\OpPLTXH LQVWDOOpV VRXV O¶pFRUFH GX WURQF G¶ROLYLHU © &KpWRXL ª kJp GH VL[ DQV /HV GHX[ VRQGHV GX FDSWHXU VRQW GpFDOpHV O¶XQH SDU UDSSRUW j O¶DXWUH SRXU pYLWHU OHV LQWHUIpUHQFHV /D VRQGH DYDO KDXW HVW PXQLH G¶XQ pOpPHQW FKDXIIDQW E /HV FDSWHXUV VRQW HQYHORSSpV SDU XQ ILOP HQ DOXPLQLXP 3URFpGXUH GH FDOFXO /HV FDSWHXUV IRXUQLVVHQW FKDFXQ VL[ PHVXUHV SDU GHPL KHXUH PHVXUHV SRXU OD SpULRGH GH FKDXIIDJH HW DXWUHV SRXU OD SpULRGH GH QRQ FKDXIIDJH SURGXLWHV VRXV IRUPH G¶XQH GLIIpUHQFH GH WHPSpUDWXUH /H FDOFXO GH OD GHQVLWp GH IOX[ VH IDLW VHORQ OD SURFpGXUH GH 'R HW 5RFKHWHDX 'DQV XQH SUHPLqUH pWDSH OD YDOHXU PD[LPDOH GH FHV GLIIpUHQFHV ¨7PD[ HVW GpWHUPLQpH (OOH FRUUHVSRQG DX IOX[ QXO 8QH FRUUHFWLRQ GHV PHVXUHV HVW HQVXLWH HIIHFWXpH HQ FDOFXODQW OD GLIIpUHQFH QRWpH ¨7D ¨7RQ ¨7RII R ¨7RQ UHSUpVHQWH OD GLIIpUHQFH GH WHPSpUDWXUH j OD ILQ GH OD SpULRGH GH FKDXIIDJH GHPL KHXUH GH FKDXIIDJH HW ¨7RII FHOOH PHVXUpH j OD ILQ GH OD SpULRGH GH QRQ FKDXIIDJH GHPL KHXUH GH QRQ FKDXIIDJH $ SDUWLU GH FHV YDOHXUV FRUULJpHV O¶LQGLFH GX IOX[ . WHO TXH . ¨7PD[ ¨7D ¨7D HVW FDOFXOp 8QH YDOHXU GH OD GHQVLWp GH IOX[ GH VqYH X HVW GRQQpH HQ OLWUH GP K /D YDOHXU ) GX IOX[ GH OD VqYH OLWUH MRXU HVW
GpWHUPLQpH HQ PXOWLSOLDQW X SDU OD VHFWLRQ GX UDPHDX FRQGXFWULFH GH O¶HDX 3RXU GpWHUPLQHU FHWWH GHUQLqUH LO D pWp QpFHVVDLUH GH PHWWUH DX SRLQW OD WHFKQLTXH GH FRORUDWLRQ GX ERLV GH FRXSH GHV UDPHDX[ HW GH FDOFXO GH FHWWH VXUIDFH SXLVTXH OHV PpWKRGHV FRQYHQWLRQQHOOHV GH FRORUDWLRQ DX FDUPLQR YHUW HW GH FRXSH GDQV OHV LQFOXVLRQV GH SDUDIILQH RX j PDLQ OHYpH QH VRQW SDV DGDSWpHV DX[ UDPHDX[ GH JUDQG GLDPqWUH $QDO\VH GHV UpVXOWDWV /¶pWXGH GH OD G\QDPLTXH GH FURLVVDQFH GHV MHXQHV ROLYLHUV HVW LQWpJUpH GDQV OH FDGUH GH O¶pWXGH GH OD UHODWLRQ VRO SODQWH HQ YXH GH FDUDFWpULVHU OD FURLVVDQFH GH O¶DUEUH FRPSWH WHQX GHV FRQGLWLRQV HQYLURQQHPHQWDOHV HW SDUWLFXOLqUHPHQW K\GULTXHV 3RXU FHOD QRXV DYRQV HQWUHSULV DX FRXUV GH OD FDPSDJQH OH VXLYL GH O¶pWDW K\GULTXH GX VRO j SDUWLU GH PHVXUHV JUDYLPpWULTXHV HW QHXWURQLTXHV 3RXU DQDO\VHU OHV GRQQpHV REWHQXHV QRXV DYRQV FDOFXOp OHV VWRFNV G¶HDX HQ FRQVLGpUDQW GLIIpUHQWV FRPSDUWLPHQWV GX VRO DILQ GH WHQLU FRPSWH GH O¶HIIHW GH O¶KpWpURJpQpLWp GH OD G\QDPLTXH GH O¶HDX GDQV OH UpVHUYRLU VRO TXL UpVXOWH GH OD FRXYHUWXUH GLVFRQWLQXH GX VRO HW GH OD UpSDUWLWLRQ KpWpURJqQH GHV UDFLQHV &HWWH DQDO\VH D pWp UpDOLVpH HQ FRQVLGpUDQW GHX[ pFKHOOHV 1RXV DYRQV HQWUHSULV GDQV XQ SUHPLHU WHPSV SRXU GLIIpUHQWHV GDWHV GH PHVXUHV FRUUHVSRQGDQWHV j GLIIpUHQWV VWDGHV SKpQRORJLTXHV XQH DQDO\VH TXDQWLWDWLYH GH OD UpSDUWLWLRQ VSDWLDOH GHV VWRFNV G¶HDX GDQV OHV GLIIpUHQWV FRPSDUWLPHQWV GX UpVHUYRLU VRO HQ FRQVLGpUDQW OHV ]RQHV KXPHFWpHV SDU O¶LUULJDWLRQ FHOOHV TXL VRQW VXMHWWHV j O¶pYDSRUDWLRQ HW FHOOHV TXL VRQW VRXV O¶HIIHW GH OD WUDQVSLUDWLRQ GX MHXQH DUEUH 'DQV XQH VHFRQGH pWDSH QRXV DYRQV DQDO\Vp O¶pYROXWLRQ GHV VWRFNV G¶HDX j WUDYHUV WRXW OH F\FOH GH FURLVVDQFH HW DQDO\Vp VHV YDULDWLRQV 0DLV HQ UDLVRQ GH O¶KpWpURJpQpLWp GH OD FRXYHUWXUH GX VRO HW GH OD UpSDUWLWLRQ GHV UDFLQHV O¶pYDSRWUDQVSLUDWLRQ GpWHUPLQpH j SDUWLU GX ELODQ K\GULTXH QH UHIOqWH SDV OD SDUW TXL HVW DWWULEXpH j O¶DUEUH F¶HVW j ± GLUH OD WUDQVSLUDWLRQ 3RXU FHOD QRXV DYRQV PHVXUp DX FRXUV GH OD PrPH FDPSDJQH OH IOX[ GH OD VqYH EUXWH HQ YXH GH GpWHUPLQHU OD FRQWULEXWLRQ GH OD FRPSRVDQWH WUDQVSLUDWLRQ GDQV O¶pYDSRWUDQVSLUDWLRQ GX MHXQH ROLYLHU
/¶DQDO\VH GX IOX[ D pWp pJDOHPHQW UpDOLVpH HQ FRQVLGpUDQW GHV MRXUQpHV W\SHV UHWHQXHV DX QLYHDX GHV GLIIpUHQWHV VDLVRQV SRXU GLYHUVHV FRQGLWLRQV K\GULTXHV HW FOLPDWLTXHV (QILQ SRXU LQWpJUHU O¶HQVHPEOH GHV UpVXOWDWV QRXV DYRQV GpYHORSSp XQ PRGqOH GH FDOFXO GHV EHVRLQV HQ HDX GHV MHXQHV ROLYLHUV GDQV OHTXHO QRXV DYRQV PLV HQ UHODWLRQ OHV SDUDPqWUHV FOLPDWLTXHV OH GpYHORSSHPHQW GH OD IURQGDLVRQ HW GX V\VWqPH UDGLFXODLUH
& 5(68/7$76
&+$3,75( , $1$/<6( '(6 &21',7,216 '( /¶(66$, 0HVXUH GH O¶KXPLGLWp YROXPLTXH GX VRO /¶KXPLGLWp GX VRO D pWp GpWHUPLQpH SDU GHV PHVXUHV QHXWURQLTXHV HW JUDYLPpWULTXHV /HV PHVXUHV j OD VRQGH j QHXWURQV RQW pWp UpDOLVpHV DX[ PR\HQV GH WXEHV G¶DFFqV HQ 39& TXL RQW pWp SODFpV j GLIIpUHQWHV GLVWDQFHV GX WURQF &RQIHFWLRQ GHV WXEHV G¶DFFqV GH OD VRQGH j QHXWURQV /HV PHVXUHV QHXWURQLTXHV VRQW IDLWHV DX PR\HQ GH WXEHV G¶DFFqV ORQJV GH FP HW FRQIHFWLRQQpV HQ 39& DYHF XQH H[WUpPLWp FRQLTXH HQ SRO\DPLGH /HXU pWDQFKpLWp D pWp DVVXUpH SDU XQH FROOH VSpFLDOH j EDVH GH SRO\XU\WKDQH XWLOLVpH j GRXEOHV ILQV FROODJH HW pWDQFKpLWp /HV WXEHV VRQW LPSODQWpV DXWRXU GH WURLV SLHGV G¶ROLYLHU © &KpWRXL ª GH PDQLqUH j FRXYULU OH YROXPH GH VRO H[SORLWDEOH SDU OHV UDFLQHV &KRL[ GH O¶HPSODFHPHQW GHV WXEHV G¶DFFqV GH OD VRQGH j QHXWURQV /HV WXEHV G¶DFFqV GH OD VRQGH j QHXWURQV RQW pWp LQVWDOOpV DX GpEXW GH O¶DQQpH j GLIIpUHQWHV GLVWDQFHV GX WURQF GH WURLV ROLYLHUV &KpWRXL FKRLVLV GH YLJXHXU FRPSDUDEOH GDQV OH SUHPLHU EORF GH OD SDUFHOOH ,OV RQW pWp LPSODQWpV GDQV GHV WURXV FUHXVpV j OD WDULqUH HQ YHLOODQW j FH TX¶LOV
VRLHQW ELHQ DGKpUHQWV j OD WHUUH TXL OHV HQWRXUH /¶DLU VH WURXYDQW SULV HQWUH OH WXEH HW OD WHUUH SHXW HQ HIIHW IDXVVHU OD PHVXUH QHXWURQLTXH /¶HPSODFHPHQW GHV WXEHV D pWp FKRLVL GH PDQLqUH j WHQLU FRPSWH GH OD YDULDELOLWp GH O¶pWDW K\GULTXH GHV GLIIpUHQWV FRPSDUWLPHQWV GX VRO TXL UpVXOWH GH O¶KpWpURJpQpLWp VSDWLDOH GH OD FXOWXUH GH OD UpSDUWLWLRQ KpWpURJqQH GH VHV UDFLQHV GH OD FRXYHUWXUH LQFRPSOqWH GX VRO SDU OD IURQGDLVRQ HW GH O¶KXPHFWDWLRQ GH OD ]RQH VRXPLVH j O¶LUULJDWLRQ /D ILJXUH PRQWUH OD GLVWULEXWLRQ GHV GLIIpUHQWV WXEHV TXL VRQW SODFpV DX[ TXDWUH SRLQWV FDUGLQDX[ GH FKDTXH ROLYLHU VXU OD OLJQH HQWUH GHX[ DUEUHV GDQV OD ]RQH VLWXpH HQ GHKRUV GH OD IURQGDLVRQ HW DX FHQWUH GX FDUUp IRUPp SDU TXDWUH DUEUHV /HV WXEHV SODFpV VRXV OHV DUEUHV HW VXU OD OLJQH HQWUH GHX[ ROLYLHUV VRQW UHSUpVHQWpV SDU WURLV HW GHX[ UpSpWLWLRQV UHVSHFWLYHPHQW (Q GHKRUV GH FHV ]RQHV OHV WXEHV VRQW SODFpV GH PDQLqUH j FH TX¶LOV VRLHQW HQ V\PpWULH OHV XQV SDU UDSSRUW DX DXWUHV HW SDU UDSSRUW j OD OLJQH TXL SDVVH SDU OHV HPSODFHPHQWV HW VLWXpV j HQYLURQ P GX WURQF HW RULHQWpV (2 /H WXEH UHSUpVHQWH OD ]RQH VRXPLVH j O¶HIIHW GH OD SOXLH HW j O¶pYDSRUDWLRQ GX VRO
2OLYLHU 2OLYLHU 2OLYLHU $ $ $
)LJXUH 'LVWULEXWLRQ GHV WXEHV G¶DFFqV GH OD VRQGH j QHXWURQV WXEHV /HV WXEHV VRQW SODFpV j FP GH SURIRQGHXU DXWRXU GH WURLV ROLYLHUV &KpWRXL FKRLVLV GDQV OH SUHPLHU EORF GH OD SDUFHOOH ,OV VRQW SODFpV VRXV OD IURQGDLVRQ GHV DUEUHV DX QLYHDX GHV TXDWUH FRLQV FDUGLQDX[ VXU OD OLJQH HQWUH GHX[ ROLYLHUV HW HQ GHKRUV GH OD IURQGDLVRQ GH PDQLqUH j FRXYULU O¶HQVHPEOH GH OD ]RQH UDGLFXODLUH /H WXEH QÂ&#x192; HVW SODFp DX FHQWUH GX FDUUp IRUPp SDU TXDWUH ROLYLHUV HW UHSUpVHQWH OD ]RQH VRXPLVH j OD SOXLH HW j O¶pYDSRUDWLRQ GX VRO
/H VWRFN G¶HDX GDQV OH VRO D pWp HVWLPp j SDUWLU GHV PHVXUHV GH O¶KXPLGLWp YROXPLTXH GpWHUPLQpHV j GLIIpUHQWHV GLVWDQFHV GX WURQF ILJXUH VXU XQH SURIRQGHXU GH FP DYHF XQ SDV GH FP 3RXU XQH SURIRQGHXU GH P OH VWRFN G¶HDX HVW pJDO j GHX[ IRLV OD YDOHXU GH O¶KXPLGLWp YROXPLTXH H[SULPpH HQ SRXUFHQWDJH $ILQ GH SRXYRLU pWXGLHU O¶pYROXWLRQ GX VWRFN G¶HDX GDQV OH UpVHUYRLU VRO OHV WXEHV RQW pWp RUJDQLVpV HQ GLIIpUHQWV JURXSHV VHORQ OHXU GLVWDQFH DX WURQF 7DEOHDX 7DEOHDX 5pSDUWLWLRQ GHV WXEHV G¶DFFqV GH OD VRQGH QHXWURQLTXH HQ IRQFWLRQ GH OD GLVWDQFH DX WURQF *URXSH
3RVLWLRQ
*URXSH $SORPE GH OD IURQGDLVRQ P
*URXSH 3RLQW G¶LQWHUVHFWLRQ GHV EXOEHV GHV JRXWWHXUV P
*URXSH OLPLWH GH OD ]RQH GHV UDFLQHV P PDLV
QRQ FRXYHUWH
*URXSH =RQH VH WURXYDQW HQ GHKRUV GHV UDFLQHV
HW
*URXSH 3RLQW G¶LQWHUVHFWLRQ GH ROLYLHUV P
/H JURXSH HVW UHSUpVHQWp SDU OHV PHVXUHV HIIHFWXpHV GDQV XQ UD\RQ GH P GX WURQF j O¶LQWpULHXU HW j O¶DSORPE GH OD IURQGDLVRQ &HV VLWHV VRQW VRXPLV j O¶HIIHW GH OD SOXLH GH O¶LUULJDWLRQ HW GH O¶pYDSRWUDQVSLUDWLRQ GH OD FXOWXUH /H JURXSH FRUUHVSRQG DX[ SRLQWV GH PHVXUHV VLWXpV j P GX WURQF OLPLWH GH OD ]RQH GHV UDFLQHV /H JURXSH UHSUpVHQWH OHV SRLQWV GH PHVXUHV VLWXpV HQWUH HW P GX WURQF F¶HVW j GLUH HQ GHKRUV GH O¶DSORPE GH OD IURQGDLVRQ HW MXVTX¶j OD PL GLVWDQFH HQWUH GHX[ ROLYLHUV (QILQ OH JURXSH HVW UHSUpVHQWp SDU OD PHVXUH HIIHFWXpH DX FHQWUH GX
FDUUp IRUPp SDU TXDWUH ROLYLHUV HW VXMHWWH j O¶pYDSRUDWLRQ GLUHFWH GX VRO HW UHFHYDQW XQLTXHPHQW OHV DSSRUWV G¶HDX GH SOXLH /¶pYROXWLRQ GX VWRFN G¶HDX HVW pWXGLpH SRXU FKDFXQ GH FHV JURXSHV VpSDUpPHQW j O¶pFKHOOH GH O¶DQQpH SXLV HQ FRQVLGpUDQW GHV MRXUQpHV W\SHV 3RXU FKDFXQH GH FHV MRXUQpHV QRXV DYRQV FRPSDUp O¶pYROXWLRQ GH O¶KXPLGLWp GX VRO DX QLYHDX GH OD WUDQFKH FP SRXU OHV TXDWUH JURXSHV 3KRWR /H V\VWqPH G¶LUULJDWLRQ JRXWWH j JRXWWH HVW FRQVWLWXp GH GHX[ UDPSHV G¶LUULJDWLRQ SODFpHV GH SDUW HW G¶DXWUH GH OD OLJQH G¶ROLYLHU j FP GX WURQF &KDTXH UDPSH HVW PXQLH G¶XQ FRPSWHXU G¶HDX SRXU HVWLPHU OHV TXDQWLWpV UpHOOHPHQW UHoXHV /HV WXEHV G¶DFFqV GH OD VRQGH j QHXWURQV SRXU OD PHVXUH GH O¶KXPLGLWp GX VRO VRQW SODFpV DX VHLQ GH OD ]RQH KXPHFWpH SDU O¶LUULJDWLRQ &KDTXH SODQW HVW HQWRXUp SDU FLQT WXEHV HQWHUUpV j OD SURIRQGHXU GH FP /H ELODQ K\GULTXH /H ELODQ K\GULTXH D pWp pWDEOLW SRXU FKDFXQ GHV TXDWUH JURXSHV HQ XWLOLVDQW VRQ pTXDWLRQ VLPSOLILpH HW HQ FRQVLGpUDQW OHV PHVXUHV HIIHFWXpHV VXU O¶HQVHPEOH GX SURILO GX VRO MXVTX¶j FP 0DLV HQ UDLVRQ GH VD YDULDELOLWp QRXV QRXV VRPPHV OLPLWpV j O¶DQDO\VH GH VD YDULDWLRQ GDQV FKDTXH FRPSDUWLPHQW GX VRO
0LVH HQ SODFH GH O¶ROLYHWWH HW FRQGXLWH GH OD FXOWXUH /HV WUDYDX[ G¶LQVWDOODWLRQ RQW GpPDUUp DX FRXUV GH O¶DXWRPQH SDU XQ ODERXU VXSHUILFLHO GH QHWWR\DJH HW O¶pSDQGDJH LQWpJUDO GHV HQJUDLV SKRVSKR SRWDVVLTXHV NJ KD GH 6XOIDWH GH SRWDVVH HW NJ KD GH 6XSHU SKRVSKDWH ,QVWLWXW GH O¶2OLYLHU 0DVPRXGL &KDUIL 0DVPRXGL &KDUIL HW DO 8Q ODERXU SURIRQG j OD FKDUUXH j VRFV D SHUPLV OHXU HQIRXLVVHPHQW j XQH SURIRQGHXU GH FP $X PRPHQW GH OD SODQWDWLRQ FKDTXH SODQW D UHoX NJ GH IXPLHU GH ERYLQ PÂ&#x20AC;U /¶DPPRQLWUDWH D pWp DSSRUWp DQQXHOOHPHQW HQ GHX[ IUDFWLRQV OHV HQ IpYULHU PDUV HW OH HQ RFWREUH /HV ODERXUV G¶HQWUHWLHQ DQ RQW pWp HIIHFWXpV DX FRYHU FURS j OD ILQ GH O¶KLYHU DX FRXUDQW GH O¶pWp HW j O¶HQWUpH GH O¶DXWRPQH ,OV RQW pWp DVVRFLpV j GHV ELQDJHV PDQXHOV HQWUHSULV DXWRXU GHV WURQFV 'XUDQW OHV GHX[ SUHPLqUHV DQQpHV GH FXOWXUH XQ pODJDJH GH OD EDVH GX WURQF D pWp HIIHFWXp VXU XQH KDXWHXU GH FP DILQ GH SHUPHWWUH OH GpYHORSSHPHQW G¶XQ WURQF UHFWLOLJQH HW VDQV UDPLILFDWLRQV /D WDLOOH GH IRUPDWLRQ SUDWLTXpH DX PRLV GH IpYULHU D pWp HIIHFWXpH GXUDQW FRQVpFXWLYHV j SDUWLU GH O¶DQQpH /HV ROLYLHUV RQW pWp IRUPpV VXU XQ WURQF XQLTXH HW WDLOOpV HQ JREHOHW DYHF WURLV RX TXDWUH FKDUSHQWHV 3RXU OH EHVRLQ GH O¶H[SpULPHQWDWLRQ O¶D[H FHQWUDO RX SULQFLSDO TXL FRQVWLWXH OD SUHPLqUH FKDUSHQWH GH O¶DUEUH Q¶D SDV pWp FRXSp GXUDQW OHV VL[ SUHPLqUHV DQQpHV GH FXOWXUH /HV UDPLILFDWLRQV GH OD IURQGDLVRQ RQW pWp pFODLUFLHV RX SLQFpHV VHORQ OHXU GHVWLQpH 'HV LQVHFWLFLGHV V\VWpPLTXHV RQW pWp XWLOLVpV DX EHVRLQ HW j WLWUH FXUDWLI XQLTXHPHQW FRQWUH OD 3V\OOH HW OD PRXFKH GH O¶ROLYLHU DX SULQWHPSV HW HQ DXWRPQH UHVSHFWLYHPHQW 8Q WUDLWHPHQW IRQJLTXH XWLOLVDQW XQ SURGXLW j EDVH GH FXLYUH D pWp DSSOLTXp HQ HW HQ FRQWUH O¶°LO GH SDRQ TXL D RFFDVLRQQp XQH FKXWH LPSRUWDQWH GHV IHXLOOHV &RPSWH WHQXH GHV TXDQWLWpV GH SOXLH DQQXHOOHV HQUHJLVWUpHV GDQV OD UpJLRQ DX FRXUV GHV GHUQLqUHV DQQpHV PP QRXV DYRQV SUDWLTXp XQH LUULJDWLRQ FRPSOpPHQWDLUH GH PDUV j VHSWHPEUH HQ YXH GH FRPEOHU OH GpILFLW FOLPDWLTXH HQUHJLVWUp &HSHQGDQW OD YDULDELOLWp GHV SUpFLSLWDWLRQV G¶XQH FDPSDJQH j O¶DXWUH OHV SDQQHV WHFKQLTXHV VXUYHQXHV HW UHODWLYHV DX V\VWqPH GH SRPSDJH GH O¶HDX UXSWXUH GH YDQHV HW GH FRQGXLWHV
SULQFLSDOHV IRXGUR\HPHQW GX JURXSH G¶pOpFWULFLWp HQ EDLVVH GX QLYHDX GH OD QDSSH G¶HDX GXUDQW OD FDPSDJQH RQW IDLW TXH OH QLYHDX GH VDWLVIDFWLRQ GHV EHVRLQV HQ HDX D YDULp VHORQ O¶DQQpH HW DX VHLQ GH FHOOH FL $ SDUWLU GX PRLV GH PDUV OHV PHVXUHV GH FURLVVDQFH RQW GpPDUUp 0HVXUH GX IOX[ GH OD VqYH EUXWH /HV PHVXUHV GH IOX[ RQW pWp UpDOLVpHV VXU O¶ROLYLHU &KpWRXL SULVH FRPPH YDULpWp GH UpIpUHQFH HQ XWLOLVDQW GHX[ PRGqOHV GH FDSWHXUV TXL VRQW FDUDFWpULVpV SDU XQH WDLOOH HW XQH SXLVVDQFH GH FKDXIIDJH GLIIpUHQWHV 3RXU SRXYRLU DGDSWHU OHV UpVXOWDWV SURGXLWV SDU FHV FDSWHXUV j QRV FRQGLWLRQV QRXV DYRQV SURFpGp j OHXU FDOLEUDJH HW j OD GpWHUPLQDWLRQ GH OD VHFWLRQ GX UDPHDX FRQGXFWULFH GH O HDX &HV PDQLSXODWLRQV RQW pWp UpDOLVpHV DX ODERUDWRLUH GH ELRFOLPDWRORJLH GH O¶,1$7 DX FRXUV GH O¶DQQpH &DOLEUDJH GHV FDSWHXUV /¶pWDORQQDJH GHV FDSWHXUV FRQVLVWH j pWDEOLU XQH UHODWLRQ HQWUH OD GHQVLWp GH IOX[ HW O¶LQGLFH GH IOX[ SRXU GLIIpUHQWHV SUHVVLRQV GH O¶HDX HW SXLVVDQFHV GH FKDXIIDJH 3RXU FHOD QRXV DYRQV PRQWp XQ GLVSRVLWLI G¶pWDORQQDJH 3KRWR DX ODERUDWRLUH GH %LRFOLPDWRORJLH GH O¶, 1 $ 7 GRQW OH SULQFLSH FRQVLVWH j IDLUH SDVVHU GH O¶HDX VRXV SUHVVLRQ DX QLYHDX G¶XQH SRUWLRQ GH EUDQFKH GH GLDPqWUH FRPSULV HQWUH HW FP HW GH GpWHUPLQHU G¶XQH SDUW OH SRLGV GH O¶HDX TXL V¶\ pFRXOH HW G¶DXWUH SDUW OD PHVXUH GX VLJQDO FRUUHVSRQGDQW FRQYHUWLH HQ GHQVLWp GH IOX[
3KRWR 'LVSRVLWLI G¶pWDORQQDJH GHV FDSWHXUV GH PHVXUH GX IOX[ GH OD VqYH /HV FDSWHXUV WKHUPLTXHV VRQW LQVpUpV VRXV O¶pFRUFH GX UDPHDX HW VRQW UHOLpV j XQH FHQWUDOH G¶DFTXLVLWLRQ GHV GRQQpHV HW j O¶pOHFWURQLTXH QpFHVVDLUH SRXU OH IRQFWLRQQHPHQW LQWHUPLWWHQW GX FKDXIIDJH /¶HDX MDYHOOLVpH HW PLVH VRXV SUHVVLRQ GDQV XQH FLWHUQH HQ DOXPLQLXP SDVVH j WUDYHUV OH UDPHDX SXLV HOOH HVW UpFXSpUpH GDQV XQH pSURXYHWWH JUDGXpH HW SHVpH 8QH PHVXUH VLPXOWDQpH GX VLJQDO GX IOX[ GH OD VqYH HVW GRQQpH 3RXU FKDTXH SXLVVDQFH GH FKDXIIDJH 3 XWLOLVpH XQH UHODWLRQ OLQpDLUH HVW WURXYpH HQWUH OD GHQVLWp GH IOX[ GH VqYH )G HW O¶LQGH[ GH IOX[ . /HV PHVXUHV GH GHQVLWp GH IOX[ VRQW FRUULJpHV HQ XWLOLVDQW O¶pTXDWLRQ GH FDOLEUDJH TXL FRUUHVSRQG j OD SXLVVDQFH GX FDSWHXU FRUUHVSRQGDQW FRPPH OH PRQWUH OD ILJXUH VXLYDQWH
3 3
3 3
)G . 5ð
)G O K GP
)G . 5ð
)G . 5ð
)G . 5ð
,QGH[ GH IOX[ .
)LJXUH 5HODWLRQV HQWUH OD GHQVLWp GH IOX[ GH VqYH O K FP HW O¶LQGH[ GH IOX[ . GpWHUPLQpHV H[SpULPHQWDOHPHQW SRXU GLIIpUHQWHV SXLVVDQFHV GH FKDXIIDJH 3 :DWW GHV FDSWHXUV 'pWHUPLQDWLRQ GH OD VHFWLRQ FRQGXFWULFH GX ERLV /H SDVVDJH GH OD GHQVLWp GH IOX[ DX IOX[ KRUDLUH QpFHVVLWH OD FRQQDLVVDQFH GH OD VHFWLRQ FRQGXFWULFH GH O¶HDX &HWWH VHFWLRQ D pWp GpWHUPLQpH DX ODERUDWRLUH HQ XWLOLVDQW XQ FRORUDQW VSpFLILTXH GX ERLV FRQGXFWHXU OD 6DIUDQLQH 2UDQJH 'HV SRUWLRQV GH ERLV IUDLV GH FP GH ORQJXHXU HW GH GLDPqWUH YDULDQW GH j FP RQW pWp XWLOLVpHV SRXU FHWWH PDQLSXODWLRQ /¶H[WUpPLWp DPRQW GX UDPHDX HVW LPPHUJpH GDQV XQH VROXWLRQ VDWXUpH GH VDIUDQLQH DORUV TXH OH F{Wp DYDO HVW UHOLp j XQH SRPSH j YLGH TXL SHUPHW OH SDVVDJH GH O¶HDX GDQV OD SRWLRQ GH ERLV SDU DVSLUDWLRQ VLPXODQW O¶DSSHO GH WUDQVSLUDWLRQ /HV REVHUYDWLRQV VRQW IDLWHV j O¶°LO QX VXU GHV URQGHOOHV GH ERLV ILQHPHQW HW IUDvFKHPHQW FRXSpHV $X QLYHDX GHV FRXSHV 3KRWR XQH KpWpURJpQpLWp GH OD FRORUDWLRQ HVW REVHUYpH (OOH HVW GXH j OD SUpVHQFH GH GLIIpUHQWHV VWUXFWXUHV PDLV HOOH SHXW rWUH OLpH j XQH PDXYDLVH FRORUDWLRQ (Q HIIHW VL OH WHPSV GH WUHPSDJH
Q HVW SDV VXIILVDQW OH FRORUDQW VHUD PDO UpSDUWL HW GHV WDFKHV EODQFKHV DSSDUDvWURQW DX QLYHDX GX ERLV FRQGXFWHXU 6XU GHV FRXSHV FRUUHFWHPHQW FRORUpHV OD PRHOOH DSSDUDvW HQ EODQF DORUV TXH OH ERLV FRQGXFWHXU HVW FRORUp HQ URXJH VDQJ / pFRUFH FRQVHUYH VD FRXOHXU YHUWH
3KRWR 'LVSRVLWLI H[SpULPHQWDO FRQoX SRXU OD GpWHUPLQDWLRQ GH OD VHFWLRQ GX ERLV FRQGXFWHXU /D VROXWLRQ VDWXUpH GH VDIUDQLQH HVW DEVRUEpH SDU DVSLUDWLRQ DX PR\HQ G¶XQH SRPSH j YLGH GXUDQW XQH SpULRGH GRQQpH HW FRORUH OH ERLV FRQGXFWHXU GH OD VqYH /HV GLIIpUHQWHV VHFWLRQV FRORUpHV RQW pWp SKRWRJUDSKLpHV SXLV YLVXDOLVpHV VXU XQ pFUDQ HQ YXH GH O¶DQDO\VH $ SDUWLU GH FHV SKRWRJUDSKLHV OD VXUIDFH WRWDOH GH OD SRUWLRQ GX UDPHDX DLQVL TXH FHOOHV GHV GLIIpUHQWHV ]RQHV FRORUpHV DX QLYHDX GH FKDTXH VHFWLRQ RQW pWp GpWHUPLQpHV DX PR\HQ GX ORJLFLHO $UFYLHZ 6XU OD EDVH GHV GRQQpHV REWHQXHV QRXV DYRQV pWDEOL XQH UHODWLRQ HQWUH OH SpULPqWUH GX UDPHDX HW VD VHFWLRQ FRQGXFWULFH GH O¶HDX
&+$3,75( ,, (7$7 +<'5,48( '8 62/ (7 &216200$7,21 (1 ($8 '(6 -(81(6 2/,9,(56 &DUDFWpULVDWLRQ GH O¶pWDW K\GULTXH GX VRO ,QWURGXFWLRQ /D FURLVVDQFH GH O¶ROLYLHU D PRQWUp GHV YDULDWLRQV LQWHU DQQXHOOHV LPSRUWDQWHV GXUDQW OHV VL[ FDPSDJQHV GH PHVXUHV TXL UpVXOWHQW HQ SDUWLFXOLHU GH O¶HIIHW FRPELQp GX FOLPDW HW GH O¶HDX &HSHQGDQW OD VDWLVIDFWLRQ GHV EHVRLQV HQ HDX TXH FH VRLW j O¶pFKHOOH GH O¶DQQpH RX GH OD SpULRGH HVWLYDOH GXUDQW ODTXHOOH VH IRQW VLPXOWDQpPHQW OD FURLVVDQFH GHV ROLYHV GHV SRXVVHV GHV UDFLQHV HW O¶LQGXFWLRQ GHV QRXYHDX[ ERXUJHRQV j IOHXUV QH FRQGXLW SDV QpFHVVDLUHPHQW j XQH FURLVVDQFH LPSRUWDQWH HW RX j XQ QLYHDX GH SURGXFWLRQ pOHYp (Q RXWUH FHUWDLQV VWDGHV SKpQRORJLTXHV VRQW SOXV VHQVLEOHV TXH G¶DXWUHV DX GpILFLW K\GULTXH 'RQF XQ GpILFLW K\GULTXH WHPSRUDLUH SHXW FRQGXLUH j XQH UpGXFWLRQ GH OD FURLVVDQFH RX j XQH EDLVVH GX UHQGHPHQW RX OHV GHX[ j OD IRLV PrPH VL OHV EHVRLQV HQ HDX j O¶pFKHOOH GH O¶DQQpH VRQW FRXYHUWV 3RXU TXDQWLILHU OD FRQVRPPDWLRQ HQ HDX GHV MHXQHV DUEUHV QRXV DYRQV FRPELQp GLIIpUHQWHV PpWKRGHV GH PHVXUHV GX IDLW TX¶LO V¶DJLW G¶XQH MHXQH FXOWXUH DUERULFROH FDUDFWpULVpH SDU XQH FRXYHUWXUH SDUWLHOOH GX VRO HW XQ GpYHORSSHPHQW KpWpURJqQH GHV UDFLQHV /¶pYROXWLRQ GX VWRFN G¶HDX DX FRXUV GH O¶DQQpH D pWp pWXGLpH DX QLYHDX GHV GLIIpUHQWV FRPSDUWLPHQWV GX UpVHUYRLU VRO HQ YXH GH GpWHUPLQHU O¶pYDSRWUDQVSLUDWLRQ UpHOOH GH O¶ROLYLHU j WUDYHUV OH ELODQ K\GULTXH TXL D pWp SDU DLOOHXUV HVWLPpH j SDUWLU GH OD PpWKRGH GH OD )$2 $OOHQ HW DO '¶DXWUH SDUW QRXV DYRQV SURFpGp DX FRXUV GH OD PrPH FDPSDJQH j OD PHVXUH GX IOX[ GH OD VqYH EUXWH SRXU GpWHUPLQHU OD
WUDQVSLUDWLRQ GX MHXQH ROLYLHU 'DQV XQH SUHPLqUH pWDSH QRXV DYRQV PLV DX SRLQW OD WHFKQLTXH GH PHVXUH HW LQVWDOOp OH GLVSRVLWLI H[SpULPHQWDO FDSWHXUV WKHUPLTXHV VXU O¶ROLYLHU &KpWRXL /D PpWKRGH XWLOLVpH HVW FHOOH GH *UDQLHU PRGLILpH SDU 'R HW 5RFKHWHDX D HW E /HV UpVXOWDWV REWHQXV RQW pWp HQVXLWH XWLOLVpV SRXU DQDO\VHU O¶pYROXWLRQ GX IOX[ RX GH OD GHQVLWp GH IOX[ HQ IRQFWLRQ GHV FRQGLWLRQV GH FXOWXUH $LQVL GHV MRXUQpHV W\SH RQW pWp FKRLVLHV FDUDFWpULVpHV SDU GHV FRQGLWLRQV FOLPDWLTXHV HW K\GULTXHV GLIIpUHQWHV j WUDYHUV WRXWH OD FDPSDJQH GH PHVXUHV /D UHODWLRQ HQWUH OD WUDQVSLUDWLRQ GX MHXQH ROLYLHU HW OD GHPDQGH FOLPDWLTXH D pWp LQYHVWLJXpH /HV UpVXOWDWV VRQW SUpVHQWpV HW DQDO\VpV GDQV FH TXL VXLW &RQVRPPDWLRQ HW EHVRLQ HQ HDX GHV MHXQHV ROLYLHUV 'DQV OHV YHUJHUV DUERULFROHV HW SOXV SDUWLFXOLqUHPHQW GDQV OHV MHXQHV SODQWDWLRQV G¶ROLYLHU OD GLVFRQWLQXLWp GH OD FRXYHUWXUH GX VRO HQJHQGUH XQH YDULDELOLWp GH O¶LQWHUFHSWLRQ GX UD\RQQHPHQW VRODLUH HW DIIHFWH OH UDSSRUW WUDQVSLUDWLRQ GH OD FXOWXUH pYDSRUDWLRQ GX VRO &HFL UHQG GLIILFLOH O¶HVWLPDWLRQ GHV EHVRLQV HQ HDX GH OD FXOWXUH /H YROXPH GH OD IURQGDLVRQ GHV ROLYLHUV HW GRQF GH OD VXUIDFH WUDQVSLUDQWH YDULH GDQV OH WHPSV (Q HIIHW OH YROXPH GH OD IURQGDLVRQ GHV MHXQHV DUEUHV DXJPHQWH VHQVLEOHPHQW SHQGDQW OHV SUHPLqUHV DQQpHV VXFFpGDQW j OD SODQWDWLRQ (OOH HVW UpGXLWH SRQFWXHOOHPHQW SDU OD WDLOOH /¶HVWLPDWLRQ GH O¶(7F SDU OD PpWKRGH UHFRPPDQGpH SDU OD )$2 HQ XWLOLVDQW O¶(7R HW OHV FRHIILFLHQWV FXOWXUDX[ HVW ODUJHPHQW XWLOLVpH HQ ROpLFXOWXUH &HSHQGDQW LO HVW QpFHVVDLUH G¶DGRSWHU XQH YDOHXU GX FRHIILFLHQW FXOWXUDO DGDSWpH j O¶kJH GH O¶DUEUH /D YDULDWLRQ GHV YDOHXUV GH .F WUDGXLW HQ HIIHW OD YDULDWLRQ GH O¶DFWLYLWp GH OD SODQWH HW FHOOH GH O¶pWDW K\GULTXH GX VRO HQ VXUIDFH 'XUDQW OHV PRLV GX SULQWHPSV HW GH O¶DXWRPQH OHV YDJXHV GH FURLVVDQFH YpJpWDWLYH HW OD IUpTXHQFH pOHYpH GH O¶KXPHFWDWLRQ GX VRO SDU OHV SOXLHV VH WUDGXLVHQW SDU GHV YDOHXUV pOHYpHV GH .F (Q SpULRGH HVWLYDOH OHV IDLEOHV YDOHXUV GH .F VRQW OH UpVXOWDW GX UDOHQWLVVHPHQW GH O¶DFWLYLWp SK\VLRORJLTXH GH OD SODQWH HW GH OD GLPLQXWLRQ GHV pYqQHPHQWV SOXYLHX[ 3RXU GH MHXQHV ROLYLHUV kJpV GH PRLQV GH VL[
DQV /H %RXUGHOOHV UHFRPPDQGH O XWLOLVDWLRQ GH OD YDOHXU SHQGDQW OHV GHX[ SUHPLqUHV DQQpHV DSUqV SODQWDWLRQ OD YDOHXU GH SRXU OHV WURLV DQQpHV VXLYDQWHV HW j SDUWLU GH OD FLQTXLqPH DQQpH OD YDOHXU GH 1RXV DYRQV DGRSWp FHV YDOHXUV SRXU FDOFXOHU O¶(7 F GH QRV MHXQHV ROLYLHUV 7DEOHDX 9DOHXUV GH O¶(7F PP FDOFXOpHV j O¶pFKHOOH GH O¶DQQpH HW DX FRXUV GH OD SpULRGH G¶LUULJDWLRQ GH PDUV j VHSWHPEUH
(7F (7R [ .F
[ .U PP DQ (7F PDUV VHSWHPEUH (7R PDUV VHSWHPEUH [ .F [ .U PP $ILQ GH WHQLU FRPSWH GHV YDULDWLRQV GX SRXUFHQWDJH GH FRXYHUWXUH
GX VRO OLpHV j OD GHQVLWp GH SODQWDWLRQ O XWLOLVDWLRQ G XQ IDFWHXU GH FRUUHFWLRQ .U HVW SURSRVpH & 2 , /HV YDOHXUV GH .U j XWLOLVHU GpSHQGHQW GX SRXUFHQWDJH GH FRXYHUWXUH GX VRO SDU OD YpJpWDWLRQ & 2 , &HOXL FL HVW GpWHUPLQp j SDUWLU GH OD PHVXUH GH OD FLUFRQIpUHQFH GH OD IURQGDLVRQ UDSSRUWpH j OD VXUIDFH XWLOH G¶XQ ROLYLHU 'DQV QRWUH FDV OD VXUIDFH XWLOH G¶XQ ROLYLHU HVW GH P 3RXU GH MHXQHV ROLYLHUV FRXYUDQW PRLQV GH GX VRO OD YDOHXU GH .U HVW GH 3RXU XQH FRXYHUWXUH GH VRO FRPSULVH HQWUH HW RQ SUHQG .U /HV EHVRLQV HQ HDX GH OD FXOWXUH (7F (7R [ .F [ .U 7DEOHDX RQW pWp FDOFXOpV HQ DGRSWDQW OHV YDOHXUV DQQXHOOHV GH O¶(7R ± 30 GpWHUPLQpH SRXU OD UpJLRQ HW OHV YDOHXUV GH .F HW GH .U FL GHVVXV LQGLTXpHV 3HQGDQW OD SpULRGH G¶H[SpULPHQWDWLRQ OHV EHVRLQV HQ HDX GHV MHXQHV ROLYLHUV RQW YDULp GH j PP j O¶pFKHOOH DQQXHOOH HW GH j PP GXUDQW OD SpULRGH DOODQW GH PDUV j VHSWHPEUH /¶DXJPHQWDWLRQ GH FHV EHVRLQV G¶XQH DQQpH j O¶DXWUH UpVXOWH GH O¶DXJPHQWDWLRQ GX YROXPH GH OD
IURQGDLVRQ HW GH O¶kJH /D VXUIDFH PR\HQQH GX VRO FRXYHUWH SDU OD YpJpWDWLRQ HVW HQ HIIHW SDVVpH GH HQ j HQ FH TXL QRXV D FRQGXLW j FKRLVLU GHV YDOHXUV GH .U GH SRXU OHV FLQT SUHPLqUHV DQQpHV HW GH SRXU OD qPH DQQpH HQ UDSSRUW DYHF OH SRXUFHQWDJH GH FRXYHUWXUH GX VRO TXL D GpSDVVp 4XDQW j OD YDOHXU GH .F FHOOH FL D pWp GH SRXU OHV GHX[ SUHPLqUHV DQQpHV G¶kJH GH SRXU GH OD qPH j OD qPH DQQpH HW GH SRXU OD qPH DQQpH &RQGXLWH GH O¶LUULJDWLRQ &RPSWH WHQX GHV FRQGLWLRQV FOLPDWLTXHV GH OD UpJLRQ G¶pWXGH TXL RQW VpYL DX FRXUV GH FHV GHUQLqUHV YLQJW DQQpHV HW GHV FRQGLWLRQV DQQXHOOHV QRXV DYRQV DGRSWp XQH LUULJDWLRQ FRPSOpPHQWDLUH SUDWLTXpH VXU XQH SpULRGH GH VL[ PRLV (OOH HVW GpOHQFKpH DX SULQWHPSV SOXV RX PRLQV SUpFRFpPHQW VHORQ OHV FRQGLWLRQV GH O¶DQQpH HW O¶pWDW K\GULTXH GX VRO HW VH SRXUVXLW MXVTX¶j O¶DUULYpH GHV SUHPLqUHV SOXLHV LPSRUWDQWHV GH O¶DXWRPQH /¶LUULJDWLRQ D pWp SUDWLTXpH DX PR\HQ GH FXYHWWHV DX FRXUV GHV GHX[ SUHPLqUHV DQQpHV GH FXOWXUH DX PR\HQ GH ULJROHV SRXU OHV GHX[ DQQpHV VXLYDQWHV HW DX JRXWWH j JRXWWH j SDUWLU GH O¶DQQpH /HV TXDQWLWpV DQQXHOOHV G¶HDX GpOLYUpHV RQW YDULp GH j OLWUHV ROLYLHU HQ FRQVLGpUDQW GHV LQWHUYDOOHV HQWUH GHX[ LUULJDWLRQV DOODQW GH j MRXUV VHORQ O¶RFFXUUHQFH GHV pYqQHPHQWV SOXYLHX[ /HV DSSRUWV G¶HDX RQW FLEOp OHV VWDGHV SKpQRORJLTXHV FULWLTXHV $X FRXUV GH OD SUHPLqUH DQQpH GH FXOWXUH GHV TXDQWLWpV UpGXLWHV PDLV IUpTXHQWHV G¶HDX LUULJDWLRQV RQW pWp DSSRUWpHV DILQ GH IDYRULVHU XQH ERQQH UHSULVH GHV ERXWXUHV DSUqV OHXU PLVH HQ SODFH HQ YHUJHU $ILQ G¶pWXGLHU GH SOXV SUqV OD UpSRQVH GHV MHXQHV ROLYLHUV j O¶DSSRUW K\GULTXH HQ UHODWLRQ DYHF VHV EHVRLQV HW OD GLVSRQLELOLWp GH O¶HDX GDQV OH VRO QRXV DYRQV H[DPLQp GH SOXV SUqV O¶DQQpH /¶DQQpH D pWp FDUDFWpULVpH SDU XQ GpEXW G¶DQQpH SOXYLHX[ XQ pWp VHF HW FKDXG FRPSWDQW MRXUV GH VLURFFR HW XQ DXWRPQH SOXYLHX[ /D TXDQWLWp DQQXHOOH GH SOXLH pWDLW GH PP DYHF XQH pYDSRWUDQVSLUDWLRQ (7R 30 GH PP (Q SpULRGH G¶LUULJDWLRQ GH PDUV j VHSWHPEUH O¶(7R 30 D pWp GH PP DORUV TXH OHV SUpFLSLWDWLRQV
RQW DWWHLQW PP UHSUpVHQWDQW GHV TXDQWLWpV DQQXHOOHV /HV SOXLHV HIILFDFHV RQW pWp GH PP HW PP UHVSHFWLYHPHQW j O¶pFKHOOH GH O¶DQQpH HW GH OD VDLVRQ G¶LUULJDWLRQ &RPSWH WHQXH GH FHV FRQGLWLRQV FOLPDWLTXHV O¶LUULJDWLRQ D GpPDUUp OH PDL HW V¶HVW SRXUVXLYLH MXVTX¶DX VHSWHPEUH $ILQ GH PDLQWHQLU O¶KXPLGLWp GH OD ]RQH UDGLFXODLUH j XQ QLYHDX SURFKH GH OD FDSDFLWp DX FKDPS OHV LUULJDWLRQV RQW pWp DSSRUWpHV WRXV OHV MRXUV H[FHSWp SRXU OD LqPH TXLQ]DLQH GH PDL HW DX[ PRLV GH MXLOOHW HW G¶DRÂ&#x20AC;W /HV TXDQWLWpV G¶HDX GLVWULEXpHV SDU LUULJDWLRQ RQW YDULp GH j OLWUHV SDU DUEUH WRWDOLVDQW XQ DSSRUW DQQXHO GH OLWUHV SDU ROLYLHU &HV TXDQWLWpV RQW pWp FRQYHUWLHV HQ PP HQ FRQVLGpUDQW XQH VXUIDFH KXPHFWpH GH P /HV YDOHXUV VRQW GRQQpHV HQ OLWUHV HW HQ PP GDQV OH 7DEOHDX 7DEOHDX 'DWHV GHV LUULJDWLRQV HW TXDQWLWpV PR\HQQHV G¶HDX DSSOLTXpHV SDU ROLYLHU HQ OLWUH HW HQ PP GXUDQW O¶DQQpH ,UULJDWLRQ
3pULRGH
$SSRUW
7RWDO
OLWUH $SSRUWV
PP 1% ,QWHUUXSWLRQ GH O¶LUULJDWLRQ DX FRXUV GHV MRXUQpHV GX HW HW /HV TXDQWLWpV G¶HDX GpOLYUpHV RQW SHUPLV GH FRXYULU GH OD GHPDQGH FOLPDWLTXH DQQXHOOH (7R PP HW GH OD GHPDQGH HQ SpULRGH G¶LUULJDWLRQ (7R PP (WDW HW ELODQ K\GULTXH GX VRO 0HVXUHV HIIHFWXpHV
8Q VXLYL GH O¶KXPLGLWp GX VRO D pWp UpDOLVp HQ SDU GHV PHVXUHV j OD VRQGH j QHXWURQV 6ROR &HV PHVXUHV RQW GpPDUUp j SDUWLU GX PRLV G¶DYULO DX PRPHQW GH OD IORUDLVRQ HW HQYLURQ WURLV VHPDLQHV DYDQW OH GpFOHQFKHPHQW GH O¶LUULJDWLRQ (Q SpULRGH G¶LUULJDWLRQ OHV PHVXUHV QHXWURQLTXHV RQW pWp UpDOLVpHV GH PDQLqUHV WUqV UDSSURFKpH DX PR\HQ GH WXEHV HQ 39& TXH QRXV DYRQV FRQIHFWLRQQpV QRXV PrPH HW TXL RQW pWp LPSODQWpV j XQH SURIRQGHXU GH FP DXWRXU GH WURLV SLHGV G¶ROLYLHU © &KpWRXL ª j GLIIpUHQWHV GLVWDQFHV GX WURQF ILJXUH 1RXV DYRQV XWLOLVp SRXU FHOD WXEHV LGHQWLTXHV TXL RQW pWp SODFpV DXWRXU GH ROLYLHUV &KpWRXL HQ WHQDQW FRPSWH GH O¶KpWpURJpQpLWp VSDWLDOH GH O¶KXPLGLWp GX VRO HQ YHUJHU LUULJXp DX JRXWWH j JRXWWH $LQVL OHV WXEHV G¶DFFqV GH OD VRQGH j QHXWURQV RQW pWp SODFpV VRXV OD IURQGDLVRQ GHV DUEUHV VXU OD OLJQH HQWUH GHX[ ROLYLHUV HW DX FHQWUH GX FDUUp IRUPp SDU ROLYLHUV /HV WXEHV SODFpV VRXV OHV DUEUHV HW VXU OD OLJQH HQWUH GHX[ ROLYLHUV VRQW UHSUpVHQWpV SDU WURLV HW GHX[ UpSpWLWLRQV UHVSHFWLYHPHQW (Q GHKRUV GH FHV ]RQHV OHV WXEHV VRQW SODFpV GH PDQLqUH j FH TX¶LOV VRLHQW HQ V\PpWULH OHV XQV SDU UDSSRUW DX[ DXWUHV HW SDU UDSSRUW j OD OLJQH TXL SDVVH SDU OHV HPSODFHPHQWV HW VLWXpV j P GX WURQF HW RULHQWpH (2 /H WXEH SODFp DX FHQWUH GX FDUUp GH ROLYLHUV UHSUpVHQWH OD ]RQH VRXPLVH j O¶HIIHW GH OD SOXLH HW j O¶pYDSRUDWLRQ GX VRO (WDORQQDJH GH OD VRQGH j QHXWURQV /HV PHVXUHV JUDYLPpWULTXHV UpDOLVpHV DX FRXUV GH OD FDPSDJQH RQW pWp XWLOLVpHV SRXU O¶pWDORQQDJH GH OD VRQGH j QHXWURQV TXL FRQVLVWH j pWDEOLU SRXU FKDTXH SURIRQGHXU XQH UHODWLRQ HQWUH O¶KXPLGLWp YROXPLTXH GpWHUPLQpH SDU JUDYLPpWULH HW OH TXRWLHQW 1 pJDO DX UDSSRUW GX FRPSWDJH PHVXUp GDQV OH VRO 1VRO UDSSRUWp j FHOXL TXL HVW PHVXUp GDQV O¶HDX 1HDX /D ILJXUH SUpVHQWH OHV GLIIpUHQWHV FRXUEHV G¶pWDORQQDJH GH OD VRQGH HQ IRQFWLRQ GH OD SURIRQGHXU DYHF XQ FRHIILFLHQW GH FRUUpODWLRQ YDULDQW GH j FP (Q VXUIDFH FP OHV YDOHXUV GH O¶KXPLGLWp YROXPLTXHV XWLOLVpHV VRQW FHOOHV TXH QRXV DYRQV GpWHUPLQpHV SDU JUDYLPpWULH /HV YDOHXUV PDQTXDQWHV RQW pWp VLPXOpHV DX PR\HQ G¶XQ PRGqOH PDWKpPDWLTXH
\ [ 5
1 1HDX 1
FP
\ [ 5
\ [ 5
1 1HDX 1
FP
1 1HDX 1
\ [
\ [
5
5
+ Y
+Y
1 1HDX 1
FP
+ Y
+ Y
\ [ 5
+ Y
+ Y
FP
1 1HDX 1
FP
1 1HDX 1
)LJXUH &RXUEHV G¶pWDORQQDJH GH OD VRQGH j QHXWURQV 62/2 SRXU GLIIpUHQWHV SURIRQGHXUV H[SULPDQW O¶KXPLGLWp YROXPLTXH GX VRO +Y HQ IRQFWLRQ GX TXRWLHQW 1 pJDO DX UDSSRUW HQWUH OHV FRPSWDJHV PHVXUpV GDQV OH VRO 1 HW GDQV O¶HDX 1HDX DX PR\HQ GH OD VRQGH j QHXWURQV
(YROXWLRQ GX VWRFN G¶HDX GX VRO $ILQ GH SRXYRLU pWXGLHU O¶pYROXWLRQ GX VWRFN G¶HDX GDQV OH UpVHUYRLU VRO QRXV DYRQV FRQVLGpUp TXDWUH ]RQHV GRQW O¶KXPLGLWp YDULH GDQV OH PrPH VHQV GpILQLVVDQW DLQVL TXDWUH UpVHUYRLUV 8Q SUHPLHU UpVHUYRLU HVW FRQVWLWXp SDU OHV WXEHV G¶DFFqV OHV SOXV SURFKHV GH O¶DUEUH VLWXpV GDQV XQ UD\RQ GH P VRXV IURQGDLVRQ &H UpVHUYRLU VH GpWDFKH QHWWHPHQW GX UHVWH GHV SRVLWLRQV HQ SpULRGH G¶LUULJDWLRQ ,O HVW MXVWHPHQW FDUDFWpULVp SDU O¶LQIOXHQFH GH O¶LUULJDWLRQ ,O VHUD GpVLJQp GDQV OH UHVWH GX WH[WH SDU * 8Q GHX[LqPH UpVHUYRLU UHJURXSH OHV WXEHV G¶DFFqV VLWXpV GDQV XQ UD\RQ GH P OLPLWH GH OD ]RQH GHV UDFLQHV PDLV QRQ FRXYHUWH SDU OD IURQGDLVRQ &H JURXSH VH FDUDFWpULVH SDU XQH KXPLGLWp LQWHUPpGLDLUH HQWUH OH JURXSH * HW OH UHVWH GHV SRVLWLRQV ,O VHUD LQGLTXp SDU * /HV WXEHV G¶DFFqV VLWXpV HQ SRVLWLRQ LQWHUPpGLDLUH HQWUH HW P GX WURQF FRQVWLWXHQW OH UpVHUYRLU * ]RQH VH WURXYDQW HQ GHKRUV GHV UDFLQHV /¶KXPLGLWp GH FH UpVHUYRLU HVW SURFKH GH FHOOH GX UpVHUYRLU * SHQGDQW OD VDLVRQ KXPLGH HW OpJqUHPHQW SOXV IDLEOH SHQGDQW OD VDLVRQ VqFKH 8Q TXDWULqPH UpVHUYRLU HVW UHSUpVHQWp SDU OH WXEH G¶DFFqV VLWXp j P GX WURQF DX FHQWUH GX FDUUp IRUPp SDU TXDWUH DUEUHV YRLVLQV ,O VH FDUDFWpULVH SDU OHV KXPLGLWpV OHV SOXV IDLEOHV SHQGDQW OD VDLVRQ VqFKH HQ UDLVRQ GH VRQ H[SRVLWLRQ /¶KXPLGLWp GX VRO GDQV OHV TXDWUH UpVHUYRLUV FRQVLGpUpV YDULH GLIIpUHPPHQW VHORQ OD QDWXUH GH O¶DSSRUW G¶HDX LUULJDWLRQ RX SOXLH HW VHORQ OD ORQJXHXU GH OD SpULRGH pFRXOpH GHSXLV OH GHUQLHU pYpQHPHQW 2Q GLVWLQJXH DLQVL WURLV VLWXDWLRQV L $SUqV XQH SpULRGH DYHF GHV SOXLHV DERQGDQWHV OH QXDJH GH SRLQWV HVW SOXW{W UDPDVVp /¶KXPLGLWp HVW pOHYpH GDQV OHV WURLV ]RQHV HW YDULH HQWUH HW /HV TXDWUH UpVHUYRLUV VHPEOHQW rWUH KRPRJqQHV LL (Q O¶DEVHQFH G¶DSSRUW G¶HDX SDU SOXLH RX SDU LUULJDWLRQ OH VRO HQWUH GDQV XQH SKDVH GH GHVVqFKHPHQW HW O¶KXPLGLWp DX QLYHDX GHV
UpVHUYRLUV * HW * HVW DORUV SOXV IDLEOH TXH SRXU UpVHUYRLUV LQWHUPpGLDLUHV * HW * /RUVTXH OD SpULRGH GHVVqFKHPHQW V¶DOORQJH O¶pFDUW HQWUH OHV UpVHUYRLUV VH FUHXVH HW O¶KXPLGLWp GX VRO HVW OD SOXV IDLEOH GDQV OH UpVHUYRLU * VXLYL GH * HW GH * LLL $ OD VXLWH G¶XQH LUULJDWLRQ O¶KXPLGLWp DXJPHQWH DX QLYHDX GX UpVHUYRLU * (OOH VH PDLQWLHQW j GHV QLYHDX[ pOHYpV DOODQW GH j WRXW DX ORQJ GH OD SpULRGH G¶LUULJDWLRQ /¶pYROXWLRQ GX VWRFN DX FRXUV GH OD FDPSDJQH GH PHVXUHV HVW UHSUpVHQWpH GDQV OD ILJXUH HQ IRQFWLRQ GX WHPSV VpSDUpPHQW SRXU FKDTXH JURXSH /¶DQDO\VH GH OD ILJXUH PRQWUH TXH OH VWRFN G¶HDX D IOXFWXp GXUDQW OD FDPSDJQH GH PHVXUHV HQ UDSSRUW DYHF OHV pYqQHPHQWV SOXYLHX[ HW O¶LUULJDWLRQ $X GpPDUUDJH GH OD FDPSDJQH GH PHVXUHV QHXWURQLTXHV DYULO OH VWRFN HVW SURFKH GH PP HW PRQWUH SHX GH GLIIpUHQFHV HQWUH OHV JURXSHV ,O GLPLQXH DX FRXUV GH OD SUHPLqUH GpFDGH GX PRLV GH PDL PDLV OH GpFOHQFKHPHQW GH O¶LUULJDWLRQ OH PDL D HQJHQGUp VRQ DXJPHQWDWLRQ DX QLYHDX GH * DWWHLJQDQW XQ PD[LPXP GH O¶RUGUH GH PP $ SDUWLU GH FHWWH GDWH PL PDL HW MXVTX¶j OD ILQ GX PRLV GH MXLQ OH VWRFN D pYROXp HQ GHQWV GH VFLH DYHF XQH WHQGDQFH j OD EDLVVH HQ UDSSRUW DYHF O¶DOWHUQDQFH GHV SpULRGHV DYHF HW VDQV LUULJDWLRQ /H VWRFN G¶HDX D pYROXp HQWUH HW PP DYHF GHV YDOHXUV SOXV pOHYpHV SRXU * TXL VH VRQW pFDUWpHV SURJUHVVLYHPHQW GHV DXWUHV HW FRPSDUDEOHV SRXU * HW *
)LJXUH (YROXWLRQ GX VWRFN G¶HDX GDQV OH VRO GDQV OD FRXFKH FP GXUDQW O¶DQQpH GDQV OHV TXDWUH ]RQHV FRQVLGpUpHV j XQH GLVWDQFH GH P GX WURQF * j XQH GLVWDQFH GH P * j XQH GLVWDQFH GH P * HW j P GX WURQF * /HV EkWRQQHWV UHSUpVHQWHQW OHV ODPHV G¶HDX GH SOXLH 3 HW G¶LUULJDWLRQ , /HV YDOHXUV OHV SOXV IDLEOHV VRQW FHOOHV GH * TXL RQW GLPLQXp FRQWLQXHOOHPHQW SRXU DWWHLQGUH PP j OD ILQ GX PRLV GH MXLQ &H QLYHDX D pWp PDLQWHQX MXVTX¶j ILQ DRÂ&#x20AC;W ,O UHVWH WRXWHIRLV VXSpULHXU DX VWRFN GpWHUPLQp DX SRLQW GH IOpWULVVHPHQW SHUPDQHQW 3RXU OHV DXWUHV JURXSHV OHV VWRFNV RQW FRQWLQXp j IOXFWXHU DYHF XQH WHQGDQFH j OD EDLVVH SRXU UHMRLQGUH SOXV RX PRLQV OH QLYHDX DWWHLQW SDU * j OD ILQ GX PRLV GH MXLQ $ OD VXLWH GH OD UHSULVH GH O¶LUULJDWLRQ DX GpEXW GX PRLV GH MXLOOHW OH VWRFN RQ DXJPHQWp GH QRXYHDX HQ SDUWLFXOLHU DX QLYHDX GH * $X FRXUV GH OD GHX[LqPH TXLQ]DLQH GH MXLOOHW HW WRXW DX ORQJ GX PRLV G¶DRÂ&#x20AC;W O¶LUULJDWLRQ D pWp LQWHUURPSXH j GH QRPEUHXVHV UHSULVHV FH TXL D FRQGXLW j XQH EDLVVH GHV VWRFNV SRXU DWWHLQGUH PP j OD ILQ GX PRLV G¶DRÂ&#x20AC;W /D UHSULVH GH O¶LUULJDWLRQ j OD ILQ GX PRLV G¶DRÂ&#x20AC;W D SHUPLV GH PDLQWHQLU OH VWRFN G¶HDX GDQV OH UpVHUYRLU * DX GHOj GH PP /HV SOXLHV UHoXHV DX GpEXW GX PRLV GH VHSWHPEUH RQW DXJPHQWp OH VWRFN DX QLYHDX GH * HW RQW UDPHQp OHV VWRFNV G¶HDX DX QLYHDX GHV
UpVHUYRLUV * * HW * DX PrPH QLYHDX /HV SOXLHV DERQGDQWHV UHoXHV YHUV PL VHSWHPEUH RQW SHUPLV G¶KRPRJpQpLVHU OHV VWRFNV GHV TXDWUH UpVHUYRLUV DYHF GHV YDOHXUV OpJqUHPHQW SOXV pOHYpHV SRXU * &HOXL FL pWDQW VRXPLV VHXOHPHQW j O¶HIIHW GH OD SOXLH HW j O¶pYDSRUDWLRQ GLUHFWH GX VRO TXL GLPLQXH SHQGDQW FHWWH SpULRGH GH O¶DQQpH /HV VWRFNV OHV SOXV IDLEOHV VRQW REVHUYpV DX QLYHDX GH * HQ UDLVRQ GH O¶DFWLYLWp GH OD SODQWH /HV pFDUWV HQWUH OHV TXDWUH JURXSHV RQW pWp FRQVLGpUDEOHPHQW UpGXLWV DX GHOj GX PRLV GH QRYHPEUH /¶pYROXWLRQ GX VWRFN DX FRXUV GH O¶DQQpH D PRQWUp GHV YDULDWLRQV LPSRUWDQWHV HQ SDUWLFXOLHU DX FRXUV GH OD SpULRGH G¶LUULJDWLRQ F HVW j GLUH HQWUH PL PDL HW ILQ DRÂ&#x20AC;W &HV YDULDWLRQV VRQW OLpHV j O¶LUULJDWLRQ j O¶pYDSRUDWLRQ GX VRO HW j O¶DFWLYLWp UDGLFXODLUH (Q SpULRGH G¶LUULJDWLRQ OHV VWRFNV GH * VRQW OHV SOXV IDLEOHV HQ UDLVRQ GH O¶DEVHQFH G¶DSSRUWV K\GULTXH HW GH O¶HIIHW GH O¶pYDSRUDWLRQ GLUHFWH GX VRO PDLV LOV GpSDVVHQW WRXV OHV JURXSHV HQ SpULRGH GH SOXLH j FDXVH GH O¶DEVHQFH GH UDFLQHV GDQV FHWWH ]RQH TXL Q¶HVW VRXPLVH TX¶j O¶HIIHW GH OD SOXLH HW GH O¶pYDSRUDWLRQ GX VRO &HWWH GHUQLqUH GLPLQXH HQ FHWWH SpULRGH GH O¶DQQpH $X FRQWUDLUH OH JURXSH SUpVHQWH OHV YDOHXUV OHV SOXV pOHYpHV HQWUH PL PDL HW GpEXW VHSWHPEUH HQ UDLVRQ GHV DSSRUWV K\GULTXHV SDU O¶LUULJDWLRQ $X QLYHDX GH FH JURXSH OH VRO HVW FRXYHUW SDU OD FDQRSpH HW Q¶HVW SDV GLUHFWHPHQW DIIHFWp SDU OH UD\RQQHPHQW VRODLUH &H JURXSH Q¶pWDQW SDV VRXPLV j OD PrPH GHPDQGH pYDSRUDWRLUH /HV JURXSHV * HW * SUpVHQWHQW GHV YDOHXUV LQWHUPpGLDLUHV GX IDLW TX¶LOV QH VRQW SDV VRXPLV j O¶LUULJDWLRQ HW EpQpILFLHQW G¶XQ RPEUDJH SDUWLHO HQ FRXUV GH MRXUQpH UpGXLVDQW OD FRPSRVDQWH pYDSRUDWLRQ GX VRO /¶pYROXWLRQ GX VWRFN G¶HDX H[DPLQpH GH PDQLqUH JOREDOH j O¶pFKHOOH GH OD FDPSDJQH HVW VRXV O¶LQIOXHQFH GHV pYqQHPHQWV SOXYLHX[ O¶LUULJDWLRQ HW O¶pYDSRWUDQVSLUDWLRQ PDLV WHOOH TXH SUpVHQWpH HOOH QH IDLW SDV DSSDUDvWUH O¶HIIHW GH O¶DFWLYLWp GH OD SODQWH HW OD PRGDOLWp GH IRQFWLRQQHPHQW GX UpVHUYRLU VRO ORUVTX¶LO HVW SODFp VRXV GLIIpUHQWHV FRQGLWLRQV K\GULTXHV /¶H[DPHQ GHV SURILOV K\GULTXHV j GLIIpUHQWHV GDWHV SHXW QRXV SHUPHWWUH GH PHWWUH HQ pYLGHQFH O¶DFWLYLWp GH OD SODQWH HW VD UHODWLRQ DYHF OHV GLIIpUHQWV FRPSDUWLPHQWV GX VRO
)RQFWLRQQHPHQW GX UpVHUYRLU VRO /¶KXPLGLWp GX VRO GDQV OHV GLIIpUHQWV FRPSDUWLPHQWV pWXGLpV HW VD GLVWULEXWLRQ OH ORQJ GX SURILO HVW DQDO\VpH SRXU WURLV VLWXDWLRQV W\SHV 3RXU FHOD QRXV DYRQV FRQVLGpUp WURLV GDWHV FDUDFWpULVpHV SDU GHV FRQGLWLRQV FOLPDWLTXHV HW FXOWXUDOHV GLIIpUHQWHV /D SUHPLqUH GDWH HVW FHOOH GX FRUUHVSRQGDQWH j O¶pWDW VHF SpULRGH QRQ LUULJXpH VWRFN PHVXUp DSUqV MRXUV GH O¶DUUrW GH OD SUHPLqUH LUULJDWLRQ HW j OD YHLOOH GH O¶LUULJDWLRQ VXLYDQWH 'X SRLQW GH YXH SKpQRORJLTXH HOOH FRUUHVSRQG DX VWDGH GH FURLVVDQFH UDSLGH GX IUXLW /D GHX[LqPH GDWH HVW FHOOH GX FRUUHVSRQGDQWH DX OHQGHPDLQ GH O¶DUUrW GH O¶LUULJDWLRQ SpULRGH G¶LUULJDWLRQ (OOH VH VLWXH HQ SOHLQH SpULRGH G¶LQGXFWLRQ IORUDOH /D WURLVLqPH GDWH HVW FKRLVLH DX PRLV GH VHSWHPEUH DSUqV GHV SOXLHV DERQGDQWHV GH PP (OOH FRUUHVSRQG j OD SpULRGH GH JURVVLVVHPHQW GHV ROLYHV +XPLGLWp GDQV OD ]RQH LUULJXpH VRXV OD IURQGDLVRQ /D ]RQH VRXV IURQGDLVRQ HVW KXPHFWpH SDU O¶LUULJDWLRQ HW OD SOXLH (OOH HVW RPEUDJpH SDU OD IURQGDLVRQ HW VXMHWWH j O¶pYDSRUDWLRQ j SDUWLU GX VRO HW j O¶DEVRUSWLRQ UDGLFXODLUH /¶DQDO\VH GH OD ILJXUH PRQWUH TXH OHV GLIIpUHQFHV OHV SOXV LPSRUWDQWHV GH O¶KXPLGLWp GDQV OHV WURLV VLWXDWLRQV FKRLVLHV VRQW REVHUYpHV DX QLYHDX GH OD WUDQFKH GH VRO FP /HV SURILOV , MXLOOHW HW 3 VHSWHPEUH SUpVHQWHQW XQH pYROXWLRQ FRPSDUDEOH DYHF XQH KXPLGLWp YROXPLTXH DOODQW GH SOXV GH j HQ IRQFWLRQ GH OD SURIRQGHXU HQ GpSLW GH FRQGLWLRQV FOLPDWLTXHV GLIIpUHQWHV /H SURILO 6 SUpVHQWH XQH KXPLGLWp SOXV IDLEOH HQ VXUIDFH SDU UDSSRUW DX[ GHX[ DXWUHV HQ UDLVRQ GX GHVVqFKHPHQW GX VRO PDL DX QLYHDX GH OD WUDQFKH FP /¶KXPLGLWp PD[LPDOH GH FH SURILO VHF HVW VLWXpH DX QLYHDX GH O¶KRUL]RQ FP $X QLYHDX GX JURXSH O¶KXPLGLWp YROXPLTXH HVW LPSRUWDQWH HQ VXUIDFH DX FRXUV GHV SpULRGHV GH SOXLH HW G¶LUULJDWLRQ GH O¶RUGUH GH (OOH HVW SOXV IDLEOH HQ SpULRGH VqFKH $X QLYHDX GH OD WUDQFKH GH VRO FP O¶KXPLGLWp YROXPLTXH GX SURILO , HVW LQWHUPpGLDLUH HQWUH OHV GHX[
SURILOV (OOH SOXV pOHYpH TXH FHOOH GX SURILO VHF HQ UDLVRQ GH O¶LUULJDWLRQ PDOJUp XQH GHPDQGH FOLPDWLTXH SOXV pOHYpH HQ MXLOOHW $ SDUWLU GH O¶KRUL]RQ FP OHV KXPLGLWpV GHV SURILOV 3 HW 6 PRQWUHQW GHV YDOHXUV SURFKHV HW pYROXHQW GH PDQLqUH TXDVL VLPLODLUH DX SURILO , DYHF GHV YDOHXUV FRPSULVHV HQWUH HW /HV GLIIpUHQFHV GH O¶KXPLGLWp GX VRO VRXV IURQGDLVRQ REVHUYpHV HQWUH OHV SURILOV DX QLYHDX GH OD WUDQFKH FP UpVXOWHQW GH O¶HIIHW FRPELQp GH O¶pYDSRUDWLRQ HW GH O¶DFWLYLWp UDGLFXODLUH $X FRXUV GX PRLV GH PDL SURILO VHF OHV UDFLQHV VRQW DFWLYHV HW DEVRUEHQW O¶HDX GLVSRQLEOH SRXU VXEYHQLU DX[ EHVRLQV GH OD WUDQVSLUDWLRQ HW GH OD FURLVVDQFH GHV IUXLWV HQ GLYLVLRQ (Q VHSWHPEUH OH VRO HVW JRUJp G¶HDX j OD VXLWH GHV SOXLHV DERQGDQWHV VXUYHQXHV DX FRXUV GH OD VHPDLQH F¶HVW FH TXL H[SOLTXH OHV YDOHXUV pOHYpHV GH O¶KXPLGLWp (Q SpULRGH HVWLYDOH SURILO LUULJXp O¶DFWLYLWp GHV UDFLQHV HW OD FURLVVDQFH YpJpWDWLYH GpSHQGHQW GH OD GLVSRQLELOLWp GH O¶HDX HW GH OD WHPSpUDWXUH 'DQV QRWUH FDV QRXV DYRQV REVHUYp HQ XQH IDLEOH FURLVVDQFH HVWLYDOH DX QLYHDX GH OD FDQRSpH /HV YDOHXUV pOHYpHV GH O¶KXPLGLWp UpVXOWHQW SOXW{W GH O¶HIIHW GH O¶LUULJDWLRQ TXL D SHUPLV GH FRQWUHEDODQFHU O¶HIIHW GH O¶pYDSRWUDQVSLUDWLRQ HW GH PDLQWHQLU OH VRO j GHV KXPLGLWpV SURFKHV GH FHOOHV TXH QRXV DYRQV REVHUYpHV HQ SpULRGH GH SOXLH /D GLPLQXWLRQ GH O¶KXPLGLWp DX QLYHDX GH OD WUDQFKH GH VRO FP UpVXOWH GH OD SUpVHQFH GH UDFLQHV DYHF XQH GHQVLWp UDGLFXODLUH pOHYpH j GHV GLVWDQFHV GH HW FP GX WURQF
+XP LGLWp GX VRO
3URIRQGHXU FP
* 6
* ,
* 3
)LJXUH +XPLGLWp GX SURILO GX VRO FP DX QLYHDX GX UpVHUYRLU * GDQV WURLV VLWXDWLRQV DSUqV GHVVqFKHPHQW GX VRO * 6 DSUqV LUULJDWLRQ * , HW DSUqV XQH SOXLH DERQGDQWH * 3 +XPLGLWp GDQV OD ]RQH LQWHUPpGLDLUH KRUV IURQGDLVRQ
/D ]RQH LQWHUPpGLDLUH KRUV IURQGDLVRQ HVW KXPHFWpH SDU OD
SOXLH (OOH HVW SDUWLHOOHPHQW RPEUDJpH SDU OD IURQGDLVRQ HW VXMHWWH j O¶DEVRUSWLRQ UDGLFXODLUH /¶DQDO\VH GH OD ILJXUH PRQWUH GHV GLIIpUHQFHV HQWUH OHV WURLV SURILOV VHF LUULJXp HW SOXYLHX[ /HV YDULDWLRQV G¶KXPLGLWp OHV SOXV LPSRUWDQWHV VRQW REVHUYpHV DX QLYHDX GH OD WUDQFKH GH VRO FP /H SURILO 3 SUpVHQWH XQH pYROXWLRQ FRPSDUDEOH j FHOOH TXH QRXV DYRQV REVHUYpH DX QLYHDX GH * /H SURILO VHF Q¶HVW SDV GDQV FH FDV OH PRLQV KXPLGH ,O PRQWUH GHV YDOHXUV LQWHUPpGLDLUHV HQ VXUIDFH FP SXLV LO UHMRLQW OHV YDOHXUV REVHUYpHV DX QLYHDX GX SURILO SOXYLHX[ j SDUWLU GH OD WUDQFKH GH VRO HW PrPH GpSDVVH VHV YDOHXUV HQ SURIRQGHXU ,O SUpVHQWH GHV YDOHXUV SOXV IDLEOHV TXH OH SURILO 3 HQ VXUIDFH SXLVTXH OD GHPDQGH pYDSRUDWRLUH DX PRLV GH PDL HVW SOXV pOHYpH TX¶HQ VHSWHPEUH 0DLV FHWWH GHPDQGH FOLPDWLTXH Q¶HVW SDV WUqV pOHYpH SRXU DWWHLQGUH OHV KRUL]RQV SURIRQGV GH SOXV GH FP /H SURILO LUULJXp SUpVHQWH GDQV FH FDV pORLJQHPHQW GH P GX WURQF OHV KXPLGLWpV OHV SOXV IDLEOHV DX QLYHDX GH WRXV OHV KRUL]RQV DYHF XQH YDOHXU GH O¶RUGUH GH HQ VXUIDFH HW GH j P GH SURIRQGHXU HQ UDLVRQ GH O¶LPSRUWDQFH GH OD GHPDQGH pYDSRUDWRLUH DX PRLV GH MXLOOHW
$X QLYHDX GH * O¶KXPLGLWp YROXPLTXH HQ VXUIDFH HVW LPSRUWDQWH HQ SpULRGH GH SOXLH PDLV EHDXFRXS SOXV IDLEOH DX FRXUV GH MRXUQpHV LUULJXpHV HW VDQV DSSRUW K\GULTXH /H SURILO , SUpVHQWH j P GX WURQF GHV KXPLGLWpV SOXV IDLEOHV TXH FHOOHV TXH QRXV DYRQV REVHUYpHV XQH YLQJWDLQH GH MRXUV DSUqV OD GHUQLqUH SOXLH VDQV OH PRLQGUH DSSRUW K\GULTXH * 6 &HWWH VLWXDWLRQ UpVXOWH GH O¶DXJPHQWDWLRQ GH OD GHPDQGH FOLPDWLTXH HQ MXLOOHW HW j OD SOXV JUDQGH H[SRVLWLRQ GH FH JURXSH DX UD\RQQHPHQW VRODLUH ,O HVW HQ HIIHW VRXPLV j O¶DFWLYLWp GHV UDFLQHV HW GRQF j OD WUDQVSLUDWLRQ GX MHXQH ROLYLHU SXLVTXH OHV UDFLQHV RQW DWWHLQW HQ OD GLVWDQFH GH P HW j O¶pYDSRUDWLRQ GX VRO GX IDLW TXH FHOXL FL Q¶HVW TXH SDUWLHOOHPHQW RPEUDJp SDU OD FDQRSpH +XP LGLWp GX V RO
3URIRQGHXU FP
* 6
* ,
* 3
)LJXUH +XPLGLWp GX SURILO GX VRO FP DX QLYHDX GX UpVHUYRLU * GDQV WURLV VLWXDWLRQV DSUqV GHVVqFKHPHQW GX VRO * 6 DSUqV LUULJDWLRQ * , HW DSUqV XQH SOXLH DERQGDQWH * 3 +XPLGLWp GDQV OD ]RQH KRUV UDFLQHV &HWWH ]RQH HVW UHSUpVHQWpH SDU * DX QLYHDX GXTXHO OHV VWRFNV VRQW PHVXUpV HQWUH HW P GX WURQF &HWWH ]RQH VH WURXYH KRUV GH OD SRUWpH GHV UDFLQHV HW HVW KXPHFWpH SDU OD SOXLH (OOH HVW SDUWLHOOHPHQW RPEUDJpH SDU OD IURQGDLVRQ DX FRXUV GHV PDWLQpHV HW GHV DSUqV PLGL HW HVW VXMHWWH j O¶pYDSRUDWLRQ GX VRO
/¶DQDO\VH GH OD ILJXUH PRQWUH GHV GLIIpUHQFHV HQWUH OHV WURLV SURILOV µVHF¶ µLUULJXp¶ HW µSOXYLHX[¶ /HV pFDUWV OHV SOXV LPSRUWDQWV RQW pWp REVHUYpV DX QLYHDX GH OD WUDQFKH GH VRO FP /H SURILO 3 SUpVHQWH XQH pYROXWLRQ FRPSDUDEOH j FHOOH TXH QRXV DYRQV REVHUYpH GDQV OHV JURXSHV HW ELHQ TX¶LO QH VRLW SDV VRXPLV j O¶HIIHW GHV UDFLQHV HW SDU FRQVpTXHQW j O¶HIIHW GH OD WUDQVSLUDWLRQ GHV MHXQHV ROLYLHUV 6HV KXPLGLWpV pYROXHQW GH j HQYLURQ HQ DOODQW YHUV OD SURIRQGHXU GX VRO /H SURILO 6 SUpVHQWH GHV YDOHXUV EHDXFRXS SOXV IDLEOHV TXH OH SURILO 3 SXLVTXH OD GHPDQGH pYDSRUDWRLUH DX PRLV GH PDL HVW SOXV pOHYpH TX¶HQ VHSWHPEUH HW TX¶LO Q¶\ D SDV HX G¶DSSRUWV K\GULTXHV GDQV FHWWH ]RQH SRXU UHVWLWXHU OHV SHUWHV HQ HDX /H SURILO , SUpVHQWH OHV KXPLGLWpV OHV SOXV IDLEOHV DX QLYHDX GH WRXV OHV KRUL]RQV DYHF XQH YDOHXU GH O¶RUGUH GH HQ VXUIDFH HW GH j P GH SURIRQGHXU ,O VH WURXYH GDQV XQH VLWXDWLRQ FRPSDUDEOH j FHOOH GX SURILO 6 $X QLYHDX GH * O¶KXPLGLWp YROXPLTXH HQ VXUIDFH HVW LPSRUWDQWH HQ SpULRGH GH SOXLH HW HVW SOXV IDLEOH HQ SpULRGH VqFKH HW G¶LUULJDWLRQ &HWWH VLWXDWLRQ UpVXOWH GH O¶H[SRVLWLRQ GH FH JURXSH DX UD\RQQHPHQW GLUHFW TXL IDLW TXH O¶pYDSRUDWLRQ GH O¶HDX GX VRO VRLW LPSRUWDQWH HQ PDL * 6 HW G¶DYDQWDJH HQ MXLOOHW * , +XP LGLWp GX VRO
3URIRQGHXU FP
* 6
* ,
* 3
)LJXUH +XPLGLWp GX SURILO GX VRO FP DX QLYHDX GX UpVHUYRLU * GDQV WURLV VLWXDWLRQV DSUqV GHVVqFKHPHQW GX VRO * 6 DSUqV LUULJDWLRQ * , HW DSUqV XQH SOXLH DERQGDQWH * 3
+XPLGLWp GDQV OD ]RQH OD SOXV pORLJQpH GX WURQF &H JURXSH HVW UHSUpVHQWp SDU OH VWRFN G¶HDX PHVXUp j P GX WURQF &HWWH ]RQH HVW KXPHFWpH VHXOHPHQW SDU OD SOXLH (OOH HVW VXMHWWH j O¶pYDSRUDWLRQ GLUHFWH GX VRO /¶DQDO\VH GH OD ILJXUH PRQWUH XQH GLIIpUHQFH LPSRUWDQWH GHV KXPLGLWpV GH VXUIDFH FP TXL VRQW GH O¶RUGUH GH DX QLYHDX GX SURILO KXPLGH * 3 HW GH HQYLURQ SRXU OHV SURILOV LUULJXpV * , HW VHF * 6 /¶pFDUW HQWUH OHV SURILOV GLPLQXH HQ IRQFWLRQ GH OD SURIRQGHXU (Q SpULRGH GH SOXLH OHV KXPLGLWpV YROXPLTXHV DX QLYHDX GH * VRQW FRPSDUDEOHV j FHOOHV GHV DXWUHV JURXSHV HQ UDLVRQ GH O¶KRPRJpQpLVDWLRQ GH O¶pWDW K\GULTXH GX VRO SDU OHV SOXLHV &HWWH ILJXUH SUpVHQWH SRXU OHV SURILOV 3 HW , OD PrPH pYROXWLRQ TXH FHOOH TXH QRXV DYRQV REVHUYpH SRXU OH JURXSH (Q SpULRGH GH SOXLH O¶KXPLGLWp GX VRO pYROXH GH PDQLqUH FRPSDUDEOH SRXU OHV JURXSHV HQ UDLVRQ GH O¶KRPRJpQpLVDWLRQ GH O¶pWDW GX VRO /D VLWXDWLRQ HVW GLIIpUHQWH HQ SpULRGH G¶LUULJDWLRQ /H SURILO , SUpVHQWH DX QLYHDX GHV JURXSHV HW GHV KXPLGLWpV HQ VXUIDFH SURFKHV GH FHOOHV GX SURILO 6 PDOJUp OD ORQJXH SpULRGH VDQV DSSRUW K\GULTXH HW FH HQ UDLVRQ GH O¶LPSRUWDQFH GH OD GHPDQGH FOLPDWLTXH DX PRLV GH MXLOOHW $X QLYHDX GH * OHV YDOHXUV GH O¶KXPLGLWp HQ VXUIDFH VRQW SURFKHV GH FHOOHV TXL VRQW REVHUYpHV HQ SpULRGH GH SOXLH HQ UDLVRQ GH O¶LUULJDWLRQ TXL D SHUPLV GH FRQWUHEDODQFHU OD GHPDQGH FOLPDWLTXH HW UpSRQGUH DX EHVRLQ HQ HDX GHV MHXQHV ROLYLHUV $X GHOj GHV KRUL]RQV GH VXUIDFH OHV SURILOV VHF LUULJXp HW SOXYLHX[ VH UDSSURFKHQW PDLV j GHV SURIRQGHXUV YDULDEOHV /HV YDULDWLRQV LPSRUWDQWHV GH OD G\QDPLTXH GH FURLVVDQFH REVHUYpHV DX FRXUV GH OD SpULRGH G¶H[SpULPHQWDWLRQ VRQW LQKpUHQWHV j XQH PXOWLWXGH GH IDFWHXUV SDUPL OHVTXHOV O¶HDX HVW XQH FRPSRVDQWH SULQFLSDOH /HV UHODWLRQV pWDEOLHV HQWUH OD FURLVVDQFH HQ KDXWHXU HW OH QLYHDX GH VDWLVIDFWLRQ GHV EHVRLQV HQ HDX RQW PRQWUp TX¶HOOH DIIHFWH GDQV XQH ODUJH PHVXUH OD UpSRQVH GH GX MHXQH ROLYLHU /¶pWXGH GH OD G\QDPLTXH GH O¶HDX D PRQWUp TXH OH IRQFWLRQQHPHQW GX UpVHUYRLU VRO HW GRQF OD FRQVRPPDWLRQ GLIIqUH VHORQ OD SRVLWLRQ SDU UDSSRUW DX WURQF HQ UDLVRQ GH O¶KpWpURJpQpLWp
GH OD UpSDUWLWLRQ GHV UDFLQHV HW GH OD YDULDWLRQ GHV GHQVLWpV UDGLFXODLUHV G¶XQH ]RQH j O¶DXWUH PrPH HQ GHVVRXV GH OD FDQRSpH +XP LGLWp GX VRO
3URIRQGHXU FP
* 6
* ,
* 3
)LJXUH +XPLGLWp GX SURILO GX VRO FP DX QLYHDX GX UpVHUYRLU * GDQV WURLV VLWXDWLRQV DSUqV GHVVqFKHPHQW GX VRO * 6 DSUqV LUULJDWLRQ * , HW DSUqV XQH SOXLH DERQGDQWH * 3 /D FRPSOH[LWp GX V\VWqPH SRVH OH SUREOqPH GX FKRL[ GHV VLWHV GH PHVXUH HW GH OD UHSUpVHQWDWLRQ VSDWLDOH GH FHV VLWHV HW UHQG GLIILFLOH O¶pWDEOLVVHPHQW GX ELODQ K\GULTXH &RPSWH WHQX GH FHWWH GLIILFXOWp QRXV DYRQV HVVD\p GH FHUQHU GDYDQWDJH OH SUREOqPH HQ GpWHUPLQDQW OD FRQVRPPDWLRQ GH O¶ROLYLHU RX VD WUDQVSLUDWLRQ SULV GDQV FH FDV FRPPH LQGLYLGX SDU OD PHVXUH GX IOX[ GH OD VqYH EUXWH 7UDQVSLUDWLRQ GH O¶ROLYLHU /D PpWKRGH GH IOX[ GH VqYH ,QWURGXFWLRQ /¶XWLOLVDWLRQ GH OD PpWKRGH GX ELODQ K\GULTXH SRXU OD GpWHUPLQDWLRQ GH OD FRQVRPPDWLRQ HQ HDX GHV MHXQHV ROLYLHUV LUULJXpV DX JRXWWH j JRXWWH SRVH OH SUREOqPH GX FKRL[ GHV VLWHV GH PHVXUH HW GH OD UHSUpVHQWDWLRQ VSDWLDOH GH FHV VLWHV (Q UDLVRQ GX IDLEOH WDX[ GH FRXYHUWXUH GX VRO HW GH
O¶KpWpURJpQpLWp GX V\VWqPH UDGLFXODLUH QRXV DYRQV GLIIpUHQWHV HQWLWpV GLIIpUHQWLDEOHV UHODWLYH FKDFXQH j XQH ]RQH ELHQ GpILQLH GX UpVHUYRLU VRO VRXPLVH j XQH GHPDQGH FOLPDWLTXH GRQQpH $X QLYHDX GH FHV FRPSDUWLPHQWV QRXV DYRQV FRQVWDWp TXH O¶KXPLGLWp HQ SpULRGH G¶LUULJDWLRQ SDUWLFXOLqUHPHQW HW SDU FRQVpTXHQW OH VWRFN G¶HDX YDULH FRQVLGpUDEOHPHQW /H IRQFWLRQQHPHQW GX UpVHUYRLU VRO j FH QLYHDX IDLW TXH FHWWH FRQVRPPDWLRQ GLIIqUH VHORQ OD SRVLWLRQ SDU UDSSRUW DX WURQF HQ UDLVRQ GH O¶KpWpURJpQpLWp GH OD UpSDUWLWLRQ GHV UDFLQHV HW GH OD YDULDWLRQ GHV GHQVLWpV UDGLFXODLUHV G¶XQH ]RQH j O¶DXWUH PrPH HQ GHVVRXV GH OD FDQRSpH /H UD\RQQHPHQW LQWHUFHSWp HW OD UpSRQVH GH OD SODQWH GLIIqUHQW VHORQ TX¶RQ VH SODFH VRXV OD IURQGDLVRQ GHV DUEUHV ]RQH RPEUDJpH DYHF SUpVHQFH GHV UDFLQHV HQ GHKRUV GH OD IURQGDLVRQ ]RQH LQWHUPpGLDLUH HQ SUpVHQFH G¶XQ IDLEOH QRPEUH GH UDFLQHV RX ORLQ GH FHOOH FL ]RQH GH VRO QX TX¶RQ VRLW HQ SpULRGH GH SOXLH RX HQ SpULRGH VqFKH TXH O¶RQ LUULJXH RX SDV &RPSWH WHQX GH FHWWH YDULDELOLWp HW GH OD GLIILFXOWp SRXU GpWHUPLQHU H[DFWHPHQW OD FRQVRPPDWLRQ SDU OD PpWKRGH GX ELODQ K\GULTXH QRXV QRXV VRPPHV SURSRVpV GH GpWHUPLQHU OD FRPSRVDQWH WUDQVSLUDWLRQ GX MHXQH ROLYLHU SDU OD PHVXUH GX IOX[ GH OD VqYH EUXWH HW DQDO\VHU VHV IDFWHXUV GH YDULDWLRQV 'LVSRVLWLI GH PHVXUH GH IOX[ GHOj VqYH HW VLJQDX[ FROOHFWpV $ILQ GH GpWHUPLQHU OD WUDQVSLUDWLRQ GHV MHXQHV ROLYLHUV QRXV DYRQV PLV HQ SODFH DX FRXUV GH O¶DQQpH XQ GLVSRVLWLI GH PHVXUHV GX IOX[ GH OD VqYH EUXWH FRQVWLWXp G¶XQ HQVHPEOH GH FDSWHXUV WKHUPLTXHV HW G¶XQH FHQWUDOH G¶DFTXLVLWLRQ GHV GRQQpHV /D FHQWUDOH HVW DOLPHQWpH SDU XQH EDWWHULH GH 9 UHFKDUJHDEOH DX PR\HQ G¶XQ SDQQHDX VRODLUH $ILQ G¶pYLWHU VRQ pSXLVHPHQW HOOH HVW UHPSODFpH UpJXOLqUHPHQW 1RXV DYRQV XWLOLVp GHX[ W\SHV GH FDSWHXUV GHV FDSWHXUV GH OD PDUTXH '\QDPD[ HW GHV FDSWHXUV IDEULTXpV VHORQ OD PpWKRGH ,15$ )UDQFH TX /HV FDSWHXUV GLIIqUHQW SDU OHXU ORQJXHXU HW OHXU UpVLVWDQFH FKDXIIDJH $X GpEXW GH O¶DQQpH QRXV DYRQV LQVWDOOp GL[ FDSWHXUV VXU WURLV ROLYLHUV &KpWRXL kJpV GH DQV HW GH YLJXHXU FRPSDUDEOH VHSW FDSWHXUV
'\QDPD[ HW ,15$ /¶XQ GHV DUEUHV SRUWH OHV GHX[ W\SHV GH VRQGHV &HOOHV FL RQW pWp LQVpUpHV UDGLDOHPHQW VRXV O¶pFRUFH GX WURQF j FP DX GHVVXV GX QLYHDX GX VRO VHORQ GLIIpUHQWHV RULHQWDWLRQV /¶DUEUH SRUWH OHV FDSWHXUV '\QDPD[ HW O¶DUEUH SRUWH OHV FDSWHXUV '\QDPD[ HW DORUV TXH O¶ROLYLHU SRUWH OHV GHX[ W\SHV GH FDSWHXUV QXPpURWpV HW SRXU OHV FDSWHXUV ,15$ HW SRXU OH FDSWHXU '\QDPD[ (WDQW GRQQp TXH OHV VLJQDX[ GH IOX[ VRQW HQUHJLVWUpV VXU OD PrPH FHQWUDOH TXH OHV GRQQpHV PpWpRURORJLTXHV QRXV DYRQV IDLV SUpFpGp OHV FKLIIUHV DWWULEXpV DX[ FDSWHXUV GH IOX[ SDU OHV OHWWUHV )6 IOX[ GH VqYH /HV FDSWHXUV VRQW RULHQWpV FRPPH VXLW $UEUH )6 1 )6 6( HW )6 62 $UEUH )6 1 )6 6( HW )6 62 $UEUH )6 1 )6 6( )6 62 HW )6 ( /¶LQVWDOODWLRQ D pWp HQVXLWH HQYHORSSpH SDU XQ ILOP HQ DOXPLQLXP LVRWKHUPH DILQ G¶pYLWHU OH UpFKDXIIHPHQW GHV FDSWHXUV SDU OH UD\RQQHPHQW GLUHFW HW TXL HVW UpIOpFKL SDU OH VRO 'DQV OH FDV GH OD SUpVHQWH H[SpULPHQWDWLRQ XQ UpJLPH GH FKDXIIDJH DOWHUQDWLI GH PQ GH FKDXIIDJH PQ GH QRQ FKDXIIDJH D pWp DGRSWp SRXU WRXV OHV FDSWHXUV /HV PHVXUHV VRQW UpDOLVpHV WRXWHV OHV PLQXWHV HW OD PR\HQQH VXU PLQXWHV HVW HQUHJLVWUpH SDU O¶XQLWp G¶DFTXLVLWLRQ /HV GRQQpHV VRQW WUDQVIpUpHV j XQ RUGLQDWHXU SRUWDEOH WRXV OHV GL[ MRXUV (OOHV VRQW XWLOLVpHV SRXU HVWLPHU OH IOX[ GH OD VqYH /HV SUHPLqUHV PHVXUHV GH IOX[ RQW pWp REWHQXHV DX FRXUV GX PRLV GH PDUV /HV YDOHXUV UHODWLYHV DX IOX[ GH OD VqYH HW OHV SDUDPqWUHV FOLPDWLTXHV VXLYLV DX QLYHDX GX VLWH VRQW HQUHJLVWUpHV DX QLYHDX GH OD FHQWUDOH G¶DFTXLVLWLRQ GHV GRQQpHV VRXV XQH IRUPH SK\VLTXH F¶HVW j ± GLUH XQH WHQVLRQ H[SULPpH HQ P9 'DQV OD ILJXUH XQ H[HPSOH GH O¶pYROXWLRQ GHV VLJQDX[ HQUHJLVWUpV SDU OHV FDSWHXUV '\QDPD[ )6 )6 HW )6 HW GX UD\RQQHPHQW JOREDO HVW SUpVHQWp SRXU XQH MRXUQpH G¶pWp HQVROHLOOpH OH /¶DQDO\VH GH OD ILJXUH PRQWUH XQH pYROXWLRQ V\QFKURQH GHV VLJQDX[ KRUDLUHV SURGXLWV SDU OHV FDSWHXUV '\QDPD[ )6 )6 HW )6 ,OV
pYROXHQW HQWUH OHV YDOHXUV PLQLPDOHV 9RII HQUHJLVWUpHV j OD ILQ GH OD SpULRGH GH UHIURLGLVVHPHQW QRQ FKDXIIDJH HW OHV YDOHXUV PD[LPDOHV 9RQ DWWHLQWHV j OD ILQ GH OD SpULRGH GH FKDXIIDJH /D YDOHXU SLF GH FHWWH MRXUQpH HVW REVHUYpH DX[ DOHQWRXUV GH KHXUHV GX PDWLQ (OOH FRUUHVSRQG DX IOX[ GH VqYH PLQLPXP GH FHWWH MRXUQpH GX
)LJXUH (YROXWLRQ GHV VLJQDX[ GHV FDSWHXUV GH IOX[ GH VqYH HW GX UD\RQQHPHQW JOREDO DX FRXUV G¶XQH MRXUQpH HQVROHLOOpH GX /HV WURLV FDSWHXUV VRQW LQVWDOOpV VXU OH PrPH DUEUH VHORQ OHV RULHQWDWLRQV 6( )6 62 )6 HW 1( )6 $X FRXUV G¶XQ F\FOH GH FKDXIIDJH OHV YDOHXUV GH IOX[ pYROXHQW GLIIpUHPPHQW SHQGDQW OHV KHXUHV GLXUQHV HQWUH KHXUHV GX PDWLQ HW KHXUHV HW QRFWXUQHV $X FRXUV GH OD QXLW OHV VLJQDX[ Q¶DWWHLJQHQW SDV GH SDOLHU TXH FH VRLW SHQGDQW OD SKDVH GH FKDXIIDJH RX GH UHIURLGLVVHPHQW PDLV XQH YDOHXU PD[LPDOH GH O¶RUGUH GH P9 RX PLQLPDOH SURFKH GH 3HQGDQW OH MRXU OHV VLJQDX[ DWWHLJQHQW UDSLGHPHQW OHV YDOHXUV G¶pTXLOLEUH 9RQ HW 9RII /HV VLJQDX[ VH VWDELOLVHQW j XQH YDOHXU PD[LPXP GH P9 HQYLURQ HW XQH YDOHXU PLQLPDOH SUDWLTXHPHQW QXOOH RX QpJDWLYH /D WUDQVLWLRQ HQWUH OH UpJLPH QRFWXUQH HW GLXUQH HVW UDSLGH /H SDOLHU QRFWXUQH RX GLXUQH HVW pWDEOL DX ERXW GX qPH F\FOH TXH FH VRLW j O¶DXEH RX j O¶DXURUH )LJXUH
3pULRGH GLXUQH
3pULRGH 1RFWXUQH
+HXUH
)LJXUH (YROXWLRQ GHV VLJQDX[ P9 GXUDQW OHV SpULRGHV GLXUQHV HW QRFWXUQHV /HV VLJQDX[ pYROXHQW GH PDQLqUH V\QFKURQH DYHF OH UD\RQQHPHQW JOREDO ,OV VRQW SOXV pOHYpV OD QXLW HQ DEVHQFH GH UD\RQQHPHQW HW SOXV IDLEOHV OH MRXU TXH FH VRLW SRXU OHV YDOHXUV PD[LPDOHV RX PLQLPDOHV 3RXU GHV YDOHXUV GH 5J QXOOHV OH VLJQDO PD[LPDO YDULH GH j P9 DORUV TXH OHV VLJQDX[ PLQLPXP VRQW SURFKHV GH ]pUR PDLV SRVLWLIV $X GpEXW GH OD MRXUQpH HW GqV KHXUHV GX PDWLQ OHV VLJQDX[ GH IOX[ FRPPHQFHQW j GLPLQXHU DORUV TXH OH UD\RQQHPHQW JOREDO DXJPHQWH /RUVTXH FHOXL FL DWWHLQW VRQ PD[LPXP GH P9 HQYLURQ YHUV KHXUHV OH VLJQDO PD[LPDO DX QLYHDX GHV FDSWHXUV GH IOX[ HVW GH O¶RUGUH GH P9 DORUV TXH OHV YDOHXUV PLQLPDOHV VRQW SUDWLTXHPHQW QXOOHV HW PrPHV QpJDWLYHV $ OD ILQ GH OD MRXUQpH HW DX IXU HW j PHVXUH TXH 5J GLPLQXH OHV YDOHXUV PD[LPDOHV HW PLQLPDOHV GHV VLJQDX[ GH IOX[ DXJPHQWHQW GH QRXYHDX /D YDULDWLRQ GHV VLJQDX[ DX FRXUV GX MRXU UpVXOWH GH OD YDULDWLRQ GH O¶pFDUW GH WHPSpUDWXUH RX GH SRWHQWLHO HQWUH OHV GHX[ VRQGHV GX FDSWHXU RX HQWUH OHV GHX[ WKHUPRFRXSOHV (Q DEVHQFH GH IOX[ WUDQVSLUDWRLUH SHQGDQW OD QXLW F¶HVW j GLUH SRXU XQ UD\RQQHPHQW JOREDO QXO OD GLIIpUHQFH GH WHPSpUDWXUHV HVW PD[LPDOH HQWUH OD VRQGH FKDXIIpH HW OD VRQGH GH UpIpUHQFH QRQ FKDXIIpH GX FDSWHXU 3HQGDQW OHV KHXUHV GLXUQHV OH SDVVDJH GX IOX[ TXL UpVXOWH GH O¶DXJPHQWDWLRQ GX UD\RQQHPHQW JOREDO RX GH OD GHPDQGH FOLPDWLTXH WHQG j KRPRJpQpLVHU OH PLOLHX VqYH ERLV UpGXLVDQW DLQVL O¶pFDUW GH WHPSpUDWXUH HQWUH OHV GHX[ VRQGHV GX FDSWHXU
F¶HVW FH TXL H[SOLTXH OD EDLVVH GHV VLJQDX[ DX FRXUV GH OD MRXUQpH HW O¶pWDEOLVVHPHQW GHV SDOLHUV &HV UpVXOWDWV VRQW FRKpUHQWV DYHF FHX[ SUpVHQWpV GDQV OD OLWWpUDWXUH HW HQ SDUWLFXOLHU OHV WUDYDX[ GH 0DKMRXE HW $ELG .DUUD\ HQWUHSULV HQ 7XQLVLH /H F\FOH GH PQ GH FKDXIIDJH HW GH PQ GH QRQ FKDXIIDJH HVW FRQYHQDEOH PDOJUp OH QRPEUH G¶REVHUYDWLRQV OLPLWp 'pWHUPLQDWLRQ GH OD GHQVLWp GH IOX[ /HV VLJQDX[ FROOHFWpV DX FRXUV GH OD FDPSDJQH RQW pWp WUDLWpV HQ YXH GH OHV WUDGXLUH HQ GHQVLWp GH IOX[ HQ DGRSWDQW OD SURFpGXUH GH FDOFXO GpYHORSSpH SDU 'R HW 5RFKHWHDX /D SURFpGXUH FRQVLVWH j GpWHUPLQHU SRXU FKDTXH F\FOH GH FKDXIIDJH OD GLIIpUHQFH ¨7D HQWUH OHV pFDUWV GH WHPSpUDWXUH ¨7RQ HW ¨7RII HQUHJLVWUpV UHVSHFWLYHPHQW j OD ILQ GH OD SpULRGH GH FKDXIIDJH HW GH OD SpULRGH GH QRQ FKDXIIDJH ¨7RII (TXDWLRQ ¨7D ¨7RQ ¨7RII > @ /¶LQGLFH GX IOX[ . (TXDWLRQ HVW FDOFXOp j SDUWLU GH ¨7D HW GH ¨7PD[ SDU . ¨7PD[ ¨7D ¨7D > @ 2 ¨7PD[ UHSUpVHQWH O¶pFDUW GH WHPSpUDWXUH PHVXUpH j IOX[ QXO /D FDOLEUDWLRQ GH FHWWH PpWKRGH SDU 'R HW 5RFKHWHDX DYHF GLIIpUHQWHV FRPELQDLVRQV GH F\FOHV GH FKDXIIDJH QRQ FKDXIIDJH VXU XQH FRORQQH K\GUDXOLTXH DUWLILFLHOOH UHPSOLH GH VFLXUH GH ERLV D SHUPLV GH GpILQLU XQH UHODWLRQ H[SRQHQWLHOOH 3DUWLH $ (TXDWLRQV HW HQWUH O¶LQGLFH GX IOX[ . (TXDWLRQ HW OD GHQVLWp GH IOX[ X (TXDWLRQ WHO TXH . X > @
2X X . . > @ /D GHQVLWp GH IOX[ X HVW H[SULPpH HQ OLWUH GP KHXUH HW . HVW XQ SDUDPqWUH VDQV GLPHQVLRQ /H SDVVDJH GH OD GHQVLWp GH IOX[ DX IOX[ KRUDLUH QpFHVVLWH OD FRQQDLVVDQFH GH OD VHFWLRQ FRQGXFWULFH HW O¶pWDORQQDJH GHV FDSWHXUV FRPSWH WHQX GH QRV FRQGLWLRQV H[SpULPHQWDOHV 1RXV DYRQV DGRSWp OHV YDOHXUV GH 'R HW 5RFKHWHDX E SRXU OH FDOFXO GH OD GHQVLWp GH IOX[ (YROXWLRQ GHV YDOHXUV GH OD GHQVLWp GH IOX[ j O¶pFKHOOH GX MRXU /D GHQVLWp GH IOX[ GH OD VqYH PHVXUpH SDU OHV GHX[ W\SHV GH FDSWHXUV HVW DQDO\VpH j O¶pFKHOOH GX MRXU HQ FRQVLGpUDQW XQH MRXUQpH G¶pWp HQVROHLOOpH DYHF XQH ERQQH DOLPHQWDWLRQ HQ HDX /D ILJXUH UHSUpVHQWH O¶pYROXWLRQ KRUDLUH GH OD GHQVLWp GH IOX[ DX FRXUV GH OD MRXUQpH GX SRXU OHV FDSWHXUV HW GH W\SH '\QDPD[ HW O¶pYROXWLRQ VLPXOWDQpH GX UD\RQQHPHQW JOREDO )6
)6
)6
5J
5J : P
'HQVLWp GH IOX[ GH VqYH O K GP
7HPSV KHXUH
)LJXUH (YROXWLRQ GHV YDOHXUV KRUDLUHV GH OD GHQVLWp GH IOX[ GH VqYH HW GX UD\RQQHPHQW JOREDO DX FRXUV G¶XQH MRXUQpH HQVROHLOOpH GX
/HV WURLV FDSWHXUV VRQW LQVWDOOpV VXU OH PrPH DUEUH VHORQ OHV RULHQWDWLRQV 1 )6 6( )6 HW 62 )6 /¶H[DPHQ GH OD ILJXUH PRQWUH TXH OHV YDOHXUV GH OD GHQVLWp GX IOX[ PHVXUp SDU OHV FDSWHXUV YDULHQW FRQVLGpUDEOHPHQW j O¶pFKHOOH GX MRXU PDLV HOOHV VXLYHQW JOREDOHPHQW O¶pYROXWLRQ GH 5J (OOHV pYROXHQW GDQV OH PrPH VHQV PDLV DYHF GHV SURSRUWLRQV YDULDEOHV VHORQ O¶KHXUH GH OD MRXUQpH 'H PrPH OHV WURLV FDSWHXUV SUpVHQWHQW XQH pYROXWLRQ V\QFKURQH HQWUH HX[ PDLV DYHF TXHOTXHV GLIIpUHQFHV REVHUYpHV DX GpEXW GH OD PDWLQpH HW GH O¶DSUqV PLGL 1RXV DYRQV FRQVLGpUp TX¶HQ O¶DEVHQFH GH UD\RQQHPHQW OD GHQVLWp GH IOX[ HVW QXOOH QpJOLJHDQW DLQVL OHV IOX[ QRFWXUQHV pYHQWXHOV $ OD OHYpH GX MRXU OHV GHQVLWpV DXJPHQWHQW UDSLGHPHQW j SDUWLU GH KHXUHV GX PDWLQ MXVTX¶j KHXUHV KHXUH j ODTXHOOH QRXV REVHUYRQV XQH FKXWH GHV YDOHXUV DX QLYHDX GHV WURLV FDSWHXUV /D GHQVLWp GH IOX[ DXJPHQWH GH QRXYHDX j SDUWLU GH O¶KHXUH TXL VXLW F¶HVW j GLUH KHXUHV DORUV TXH OH UD\RQQHPHQW D FRQWLQXp j DXJPHQWHU GH PDQLqUH UpJXOLqUH DX FRXUV GH FHV SUHPLqUHV KHXUHV PDWLQDOHV $ SDUWLU GH KHXUHV GX PDWLQ OHV GHQVLWpV GH IOX[ HW OH UD\RQQHPHQW pYROXHQW GH PDQLqUH V\QFKURQH MXVTX¶j KHXUHV KHXUH j ODTXHOOH QRXV DYRQV HQUHJLVWUp OH PD[LPXP GX UD\RQQHPHQW JOREDO 0M P K DORUV TXH OHV YDOHXUV PD[LPDOHV GH OD GHQVLWp GH IOX[ VRQW REVHUYpHV KHXUHV SOXV WDUG SRXU OHV FDSWHXUV )6 HW )6 OLWUHV KHXUH GP /H FDSWHXU )6 SDU FRQWUH PRQWUH XQ PD[LPXP GH O¶RUGUH GH OLWUHV KHXUH GP YHUV KHXUHV GX PDWLQ 6RQ pYROXWLRQ VH GpWDFKH GH FHOOH GHV GHX[ DXWUHV FDSWHXUV GXUDQW O¶DSUqV PLGL /H UD\RQQHPHQW JOREDO FRPPHQFH j GpFOLQHU j SDUWLU GH KHXUHV DORUV TXH OHV YDOHXUV GH IOX[ VRQW PDLQWHQXHV SHQGDQW TXHOTXHV KHXUHV j GHV YDOHXUV FRPSULVHV HQWUH HW OLWUHV KHXUH GP (OOHV FRPPHQFHQW j GLPLQXHU j SDUWLU GH KHXUHV $X GHOj GH KHXUHV OD GHQVLWp GH IOX[ GLPLQXH UDSLGHPHQW HW V¶DQQXOH YHUV KHXUHV /D ILJXUH PRQWUH XQH pWURLWH FRUUpODWLRQ HQWUH OD GHQVLWp GH IOX[ HW OH UD\RQQHPHQW JOREDO SRXU GLIIpUHQWHV FRQGLWLRQV K\GULTXHV
&RQGLWLRQV K\GULTXHV IDYRUDEOHV KXPLGLWp GX VRO !
&RQGLWLRQV K\GULTXHV GpIDYRUDEOHV KXPLGLWp GX VRO
'HQVLWp GH IOX[ O K GP
)G (7R 5ð
)G (7R 5ð
(7R PP
)LJXUH &RUUpODWLRQV HQWUH OD GHQVLWp GH IOX[ GH VqYH )G O KHXUH GP HW O¶pYDSRWUDQVSLUDWLRQ GH UpIpUHQFH (7R PP MRXU SRXU GLIIpUHQWV K\GULTXHV GX VRO $QDO\VH GH OD GLIIpUHQFH HQWUH OHV VLJQDX[ GHV FDSWHXUV /D VpULH GH GRQQpHV HQUHJLVWUpHV DX FRXUV GH OD SpULRGH G¶H[SpULPHQWDWLRQ PRQWUH GHV GLIIpUHQFHV HQWUH OHV GHQVLWpV GH IOX[ PHVXUpHV SDU OHV GLIIpUHQWV FDSWHXUV 1RXV FRQVDFURQV FH SDUDJUDSKH j O¶DQDO\VH GHV VRXUFHV GH YDULDWLRQV TXL VRQW OLpHV DX W\SH GH FDSWHXU HW j VD SRVLWLRQV HW DX[ FRQGLWLRQV K\GULTXHV HW FOLPDWLTXHV ,QIOXHQFH GH OD SRVLWLRQ GX FDSWHXU $ILQ GH SRXYRLU FRPSDUHU OHV GLIIpUHQWHV RULHQWDWLRQV DX QLYHDX GX PrPH DUEUH QRXV DYRQV WUDFp SRXU FKDTXH ROLYLHU O¶pYROXWLRQ GH OD GHQVLWp GH IOX[ KRUDLUH GH GLIIpUHQWV FDSWHXUV VHORQ OHV GLIIpUHQWHV RULHQWDWLRQV HQ IRQFWLRQ GX IOX[ PR\HQ GH O¶DUEUH HQ TXHVWLRQ
$X QLYHDX GH O¶DUEUH ILJXUH OHV FDSWHXUV )6 )6 HW )6 SUpVHQWHQW OD PrPH WHQGDQFH PDLV GHV YDOHXUV GH OD GHQVLWp GLIIpUHQWHV TXL VLWXHQW OH QXDJH GHV SRLQWV DX QLYHDX GH OD LqUH ELVVHFWULFH )6 HQ GHVVRXV GH FHOOH FL )6 HW DX GHVVXV )6 &HWWH GLIIpUHQFH PRQWUH TXH OH FDSWHXU )6 VXUHVWLPH OHV YDOHXUV GH OD GHQVLWp GH IOX[ 3RXU XQH YDOHXU PR\HQQH GHV PHVXUHV GH O¶RUGUH GH O GP K LO GRQQH GHV YDOHXUV GH O¶RUGUH GH O GP K DORUV TXH OH FDSWHXU )6 SURGXLW GHV GHQVLWpV GH O¶RUGUH GH O GP K
)LJXUH 'HQVLWp GH IOX[ KRUDLUH OLWUH GP KHXUH HQUHJLVWUpH SDU OHV WURLV FDSWHXUV GH O¶DUEUH HQ IRQFWLRQ GH OD PR\HQQH GHV PHVXUHV /HV RULHQWDWLRQV GHV FDSWHXUV )6 )6 HW )6 VRQW UHVSHFWLYHPHQW 1 6( HW 62 /HV FDSWHXUV VRQW GH W\SH '\QDPD[ /HV PHVXUHV FRUUHVSRQGHQW j XQH WUHQWDLQH GH MRXUV UpSDUWLV VXU WRXWH O¶DQQpH RX O¶pWDW K\GULTXH GX VRO HVW ERQ $X QLYHDX GH O¶DUEUH ILJXUH OHV FDSWHXUV )6 )6 HW )6 SUpVHQWHQW GHV QXDJHV GH SRLQWV TXDVLPHQW FRQIRQGXV 3RXU GHV YDOHXUV PR\HQQHV GHV PHVXUHV GpSDVVDQW OLWUHV GP KHXUH OH FDSWHXU )6 V¶pFDUWH OpJqUHPHQW GX UHVWH GHV REVHUYDWLRQV
$X QLYHDX GH O¶DUEUH ILJXUH OHV FDSWHXUV )6 )6 HW )6 SUpVHQWHQW OD PrPH WHQGDQFH PDLV SURGXLVHQW GHV YDOHXUV GH OD GHQVLWp GLIIpUHQWHV TXL VLWXHQW OH QXDJH GHV SRLQWV DX QLYHDX GH OD LqUH ELVVHFWULFH )6 HQ GHVVRXV GH FHOOH FL )6 HW DX GHVVXV )6 &HWWH GLIIpUHQFH PRQWUH TXH OH FDSWHXU )6 VXUHVWLPH OHV YDOHXUV GH OD GHQVLWp GH IOX[ SDU UDSSRUW DX[ GHX[ DXWUHV 3RXU XQH YDOHXU PR\HQQH GHV PHVXUHV GH O¶RUGUH GH OLWUHV GP KHXUH HQYLURQ LO GRQQH GHV YDOHXUV GH O¶RUGUH GH OLWUHV GP KHXUH DORUV TXH OH FDSWHXU )6 SURGXLW GHV GHQVLWpV GH O GP KHXUH
)LJXUH 'HQVLWp GH IOX[ KRUDLUH OLWUH GP KHXUH HQUHJLVWUpH SDU OHV WURLV FDSWHXUV GH O¶DUEUH HQ IRQFWLRQ GH OD PR\HQQH GHV PHVXUHV /HV RULHQWDWLRQV GHV FDSWHXUV )6 )6 HW )6 VRQW UHVSHFWLYHPHQW 1 6( HW 62 /HV FDSWHXUV VRQW GH W\SH '\QDPD[ /HV PHVXUHV FRUUHVSRQGHQW j XQH WUHQWDLQH GH MRXUV UpSDUWLV VXU WRXWH O¶DQQpH RX O¶pWDW K\GULTXH GX VRO HVW ERQ
)LJXUH 'HQVLWp GH IOX[ KRUDLUH OLWUH GP KHXUH HQUHJLVWUpH SDU OHV WURLV FDSWHXUV GH O¶DUEUH HQ IRQFWLRQ GH OD PR\HQQH GHV PHVXUHV /HV RULHQWDWLRQV GHV FDSWHXUV )6 )6 HW )6 VRQW UHVSHFWLYHPHQW 1 6( HW 62 /HV FDSWHXUV VRQW GH W\SH ,15$ /HV PHVXUHV FRUUHVSRQGHQW j XQH WUHQWDLQH GH MRXUV UpSDUWLV VXU WRXWH O¶DQQpH RX O¶pWDW K\GULTXH GX VRO HVW ERQ /D FRPSDUDLVRQ GHV WURLV ILJXUHV PRQWUH TXH SRXU XQH PrPH RULHQWDWLRQ OHV YDOHXUV GH IOX[ SHXYHQW VH FRQIRQGUH DYHF OD LqUH ELVVHFWULFH RX V¶pFDUWHU GDQV XQ VHQV RX GDQV O¶DXWUH /D SRVLWLRQ GX FDSWHXU TXL UHSUpVHQWH FHWWH RULHQWDWLRQ YDULH DLQVL G¶XQ DUEUH j O¶DXWUH $X QLYHDX GH O¶DUEUH OHV YDOHXUV OHV SOXV pOHYpHV GH OD GHQVLWp GH IOX[ RQW pWp REVHUYpHV DX QLYHDX GX FDSWHXU )6 RULHQWp 62 DORUV TX¶DX QLYHDX GH O¶DUEUH OHV GHQVLWpV GH IOX[ OHV SOXV pOHYpHV VRQW FHOOHV GX FDSWHXU )6 RULHQWp 6( /HV YDOHXUV GH GHQVLWp OHV SOXV IDLEOHV RQW pWp REVHUYpHV DX QLYHDX GHV DUEUHV HW UHVSHFWLYHPHQW SDU OHV FDSWHXUV )6 RULHQWp 6( HW )6 HW )6 RULHQWpV WRXV OHV GHX[ 1 &HV UpVXOWDWV FRQFRUGHQW DYHF FHX[ REWHQXV SDU $ELG .DUUD\ VH UDSSRUWDQW j OD YDULDELOLWp GX IOX[ HQ IRQFWLRQ GH O¶RULHQWDWLRQ /HV GLIIpUHQFHV HQWUH OHV FDSWHXUV PHWWHQW HQ pYLGHQFH O¶KpWpURJpQpLWp GX IOX[
GDQV OD VHFWLRQ GX ERLV (OOH HVW SUREDEOHPHQW OLpH j O¶RULHQWDWLRQ RX j OD QDWXUH GH OD FRQQH[LRQ GHV YDLVVHDX[ GX [\OqPH DYHF OD SDUWLH DpULHQQH ,QIOXHQFH GX W\SH GH FDSWHXU /HV FDSWHXUV '\QDPD[ HW ,15$ VRQW FRQVWUXLWV VHORQ OH PrPH SULQFLSH *UDQLHU PDLV SUpVHQWHQW GHV FDUDFWpULVWLTXHV SK\VLTXHV GLIIpUHQWHV QRWDPPHQW DX QLYHDX GH OD ORQJXHXU GHV VRQGHV HW GH OHXU UpVLVWDQFH /HXU UpSRQVH HVW LOOXVWUpH SDU OD ILJXUH
)LJXUH 'HQVLWp GH IOX[ KRUDLUH OLWUH GP KHXUH HQUHJLVWUpH SDU GHX[ FDSWHXUV GH W\SH ,15$ )6 HW '\QDPD[ )6 LQVWDOOpV VXU OH PrPH DUEUH HQ IRQFWLRQ GH OD PR\HQQH GHV PHVXUHV /HV RULHQWDWLRQV GHV FDSWHXUV VRQW UHVSHFWLYHPHQW 62 HW 6( SRXU )6 HW )6 /D FRPSDUDLVRQ GHV GHX[ W\SHV GH FDSWHXUV SODFpV VRXV GHV FRQGLWLRQV VLPLODLUHV PRQWUH TX¶LOV SURGXLVHQW GHV YDOHXUV GH IOX[ FRPSDUDEOHV SRXU XQH YDOHXU PR\HQQH GH OD GHQVLWp GH IOX[ GRQQpH $X GHOj GH O GPð K OHV YDOHXUV SURGXLWHV SDU OHV GHX[ W\SHV GH FDSWHXUV GLYHUJHQW 3RXU XQH YDOHXU PR\HQQH GH OD GHQVLWp GH OLWUHV GP KHXUH QRXV REWHQRQV GHV YDOHXUV PD[LPDOHV GH GHQVLWp GH O¶RUGUH GH OLWUHV GP KHXUH SRXU OH FDSWHXU )6 ,15$ HW GpSDVVDQW OLWUHV GP KHXUH SRXU OH FDSWHXU )6 '\QDPD[
5pSRQVH GH O¶DUEUH j OD GHPDQGH FOLPDWLTXH HW j O¶pWDW K\GULTXH GX VRO (YROXWLRQ HQ IRQFWLRQ GH OD GHPDQGH FOLPDWLTXH $ILQ GH GpWHUPLQHU OD UpSRQVH GH O¶ROLYLHU j OD GHPDQGH FOLPDWLTXH QRXV DYRQV FRQVLGpUp SDUPL OHV MRXUV VpOHFWLRQQpV GHV MRXUQpHV W\SHV FDUDFWpULVpHV SDU XQH GHPDQGH FOLPDWLTXH GLIIpUHQWH SRXU OHVTXHOOHV QRXV DYRQV FRPSDUp O¶pYROXWLRQ GH OD GHQVLWp GX IOX[ PR\HQQH GHV WURLV DUEUHV HQ UHODWLRQ DYHF FHOOH GX UD\RQQHPHQW JOREDO /D ILJXUH SUpVHQWH O¶pYROXWLRQ GH OD GHQVLWp GH IOX[ HW GH 5J DX FRXUV GH GHX[ MRXUQpHV j IDLEOH GHPDQGH FOLPDWLTXH HW FKRLVLHV HQ SpULRGH GH SOXLH $X FRXUV GH OD MRXUQpH GX QRXV DYRQV HQUHJLVWUp XQH SOXLH GH O¶RUGUH GH PP XQH (7R GH PP MRXU XQH 7PD[ GH Â&#x192; HW 7PLQ GH Â&#x192;& /D MRXUQpH GX HVW QXDJHXVH VDQV SOXLH (OOH HVW FDUDFWpULVpH SDU GHV WHPSpUDWXUHV PD[LPDOH GH Â&#x192;& HW PLQLPDOH GH Â&#x192;& DYHF XQH (7R GH PP MRXU
5J 0 M Pð K
5J 0M K P
)OX[ P R\HQ O GPð K
'HQVLWp GH IOX[ PR\HQQH / K GP
2FWREUH
)LJXUH 9DOHXUV KRUDLUHV GH OD GHQVLWp PR\HQQH GH IOX[ GH VqYH HW GX UD\RQQHPHQW JOREDO 5J DX FRXUV GH GHX[ MRXUQpHV j IDLEOH GHPDQGH FOLPDWLTXH HW /¶pWDW K\GULTXH GX VRO HVW ERQ VXLWH j XQH SpULRGH SOXYLHXVH
/D ILJXUH PRQWUH TXH OD GHQVLWp GH IOX[ pYROXH GH PDQLqUH V\QFKURQH DYHF OH UD\RQQHPHQW JOREDO 6HV YDOHXUV YDULHQW GH ]pUR j OLWUHV GP KHXUH SRXU GHV YDOHXUV GH UD\RQQHPHQW DOODQW GH j 0M P KHXUH 3RXU OD MRXUQpH GX OH IOX[ GH VqYH PHVXUp DWWHLQW XQ PD[LPXP GH O GPรฐ KHXUH /HV YDOHXUV GH 5 J VRQW SOXV pOHYpHV DX FRXUV GH OD MRXUQpH GX HW VH VRQW WUDGXLWHV SDU GHV GHQVLWpV GH IOX[ SOXV LPSRUWDQWHV SDU UDSSRUW j OD MRXUQpH SUpFpGHQWH DX FRXUV GH ODTXHOOH QRXV DYRQV REVHUYp GHV YDOHXUV GH 5J HW GH IOX[ SOXV IDLEOHV HQ SDUWLFXOLHU HQWUH HW KHXUHV 3RXU XQH GHPDQGH FOLPDWLTXH SOXV pOHYpH HW XQ pWDW K\GULTXH GX VRO FDUDFWpULVp SDU XQH KXPLGLWp pOHYpH HW OD GHQVLWp GH IOX[ DXJPHQWH HW DWWHLQW OHV YDOHXUV PD[LPDOHV GH O GPรฐ K SRXU OD MRXUQpH GH HW O GPรฐ K SRXU OD MRXUQpH GX ILJXUH
5J 0M K P
5J 0 M Pรฐ K
'HQVLWp GH IOX[ PR\HQQH / K GP
)OX[ P R\HQ O GPรฐ K
6HSWHPEUH
)LJXUH 9DOHXUV KRUDLUHV GH OD GHQVLWp PR\HQQH GH IOX[ GH VqYH HW GX UD\RQQHPHQW JOREDO 5J DX FRXUV GH GHX[ MRXUQpHV GHPDQGH FOLPDWLTXH PRGpUpH /ยถpWDW K\GULTXH GX VRO HVW ERQ VXLWH j XQH SpULRGH SOXYLHXVH /D MRXUQpH GX HVW XQH MRXUQpH QXDJHXVH DX FRXUV GH ODTXHOOH QRXV DYRQV HQUHJLVWUp TXHOTXHV WUDFHV GH SOXLH PP (OOH HVW FDUDFWpULVpH SDU GHV WHPSpUDWXUHV PD[LPDOH HW PLQLPDOH GH OยถRUGUH GH
HW Â&#x192;& UHVSHFWLYHPHQW HW XQH (7R GH PP /D MRXUQpH GX VHSWHPEUH HVW FDUDFWpULVpH SDU GHV WHPSpUDWXUHV PD[LPDOH HW PLQLPDOH GH HW Â&#x192;& UHVSHFWLYHPHQW DYHF XQH GHPDQGH FOLPDWLTXH GH PrPH RUGUH GH JUDQGHXU TXH SRXU OH 'HV QXDJHV RQW pWp REVHUYpV OH DYHF XQH SOXLH PP &¶HVW FH TXL H[SOLTXH OD EDLVVH GH OD YDOHXU GH OD GHQVLWp GH IOX[ YHUV KHXUHV HQJHQGUpH SDU OH UHFRXYUHPHQW GHV IHXLOOHV SDU XQH FRXFKH G¶HDX /H UHWDUG GH OD UpSRQVH GX IOX[ VXUYHQDQW DSUqV HQYLURQ KHXUHV UpVXOWH GH O¶HIIHW GH O¶pYDSRUDWLRQ GH O¶HDX GH SOXLH LQWHUFHSWpH SDU OH IHXLOODJH 8QH IRLV FHWWH HDX pYDSRUpH O¶ROLYLHU UHSUHQG VD WUDQVSLUDWLRQ HW DWWHLQW OHV YDOHXUV OHV SOXV pOHYpHV GH OD MRXUQpH HQ SOHLQ PLOLHX GH O¶DSUqV PLGL ,QIOXHQFH GH O¶pWDW K\GULTXH GX VRO $X FRXUV GH OD VDLVRQ HVWLYDOH OD GHPDQGH pYDSRUDWRLUH pOHYpH HW OHV WHPSpUDWXUHV H[FHVVLYHV DIIHFWHQW OD UpJXODWLRQ VWRPDWLTXH HW SDU FRQVpTXHQW OD WUDQVSLUDWLRQ GH O¶DUEUH VXUWRXW ORUVTXH O¶KXPLGLWp GX VRO HVW IDLEOH 3RXU FDUDFWpULVHU OD GHQVLWp GX IOX[ GH OD VqYH HQ IRQFWLRQ GH O¶pWDW K\GULTXH GX VRO QRXV DYRQV FRQVLGpUp GHV MRXUQpHV SHQGDQW OHVTXHOOHV OD SDUFHOOH j pWp LUULJXpH HW G¶DXWUHV R OHV ROLYLHUV RQW VXELW XQH DVVH] ORQJXH SpULRGH VDQV DSSRUW G¶HDX &HV GHX[ pWDWV K\GULTXHV VRQW UHSUpVHQWpV SDU OHV MRXUQpHV GX HW ILJXUH TXL RQW OLHX DSUqV XQH SpULRGH GH MRXUV G¶LUULJDWLRQ HW GX HW ILJXUH TXL RQW OLHX DSUqV XQH ORQJXH SpULRGH MRXUV VDQV DSSRUW K\GULTXH /HV MRXUQpHV GX HW VRQW FDUDFWpULVpHV SDU XQH GHPDQGH FOLPDWLTXH GH PP HW GHV WHPSpUDWXUHV PD[LPDOHV HW PLQLPDOHV GH O¶RUGUH GH HW Â&#x192;& HW HW Â&#x192;& UHVSHFWLYHPHQW $X FRXUV GHV MRXUQpHV GX HW QRXV DYRQV HQUHJLVWUp GHV YDOHXUV pOHYpHV GH O¶(7R GH HW PP UHVSHFWLYHPHQW HW GHV WHPSpUDWXUHV PD[LPDOHV HW PLQLPDOHV GH O¶RUGUH GH HW Â&#x192;& HW HW Â&#x192;& /D ILJXUH PRQWUH XQH pYROXWLRQ V\QFKURQH GX UD\RQQHPHQW JOREDO HW GH OD GHQVLWp PR\HQQH GX IOX[ PDLV SUpVHQWDQW GHV GLIIpUHQFHV HQWUH HW KHXUHV DX QLYHDX GH O¶pYROXWLRQ GHV YDOHXUV PD[LPDOHV /H UD\RQQHPHQW JOREDO pYROXH HQ SUHQDQW O¶DOOXUH G¶XQH FRXUEH HQ FORFKH
DYHF XQ PD[LPXP REVHUYp HQWUH HW KHXUHV DORUV TXH OH PD[LPXP GH OD GHQVLWp GH IOX[ HVW DWWHLQW HQWUH HW KHXUHV GX PDWLQ /HV YDOHXUV VRQW PDLQWHQXHV HQWUH HW OLWUHV GP KHXUH MXVTX¶j KHXUHV &H SDOLHU GXUH HQYLURQ KHXUHV /H 5J HQWDPH VD SKDVH GH GpFURLVVDQFH j SDUWLU GH KHXUHV DORUV TXH OHV GHQVLWpV GH IOX[ QH FRPPHQFHQW j GLPLQXHU TX¶DX GHOj GH KHXUHV
5J 0M K P
5J 0 M Pð K
'HQVLWp GH IOX[ PR\HQQH / K GP
)OX[ P R\HQ O GPð K
$RXW
)LJXUH 9DOHXUV KRUDLUHV GH OD GHQVLWp PR\HQQH GH IOX[ GH VqYH HW GX UD\RQQHPHQW JOREDO 5J DX FRXUV GH GHX[ MRXUQpHV j IRUWH GHPDQGH FOLPDWLTXH /¶pWDW K\GULTXH GX VRO HVW ERQ VXLWH j XQH SpULRGH G¶LUULJDWLRQ /H PDLQWLHQ GH YDOHXUV SOXV RX PRLQV VWDEOHV GH OD GHQVLWp GH IOX[ DX FRXUV GHV KHXUHV GH IRUW UD\RQQHPHQW UpVXOWH GH O¶HIIHW G¶XQH UpJXODWLRQ GH O¶RXYHUWXUH GHV VWRPDWHV TXL HVW HIIHFWXpH SDU O¶ROLYLHU GDQV OH EXW GH OLPLWHU OHV SHUWHV G¶HDX GXUDQW OHV KHXUHV GH IRUWH GHPDQGH pYDSRUDWRLUH /D SUpVHQFH GH FH SDOLHU UpVXOWH GH O¶HIIHW GX VWUHVV WKHUPLTXH HW QRQ SDV GX VWUHVV K\GULTXH (Q HIIHW OHV WHPSpUDWXUHV PD[LPDOHV HQUHJLVWUpHV DX FRXUV GH FHV GHX[ MRXUQpHV LUULJXpHV RQW GpSDVVp Â&#x192;& TXL HVW OD WHPSpUDWXUH VHXLO DX GHVVXV GH ODTXHOOH O¶ROLYLHU SURFqGH j OD UpJXODWLRQ VWRPDWLTXH
$ OD VXLWH G¶XQH ORQJXH SpULRGH VqFKH HW SRXU XQH GHPDQGH FOLPDWLTXH LPSRUWDQWH ILJXUH OHV YDOHXUV GH OD GHQVLWp GH IOX[ VRQW SOXV IDLEOHV HW FRPSULVHV HQWUH HW OLWUHV GP KHXUH &HSHQGDQW OH SDOLHU HVW WRXMRXUV SUpVHQW HW GXUH SOXV ORQJWHPSV HQYLURQ KHXUHV HW FH HQWUH KHXUHV HW KHXUHV
55J 0M K P J 0M Pð K
x{x )'HQVLWp GH IOX[ PR\HQQH / K GP OX[ PR\HQ O GPð K
-XLQ
)LJXUH 9DOHXUV KRUDLUHV GH OD GHQVLWp PR\HQQH GH IOX[ GH VqYH HW GX UD\RQQHPHQW JOREDO 5J DX FRXUV GH GHX[ MRXUQpHV j IRUWH GHPDQGH FOLPDWLTXH HW GHV FRQGLWLRQV K\GULTXHV GX VRO OLPLWDQWHV VXLWH j XQH ORQJXH SpULRGH VDQV LUULJDWLRQ /H SDOLHU REVHUYp DX QLYHDX GHV GHQVLWpV GH IOX[ DX PLOLHX GH OD MRXUQpH UpVXOWH GH O¶HIIHW GH OD GHPDQGH FOLPDWLTXH pOHYpH HW O¶LQFDSDFLWp GX V\VWqPH UDGLFXODLUH j VDWLVIDLUH FHWWH GHPDQGH YX OD IDLEOH WHQHXU HQ HDX GX VRO (Q HIIHW OHV MRXUQpHV GX HW GX VRQW FDUDFWpULVpHV SDU GHV YDOHXUV GH O¶(7 R GH HW PP MRXU DYHF GHV WHPSpUDWXUHV GpSDVVDQW Â&#x192;& F¶HVW ± j ± GLUH OD YDOHXU j SDUWLU GH ODTXHOOH OD SKRWRV\QWKqVH FRPPHQFH j GLPLQXHU FKH] O¶ROLYLHU 3RXU pYLWHU O¶HIIHW QpIDVWH GH OD IRUWH GHPDQGH pYDSRUDWRLUH HW GHV WHPSpUDWXUHV pOHYpHV O¶ROLYLHU D SURFpGp j XQH UpJXODWLRQ VWRPDWLTXH HQ UpGXLVDQW O¶RXYHUWXUH GHV VWRPDWHV HQ YXH GH OLPLWHU OHV SHUWHV G¶HDX DX QLYHDX GH O¶DUEUH /D
IDLEOH GLVSRQLELOLWp GH O¶HDX GDQV OH VRO DX FRXUV GH FHWWH SpULRGH D HQJHQGUp GHV YDOHXUV SOXV IDLEOHV GH OD GHQVLWp GH IOX[ TXH FHOOHV TXL RQW pWp REVHUYpHV DX PRLV G¶DRÂ&#x20AC;W ILJXUH (YROXWLRQ GH OD GHQVLWp GH IOX[ MRXUQDOLHU DX FRXUV GH O¶DQQpH $ILQ G¶pWXGLHU OD YDULDWLRQ GH OD WUDQVSLUDWLRQ HQ IRQFWLRQ GH OD GHPDQGH FOLPDWLTXH QRXV DYRQV VpOHFWLRQQp XQH WUHQWDLQH GH MRXUQpHV UpSDUWLHV VXU WRXWH O¶DQQpH 1RXV DYRQV FRQVLGpUp XQLTXHPHQW OHV VLWXDWLRQV R O¶pWDW K\GULTXH GX VRO HVW ERQ j OD VXLWH GH SOXLHV RX G¶LUULJDWLRQV &HSHQGDQW OHV FRQGLWLRQV GH WHPSpUDWXUH HW GH UD\RQQHPHQW VRQW YDULDEOHV /D ILJXUH UHSUpVHQWH O¶pYROXWLRQ GH OD GHQVLWp GH IOX[ PR\HQQH DX FRXUV GH O¶DQQpH DX QLYHDX GHV WURLV DUEUHV HW /HV GHQVLWpV GH IOX[ GHV WURLV DUEUHV pYROXHQW GDQV OH PrPH VHQV &HFL GLW GHV pFDUWV VRQW REVHUYpV /¶DPSOLWXGH GHV pFDUWV HQWUH OHV GHQVLWpV GH IOX[ GHV WURLV DUEUHV SDUDLVVHQW SOXV pOHYpV HQ pWp PDLV O¶pFDUW UHODWLI WHQDQW HQ FRPSWH O¶LPSRUWDQFH GH OD GHPDQGH FOLPDWLTXH HVW SUDWLTXHPHQW OH PrPH /HV GHQVLWpV GH IOX[ MRXUQDOLHUV YDULHQW HQWUH XQ PLQLPXP GH O GPð MRXU HQUHJLVWUp DX PRLV GH IpYULHU HW XQ PD[LPXP GH O GPð MRXU REVHUYp HQ DRÂ&#x20AC;W /D GHPDQGH FOLPDWLTXH DX FRXUV GH OD SpULRGH GH PHVXUH YDULH GH j PP MRXU /D GHQVLWp GH IOX[ YDULH SHX HQWUH OH PRLV GH PDL HW OH PRLV GH VHSWHPEUH SRXU GHV YDOHXUV GH (7 R DOODQW GH PP MRXU 6HSWHPEUH j PP MRXU $RÂ&#x20AC;W &HOD LQGLTXHUDLW OD SUpVHQFH G¶XQ PpFDQLVPH GH UpJXODWLRQ GH OD WUDQVSLUDWLRQ PDOJUp OH ERQ pWDW K\GULTXH GX VRO
DUEUH
'HQVLWp GH IOX[ PR\HQQH / -RXU GP
/ GPð M
DUEUH DUEUH
'DWH
)LJXUH (YROXWLRQ GH OD GHQVLWp PR\HQQH GH IOX[ GH VqYH GH WURLV MHXQHV ROLYLHUV GH OD YDULpWp &KpWRXL DX FRXUV GH OD SpULRGH 0DL ± 0DUV /HV GRQQpHV FRUUHVSRQGHQW j XQH WUHQWDLQH GH MRXUV D\DQW XQ ERQ pWDW K\GULTXH GX VRO HW GHV pWDWV GH WHPSpUDWXUH HW GH UD\RQQHPHQW YDULDEOHV /HV PHVXUHV GH GHQVLWp GH IOX[ GH VqYH RQW pWp H[SORLWpHV SRXU FRQQDvWUH O¶RUGUH GH JUDQGHXU GH OD WUDQVSLUDWLRQ GHV ROLYLHUV SURSUHPHQW GLWH 3RXU FH IDLUH QRXV DYRQV SURFpGp j O¶HVWLPDWLRQ GH OD VHFWLRQ FRQGXFWULFH GX WURQF HW TXL UHSRUWpH GDQV OH SDUDJUDSKH VXLYDQW 'pWHUPLQDWLRQ GH OD VHFWLRQ FRQGXFWULFH GH O¶HDX /D VHFWLRQ FRQGXFWULFH D pWp GpWHUPLQpH SDU FRORUDWLRQ j OD VDIUDQLQH GH VHFWLRQV GH UDPHDX[ GH GLDPqWUHV DOODQW GH j FP /D SKRWR PRQWUH XQH FRXSH WUDQVYHUVDOH G¶XQ UDPHDX FRORUp j OD VDIUDQLQH PRQWUDQW VHV GLIIpUHQWHV VWUXFWXUHV /H ERLV FRQGXFWHXU HVW FRORUp HQ URVH
(FRUFH &DPELXP %RLV FRQGXFWHXU 0RHOOH
3KRWR &RXSH WUDQVYHUVDOH G¶XQ UDPHDX G¶ROLYLHU GH FP GH GLDPqWUH DSUqV FRORUDWLRQ j OD 6DIUDQLQH 2UDQJH 'H O¶H[WpULHXU YHUV O¶LQWpULHXU O¶pFRUFH FRORUpH HQ YHUW EUXQ OH ERLV FRQGXFWHXU HQ URXJH DYHF DOWHUQDQFH GH FHUQHV FODLUHV HW IRQFpHV HW OD PRHOOH DX FHQWUH FODLUH /H FDPELXP HVW UHSUpVHQWp SDU XQ DQQHDX URXJH IRQFp SODFp HQWUH O¶pFRUFH HW OH ERLV FRQGXFWHXU /D VHFWLRQ GX ERLV FRQGXFWHXU 6F FP D pWp GpWHUPLQpH DX PR\HQ GX ORJLFLHO $UF YLHZ /HV YDOHXUV REWHQXHV RQW pWp FRUUpOpHV j OD VHFWLRQ WRWDOH GX UDPHDX 6W FP SRXU GLIIpUHQWV GLDPqWUHV DOODQW GH j FP ILJXUH &HWWH FRUUpODWLRQ HVW H[SULPpH SDU O¶pTXDWLRQ 6F 6W U > @ /H GLDPqWUH GX WURQF PR\HQ GH OD SDUFHOOH HQ HVW GH FP /D VHFWLRQ WRWDOH PR\HQQH GX WURQF HVW GRQF GH GP /D VHFWLRQ FRQGXFWULFH HVWLPpH SDU OD FRUUpODWLRQ GpWHUPLQpH j SDUWLU GHV HVVDLV GH FRORUDWLRQ HVW GH GP 3RXU GHV GHQVLWpV GH IOX[ GH VqYH DOODQW GH j OLWUHV GPð MRXU OH IOX[ GH VqYH MRXUQDOLHU YDULHUDLW GRQF DX FRXUV GH O¶DQQpH HQWUH HW OLWUHV MRXU
6HFWLRQ FRQGXFWULFH 6F FP
6F 6W 5ð
6HFWLRQ WRWDOH 6W FP
)LJXUH 5HODWLRQ HQWUH OD VHFWLRQ WRWDOH GX UDPHDX FP G¶ROLYLHU HW OD VHFWLRQ GX ERLV FRQGXFWHXU GH OD VqYH FP 9DOHXUV GH OD WUDQVSLUDWLRQ HW GH 7 (7R /D WUDQVSLUDWLRQ PR\HQQH G¶XQ DUEUH HVWLPpH SDU OD PHVXUH GX IOX[ GH VqYH ) OLWUH MRXU YDULHUDLW DX FRXUV GH O¶DQQpH HQWUH HW OLWUHV MRXU 3RXU UDSSRUWHU FHWWH HVWLPDWLRQ j O¶pFKHOOH GH OD SDUFHOOH QRXV DYRQV FRQVLGpUp OD VXUIDFH GpGLpH j XQ ROLYLHU FRPSWH WHQX GH OD GHQVLWp GH SODQWDWLRQ VRLW P 1RXV DYRQV GLYLVp OD WUDQVSLUDWLRQ SDU FHWWH VXUIDFH $LQVL SRXU GHV FRQVRPPDWLRQV MRXUQDOLqUHV PLQLPDOH GH OLWUHV MRXU HW PD[LPDOH GH OLWUHV MRXU QRXV REWHQRQV GHV YDOHXUV GH PP MRXU SRXU OD YDOHXU PLQLPDOH HW GH PP MRXU SRXU OD YDOHXU PD[LPDOH FRUUHVSRQGDQW j GHV YDOHXUV GH (7R PR\HQQHV GH PP SRXU OH PRLV GH IpYULHU HW GH PP SRXU OH PRLV G¶DRÂ&#x20AC;W /H UDSSRUW 7 (7 R UHSUpVHQWDQW OH FRHIILFLHQW FXOWXUDO GH EDVH .FE GRQF OD WUDQVSLUDWLRQ YDULH GH j &HFL YHXW GLUH TXH OD WUDQVSLUDWLRQ PD[LPDOH HVW GH O¶RUGUH GH (7R %HVRLQV HQ HDX G¶LUULJDWLRQ GH MHXQHV ROLYLHUV /¶pYDSRWUDQVSLUDWLRQ GH OD FXOWXUH GpWHUPLQpH SDU OD PpWKRGH GH OD )$2 HVW H[SULPpH HQ IRQFWLRQ GH O¶pYDSRWUDQVSLUDWLRQ GH UpIpUHQFH 3HQPDQ 0RQWHLWK (7R $OOHQ HW DO GX FRHIILFLHQW FXOWXUDO .F HW
GX FRHIILFLHQW GH UpGXFWLRQ .U UHODWLI DX SRXUFHQWDJH GH FRXYHUWXUH GX VRO SDU OD YpJpWDWLRQ (TXDWLRQ (7F PP (7R PP .F .U > @ /¶XWLOLVDWLRQ GH FH FRHIILFLHQW .U HVW VXJJpUpH SRXU OH FDV GHV SODQWDWLRQV G¶ROLYLHU R OH WDX[ GH FRXYHUWXUH GX VRO HVW LQIpULHXU j &H SDUDPqWUH YDULH GH j ORUVTXH OH GH VRO FRXYHUW YD GH j PRLQV GH 3RXU WHQLU FRPSWH GH OD KDXWHXU GHV DUEUHV TXL YDULH VHQVLEOHPHQW GDQV OH FDV GH MHXQHV DUEUHV $OOHQ HW DO SURSRVHQW G¶H[SULPHU . F WHO TXH LQGLTXp GDQV O¶pTXDWLRQ .F . F PLQ . F IXOO ± . F PLQ PLQ IF IF K
> @ $YHF .F
PLQ
OH FRHIILFLHQW FXOWXUDO PLQLPXP .F
IXOO
OH
FRHIILFLHQW FXOWXUDO FRUUHVSRQGDQW j XQH FRXYHUWXUH WRWDOH GX VRO IF HVW OD IUDFWLRQ GX VRO FRXYHUWH RX RPEUDJpH SDU OD IURQGDLVRQ HW K HVW OD KDXWHXU GH O¶DUEUH $X FRXUV GHV SUHPLqUHV DQQpHV GH FXOWXUH OD FRXYHUWXUH GX VRO DLQVL TXH OH WDX[ GH VRQ RFFXSDWLRQ SDU OHV UDFLQHV VRQW IDLEOHV PDLV YDULHQW FRQVLGpUDEOHPHQW HQ IRQFWLRQ GH O¶kJH HW GH OD VDLVRQ HQ UDLVRQ GH OD YDULDWLRQ GX YROXPH GH OD FDQRSpH /$, 'H FH IDLW O¶DSSURFKH GH OD ) $ 2 $OOHQ HW DO QH SHXW SDV rWUH DSSOLTXpH GLUHFWHPHQW 'HV YDOHXUV VSpFLILTXHV GH .F GRLYHQW rWUH XWLOLVpHV SRXU WHQLU FRPSWH GH FHV DVSHFWV /H V\VWqPH UDGLFXODLUH SHX GpYHORSSp SHQGDQW OHV SUHPLqUHV DQQpHV SRVH OH SUREOqPH GH OD SOXLH HIILFDFH SRXU OH FDOFXO GHV EHVRLQV HQ HDX G¶LUULJDWLRQ /H PRGqOH GH FDOFXO GRLW DLQVL WHQLU FRPSWH GH OD FRXYHUWXUH GX VRO HW GX GpYHORSSHPHQW UDGLFXODLUH 0DVPRXGL HW DO /HV TXDQWLWpV G¶HDX GpOLYUpHV SDU ROLYLHU DX FRXUV GH OD SpULRGH G¶H[SpULPHQWDWLRQ VRQW UDSSRUWpHV GDQV OH WDEOHDX 3DUWLH & 3RXU OHV DGDSWHU j G¶DXWUHV VLWHV LO HVW QpFHVVDLUH GH GpYHORSSHU XQH UHODWLRQ HQWUH
O¶HDX DSSRUWpH OD GHPDQGH FOLPDWLTXH OD VXUIDFH GX VRO FRXYHUWH SDU OD IURQGDLVRQ HW FHOOH TXL HVW H[SORLWpH SDU OHV UDFLQHV /D VXUIDFH GH VRO H[SORUpH SDU OH V\VWqPH UDGLFXODLUH 6 UDFLQH DX FRXUV GHV SUHPLqUHV DQQpHV GH FXOWXUH D YDULp GH j P (Q VXSSRVDQW TXH OHV TXDQWLWpV G¶HDX GpOLYUpHV SDU O¶LUULJDWLRQ , VRQW DSSRUWpHV GDQV GHV FXYHWWHV DPpQDJpHV DX YRLVLQDJH GH O¶ROLYLHU O¶HDX V¶pWHQGUD VXU XQH VXUIDFH PD[LPDOH pJDOH j 6UDFLQH TXL JDUDQWLVVH VRQ DFFHVVLELOLWp DX[ UDFLQHV 6XU FHWWH PrPH VXUIDFH HVW LQWHUFHSWpH XQH TXDQWLWp GH SOXLH 3 DVVLPLOpH j OD SOXLH HIILFDFH GpILQLH FRPPH pWDQW OD TXDQWLWp GH SOXLH TXL V¶LQILOWUH GDQV OD ]RQH UDGLFXODLUH HW GLVSRQLEOH j OD SODQWH 3 V¶pFULW VHORQ O¶pTXDWLRQ FRPPH VXLW 3 P 3 P 6UDFLQH P > @ /H YROXPH G¶HDX pYDSRWUDQVSLUp SDU DUEUH (7 SHXW rWUH HVWLPp SDU O¶pTXDWLRQ HQ VH UDSSRUWDQW j OD VXUIDFH H[SORLWpH SDU OHV UDFLQHV 6UDFLQH WHO TXH (7 P .F (7R P 6UDFLQH P > @ $ILQ GH OLHU OHV TXDQWLWpV G¶HDX GpOLYUpHV j OD GHPDQGH pYDSRUDWRLUH RQ GpILQLW OH FRHIILFLHQW .R TXL SUHQG HQ FRPSWH VHXOHPHQW OHV TXDQWLWpV G¶HDX DWWULEXpHV j O¶ROLYLHU LO HVW GpILQLW SDU O¶pTXDWLRQ .R 3 , (7 > @ &H FRHIILFLHQW SHXW rWUH DVVLPLOp SRXU XQH MHXQH FXOWXUH DX FRHIILFLHQW FXOWXUDO ORUVTXH OHV EHVRLQV HQ HDX VRQW GpWHUPLQpV j SDUWLU GHV TXDQWLWpV GH SOXLH HW G¶LUULJDWLRQ LQWHUFHSWpHV DX QLYHDX GH OD ]RQH UDGLFXODLUH FRPPH GpILQLHV SDU OHV pTXDWLRQV SUpFpGHQWHV &H UDSSRUW SHXW rWUH DGRSWp FRPPH PR\HQ SRXU HVWLPHU OHV EHVRLQV HQ HDX G¶LUULJDWLRQ GDQV G¶DXWUHV VLWHV HW SRXU GLIIpUHQWV UpJLPHV SOXYLRPpWULTXHV HW pYDSRWUDQVSLUDWRLUHV
3RXU pYDOXHU O¶DSSURFKH GH FDOFXO GHV EHVRLQV HQ HDX QRXV DYRQV FDOFXOp SXLV FRPSDUp OHV YDOHXUV GX FRHIILFLHQW FXOWXUDO WHO TXH SURSRVp SDU OD )$2 HW VHORQ OHV pTXDWLRQV SUpFpGHQWHV /HV YDOHXUV DLQVL GpWHUPLQpHV VRQW SUpVHQWpHV GDQV OD ILJXUH /HV UpVXOWDWV PRQWUHQW GH IDLEOHV UDSSRUWV , (7 R GXUDQW OD VDLVRQ G¶LUULJDWLRQ TXL DXJPHQWHQW GH j SRXU GHV ROLYLHUV kJpV GH j DQV 3DU FRQWUH ORUVTXH OHV TXDQWLWpV G¶HDX XWLOLVpHV VRQW UDSSRUWpHV j OD VXUIDFH GX VRO H[SORLWpH SDU OHV UDFLQHV OHV YDOHXUV GH .F , (7 VH UDSSURFKHQW GH FHOOHV GH OD )$2 .F )$2 /HV YDOHXUV FDOFXOpHV 3 , (7 HQ LQFOXDQW OD SOXLH HIILFDFH WHOOH TXH QRXV O¶DYRQV SUpVHQWpH IRXUQLW GHV YDOHXUV IOXFWXDQWHV GX FRHIILFLHQW FXOWXUDO &HFL PRQWUH GDQV QRWUH FDV OD OLPLWH GH OD PpWKRGH GH OD )$2 SXLVTXH OD YDOHXU GH .F TXH QRXV DYRQV FRQVLGpUpH QRWDPPHQW j OD VL[LqPH DQQpH HVW SOXV pOHYpH TXH FHOOH TXL HVW FDOFXOpH HQ VH UpIpUDQW j OD VXUIDFH H[SORLWpH SDU OHV UDFLQHV HW TXL HVW LPSOLTXpH GDQV OD WUDQVSLUDWLRQ GH O¶DUEUH TXL QH UHSUpVHQWH HQ IDLW TXH GH O¶pYDSRWUDQVSLUDWLRQ GH OD FXOWXUH '¶R O¶LQWpUrW GH OD PpWKRGRORJLH GpYHORSSpH (QILQ OHV EHVRLQV HQ HDX G¶LUULJDWLRQ SHXYHQW rWUH HVWLPpV j SDUWLU GH O¶pTXDWLRQ , P .R (7 3 > @ DYHF (7 HW 3 O¶pYDSRWUDQVSLUDWLRQ GH OD FXOWXUH HW OD SOXYLRPpWULH HIILFDFH UDSSRUWpHV j OD VXUIDFH H[SORLWpH SDU OH V\VWqPH UDGLFXODLUH
.F )$2
, (7R
3 , (7
, (7
DJH \HDU
)LJXUH 9DULDWLRQ GH .F )$2 HW GHV UDSSRUWV , (7R 3 , (7 HW GH , (7 FDOFXOpV GXUDQW OD SpULRGH DYULO DRÂ&#x20AC;W DX FRXUV GHV VL[ DQQpHV G¶H[SpULPHQWDWLRQ j 0RUQDJ
',6&866,21 /D FDUDWpULVDWLRQ GH OD FURLVVDQFH GH O¶ROLYLHU DX FRXUV GHV VL[ SUHPLqUHV DQQpHV GH FXOWXUH D PRQWUp TXH OD FURLVVDQFH GH O¶DUEUH HVW LQIOXHQFpH SDU OD GHPDQGH FOLPDWLTXH OD WHPSpUDWXUH HW OH QLYHDX GH VDWLVIDFWLRQ GHV EHVRLQV HQ HDX 3RXU GpWHUPLQHU OHV EHVRLQV HQ HDX GH OD FXOWXUH RX FRQVRPPDWLRQ HQ HDX GHV MHXQHV DUEUHV QRXV DYRQV XWLOLVp WURLV DSSURFKHV FOLPDWLTXH )$2 K\GURORJLTXH HW SK\VLRORJLTXH HQ YXH G¶HVWLPHU O¶pYDSRWUDQVSLUDWLRQ GHV MHXQHV DUEUHV HW OHXU WUDQVSLUDWLRQ SDU OD PHVXUH GH OD VqYH EUXWH /¶pWXGH GH OD G\QDPLTXH GH O¶HDX D pWp UpDOLVpH PR\HQQDW XQ VXLYL GX VWRFN G¶HDX GDQV OH VRO TXL D pWp HVWLPp j SDUWLU GH PHVXUHV JUDYLPpWULTXHV HW QHXWURQLTXHV DSUqV pWDORQQDJH GH OD VRQGH j QHXWURQV (Q UDLVRQ GH O¶KpWpURJpQpLWp VSDFLDOH GH OD FRXYHUWXUH GX VRO GX GpYHORSSHPHQW UDGLFXODLUH HW GH OD SUDWLTXH GH O¶LUULJDWLRQ ORFDOLVpH QRXV DYRQV FRQVLGpUp DX YRLVLQDJH GH O¶ROLYLHU TXDWUH FRPSDUWLPHQWV DX QLYHDX GHVTXHOV O¶KXPLGLWp pYROXH GDQV OH PrPH VHQV HW TXL VRQW VRXPLV j O¶HIIHW GH GLIIpUHQWV SURFHVVXV pYDSRUDWRLUHV HW SK\VLRORJLTXHV /HV PHVXUHV HW SURILOV HIIHFWXpV VRXV OD IURQGDLVRQ GHV ROLYLHUV FDUDFWpULVHQW OD ]RQH DIIHFWpH SDU O¶LUULJDWLRQ HW VRXPLVH j O¶DFWLYLWp GHV UDFLQHV HW GRQF j OD WUDQVSLUDWLRQ GH OD FXOWXUH /D ]RQH VLWXpH j OD OLPLWH GH OD ]RQH GHV UDFLQHV HVW VXMHWWH j O¶HIIHW GH OD SOXLH PDLV pJDOHPHQW j O¶pYDSRUDWLRQ j SDUWLU GX VRO HW j O¶DFWLYLWp UDGLFXODLUH (Q GHKRUV GH FHV GHX[ ]RQHV OH VRO HVW VRXPLV j O¶HIIHW GH OD SOXLH HW j O¶pYDSRUDWLRQ GLUHFWH GX VRO PDLV GDQV GHV SURSRUWLRQV GLIIpUHQWHV VHORQ OD GLVWDQFH TXL OHV VpSDUH GX WURQF /H VWRFN G¶HDX GX VRO D pWp FDUDFWpULVp DX QLYHDX GH FHV TXDWUH FRPSDUWLPHQWV HQ FRQVLGpUDQW GHV VLWXDWLRQV W\SHV j OD VXLWH G¶XQH SOXLH DERQGDQWH HQ SpULRGH G¶LUULJDWLRQ HW DSUqV XQH SpULRGH GH GHVVqFKHPHQW GX VRO HQ O¶DEVHQFH G¶DSSRUWV K\GULTXHV /HV UpVXOWDWV RQW PRQWUp L $SUqV XQH SpULRGH DYHF GHV SOXLHV DERQGDQWHV OH QXDJH GH SRLQWV HVW SOXW{W UDPDVVp /¶KXPLGLWp HVW pOHYpH GDQV OHV TXDWUH ]RQHV HW YDULH HQWUH HW /HV TXDWUH UpVHUYRLUV VHPEOHQW rWUH KRPRJqQHV
LL (Q O¶DEVHQFH G¶DSSRUW G¶HDX SDU SOXLH RX SDU LUULJDWLRQ OH VRO HQWUH GDQV XQH SKDVH GH GHVVqFKHPHQW HW O¶KXPLGLWp DX QLYHDX GHV UpVHUYRLUV * HW * HVW DORUV SOXV IDLEOH TXH SRXU OHV DXWUHV UpVHUYRLUV LQWHUPpGLDLUHV * HW * /RUVTXH OD SpULRGH GHVVqFKHPHQW V¶DOORQJH O¶pFDUW HQWUH OHV UpVHUYRLUV VH FUHXVH HW O¶KXPLGLWp GX VRO HVW OD SOXV IDLEOH GDQV OH UpVHUYRLU * VXLYL GH * HW GH * LLL $ OD VXLWH G¶XQH LUULJDWLRQ O¶KXPLGLWp DXJPHQWH DX QLYHDX GX UpVHUYRLU * (OOH VH PDLQWLHQ j GHV QLYHDX[ pOHYpV DOODQW GH j WRXW DX ORQJ GH OD SpULRGH G¶LUULJDWLRQ $ O¶pFKHOOH GH O¶DQQpH OHV VWRFNV G¶HDX pYROXHQW HQWUH DYULO HW GpFHPEUH DYHF XQH WHQWHQFH j OD EDLVVH MXVTX¶j O¶DUULYpH GHV SOXLHV GH O¶DXWRPQH TXL HQJHQGUHQW XQH DXJPHQWDWLRQ LPSRUWDQWH GHV VWRFNV DX QLYHDX GHV JURXSHV HW O¶KRPRJpQpLVDWLRQ GH O¶pWDW GX VRO &HSHQGDQW GHV pFDUWV VRQW REVHUYpV DX FRXUV GH OD VDLVRQ G¶LUULJDWLRQ HQWUH OHV FRPSDUWLPHQWV TXL UpVXOWHQW GH O¶DSSRUW ORFDOLVp GH O¶HDX HW GH O¶LPSRUWDQFH UHODWLYH GX SURFHVVXV G¶pYDSRUDWLRQ DX QLYHDX GH FKDTXH UpVHUYRLU /HV VWRFNV REVHUYpV DX QLYHDX GX JURXSH VRQW OHV SOXV IDLEOHV HQ SpULRGH HVWLYDOH HQ UDLVRQ GH O¶DEVHQFH G¶DSSRUWV K\GULTXHV HW GH O¶HIIHW GH O¶pYDSRUDWLRQ GLUHFWH GX VRO PDLV LOV GpSDVVHQW WRXV OHV JURXSHV HQ SpULRGH GH SOXLH j FDXVH GH O¶DEVHQFH G¶DEVRUSWLRQ UDGLFXODLUH GDQV FHWWH ]RQH TXL Q¶HVW VRXPLVH TX¶j O¶HIIHW GH OD SOXLH HW GH O¶pYDSRUDWLRQ GX VRO $X FRQWUDLUH OH JURXSH VRXV IURQGDLVRQ SUpVHQWH OHV YDOHXUV OHV SOXV pOHYpHV HQWUH PL PDL HW GpEXW VHSWHPEUH HQ UDLVRQ GHV DSSRUWV K\GULTXHV SDU O¶LUULJDWLRQ /H VRO HVW GDQV FH FDV FRXYHUW SDU OD FDQRSpH HW Q¶HVW SDV GLUHFWHPHQW DIIHFWp SDU OH UD\RQQHPHQW VRODLUH PDLV SDU OD WUDQVSLUDWLRQ GH O¶DUEUH ,O Q¶HVW GRQF SDV VRXPLV j OD PrPH GHPDQGH pYDSRUDWRLUH /HV JURXSHV * HW * SUpVHQWHQW GHV YDOHXUV LQWHUPpGLDLUHV GX IDLW TX¶LOV EpQpILFLHQW G¶XQ RPEUDJH SDUWLHO HQ FRXUV GH MRXUQpH UpGXLVDQW OD FRPSRVDQWH pYDSRUDWLRQ GX VRO ,OV VRQW WRXWHIRLV GLIIpUHQFLDEOHV HQ UDLVRQ GH OD SUpVHQFH GH UDFLQHV DX QLYHDX GH * TXL LPSOLTXH XQH DEVRUSWLRQ G¶HDX PDLV TXL HVW DEVHQWH SRXU OH JURXSH /¶pYROXWLRQ GX VWRFN G¶HDX H[DPLQpH GH PDQLqUH JOREDOH j O¶pFKHOOH GH OD FDPSDJQH HVW VRXV O¶LQIOXHQFH GHV pYqQHPHQWV SOXYLHX[ O¶LUULJDWLRQ
HW O¶pYDSRUDWLRQ GX VRO PDLV WHOOH TXH SUpVHQWpH HOOH QH IDLW SDV DSSDUDvWUH O¶HIIHW GH O¶DFWLYLWp GH OD SODQWH HW OD PRGDOLWp GH IRQFWLRQQHPHQW GX UpVHUYRLU VRO ORUVTX¶LO HVW SODFp VRXV GLIIpUHQWHV FRQGLWLRQV K\GULTXHV /H IRQFWLRQQHPHQW GX UpVHUYRLU VRO DX QLYHDX GHV GLIIpUHQWV FRPSDUWLPHQWV pWXGLpV HVW DQDO\Vp VHORQ XQH FRPSRVDQWH YHUWLFDOH HQ FRQVLGpUDQW WURLV GDWHV FDUDFWpULVpHV SDU GHV FRQGLWLRQV FOLPDWLTXHV GLIIpUHQWHV VHF LUULJXp HW DSUqV SOXLH /D GDWH GX VHF FRUUHVSRQG GX SRLQW GH YXH SKpQRORJLTXH DX VWDGH GH QRXDLVRQ HW GH FURLVVDQFH UDSLGH GX IUXLW /D GDWH GX VH VLWXH HQ SOHLQH SpULRGH G¶LQGXFWLRQ IORUDOH /D GDWH GX FRUUHVSRQG j OD SpULRGH GX JURVVLVVHPHQW GX IUXLW 3RXU FHV GLIIpUHQWHV GDWHV OH IRQFWLRQQHPHQW GX UpVHUYRLU VRO HVW DQDO\Vp DX QLYHDX GHV JURXSHV /HV UpVXOWDWV PRQWUHQW TXH OHV YDULDWLRQV OHV SOXV LPSRUWDQWHV GH O¶KXPLGLWp GX VRO VRQW REVHUYpHV DX QLYHDX GH OD WUDQFKH FP GDQV WRXWHV OHV VLWXDWLRQV HQ UDLVRQ GH O¶LQWHUYHQWLRQ j FH QLYHDX GH GLIIpUHQWV SURFHVVXV pYDSRUDWRLUHV HW SK\VLRORJLTXHV HW GH OD UpSDUWLWLRQ KpWpURJqQH GHV DSSRUWV K\GULTXHV SDU OD SOXLH HW O¶LUULJDWLRQ 6RXV OD IURQGDLVRQ O¶pYROXWLRQ GH O¶KXPLGLWp GX VRO HVW FRPSDUDEOH j FHOOH TXL HVW REVHUYpH HQ SpULRGH GH SOXLH GX IDLW TXH OD VXUIDFH HVW FRQWLQXHOOHPHQW KXPHFWpH DX FRXUV GH O¶LUULJDWLRQ /HV SHUWHV G¶HDX RFFDVLRQQpHV GDQV FH FDV SDU OD GHPDQGH FOLPDWLTXH pOHYpH GX PRLV GH MXLOOHW VHPEOHQW rWUH FRUUHFWHPHQW FRXYHUWHV $X FRQWUDLUH ORUVTXH OH VRO HVW VRXPLV j XQH ORQJXH SpULRGH VDQV DSSRUW GH O¶HDX VRXV XQH GHPDQGH FOLPDWLTXH PRGpUpH j pOHYpH OHV KXPLGLWpV HQ VXUIDFH GLPLQXHQW FRQVLGpUDEOHPHQW HW DWWHLJQHQW GHV YDOHXUV YRLVLQHV GHV KXPLGLWpV FULWLTXHV HQ UDLVRQ GH VRQ GHVVqFKHPHQW DX QLYHDX GH OD WUDQFKH GH VRO FP /D EDLVVH GH O¶KXPLGLWp HQ VXUIDFH UpVXOWH GDQV FH FDV GH O¶DEVRUSWLRQ SDU OHV UDFLQHV HW GH O¶pYDSRUDWLRQ j SDUWLU GX VRO $X QLYHDX GH OD ]RQH LQWHUPpGLDLUH KRUV IURQGDLVRQ OH UpVHUYRLU VRO VH FRPSRUWH FRPPH SUpFpGHPPHQW HQ SpULRGH GH SOXLH PDLV GDQV FH FDV OHV KXPLGLWpV GH VXUIDFH OHV SOXV IDLEOHV QH VRQW SDV REVHUYpHV DX PRLV GH PDL HQ SpULRGH VqFKH PDLV DX FRXUV G¶XQH MRXUQpH LUULJXp HQ UDLVRQ GH VD SRVLWLRQ $ FH QLYHDX ]RQH FRPSRUWDQW GHV UDFLQHV j P GX WURQF OH VRO Q¶HVW SDV KXPHFWp SDU O¶LUULJDWLRQ QH EpQpILFLH TXH G¶XQ RPEUDJH SDUWLHO
HW LO HVW VRXPLV j XQH GHPDQGH pYDSRUDWRLUH SOXV pOHYpH TXH VRXV OD IURQGDLVRQ (Q GHKRUV GH OD ]RQH H[SORUpH SDU OHV UDFLQHV * HW * O¶KXPLGLWp GX VRO HVW pOHYpH GDQV OHV TXDWUH UpVHUYRLUV HQ SpULRGH GH SOXLH (Q pWp FHWWH KXPLGLWp HVW IDLEOH GDQV OHV UpVHUYRLUV HW 'DQV OH FDV GX JURXSH OH SURILO 6 HVW GpSODFp GDYDQWDJH YHUV OD SURIRQGHXU GX VRO /HV KXPLGLWpV GH VXUIDFH QH VRQW SDV GDQV FH FDV DXVVL OHV SOXV IDLEOHV HQ SpULRGH VqFKH PDLV DX FRXUV GH OD MRXUQpH LUULJXpH (Q HIIHW OH SURILO , SUpVHQWH OHV KXPLGLWpV OHV SOXV IDLEOHV DX QLYHDX GH WRXV OHV KRUL]RQV HQ UDLVRQ GH O¶DXJPHQWDWLRQ GH OD GHPDQGH pYDSRUDWRLUH QRQ FRPSHQVpH SDU GHV DSSRUWV K\GULTXHV j FH QLYHDX ,O DSSDUDvW GRQF TX¶HQ SpULRGH GH SOXLH O¶KXPLGLWp GX VRO pYROXH GH PDQLqUH FRPSDUDEOH SRXU OHV JURXSHV HQ UDLVRQ GH O¶KRPRJpQpLVDWLRQ GH O¶pWDW GX VRO /D VLWXDWLRQ HVW GLIIpUHQWH HQ SpULRGH G¶LUULJDWLRQ /¶KXPLGLWp GX VRO DX FRXUV G¶XQH MRXUQpH DYHF LUULJDWLRQ SURILO , SUpVHQWH DX QLYHDX GHV JURXSHV HW HQ GHKRUV GH OD IURQGDLVRQ GHV KXPLGLWpV HQ VXUIDFH SOXV IDLEOHV TXH FHOOHV TXL VRQW REVHUYpHV DX FRXUV G¶XQH MRXUQpH GX PRLV GH PDL SURILO 6 SULVH DSUqV XQH ORQJXH SpULRGH VDQV DSSRUW K\GULTXH &HFL UpVXOWH GH O¶HIIHW GH OD GHPDQGH FOLPDWLTXH TXL HVW SOXV pOHYpH HQ MXLOOHW TX¶HQ PDL /D UpJLRQ GX VRO VLWXpH HQ GHKRUV GH OD IURQGDLVRQ HW HQ GHKRUV GH FHOOH FL HVW H[SRVpH j O¶pYDSRUDWLRQ GLUHFWH 6RXV OD IURQGDLVRQ * O¶KXPLGLWp HQ VXUIDFH HVW SURFKH GH FHOOH TXL HVW REVHUYpH HQ SpULRGH GH SOXLH HQ UDLVRQ GH O¶LUULJDWLRQ TXL D SHUPLV GH FRQWUHEDODQFHU OD GHPDQGH FOLPDWLTXH HW UpSRQGUH DX EHVRLQ HQ HDX GHV MHXQHV ROLYLHUV &HV UpVXOWDWV FRQFRUGHQW DYHF FHX[ GH )HUQDQGH] HW 0RUHQR HW $ELG .DUUD\ TXL RQW UDSSRUWp FHWWH KpWpURJpQpLWp GH O¶pWDW K\GULTXH GX VRO DXWRXU GH O¶ROLYLHU OLpH DX GpYHORSSHPHQW GH VHV UDFLQHV HW j OD GLVFRQWLQXLWp GH OD FRXYHUWXUH GX VRO HQJHQGUDQW XQH LQWHUFHSWLRQ GLIIpUHQWH GX UD\RQQHPHQW VRODLUH (Q GHKRUV GH OD IURQGDLVRQ O¶ROLYLHU SHXW SXLVHU GDQV OH UpVHUYRLU GX VRO QX VL VRQ V\VWqPH UDGLFXODLUH OH SHUPHW 'DQV QRWUH FDV OH GpYHORSSHPHQW OLPLWp GHV UDFLQHV j P GX WURQF Q¶D SDV SHUPLV O¶DSSURYLVLRQQHPHQW GHV UpVHUYRLUV KRUV IURQGDLVRQ HQ
SpULRGH HVWLYDOH &¶HVW FH TXL H[SOLTXH OHV IDLEOHV KXPLGLWpV REVHUYpHV HQ VXUIDFH DX PRLV GH MXLOOHW PrPH VRXV LUULJDWLRQ &RPSWH WHQX GH FHWWH YDULDELOLWp VSDFLDOH GX UpVHUYRLU VRO LO HVW GLIILFLOH GH GpWHUPLQHU OD FRQVRPPDWLRQ UpHOOH GH O¶ROLYLHU j SDUWLU GX ELODQ K\GULTXH 2XWUH OHV WUDQVIHUWV YHUWLFDX[ OLpV DX[ GLIIpUHQWV SURFHVVXV pYDSRUDWRLUHV $ELG .DUUD\ VLJQDOH DXVVL OD SUpVHQFH GH WUDQIHUWV K\GULTXHV ODWpUDX[ TXL UHPGHQW OD VLWXDWLRQ HQFRUH SOXV FRPSOH[H 'H PrPH FRPPH LO V¶DJLW G¶XQH SODQWDWLRQ DUERULFROH HW SOXV SDUWLFXOLqUHPHQW G¶XQH MHXQH SODQWDWLRQ R OD FRXYHUWXUH GX VRO HVW SDUWLHOOH HW HQFRUH IDLEOH OD FRQVRPPDWLRQ HQ HDX WHOOH TXH GpWHUPLQpH SDU OD PpWKRGH UHFRPPDQGpH SDU OD )$2 QH UHIOqWH SDV OD FRQVRPPDWLRQ GH O¶DUEUH PDLV LQWpJUH OD FRPSRVDQWH pYDSRUDWLRQ GX VRO 3RXU GpWHUPLQHU OD WUDQVSLUDWLRQ GX MHXQH ROLYLHU QRXV DYRQV HQWUHSULV GHV PHVXUHV GX IOX[ GH OD VqYH EUXWH HQ XWLOLVDQW OD WHFKQLTXH GH *UDQLHU PRGLILpH SDU 'R HW 5RFKHWHDX D HW E 3RXU PHVXUHU OH IOX[ GH OD VqYH QRXV DYRQV LQVWDOOp DX FRXUV GH O¶DQQpH XQ GLVSRVLWLI H[SpULPHQWDO FRQVWLWXp GH FDSWHXUV W\SHV ,15$ HW '\QDPD[ HW TXH QRXV DYRQV LQVpUpV VRXV O¶pFRUFH GX WURQF GH WURLV ROLYLHUV &KpWRXL j HQYLURQ FP DX GHVVXV GX QLYHDX GX VRO VHORQ OHV RULHQWDWLRQV 1RUG 6XG HVW HW RXHVW &HV FDSWHXUV VRQW FKDXIIpV SDU LQWHUPLWWDQFH PQ GH FKDXIIDJH HW PQ GH QRQ FKDXIIDJH DILQ G¶pOLPLQHU O¶HIIHW GX JUDGLHQW QDWXUHO /HV VLJQDX[ SURGXLWV SDU OHV GHX[ W\SHV GH FDSWHXUV VRQW HQUHJLVWUpV DX QLYHDX G¶XQ GDWD ORJJHU SXLV WUDLWpV HQ DGRSWDQW OD SURFpGXUH GH FDOXO GpYHORSSpH SDU 'R HW 5RFKHWHDX D HW E /HV UpVXOWDWV RQW PRQWUp TXH OHV VLJQDX[ REWHQXV DX QLYHDX GHV GLIIpUHQWV FDSWHXUV ,15$ RX '\QDPD[ pYROXHQW GH PDQLqUH V\QFKURQH HQWUH XQH YDOHXU PLQLPDOH HQUHJLVWUpH j OD ILQ GH OD SpULRGH IURLGH HW XQH YDOHXU PD[LPDOH REVHUYpH j OD ILQ GH OD SpULRGH GH FKDXIIDJH &HSHQGDQW XQH GLIIpUHQFH GH FRPSRUWHPHQW HVW REVHUYpH HQWUH OH MRXU HW OD QXLW PDWpULDOLVpH SDU OD SUpVHQFH G¶XQ SDOLHU PD[LPDO HW G¶XQ SDOLHU PLQLPDO DX FRXUV GHV KHXUHV GLXUQHV HW VHXOHPHQW G¶XQH YDOHXU PD[LPDOH HW PLQLPDOH GXUDQW OD QXLW /D SUpVHQFH GH FH SDOLHU HVW H[SOLTXpH SDU OD UDSLGLWp GH FKDQJHPHQW GH WHPSpUDWXUH DX FRXUV GH OD MRXUQpH DX QLYHDX
GHV VRQGHV GX FDSWHXU TXL UpVXOWH GX SDVVDJH GH OD VqYH VRXV O¶HIIHW GH OD GHPDQGH pYDSRUDWRLUH &HV UpVXOWDWV VRQW FRQIRUPHV j FHX[ UDSSRUWpV SDU 'R HW 5RFKHWHDX D HW E 0DKMRXE HW $ELG .DUUD\ TXL GRQQHQW GHV YDOHXUV GH VLJQDX[ FRPSDUDEOHV HW DYHF OD PrPH G\QDPLTXH HQ GpSLW G¶XQ UpJLPH GH FKDXIIDJH GLIIpUHQW /¶DGRSWLRQ G¶XQ FKDXIIDJH DOWHUQDWLI GH PQ HVW FRUUHFWH PDLV SURGXLW VHXOHPHQW XQH VHXOH PHVXUH j O¶KHXUH $ SDUWLU GH FHV VLJQDX[ QRXV DYRQV FDOFXOp OD GHQVLWp GH IOX[ VHORQ OD PpWKRGH GpFULWH SDU 'R HW 5RFKHWHDX $X WHUPH GH FHWWH SURFpGXUH GH FDOFXO GHV YDOHXUV KRUDLUHV GH OD GHQVLWp GH IOX[ VRQW REWHQXHV /D UHSUpVHQWDWLRQ JUDSKLTXH GH FHV YDOHXUV HQ IRQFWLRQ GX WHPSV PRQWUH GHV YDULDWLRQV HQWUH OHV FDSWHXUV HW OHV DUEUHV DX QLYHDX GHVTXHOV LOV VRQW LQVpUpV PDLV pJDOHPHQW HQ IRQFWLRQ GH OD VDLVRQ GX VWDGH SKpQRORJLTXH GH O¶RULHQWDWLRQ GX FDSWHXU HW GHV FRQGLWLRQV FOLPDWLTXHV HW K\GULTXHV &HV UpVXOWDWV FRQFRUGHQW ELHQ DYHF FHX[ GH *UDQLHU 'R HW 5RFKHWHDX 0DKMRXE HW $ELG .DUUD\ TXL RQW PRQWUp TXH OH IOX[ GH OD VqYH GpSHQG G¶XQH PXOWLWXGH GH IDFWHXUV SDUPL OHVTXHOV OHV FDUDFWpULVWLTXHV GH O¶DUEUH HW GX FDSWHXU OXL PrPH PDLV VXUWRXW GH OD GHPDQGH FOLPDWLTXH HW GH O¶pWDW K\GULTXH GX VRO $ O¶pFKHOOH GH OD MRXUQpH OD GHQVLWp GX IOX[ YDULH FRQVLGpUDEOHPHQW PDLV HOOH VXLW JOREDOHPHQW O¶pYROXWLRQ GH 5J (OOH pYROXH GDQV OH PrPH VHQV PDLV DYHF GHV SURSRUWLRQV YDULDEOHV VHORQ O¶KHXUH GH OD MRXUQpH /¶DQDO\VH GHV GRQQpHV UHODWLYHV j O¶pYROXWLRQ GX IOX[ j O¶pFKHOOH GH OD MRXUQpH PRQWUH TXH G¶XQH PDQLqUH JpQpUDOH OH IOX[ GH VqYH DXJPHQWH UDSLGHPHQW OH PDWLQ j SDUWLU GH KHXUHV HQ pWp HW KHXUHV HQ KLYHU HW pYROXHQW DX FRXUV GH OD MRXUQpH HQ GHVVLQDQW XQH FRXUEH HQ FORFKH TXL V¶DSODWLW DX FRXUV GHV MRXUQpHV j IRUWH GHPDQGH pYDSRUDWRLUH GRQQDQW XQ SDOLHU G¶XQH GXUpH SOXV RX PRLQV ORQJXH VHORQ O¶LPSRUWDQFH GH OD FRQWUDLQWH /D FKXWH GHV YDOHXUV REVHUYpH DX FRXUV GHV MRXUQpHV j IRUWH GHPDQGH DX PLOLHX GH OD MRXUQpH FRUUHVSRQG j XQH IHUPHWXUH SDUWLHOOH GHV VWRPDWHV SRXU OLPLWHU OHV SHUWHV G¶HDX DORUV TXH OHV YDOHXUV GH UD\RQQHPHQW FRQWLQXHQW j DXJPHQWHU $SUqV FH PD[LPXP RX FH SDOLHU VHORQ OH FDV OHV YDOHXUV GH IOX[ GLPLQXHQW UDSLGHPHQW MXVTX¶j KHXUHV HQ KLYHU HW KHXUHV HQ pWp SRXU VH VWDELOLVHU DXWRXU G¶XQH YDOHXU
PLQLPDOH OD QXLW (Q DEVHQFH G¶DMXVWHPHQW VWRPDWLTXH RX GH SDVVDJHV QXDJHX[ OD YDOHXU PD[LPDOH GH OD MRXUQpH HVW REVHUYpH HQWUH KHXUHV HW KHXUHV VHORQ OH FDSWHXU HW OD VDLVRQ &H UpVXOWDW FRQFRUGH DYHF OD GHVFULSWLRQ SURGXLWH SDU $ELG .DUUD\ &HSHQGDQW GHV YDULDWLRQV LPSRUWDQWHV VRQW REVHUYpHV /D SRVLWLRQ GX FDSWHXU VXU OH WURQF FRQVWLWXH XQH SUHPLqUH VRXUFH GH YDULDWLRQV (Q HIIHW DX QLYHDX GX PrPH WURQF GLIIpUHQWHV YDOHXUV GH GHQVLWp VRQW REWHQXHV DYHF OH PrPH W\SH GH FDSWHXU &H UpVXOWDW D pWp GpMj REWHQX SDU /X HW $ELG .DUUD\ TXL RQW GpFHOp OD SUpVHQFH G¶XQH YDULDELOLWp D]LPXWDOH DX QLYHDX G¶XQ PrPH DUEUH VDQV WRXWHIRLV SUpFLVHU XQH RULHQWDWLRQ GH SUpGLOHFWLRQ &HWWH YDULDELOLWp GX IOX[ HQ IRQFWLRQ GH OD GLUHFWLRQ LQGLTXH TXH O¶HIIHW GH O¶RULHQWDWLRQ GX FDSWHXU HVW DOpDWRLUH HW TXH OHV YDOHXUV GH OD GHQVLWp GH IOX[ GpSHQGHQW SOXW{W GX V\VWqPH GH FRQGXFWLRQ GH O¶HDX DX QLYHDX GH FKDTXH DUEUH &HV UpVXOWDWV FRUURERUHQW FHX[ GH 1LFRODV HW DO TXL DWWULEXHQW OD VLPLODULWp GHV YDOHXUV GH IOX[ REWHQXHV SRXU GHX[ RULHQWDWLRQV GRQQpHV j XQH XQLIRUPLWp GH GLVWULEXWLRQ GHV YDLVVHDX[ FRQGXFWHXUV 3DU FRQVpTXHQW FHWWH YDULDELOLWp WURXYH VRQ RULJLQH GDQV O¶KpWpURJpQpLWp GX V\VWqPH GH FRQGXFWLRQ GH OD VqYH /D VHFWRULVDWLRQ GHV pFKDQJHV K\GULTXHV SHUPHW G¶H[SOLTXHU HQ SDUWLH FHWWH KpWpURJpQpLWp 'DQV OHV FDV OHV SOXV PDUTXpV XQ VHFWHXU GpWHUPLQp FRPPXQLTXHUDLW G¶XQH SDUW DYHF XQH SRUWLRQ GH OD FRXURQQH GH O¶DUEUH HW G¶DXWUH SDUW DYHF XQH UDFLQH RX XQ IDLVFHDX UDGLFXODLUH &RQQRU HW )HUHUHV /HV FDSWHXUV LQVpUpV DX QLYHDX GHV YDLVVHDX[ FRQGXFWHXUV SHXYHQW rWUH UHOLpV j XQH SDUWLH GH OD IURQGDLVRQ SOXV RX PRLQV LPSRUWDQWH /H W\SH GH FDSWHXU FRQVWLWXH XQH GHX[LqPH VRXUFH GH YDULDWLRQ PDLV TXL Q¶DSSDUDvW TXH SRXU GHV YDOHXUV VHXLOV DX GHVVXV GH ODTXHOOH OHV UpSRQVHV SURGXLWHV SDU OHV FDSWHXUV ,15$ HW '\QDPD[ VRQW GLIIpUHQWHV /D GHQVLWp GH IOX[ HVW pJDOHPHQW LQIOXHQFpH SDU OD GHPDQGH FOLPDWLTXH HW O¶pWDW K\GULTXH GX VRO TXL VRQW OHV SULQFLSDX[ IDFWHXUV GH YDULDWLRQ 3RXU DQDO\VHU OD UpSRQVH GX MHXQH ROLYLHU QRXV DYRQV FRQVLGpUp GHV MRXUQpHV W\SHV FDUDFWpULVpHV SDU GHV FRQGLWLRQV HQYLURQQHPHQWDOHV GLIIpUHQWHV MRXUQpHV SOXYLHXVHV RX DSUqV XQH SOXLH DERQGDQWH MRXUQpHV
DYHF XQH GHPDQGH pYDSRUDWRLUH IDLEOH PRGpUpH RX pOHYpH MRXUQpH DYHF HW VDQV LUULJDWLRQ /¶DQDO\VH GH FHV FDV D PRQWUp TXH OD GHQVLWp GH IOX[ VXLW JOREDOHPHQW FHOOH GX UD\RQQHPHQW GDQV WRXWHV OHV VLWXDWLRQV 3RXU GHV YDOHXUV pOHYpHV GH 5J RQ D GHV YDOHXUV LPSRUWDQWHV GH OD GHQVLWp GH IOX[ /HV GLIIpUHQFHV DSSDUDLVVHQW HQ SUpVHQFH GH SOXLH RX G¶XQH IRUWH GHPDQGH pYDSRUDWRLUH 'DQV OH SUHPLHU FDV XQ GpSKDVDJH VH SURGXLW HQWUH 5J HW OH IOX[ /¶KXPHFWDWLRQ GHV IHXLOOHV SDU XQ ILOP G¶HDX GH SOXLH DX FRXUV GH OD MRXUQpH HQJHQGUH XQH UpSRQVH GpFDOpH SDU UDSSRUW j FHOOH GH 5J /H UHWDUG GH OD UpSRQVH GX IOX[ VXUYHQDQW DSUqV TXHOTXHV KHXUHV UpVXOWH GH O¶HIIHW GH O¶pYDSRUDWLRQ GH O¶HDX GH SOXLH LQWHUFHSWpH SDU OH IHXLOODJH 8QH IRLV FHWWH HDX pYDSRUpH O¶ROLYLHU UHSUHQG VD WUDQVSLUDWLRQ j XQ QLYHDX DXVVL LPSRUWDQW &HFL Q¶HVW SRVVLEOH TXH VL OH UpVHUYRLU VRO HVW FRQYHQDEOHPHQW SRXUYX HQ HDX SRXU SHUPHWWUH XQ QLYHDX GH WUDQVSLUDWLRQ pOHYp 'DQV OH FDV FRQWUDLUH XQH EDLVVH GHV YDOHXUV GH OD GHQVLWp GH IOX[ HVW REVHUYpH SHQGDQW OHV KHXUHV GH IRUW UD\RQQHPHQW PDWpULDOLVpH SDU OD SUpVHQFH G¶XQ SDOLHU GRQW OD GXUpH GpSHQG GH O¶pWDW K\GULTXH GX VRO (Q SpULRGH G¶LUULJDWLRQ OHV YDOHXUV PD[LPDOHV GH OD GHQVLWp GH IOX[ VRQW GH O¶RUGUH GH OLWUHV GP K SRXU XQH GHPDQGH FOLPDWLTXH GH 0M P K (Q SpULRGH VqFKH OHV YDOHXUV GHVFHQGHQW j OLWUHV P K SRXU OD PrPH YDOHXU GX UD\RQQHPHQW JOREDO &HWWH GLPLQXWLRQ UpVXOWH GH OD UpJXODWLRQ VWRPDWLTXH TXL SHUPHW GH UpGXLUH OHV SHUWHV G¶HDX /¶ROLYLHU VRXV XQH FRQWUDLQWH K\GULTXH RX WKHUPLTXH GpFOHQFKH XQH UpJXODWLRQ GH O¶RXYHUWXUH GH VHV VWRPDWHV GDQV OD PDWLQpH &HWWH OLPLWDWLRQ GH OD WUDQVSLUDWLRQ FRXYUH WRXWHV OHV KHXUHV GH IRUWH GHPDQGH FOLPDWLTXH &HV UpVXOWDWV VRQW HQ SDUIDLW DFFRUG DYHF FHX[ GH 0DKMRXE HW GH $ELG .DUUD\ /H QLYHDX GH UpJXODWLRQ YDULH WRXWHIRLV VHORQ OH QLYHDX GH OD FRQWUDLQWH O¶pWDW K\GULTXH GH OD SODQWH SHQGDQW FHWWH SpULRGH OD YDULpWp HW VHV FDUDFWpULVWLTXHV IROLDLUHV 3RXU GpWHUPLQHU OD YDOHXU GX IOX[ GH OD VqYH j SDUWLU GH FHV GHQVLWpV QRXV DYRQV SURFpGp j OD GpWHUPLQDWLRQ GH OD VHFWLRQ FRQGXFWULFH GH O¶HDX HW j O¶pWDORQQDJH GHV FDSWHXUV HQ YXH GH OHV FDOLEUHU HQ WHQDQW FRPSWH GH QRV FRQGLWLRQV H[SpULPHQWDOHV &HV H[SpULPHQWDWLRQV RQW pWp UpDOLVpHV DX ODERUDWRLUH GH %LRFOLPDWRORJLH GH O¶,1$7 HW RQW DERXWLW j O¶pODERUDWLRQ
G¶XQH SUHPLqUH pTXDWLRQ UHOLDQW OD VHFWLRQ WRWDOH GX UDPHDX j OD VHFWLRQ FRQGXFWULFH GH O¶HDX &HWWH GHUQLqUH HVW LGHQWLILpH SDU VD FRXOHXU URXJH FDUDFWpULVWLTXH GH OD VDIUDQLQH RUDQJH TXH QRXV DYRQV XWLOLVpH SRXU FRORUHU VSpFLILTXHPHQW OHV WLVVXV FRQGXFWHXUV &HWWH UHODWLRQ D PRQWUp TXH SRXU GHV GLDPqWUHV GH UDPHDX[ FRPSULV HQWUH HW FP GH OD VHFWLRQ HVW FRQVWLWXpH GH ERLV FRQGXFWHXU &RPSWH WHQXH GH FHWWH YDULDELOLWp HW DILQ G¶HVWLPHU OH IOX[ PR\HQ VXU ROLYLHU HQ YXH GH GpWHUPLQHU OD WUDQVSLUDWLRQ j O¶pFKHOOH GH OD SDUFHOOH QRXV DYRQV DGRSWp OD PpWKRGH GH *LRULR HW *LRULR TXL RQW FRPSDUp OH IOX[ PR\HQ PHVXUp VXU XQ DUEUH GRQQp DX IOX[ PR\HQ FDOFXOp SRXU O¶HQVHPEOH GHV DUEUHV 'DQV QRWUH FDV HW FRPPH OH IOX[ GH OD VqYH PHVXUp SDU DUEUH HVW FRUUpOp DYHF OD PR\HQQH GHV DUEUHV O¶H[WUDSRODWLRQ GHV UpVXOWDWV GH O¶DUEUH YHUV O¶HQVHPEOH GH O¶ROLYHWWH HVW SRVVLEOH 'qV ORUV RQ SHXW FRQVLGpUHU OD WUDQVSLUDWLRQ GH O¶ROLYLHU FRPPH pJDOH DX IOX[ PR\HQ GH O¶ROLYHWWH UHSUpVHQWp SDU OD PR\HQQH DULWKPpWLTXH GHV IOX[ PHVXUpV VXU OHV DUEUHV DORUV TXH OD WUDQVSLUDWLRQ GH O¶ROLYHWWH 7 2OLYHWWH VHUD pJDOH j OD WUDQVSLUDWLRQ PR\HQQH GHV DUEUHV UDSSRUWpH j OD VXUIDFH XWLOH G¶XQ DUEUH $LQVL OH IOX[ GH OD VqYH j O¶pFKHOOH GH O¶DUEUH ) OLWUH MRXU RX WUDQVSLUDWLRQ PR\HQQH GH O¶DUEUH D pWp GpWHUPLQp HQ PXOWLSOLDQW OD YDOHXU GH OD GHQVLWp GX IOX[ GH OD VqYH X OLWUH GP MRXU SDU OD VHFWLRQ FRQGXFWULFH PR\HQQH 6F GP &HOD QRXV D SHUPLV G¶HVWLPHU OD WUDQVSLUDWLRQ DX QLYHDX GH OD SDUFHOOH 7 PP HQ GLYLVDQW OHV YDOHXUV PR\HQQHV GH OD WUDQVSLUDWLRQ SDU OD VXUIDFH XWLOH GH O¶ROLYLHU pJDOH j P 3RXU GHV FRQVRPPDWLRQV PLQLPDOH GH O MRXU HW PD[LPDOH GH O MRXU QRXV REWHQRQV GHV YDOHXUV MRXUQDOLqUHV GH PP SRXU OD YDOHXU PLQLPDOH HW GH PP SRXU OD YDOHXU PD[LPDOH FRUUHVSRQGDQW j GHV YDOHXUV GH (7R PR\HQQHV GH PP SRXU OH PRLV GH IpYULHU HW GH PP SRXU OH PRLV G¶DRÂ&#x20AC;W &RPSWH WHQX GH O¶pYROXWLRQ V\QFKURQH HQWUH OD GHQVLWp GH IOX[ HW OH UD\RQQHPHQW JOREDO QRXV DYRQV FKHUFKp j HVWLPHU OH UDSSRUW 7 (7R UHSUpVHQWDQW OH FRHIILFLHQW FXOWXUDO .F 'DQV FH FDV OD YDOHXU GH 7 (7R UHSUpVHQWDQW OH FRHIILFLHQW FXOWXUDO GH EDVH .FE TXL HVW UHODWLI j OD WUDQVSLUDWLRQ GH OD FXOWXUH ,O HVW pJDO j HW UHVSHFWLYHPHQW SRXU
OHV GHX[ VLWXDWLRQV FRQVLGpUpHV &HFL YHXW GLUH TXH OD WUDQVSLUDWLRQ GHV MHXQHV DUEUHV QH UHSUpVHQWH TXH GH O¶pYDSRWUDQVSLUDWLRQ GDQV OHV PHLOOHXUV FDV /¶LQWpJUDWLRQ GH O¶HQVHPEOH GHV UpVXOWDWV UHODWLIV DX GpYHORSSHPHQW GX MHXQH ROLYLHU HW j OD JHVWLRQ GH O¶LUULJDWLRQ QRXV D SHUPLV GH GpYHORSSHU XQ PRGqOH GH FDOFXO GH O¶pYDSRWUDQVSLUDWLRQ GH O¶DUEUH HQ QRXV EDVDQW VXU OD VXUIDFH GX VRO H[SORLWpH SDU OH V\VWqPH UDGLFXODLUH DX FRXUV GHV VL[ DQQpHV GH FXOWXUH /HV UpVXOWDWV PRQWUHQW GH IDLEOHV UDSSRUWV , (7 R GXUDQW OD VDLVRQ G¶LUULJDWLRQ TXL DXJPHQWHQW GH j SRXU GHV ROLYLHUV kJpV GH j DQV 3DU FRQWUH ORUVTXH OHV TXDQWLWpV G¶HDX XWLOLVpHV VRQW UDSSRUWpHV j OD VXUIDFH GX VRO H[SORLWpH SDU OHV UDFLQHV OHV YDOHXUV GH .F , (7 VH UDSSURFKHQW GH FHOOHV GH OD )$2 .F )$2 /HV YDOHXUV GH .F FDOFXOpHV HQ LQFOXDQW OD SOXLH HIILFDFH 3 , (7 WHOOH TXH QRXV O¶DYRQV SUpVHQWpH IRXUQLW GHV UDSSRUWV IOXFWXDQWV GX FRHIILFLHQW FXOWXUDO &HFL PRQWUH GDQV QRWUH FDV OD OLPLWH GH OD PpWKRGH GH OD )$2 SXLVTXH OD YDOHXU TXH .F TXH QRXV DYRQV FRQVLGpUpH QRWDPPHQW j OD LqPH DQQpH HVW SOXV pOHYpH TXH FHOOH TXL HVW FDOFXOpH HQ VH UpIpUDQW j OD VXUIDFH H[SORLWpH SDU OHV UDFLQHV HW TXL HVW LPSOLTXpH GDQV OD WUDQVSLUDWLRQ GH O¶DUEUH TXL QH UHSUpVHQWH HQ IDLW TXH GH O¶pYDSRWUDQVSLUDWLRQ GH OD FXOWXUH /¶XWLOLVDWLRQ GH FHWWH DSSURFKH SRXU FRQGXLUH O¶LUULJDWLRQ DX QLYHDX GH OD MHXQH SODQWDWLRQ G¶ROLYLHU HQ DSSOLTXDQW OHV GRVHV HW IUpTXHQFHV LQGLTXpHV VHPEOH rWUH DGpTXDWH (OOH D SHUPLV XQ ERQ GpYHORSSHPHQW GHV MHXQHV DUEUHV HW XQH FURLVVDQFH YLJRXUHXVH FRPPH LO D pWp REVHUYp GDQV OHV FKDSLWUHV SUpFpGHQWV /¶DSSOLFDWLRQ GH FHWWH DSSURFKH DX QLYHDX G¶DXWUHV UpJLRQV HW SRXU G¶DXWUHV V\VWqPHV GH FRQGXLWHV SHUPHWWUD GH JpUHU SOXV HIILFDFHPHQW O¶LUULJDWLRQ GHV SODQWDWLRQV G¶ROLYLHU SXLVTXH OH FDOFXO GHV EHVRLQV HQ HDX FLEOHUD O¶DUEUH '¶DLOOHXUV LO HVW SOXV DSSURSULp GDQV GH FH FDV GH FRQVLGpUHU OHV DSSRUWV G¶HDX j O¶pFKHOOH GH O¶LQGLYLGX HQ XQLWp GH YROXPH OLWUH P SDU DUEUH TXH GH OD SDUFHOOH YDOHXU HQ PP HQ UDLVRQ GH OD GLVFRQWLQXLWp GH OD FRXYHUWXUH GX VRO GH OD UpSDUWLWLRQ KpWpURJqQH GHV UDFLQHV HW GH O¶KXPHFWDWLRQ G¶XQH ]RQH OLPLWpH GX VRO DX PRPHQW GH O¶LUULJDWLRQ
&21&/86,21 *(1(5$/( /¶REMHFWLI GH FH WUDYDLO HVW OD FDUDFWpULVDWLRQ GH OD G\QDPLTXH GH FURLVVDQFH GH O¶ROLYLHU &YV &KpWRXL 0HVNL 3LFKROLQH HW 0DQ]DQLOOH DX FRXUV GHV SUHPLqUHV DQQpHV GH FXOWXUH HQ UDSSRUW DYHF OHXU DOLPHQWDWLRQ HQ HDX GDQV OH EXW GH OD PRGpOLVDWLRQ /D FDUDFWpULVDWLRQ GH OD FURLVVDQFH GX MHXQH ROLYLHU D pWp UpDOLVpH HQ FRQVLGpUDQW O¶DUEUH HQ WDQW TX¶XQLWp LQWpJUpH GDQV XQ V\VWqPH VRO SODQWH FOLPDW GDQV OHTXHO OHV UHODWLRQV HQWUH OD FURLVVDQFH GX MHXQH DUEUH OD WHPSpUDWXUH OD GHPDQGH FOLPDWLTXH HW O¶HDX RQW pWp LQYHVWLJXpHV /D UHODWLRQ MHXQH ROLYLHU VRO D pWp DERUGpH GDQV OH EXW GH GpYHORSSHU XQH DSSURFKH PpWKRGRORJLTXH SHUPHWWDQW GH GpWHUPLQHU OHV EHVRLQV HQ HDX GH OD FXOWXUH SHQGDQW OHV SUHPLqUHV DQQpHV G¶H[SORLWDWLRQ HQ FRPELQDQW O¶DSSURFKH FOLPDWLTXH SK\VLRORJLTXH HW K\GURORJLTXH /D GpPDUFKH DGRSWpH UHSRVH VXU XQH TXDQWLILFDWLRQ GH O¶pYDSRWUDQVSLUDWLRQ GHV MHXQHV ROLYLHUV j SDUWLU GX ELODQ K\GULTXH HQ FRQVLGpUDQW GLIIpUHQWV FRPSDUWLPHQWV GX UpVHUYRLU VRO DX YRLVLQDJH GH O¶ROLYLHU HQ UDLVRQ GH OD GLVFRQWLQXLWp GH OD FRXYHUWXUH GX VRO GH O¶KpWpURJpQpLWp GX GpYHORSSHPHQW GX V\VWqPH UDGLFXODLUH HW GH OD SUDWLTXH GH O¶LUULJDWLRQ ORFDOLVpH /HV UpVXOWDWV RQW PRQWUp TXH O¶KXPLGLWp GX VRO DX QLYHDX GH FHV FRPSDUWLPHQWV YDULH FRQVLGpUDEOHPHQW HQ IRQFWLRQ GH OD GLVWDQFH GX WURQF GH OD VDLVRQ HW GH OD IUpTXHQFH GHV LUULJDWLRQV 6RXV OD IURQGDLVRQ OH VRO HVW VRXV O¶LQIOXHQFH GH O¶LUULJDWLRQ GH OD SOXLH HIIHFWLYH HW GH OD WUDQVSLUDWLRQ GH O¶ROLYLHU 6RQ KXPLGLWp HVW SOXV pOHYpH HQ SpULRGH G¶LUULJDWLRQ GH OD PpWKRGH GH OD )$2 SRXU OHV FRQGLWLRQV QRQ VWDQGDUGV HQ UDLVRQ GH OD GLVFRQWLQXLWp GX FRXYHUW YpJpWDO /HV YDOHXUV GH (7F VRQW FDOFXOpHV HQ DGRSWDQW OHV FRHIILFLHQWV .F HW .U UHFRPPDQGpV GDQV OH %XOOHWLQ QÂ&#x192; GH (7R 3HQPDQ 0RQWHLWK /¶(7F QH UHSUpVHQWH SDV XQLTXHPHQW OD SDUW GH O¶HDX UHODWLYH j OD WUDQVSLUDWLRQ PDLV LQWqJUH O¶pYDSRUDWLRQ GX VRO TXL HVW LPSRUWDQWH GDQV FH FDV HQ UDLVRQ GX IDLEOH WDX[ GH FRXYHUWXUH GX VRO SDU OD ELRPDVVH YpJpWDOH &HV YDOHXUV VRQW
pOHYpHV HW Q¶RQW SDV pWp DSSOLTXpHV /HV TXDQWLWpV G¶HDX IRXUQLHV VRQW EHDXFRXS SOXV IDLEOHV TXH OHV YDOHXUV FDOFXOpHV GH OD PHVXUH GX IOX[ GH OD VqYH EUXWH HQ YXH G¶HVWLPHU OD FRQWULEXWLRQ GH OD FRPSRVDQWH WUDQVSLUDWLRQ GDQV O¶pYDSRWUDQVSLUDWLRQ GHV MHXQHV DUEUHV /D PpWKRGH XWLOLVpH HVW FHOOH GH *UDQLHU PRGLILpH SDU 'R HW 5RFKHWHDX /HV UpVXOWDWV RQW PRQWUp TXH OD WUDQVSLUDWLRQ PD[LPDOH GH O¶ROLYLHU GH DQV UHSUpVHQWH (7R /D PHVXUH GX IOX[ GH VqYH SHUPHW DLQVL XQH HVWLPDWLRQ SUpFLVH GH OD WUDQVSLUDWLRQ /¶LQWpJUDWLRQ GH O¶HQVHPEOH GHV UpVXOWDWV QRXV D SHUPLV GH GpYHORSSHU XQ PRGqOH GH FDOFXO GHV EHVRLQV HQ HDX G¶LUULJDWLRQ GHV MHXQHV ROLYLHUV HQ UDSSRUW DYHF OD GHPDQGH FOLPDWLTXH HW OH GpYHORSSHPHQW GHV SDUWLHV DpULHQQH HW VRXWHUUDLQH /¶pWXGH GH OD UHODWLRQ VRO SODQWH D pWp UpDOLVpH GDQV OH EXW GH GpWHUPLQHU OD FRQVRPPDWLRQ GHV MHXQHV DUEUHV HW VHV IDFWHXUV GH YDULDWLRQV ,O UHVVRUW GH FHWWH pWXGH TX¶LO HVW G¶DERUG LQGLVSHQVDEOH G¶LQWpJUHU DX PRLQV GHX[ PpWKRGHV GH FDOFXO GH O¶pYDSRWUDQVSLUDWLRQ HQ UDLVRQ GH OD GLVFRQWLQXLWp GX FRXYHUW YpJpWDO HW GH OD UpSDUWLWLRQ KpWpURJqQH GHV UDFLQHV /D PpWKRGH GH PHVXUH GX IOX[ GH OD VqYH SHUPHW XQH HVWLPDWLRQ SUpFLVH GH OD WUDQVSLUDWLRQ 3RXU GH MHXQHV ROLYLHUV GH DQV HOOH HVW HVWLPpH j (7R (OOH HVW EHDXFRXS SOXV IDLEOH TXH (7F )$2 TXL LQWpJUH OHV GHX[ FRPSRVDQWHV WUDQVSLUDWLRQ GH O¶DUEUH HW pYDSRUDWLRQ GX VRO 3RXU SRXYRLU XWLOLVHU FHWWH PpWKRGH HW GLVSRVHU G¶XQH YDOHXU FRUUHFWH GH (7F QRXV VXJJpURQV GH FRQVLGpUHU OD PpWKRGH GH OD )$2 DX QLYHDX GH O¶DUEUH F¶HVW j GLUH UDSSRUWHU OH FDOFXO GH (7F j OD VXUIDFH GX VRO XWLOLVpH SDU OHV UDFLQHV /¶XWLOLVDWLRQ GH FHWWH DSSURFKH SRXU FRQGXLUH O¶LUULJDWLRQ DX QLYHDX GH OD MHXQH SODQWDWLRQ G¶ROLYLHU HQ DSSOLTXDQW OHV GRVHV HW IUpTXHQFHV LQGLTXpHV VHPEOH rWUH DGpTXDWH (OOH D SHUPLV XQ ERQ GpYHORSSHPHQW GHV MHXQHV DUEUHV 6RQ H[WHQVLRQ YHUV G¶DXWUHV UpJLRQV HW SRXU G¶DXWUHV V\VWqPHV GH FRQGXLWHV SHUPHWWUD GH JpUHU SOXV HIILFDFHPHQW O¶LUULJDWLRQ GHV SODQWDWLRQV G¶ROLYLHU SXLVTXH OH FDOFXO GHV EHVRLQV HQ HDX FLEOHUD O¶DUEUH SULV HQ WDQW TX¶LQGLYLGX HW QRQ SDV O¶HQVHPEOH GX YHUJHU '¶DLOOHXUV LO HVW SOXV DSSURSULp GDQV GH FH FDV GH FRQVLGpUHU OHV DSSRUWV G¶HDX j O¶pFKHOOH GH O¶LQGLYLGX HQ XQLWp GH YROXPH OLWUH P SDU DUEUH
TXH GH OD SDUFHOOH YDOHXU HQ PP HQ UDLVRQ GH OD GLVFRQWLQXLWp GH OD FRXYHUWXUH GX VRO GH OD UpSDUWLWLRQ KpWpURJqQH GHV UDFLQHV HW GH O¶KXPHFWDWLRQ G¶XQH ]RQH OLPLWpH GX VRO DX PRPHQW GH O¶LUULJDWLRQ $LQVL LO VHUD SRVVLEOH G¶pWHQGUH O¶DSSURFKH GpYHORSSpH SRXU OH FDOFXO GHV EHVRLQV HQ HDX GH O¶ROLYLHU j G¶DXWUHV FRQGLWLRQV FXOWXUDOHV
5()(5(1&(6 %,%/,2*5$3+,48(6 $ELG .DUUD\ - %LODQ K\GULTXH G¶XQ V\VWqPH GH FXOWXUHV LQWHUFDODLUHV 2OLYLHU ± &XOWXUH PDUDvFKqUH HQ 7XQLVLH &HQWUDOH $SSURFKH H[SpULPHQWDOH HW HVVDL GH PRGpOLVDWLRQ 7KqVH GH 'RFWRUDW 8QLYHUVLWp GH 0RQWSHOOLHU ,, SDJHV $OOHQ * 6 3HUHLUD ' 5DHV HW 0 6PLWK &URS HYDSRWUDQVSLUDWLRQ *XLGHOLQH IRU FRPSXWLQJ FURS ZDWHU UHTXLUHPHQWV ,UULJDWLRQ DQG GUDLQDJH SDSHU )$2 5RPH %DQGLQR * HW 6 'HWWRUL 0DQXDOH GL ROLYLFXOWXUD &RQVRU]LR ,QWHUSURYLQFLDOH SHU OD )UXWWLFROWXUD &DJOLDUL 2ULVWDQR 1XRUR 5HJLRQH $XWRQRPD GHOOD 6DUGHJQD %HQ 0HFKOLD 1 HW $ +DPURXQL $OWHUQDQFH HW SURGXFWLRQ SRWHQWLHOOH FKH] O ROLYLHU LUULJXp 6pPLQDLUH ,QWHUQDWLRQDO VXU O ROLYLHU HW DXWUHV SODQWHV ROpDJLQHXVHV FXOWLYpHV HQ 7XQLVLH 0DKGLD -XLOOHW SS %RQDFKHOD 6 ) 2UJD] ) - 9LOODORERV HW ( )HUHUHV 0HDVXUHPHQW DQG 6LPXODWLRQ RI HYDSRUDWLRQ IURP VRLO LQ ROLYH RUFKDUGV ,UULJ 6FL %RQML * HW $ 3DOOLRWWL 2OLYH LQ +DQG ERRN RI HQYLURQPHQWDO SK\VLRORJ\ RI IUXLW FURS (GV % 6FKDIIH DQG 3 & $QGHUVRQ &5& 3UHVV ,QF %RXORXKD % &URLVVDQFH IUXFWLILFDWLRQ HW OHXU LQWHUDFWLRQ VXU OD SURGXFWLRQ FKH] OD 3LFKROLQH 0DURFDLQH 2OHD &DELEHO % 0HVXUHV WKHUPLTXHV GHV IOX[ GH VqYH HW FRPSRUWHPHQW K\GULTXH GHV DUEUHV ,,, ,QIOXHQFH VXU OHV IOX[ GH VqYH GHV PRGDOLWpV G DSSRUW G HDX HQ LUULJDWLRQ ORFDOLVpH VXU VRO ILVVXUp $JURQRPLH &DELEHO % HW ) 'R D 0HVXUHV WKHUPLTXHV GHV IOX[ GH VqYH GDQV OHV WURQFV HW OHV UDFLQHV HW IRQFWLRQQHPHQW K\GULTXH GHV DUEUHV , $QDO\VH WKpRULTXH GHV HUUHXUV VXU OD PHVXUH GHV IOX[ HW YDOLGDWLRQ GHV
PHVXUHV HQ SUpVHQFH GH JUDGLHQWV WKHUPLTXHV H[WpULHXUV $JURQRPLH &DELEHO % HW ) 'R E 0HVXUHV WKHUPLTXHV GHV IOX[ GH VqYH HW FRPSRUWHPHQW K\GULTXH GHV DUEUHV ,, (YROXWLRQ GDQV OH WHPSV GHV IOX[ GH VqYH HW FRPSRUWHPHQW K\GULTXH GHV DUEUHV HQ SUpVHQFH RX QRQ G¶XQH LUULJDWLRQ ORFDOLVpH $JURQRPLH &DVSDUL + : 6 5 *UHHQ HW : 5 1 (GZDUGV 7UDQVSLUDWLRQ RI ZHOO ZDWHUHG DQG ZDWHU VWUHVVHG $VLDQ SHDU WUHHV DV GHWHUPLQHG E\ O\VLPHWU\ KHDW SXOVH DQG HVWLPDWHG E\ D 3HQPDQ 0RQWHLWK PRGHO $JULF )RU 0HWHRURORO\ &ORWKLHU % ( HW 6 5 *UHHQ 5RRW ]RQH SURFHVVHV DQG WKH HIILFLHQW XVH RI LUULJDWLRQ ZDWHU $JULF :DWHU 0DQDJHPHQW & 2 , µ/ ROLYLHU¶ & 2 , (QF\FORSpGLH 0RQGLDOH GH O¶2OLYLHU (G 3OD]D DQG -DQpI ) $ S &RKHQ < 'HWHUPLQDWLRQ RI RUFKDUG ZDWHU UHTXLUHPHQW E\ D FRPELQHG WUXQN VDS IORZ DQG PHWHRURORJ\ DSSURDFK ,UULJ 6FL 9RO SS &RQQRU ' - HW ( )HUHUHV 7KH 3K\VLRORJ\ RI DGDSWDWLRQ DQG \LHOG H[SUHVVLRQ LQ 2OLYH +RUWLFXOWXUDO 5HYLHZ 9ROXPH (GLWHG E\ -XOHV -DQLFN &RWWHQLH $ 0 9HUORR / .LHNHQV 5 &DPHUO\QFN * 9HOJKH HW $ 'KDHVH (VVHQWLDO DQG QRQ HVVHQWLDO WUDFH HOHPHQWV LQ WKH V\VWHP VRLO ± ZDWHU SODQW /DERUDWRU\ RI DQDO\WLFDO DQG DJURFKHPLVWU\ VWDWH XQLYHUVLW\ *HQW %HOJLXP SDJHV &UXL]LDW 3 HW 0 7 7\UHH /D PRQWpH GH OD VqYH GDQV OHV DUEUHV /D 5HFKHUFKH 1Â&#x192; &UX] &RQGH 6XDUH] GH 7DQJLO - HW 0 )XHQWHV &DEDQDV ,UULJDWLRQ JRXWWH j JRXWWH GH O¶ROLYHUDLH GRVHV G¶HDX 2OLYDH QÂ&#x192; SS 'HLGGD 3 6 'HWWRULR 0 5 )LOLJKXHGGX ) 9LUGLV HW 0 3DOD /\VLPHWULF DQDO\VLV RI ZDWHU UHTXLUHPHQWV IRU \RXQJ WDEOH ROLYH WUHHV $FWD +RUWLFXOWXUDH 'HPDUH] 9 - 3 *DVWHOOX (WFKHJRUU\ 3 0RUGHOHW & 7RVFD * 0DUW\ HW 3 *XLOOHYLF 0RGHOLQJ RI WKH UDGLDWLRQ UHJLPH DQG
SKRWRV\QWKHVLV RI D ILQLWH FDQRS\ XVLQJ WKH '$57 PRGHO ,QIOXHQFH RI FDQRS\ DUFKLWHFWXUH DVVXPSWLRQV DQG ERUGHU HIIHFWV $JURQRPLH 'HWWRUL 6 (VWLPDFLRQ FRQ ORV PHWRGRV GH OD ) $ 2 GH ODV QHFHVLGDGHV GH ULHJR GH ORV FXOWLYRV GH DFHLWXQDV GH PHVD GH &HUGHQD 2OLYDH 'HWWRUL 6 HW * 5XVVR ,QIOXHQFH GX FXOWLYDU HW GX UpJLPH K\GULTXH VXU OH YROXPH GH SURGXFWLRQ HW OD TXDOLWp GH O KXLOH G ROLYH 2OLYDH 'pFHPEUH 'LFKLR % 0 5RPDQR 9 1X]]R HW & ;LOR\DQQLV 6RLO ZDWHU DYDLODELOLW\ DQG UHODWLRQVKLS EHWZHHQ FDQRS\ DQG URRWV LQ \RXQJ ROLYH WUHHV &Y &RUDWLQD $FWD +RUWLFXOWXUDH 'R ) HW $ 5RFKHWHDX D ,QIOXHQFH RI QDWXUDO WHPSHUDWXUH JUDGLHQWV RQ PHDVXUHPHQWV RI [\OHP VDS IORZ ZLWK WKHUPDO GLVVLSDWLRQ SUREHV )LHOG REVHUYDWLRQV DQG SRVVLEOH UHPHGLHV 7UHH SK\VLRORJ\ 'R ) HW $ 5RFKHWHDX E ,QIOXHQFH RI QDWXUDO WHPSHUDWXUH JUDGLHQWV RQ PHDVXUHPHQWV RI [\OHP VDS IORZ ZLWK WKHUPDO GLVVLSDWLRQ SUREHV $GYDQWDJHV DQG FDOLEUDWLRQ RI D QRQFRQWLQXRXV KHDWLQJ V\VWHP 7UHH SK\VLRORJ\ 'R ) HW $ 5RFKHWHDX &\FOH DQQXHO GH WUDQVSLUDWLRQ G¶$FDFLD UDGGLDQD SDU OD PHVXUH GHV IOX[ GH VqYH EUXWH 1RUG 6pQpJDO ,Q 8Q DUEUH DX GpVHUW $FDFLD UDGGLDQD (GLWHXUV VFLHQWLILTXHV *URX]LV 0 HW /H )ORF¶K ( ,5' (GLWLRQV ) $ 2 /HV EHVRLQV HQ HDX GHV FXOWXUHV %XOOHWLQ ) $ 2 G LUULJDWLRQ HW GH GUDLQDJH )HUQDQGH] - ( ) 0RUHQR HW - 0DUWLQ $UDQGD 6WXG\ RI URRW G\QDPLFV RI ROLYH WUHHV XQGHU GULS LUULJDWLRQ DQG GU\ IDUPLQJ $FWD +RUWLFXOWXUDH )HUQDQGH] - ( ) 0RUHQR ) &DEUHUD - / $UUXH HW - 0DUWLQ $UDQGD 'ULS LUULJDWLRQ VRLO FKDUDFWHULVWLFV DQG WKH URRW GLVWULEXWLRQ DQG URRW DFWLYLW\ RI ROLYH WUHHV 3ODQW DQG VRLO )HUQDQGH] - ( HW ) 0RUHQR :DWHU XVH E\ WKH ROLYH WUHH -RXUQDO RI FURS SURGXFWLRQ 9RO 1Â&#x192;
)HUQDQGH] - ( 0 - 3DORPR $ 'LD] (VSHMR % ( &ORWKLHU 6 5 *UHHQ , ) *LURQ HW ) 0RUHQR +HDW SXOVH PHDVXUHPHQWV RI VDS IORZ LQ ROLYHV IRU DXWRPDWLQJ LUULJDWLRQ WHVWV URRW IORZ DQG GLDJQRVLV RI ZDWHU VWUHVV $JULFXOWXUH ZDWHU 0DQDJHPHQW YRO ,VVXH SS )HUQDQGH] - ( 0 - 3DORPD $ 'LD] (VSHMR HW , ) *LURQ ,QIOXHQFH RI SDUWLDO VRLO ZHWWLQJ RQ ZDWHU UHODWLRQ SDUDPHWHUV RI WKH ROLYH WUHH $JURQRPLH )HUQDQGHV 6HUUDQR - 0 HW 0 9LQFHQW $EHOD 3UHPLHUV UpVXOWDWV GH O HVVDL G LUULJDWLRQ DX JRXWWH j JRXWWH VXU OD YDULpWp *DOHJD YXOJDU 6pPLQDLUH ,QWHUQDWLRQDO VXU O XWLOLVDWLRQ GHV HDX[ FKDUJpHV HQ 2OpLFXOWXUH 7XQLVLH 2FWREUH 2OHD MXLQ )ORUH - $ HW ' 5 /D\QH 3KRWRDVVLPLODWH SURGXFWLRQ DQG GLVWULEXWLRQ LQ &KHUU\ +RUW6FLHQFH *LRULR * HW 5 '¶$QGULD 6DS IORZ HVWLPDWHG E\ FRPSHQVDWLRQ KHDUW SXOVH YHORFLW\ WHFKQLTXH LQ ROLYH WUHHV XQGHU WZR LUULJDWLRQ UHJLPHV LQ 6RXWKHUQ ,WDO\ $FWD +RUWLFXOWXUDH *LRUJLR 3 HW * *LRUJLR 6DS IORZ RI VHYHUDO ROLYH WUHHV HVWLPDWHG ZLWK WKH KHDW SXOVH E\ FRQWLQXRXV RI D VLQJOH JDXJH (QYLURQPHQWDO DQ ([SHULPHQWDO %RWDQ\ ,VVXH *ROGKDPHU $ HW ( )HUHUHV ,UULJDWLRQ VFKHGXOLQJ SURWRFROV XVLQJ FRQWLQXRXVO\ UHFRUGHG WUXQN GLDPHWHU PHDVXUHPHQWV ,UULJ 6FL *UDQLHU $ 8QH QRXYHOOH PpWKRGH SRXU OD PHVXUH GHV IOX[ GH VqYH EUXWH GDQV OH WURQF GHV DUEUHV $QQ 6FL )RU *UDQLHU $ D (YDOXDWLRQ RI WUDQVSLUDWLRQ LQ D 'RXJODV ILU VWDQG E\ PHDQV RI VDS IORZ PHDVXUHPHQWV 7UHH 3K\VLRORJ\ *UDQLHU $ E 0HVXUH GH IOX[ GH VqYH EUXWH GDQV OH WURQF GX 'RXJODV SDU XQH QRXYHOOH PpWKRGH WKHUPLTXH $QQ 6FL )RU *UDQLHU $ 5 +XF HW 6 7 %DULJDK 7UDQVSLUDWLRQ RI QDWXUDO UDLQ IRUHVW DQG LWV GHSHQGHQFH RQ FOLPDWLF IDFWRUV $JULFXOWXUDO DQG )RUHVW 0HWHRURORJ\
*UDQLHU $ 3 %LURQ HW ' /HPRLQH :DWHU EDODQFH WUDQVSLUDWLRQ DQG FDQRS\ FRQGXFWDQFH LQ WRZ EHHFK VWDQGV $JULFXOWXUDO DQG )RUHVW 0HWHRURORJ\ *UHHQ 6 5 5DGLDWLRQ
EDODQFH WUDQVSLUDWLRQ DQG
SKRWRV\QWKHVLV RI DQ LVRODWHG WUHH $JULFXOWXUDO DQG )RUHVW 0HWHRURORJ\ +DEDLHE + HW & 0DVPRXGL &KDUIL &DOFXO GHV EHVRLQV HQ HDX GHV SULQFLSDOHV FXOWXUHV H[SORLWpHV HQ 7XQLVLH (VWLPDWLRQ GH O¶pYDSRWUDQVSLUDWLRQ GH UpIpUHQFH SDU GLIIpUHQWHV IRUPXOHV HPSLULTXHV &DV GHV UpJLRQV GH 7XQLV %pMD HW %L]HUWH ª 6pFKHUHVVH 'pFHPEUH ,QJOHVH 3 ( %DURQH HW * *XOOR 7KH HIIHFW RI FRPSOHPHQWDU\ LUULJDWLRQ RQ IUXLW JURZWK ULSHQLQJ SDWWHU DQG VRLO FKDUDFWHULVWLFV RI ROLYH 2OHD HXURSDHD / &Y &DUROHD -RXUQDO RI +RUWLFXOWXUDO 6FLHQFH ,QVWLWXW GH O¶ROLYLHU 7HFKQLTXHV GH SODQWDWLRQ GH O¶ROLYLHU 6pULH GRFXPHQW WHFKQLTXH QÂ&#x192; .RVWQHU % $ *UDQLHU HW - &HUPDN 6DS IORZ PHDVXUHPHQWV LQ IRUHVW VWDQGV PHWKRGV DQG XQFHUWDLQWLHV $QQ 6FL )RU /DNKRXD + 4XHOTXHV DVSHFWV GH OD SURGXFWLRQ GH OD YDULpWp &KHPODOL VRXV OH FOLPDW GH 6ID[ 'RPDLQH GX &KDDO $QQ ,QVW 1DW 5HFK $JURQ 7XQLVLH /DYHH 6 %LRORJ\ DQG 3K\VLRORJ\ RI WKH ROLYH ,Q :RUOG 2OLYH (QF\FORSHGLD (G & 2 , SS /H %RXUGHOOHV - ,UULJDWLRQ SDU JRXWWH j JRXWWH HQ 2OpLFXOWXUH 3ULQFLSH GH OD PpWKRGH ,QVWDOODWLRQV HW )RQFWLRQQHPHQW 2OHD -XLQ /H %RXUGHOOHV - / HDX HQ 2OpLFXOWXUH 6pPLQDLUH ,QWHUQDWLRQDO VXU O XWLOLVDWLRQ GHV HDX[ FKDUJpHV HQ 2OpLFXOWXUH 7XQLVLH 2FWREUH /H %RXUGHOOHV - $FWLYLWpV GX VRXV UpVHDX VXU O¶XWLOLVDWLRQ GH O¶HDX HQ 2OpLFXOWXUH 5pVXOWDWV REWHQXV HW 2ULHQWDWLRQV QRXYHOOHV GH OD UHFKHUFKH 5pXQLRQ FRPPpPRUDWLYH GX qPH $QQLYHUVDLUH GX 5pVHDX &RRSpUDWLI (XURSpHQ GH 5HFKHUFKH HQ 2OpLFXOWXUH SDJHV
/RXVVHUW 5 HW * %URXVVH / 2OLYLHU 7HFKQLTXHV 0pGLWHUUDQpHQQHV HW 3URGXFWLRQV $JULFROHV 7RPH * 3 0DLVRQQHXYH HW /DURVH 3DULV /RXVWHDX ' $ *UDQLHU HW 0 (O KDGM 0RXVVD (YROXWLRQ VDLVRQQLqUH GX IOX[ GH VqYH GDQV XQ SHXSOHPHQW GH SLQV PDULWLPHV $QQ )RU 6FL /X 3 / 8UEDQ HW 3 =KDR *UDQLHU¶V WKHUPDO GLVVLSDWLRQ SUREH 7'3 PHWKRG IRU PHDVXULQJ VDS IORZ LQ WUHHV WKHRU\ DQG SUDFWLFH $FWD %RWDQLFD 6LQLFD 0DKMRXE , 'pYHORSSHPHQW G¶XQ GLVSRVLWLI GH PHVXUH GX IOX[ GH VqYH GHV DUEUHV 3URMHW GH )LQ G¶(WXGH GH O¶,1$7 SDJHV 0DULVFDO 0 - ) 2UJD] HW ) - 9LOODORERV 5DGLDWLRQ XVH HIILFLHQF\ DQG GU\ PDWWHU SDUWLWLRQLQJ RI D \RXQJ ROLYH RUFKDUG 7UHH 3K\VLRORJ\ 0DVPRXGL &KDUIL & 0 0 0DVPRXGL HW 1 %HQ 0HFKOLD ,UULJDWLRQ GH O¶ROLYLHU &DV GHV MHXQHV SODQWDWLRQV LQWHQVLYHV 5HYXH (]]DLWRXQD 9RO HW 0DVPRXGL 0 0 , 0DKMRXE & 0DVPRXGL &KDUIL - .DUUD\ $ELG HW 1 %HQ 0HFKOLD 0LVH DX SRLQW G¶XQ GLVSRVLWLI GH PHVXUH GX IOX[ GH VqYH [\OpPLTXH FKH] O¶ROLYLHU $FWHV GX 6pPLQDLUH ,QWHUQDWLRQDO $ULGRFXOWXUH HW &XOWXUHV 2DVLHQQHV 1XPpUR 6SpFLDO GH OD 5HYXH GH O¶,5$ SS 'MHUED 1RYHPEUH 0DVPRXGL &KDUIL & 0 0VDOOHP HW 0 % 6D\ 3ODQWDWLRQV LUULJXpHV G¶ROLYLHU 'RFXPHQW 7HFKQLTXH QÂ&#x192; ,QVWLWXW GH O¶ROLYLHU SDJHV HQ ODQJXH DUDEH 0DVPRXGL &KDUIL & *HVWLRQ GH O¶LUULJDWLRQ GDQV OHV SODQWDWLRQV G¶ROLYLHU 'RFXPHQW 7HFKQLTXH QÂ&#x192; ,QVWLWXW GH O¶ROLYLHU SDJHV HQ ODQJXH DUDEH 0DVPRXGL 0 0 & 0DVPRXGL &KDUIL , 0DKMRXE HW 1 %HQ 0HFKOLD ³:DWHU UHTXLUHPHQWV RI LQGLYLGXDO ROLYH WUHHV LQ UHODWLRQ WR FDQRS\ DQG URRW GHYHORSPHQW´ :DVDPHG 3URMHFW 2SWLRQV 0pGLWHUUDQpHQQHV 3URFHHGLQJV RI WKH ,QWHUQDWLRQDO &RQIHUHQFH RQ ZDWHU KDUYHVWLQJ LQ 0HGLWHUUDQHDQ $JULFXOWXUH DQG )XWXUH 5HVHDUFK 1HHGV )HEUXDU\ 9DOHQ]DQR ,WDO\ SS
0LFKHODNLV 1 2OLYH EHKDYLRXU XQGHU YDULRXV LUULJDWLRQ FRQGLWLRQV 2OHD SS 0LFKHODNLV 1 HW ( 9RXJLRXFDORX :DWHU XVH URRW DQG WRS JURZWK RI ROLYH WUHHV IRU GLIIHUHQW PHWKRGV RI LUULJDWLRQ DQG OHYHOV RI VRLO ZDWHU SRWHQWLDO 2OHD 0LFKHODNLV 1 <LHOG UHVSRQVH RI WDEOH DQG RLO ROLYH WUHH YDULHWLHV WR GLIIHUHQW ZDWHU GRVHV XQGHU GULS LUULJDWLRQ $FWD +RUWLFXOWXUDH 0LFKHODNLV 1 (IIHW GHV GLVSRQLELOLWp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p FKH] O¶ROLYLHU ROHD HXURSDHD / $VSHFWV PRUSKRORJLTXHV DQDWRPLTXHV SK\VLRORJLTXHV HW ELRFKLPLTXHV 7KqVH GH GRFWRUDW HQ VFLHQFHV DJURQRPLTXHV 6S SURGXFWLRQ YpJpWDOH SDJHV 1DVU = 8QH QRXYHOOH WHFKQLTXH GH SLORWDJH GH O¶LUULJDWLRQ GHV DUEUHV 0HVXUH GX IOX[ GH OD VqYH SDU GHV PpWKRGHV WKHUPLTXHV 0pPRLUH GH ILQ G¶pWXGHV GX qPH F\FOH GH O¶,1$7 3DJHV
1LFRODV ( $ 7RUUHFLDOODV 0 ) 2UWXQR 5 'RPLQJR HW - - $ODUFRQ (YDOXDWLRQ RI WUDQVSLUDWLRQ LQ DGXOW DSULFRW WUHHV IURP VDS IORZ PHDVXUHPHQWV $JU :DWHU 0DQDJ 9RO 1RJXpV 6 HW 1 5 %DNHU (IIHFWV RI GURXJKW RQ SKRWRV\QWKHVLV LQ 0HGLWHUUDQHDQ SODQWV JURZQ XQGHU HQKDQFHG 89 ± % UDGLDWLRQ - ([SW %RW 1XEHUJ , HW , <XQXVD 2OLYH ZDWHU XVH DQG \LHOG 5HSRUW IRU WKH UXUDO ,QGXVWULHV 5HVHDUFK DQG 'HYHORSPHQW &RUSRUDWLRQ 5,5'& 3XEOLFDWLRQ 1R 5,5'& 3URMHFW 1R 8$ $ 2 1 + /HV MRXUQpHV G¶pWXGH UHODWLYHV DX GpYHORSSHPHQW GH O¶ROpLFXOWXUH j KXLOH 'p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pLFROHV GDQV OD UpJLRQ GH OD /20$ 3URYLQFH GH -DpQ 2OLYDH 3LHGUD 3 $ * - +XPDQHV 3 0XQR] &RER HW 6 0DUWLQ 3ODQWDWLRQV j KDXWH GHQVLWp &RQFHSWV QpFHVVDLUHV 2OLYDH 'pFHPEUH 3ROL 0 (WXGH ELEOLRJUDSKLTXH GH OD SK\VLRORJLH GH O DOWHUQDQFH GH SURGXFWLRQ FKH] O ROLYLHU 2OHD HXURSDHD / )UXLWV
5DOOR / )UXFWLILFDWLRQ \ SURGXFFLRQ ,Q (O &XOWLYR GHO ROLYR -XQWD GH $QGDOXFLD \ *UXSR 0XQGL 3UHQVD SS 5DOOR 3 HW + ) 5DSRSRUW (DUO\ JURZWK DQG GHYHORSPHQW RI WKH ROLYH IUXLW PHVRFDUS -RXUQDO RI +RUWLFXOWXUDO 6FLHQFH DQG %LRWHFKQRORJ\ 5DQD * HW 1 .DWHUML 0HDVXUHPHQW DQG HVWLPDWLRQ RI DFWXDO HYDSRWUDQVSLUDWLRQ LQ WKH ILHOG XQGHU 0HGLWHUUDQHDQ FOLPDWH D UHYLHZ (XURSHDQ -RXUQDO RI $JURQRP\ 5LRX & 4XHOTXHV DVSHFWV GX ELODQ K\GULTXH G XQH SODQWDWLRQ G ROLYLHUV ,Q 6pPLQDLUH VXU O ROLYLHU HW DXWUHV SODQWHV ROpDJLQHXVHV FXOWLYpHV HQ 7XQLVLH 0DKGLD SS (G 2 1 + 6DPLVK 5 + HW 3 6SLHJHO / LQIOXHQFH GH O LUULJDWLRQ VXU OD FURLVVDQFH GH O 2OLYLHU SRXU OD SURGXFWLRQ G KXLOH ,QIRUPDWLRQV 2OpLFROHV ,QWHUQDWLRQDOHV 6DQFKH] 5D\D $ - 4XHOTXHV HIIHWV GH OD VpFKHUHVVH VXU OD SK\VLRORJLH GH O¶ROLYLHU 2OHD HXURSDHD 2OLYDH 6DQ] &RUWq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
7RPEHVL $ 2OLYH IUXLW JURZWK DQG PHWDEROLVP 2OHD SDJH 7HVWL / ) - 9LOODORERV HW ) 2UJD] (YDSRWUDQVSLUDWLRQ RI D \RXQJ LUULJDWHG ROLYH RUFKDUG LQ VRXWKHUQ 6SDLQ $JULFXOWXUDO DQG )RUHVW 0HWHRURORJ\ ± 7ULJXL $ HW 0 0VDOOHP 2OLYLHUV GH 7XQLVLH &DWDORJXH GHV YDULpWpV DXWRFKWRQHV HW W\SHV ORFDX[ 9ROXPH , SDJHV 9LOODJUD 0 0 2 2 6 %DFFKL 5 / 7XRQ HW . 5HLFKDUGW 'LIILFXOWLHV RI HVWLPDWLQJ HYDSRWUDQVSLUDWLRQ IURP WKH ZDWHU EDODQFH HTXDWLRQ $JULFXOWXUDO DQG )RUHVW 0HWHRURORJ\ 9LOODORERV ) - ) 2UJD] / 7HVWL HW ( )HUHUHV 0HDVXUHPHQW DQG PRGHOOLQJ RI HYDSRWUDQSLUDWLRQ RI ROLYH 2OHD HXURSDHD / RUFKDUGV (XURSHDQ -RXUQDO RI $JURQRP\ ;LOR\DQQLV & % 'LFKLR 9 1X]]R HW * &HODQR 'HIHQFH VWUDWHJLHV RI ROLYH DJDLQVW ZDWHU VWUHVV 3URFHHGLQJ RI WKH UG ,QWHUQDWLRQDO ,6+6 6\PSRVLXP RQ ROLYH JURZLQJ (GV , 7 0HW]LGDNLV DQG ' * 9R\LDW]LV $FWD +RUW ,6+6
$QQH[HV
0DWpULHOV HW 0pWKRGHV
6HQVRU FRGH /DEHO 8QLW 0LQLPXP YDOXH 0D[LPXP YDOXH
)6 P9
9UpI
FRQY 7 GH P9 j Â&#x192;& 7'3
7PD[ GpF
PLQ K PD[ K G7 RII G7 RQ
FRUUHFWLRQ G7D
6$ GP
LQGH[ IOX[ GHQVLWp IOX[ . X O K GP
) O K
6LJQDX[ FRQYHUWLV GH P9 HQ Â&#x192;& 9DOHXU PD[LPDOH ¨7PD[ IOX[ QXO &RUUHFWLRQ GHV PHVXUHV HQ FDOFXODQW OD GLIIpUHQFH ¨7D ¨7RQ ¨7RII ¨7RQ GLIIpUHQFH GH WHPSpUDWXUH j OD ILQ GH OD SpULRGH GH FKDXIIDJH
Â&#x2021; ¨7RII GLIIpUHQFH GH WHPSpUDWXUH PHVXUpH j OD ILQ GH OD SpULRGH GH QRQ FKDXIIDJH ,QGLFH GX IOX[ . WHO TXH . ¨7PD[ ¨7D ¨7D 'HQVLWp GH IOX[ GH VqYH X OLWUH GP K X . . )OX[ GH OD VqYH ) OLWUH MRXU ) 8 6F « VHFWLRQ GX UDPHDX FRQGXFWULFH GH O¶HDX 0LVH DX SRLQW GH OD WHFKQLTXH GH FRORUDWLRQ HW GH FRXSH GLIILFXOWp
5pVXOWDWV &DOLEUDJH GHV FDSWHXUV /D GpWHUPLQDWLRQ GH OD YDOHXU GX IOX[ D QpFHVVLWp OH FDOLEUDJH SUpDODEOH GHV FDSWHXUV WKHUPLTXHV XWLOLVpV HW OD GpWHUPLQDWLRQ GH OD VXUIDFH FRQGXFWULFH GH O¶HDX 3RXU FH IDLUH XQ GLVSRVLWLI G¶pWDORQQDJH D pWp pODERUp DX ODERUDWRLUH GH %LRFOLPDWRORJLH GH O¶, 1 $ 7 ,O FRQVLVWH j IDLUH SDVVHU GH O¶HDX VRXV SUHVVLRQ DX QLYHDX G¶XQH SRUWLRQ GH EUDQFKH GH GLDPqWUH FRPSULV HQWUH HW FP HW GH GpWHUPLQHU G¶XQH SDUW OH SRLGV GH O¶HDX TXL V¶\ pFRXOH HW G¶DXWUH SDUW OD PHVXUH GX VLJQDO FRUUHVSRQGDQW FRQYHUWL HQ IOX[ /H GLVSRVLWLI G¶pWDORQQDJH HVW FRQVWLWXp G¶XQH FLWHUQH HQ DOXPLQLXP G¶XQH FRQWHQDQFH GH OLWUHV PXQLH G¶XQH VRXSDSH GH VpFXULWp HW VXSSRUWDQW GH IRUWHV SUHVVLRQV (OOH HVW UHOLpH G¶XQH SDUW j XQH ERXWHLOOH G¶D]RWH FRPSULPp j EDUV SDU OH ELDLV G¶XQH FRQGXLWH HQ SODVWLTXH TXL UDPqQH O¶HDX YHUV XQH SRUWLRQ GH UDPHDX G¶ROLYLHU IUDvFKHPHQW FRXSpH 8Q WX\DX HQ FDRXWFKRXF VHPL ULJLGH IL[p SDU GHV FROOLHUV GH VHUUDJH PDLQWLHQ OH UDPHDX HQ SODFH VRXV OHV IRUWHV SUHVVLRQV DSSOLTXpHV HW DVVXUH O¶pWDQFKpLWp GH OD MRQFWLRQ UDPHDX ± FRQGXLWH GH O¶HDX 6XU FHWWH EUDQFKH QRXV DYRQV LQVpUp GHV FDSWHXUV GH W\SH *UDQLHU FRQQHFWpV G¶XQH SDUW j XQH UpVLVWDQFH HW G¶DXWUH SDUW j XQH FHQWUDOH G¶DFTXLVLWLRQ GHV GRQQpHV /HV VLJQDX[ REWHQXV DX FRXUV GHV SpULRGHV GH FKDXIIDJH PQ HW GH QRQ FKDXIIDJH PQ VRQW DQDO\VpV j IXU HW j PHVXUH GH OHXU HQUHJLVWUHPHQW /¶H[SpULHQFH V¶HVW GpURXOpH HQ FRQWLQX GH MRXU HW GH QXLW GXUDQW WURLV SpULRGHV GX DX SRXU OH LHU pWDORQQDJH GX DX SRXU OH VHFRQG HW OH HW SRXU OH WURLVLqPH pWDORQQDJH $X ERXW GH WURLV MRXUV G¶H[SpULPHQWDWLRQ QRXV DYRQV UHPDUTXp TXH
OHV
YDOHXUV HQUHJLVWUpHV RQW GLPLQXp
FRQVLGpUDEOHPHQW HQ UDLVRQ GH O¶REVWUXFWLRQ SURJUHVVLYH GHV FRQGXLWHV DX QLYHDX GH OD EUDQFKH GRQW O¶H[WUpPLWp D pWp HQYDKLH GH PRLVLVVXUHV j OD ILQ GH OD PDQLSXODWLRQ PDOJUp O¶DMRXW GH O¶HDX GH MDYHOOH GDQV OH UpVHUYRLU G¶HDX $ SDUWLU GH FHV pWDORQQDJHV QRXV DYRQV FKHUFKp j pWDEOLU GHV
UHODWLRQV HQWUH OD GHQVLWp GH IOX[ HW O¶LQGLFH GH IOX[ SRXU GLIIpUHQWHV SUHVVLRQV GH O¶HDX HW SXLVVDQFHV GH FKDXIIDJH /HV FDSWHXUV *UDQLHU GLVSRVHQW QRUPDOHPHQW G¶XQH SXLVVDQFH GH FKDXIIDJH GH : &HSHQGDQW FHWWH SXLVVDQFH SHXW YDULHU VHORQ OH FDSWHXU &¶HVW SRXUTXRL LO HVW QpFHVVDLUH GH PHVXUHU FHWWH SXLVVDQFH SRXU FKDTXH FDSWHXU IDEULTXp 3DU DLOOHXUV SRXU WHQLU FRPSWH GH O¶HIIHW GH OD SXLVVDQFH 3 : QRXV DYRQV FKHUFKp j pWDEOLU DX FRXUV GH O¶pWDORQQDJH GHV FDSWHXUV GH IOX[ GHV UHODWLRQV HQWUH OHV PHVXUHV GH OD GHQVLWp GH IOX[ HW O¶LQGLFH GH IOX[ HQ WHVWDQW GHV YDOHXUV GH SXLVVDQFH 3 DOODQW GH : j : SRXU OHV GHX[ W\SHV GH FDSWHXUV 3RXU FKDTXH YDOHXU GH OD SXLVVDQFH GHV SUHVVLRQV GH O¶HDX WUDYHUVDQW OH UDPHDX XWLOLVp SRXU O¶pWDORQQDJH DOODQW GH j EDUV RQW pWp WHVWpHV /¶DSSOLFDWLRQ GH FHV SUHVVLRQV DX QLYHDX GH OD EUDQFKH D SHUPLV O¶REWHQWLRQ G¶XQH ODUJH JDPPH GH IOX[ TXL FRXYUHQW OHV YDOHXUV REWHQXHV SDU OHV FDSWHXUV HQ SOHLQ FKDPS /D SXLVVDQFH GH FKDXIIDJH H[HUFH XQ HIIHW LPSRUWDQW VXU OD UHODWLRQ TXL H[LVWH HQWUH OD GHQVLWp GH IOX[ HW O¶LQGLFH GH IOX[ 3RXU XQH SXLVVDQFH GH : 'R HW 5RFKHWHDX E RQW WURXYp OD UHODWLRQ X D . . DYHF X OLWUH GP K OD GHQVLWp GH IOX[ HW . O¶LQGLFH GH IOX[ HW D XQ SDUDPqWUH UHOLp H[SRQHQWLHOOHPHQW j OD SXLVVDQFH GH FKDXIIDJH 3 H[SULPp HQ : (Q RXWUH QRXV DYRQV REVHUYp XQH FHUWDLQH YDULDELOLWp HQWUH OD FRXUEH FRUUHVSRQGDQWH j OD YDOHXU GH 3 : XWLOLVpH SDU 'R HW 5RFKHWHDX HW OHV DXWUHV SXLVVDQFHV WHVWpHV &¶HVW SRXUTXRL QRV FDOFXOV GRLYHQW rWUH DMXVWpV &HW DMXVWHPHQW FRQVLVWH j GpWHUPLQHU XQH UHODWLRQ HQWUH OD YDOHXU GH D HW 3 SRXU FKDTXH W\SH GH FDSWHXU &HV UHODWLRQV VRQW H[SULPpHV SDU OHV pTXDWLRQV VXLYDQWHV D H 3 SRXU OHV FDSWHXUV *UDQLHU 5 HW D H 3 SRXU OHV FDSWHXUV 'HOWD 7 5 /D UHODWLRQ pWDEOLH SRXU OHV FDSWHXUV *UDQLHU HVW KDXWHPHQW VLJQLILFDWLYH DORUV TXH FHOOH TXL D pWp GpWHUPLQpH SRXU OHV FDSWHXUV 'HOWD 7 PRQWUH TX¶LO H[LVWHUDLW G¶DXWUHV VRXUFHV GH YDULDWLRQV TXL Q¶RQW SDV pWp
FRQWU{OpHV FH TXL QpFHVVLWHUDLW GH UHIDLUH XQH qPH IRLV O¶pWDORQQDJH 'DQV XQH SUHPLqUH DSSURFKH QRXV XWLOLVHURQV OHV YDOHXUV GH IOX[ WHO TXH FDOFXOpH SDU OD IRUPXOH GH 'R HW 5RFKHWHDX SRXU OHV GHX[ W\SHV GH FDSWHXUV DILQ GH SRXYRLU FRPSDUHU OHV UpVXOWDWV 'pWHUPLQDWLRQ GH OD VHFWLRQ FRQGXFWULFH GX ERLV FRQGXFWHXU /H SDVVDJH GH OD GHQVLWp GH IOX[ DX IOX[ KRUDLUH QpFHVVLWH OD FRQQDLVVDQFH GH OD VHFWLRQ FRQGXFWULFH GH O¶HDX &HWWH VHFWLRQ D pWp GpWHUPLQpH DX ODERUDWRLUH HQ XWLOLVDQW XQ FRORUDQW VSpFLILTXH GX ERLV FRQGXFWHXU OD 6DIUDQLQH 2UDQJH 'HV SRUWLRQV GH ERLV IUDLV GH FP GH ORQJXHXU HW GH GLDPqWUH YDULDQW GH j FP RQW pWp FRXSpHV SXLV SODFpHV GDQV XQ ErFKHU FRQWHQDQW XQH VROXWLRQ VDWXUpH GH VDIUDQLQH &H SURGXLW SHUPHW GH FRORUHU OHV YDLVVHDX[ GX [\OqPH HW GH V¶\ IL[HU $ILQ GH VLPXOHU O¶DSSHO GH WUDQVSLUDWLRQ HW SHUPHWWUH OH SDVVDJH GH O¶HDX GDQV OD SRUWLRQ GH ERLV QRXV DYRQV XWLOLVp XQH SRPSH j YLGH /D VROXWLRQ DVSLUpH FRORUH DLQVL OH ERLV FRQGXFWHXU HW V¶\ IL[H /HV REVHUYDWLRQV VRQW IDLWHV j O¶°LO QX VXU GHV URQGHOOHV GH ERLV ILQHPHQW HW IUDvFKHPHQW FRXSpHV /HV pWDSHV GH O¶H[SpULPHQWDWLRQ VRQW GpFULWHV FRPPH VXLW &RXSHU GHV EUDQFKHV GH GLIIpUHQWV GLDPqWUHV OHV HQYHORSSHU GDQV XQ WLVVXV KXPLGH HW OHV SODFHU DX IURLG OH WHPSV GH SUpSDUHU OH FRORUDQW 3UpSDUHU XQH VROXWLRQ VDWXUpH GH VDIUDQLQH 2 ELHQ PpODQJHU HW ILOWUHU ILOWUH PLFURQV 0RQWDJH GX UDPHDX 3ODFHU O¶H[WUpPLWp GX UDPHDX GDQV OD VROXWLRQ DTXHXVH GH VDIUDQLQH DSUqV DYRLU UDIUDvFKL OD FRXSH / DXWUH ERXW pWDQW DWWDFKp j XQ PDQFKRQ HQ FDRXWFKRXF j O LQWpULHXU GXTXHO HVW FUppH XQH GpSUHVVLRQ DX PR\HQ G XQH SRPSH j YLGH /D GpSUHVVLRQ HVW PDLQWHQXH j PP GH PHUFXUH /H WHPSV GH WUHPSDJH YDULH GH PQ SRXU OHV UDPHDX[ GH SHWLW GLDPqWUH FP j KHXUH HW GHPL SRXU OHV UDPHDX[ GH SOXV JUDQG GLDPqWUH 3RXU OHV UDPHDX[ GH JUDQGH VHFWLRQ LO HVW SUpIpUDEOH G¶XWLOLVHU XQH SUHVVLRQ SOXV IDLEOH HW XQ WHPSV GH WUHPSDJH SOXV ORQJ /¶REVHUYDWLRQ VH IDLW j O °LO QX DSUqV DYRLU FRXSp XQH URQGHOOH GH ERLV DX QLYHDX GH OD SDUWLH FRORUpH GX UDPHDX /D FRXSH GRLW rWUH IUDQFKH
$X QLYHDX GHV FRXSHV XQH KpWpURJpQpLWp GH OD FRORUDWLRQ HVW REVHUYpH (OOH HVW GXH j OD SUpVHQFH GH GLIIpUHQWHV VWUXFWXUHV PDLV SHXW rWUH OLpH j XQH PDXYDLVH FRORUDWLRQ (Q HIIHW VL OH WHPSV GH WUHPSDJH Q HVW SDV VXIILVDQW OH FRORUDQW VHUD PDO UpSDUWL HW GHV WDFKHV EODQFKHV DSSDUDvWURQW DX QLYHDX GX ERLV FRQGXFWHXU 6XU GHV FRXSHV FRUUHFWHPHQW FRORUpHV OD PRHOOH DSSDUDvW HQ EODQF DORUV TXH OH ERLV FRQGXFWHXU HVW FRORUp HQ URXJH VDQJ / pFRUFH FRQVHUYH VD FRXOHXU YHUWH /HV GLIIpUHQWHV VHFWLRQV FRORUpHV RQW pWp SKRWRJUDSKLpHV DX PR\HQ G¶XQ DSSDUHLO SKRWR QXPpULTXH SXLV YLVXDOLVpHV VXU XQ pFUDQ HQ YXH GH O¶DQDO\VH $ SDUWLU GH FHV SKRWRJUDSKLHV OD VXUIDFH WRWDOH GH OD SRUWLRQ GX UDPHDX DLQVL TXH FHOOHV GHV GLIIpUHQWHV ]RQHV FRORUpHV DX QLYHDX GH FKDTXH VHFWLRQ RQW pWp GpWHUPLQpHV DX PR\HQ GX ORJLFLHO $UFYLHZ 6XU OD EDVH GHV GRQQpHV REWHQXHV QRXV DYRQV FKHUFKp j pWDEOLU XQH UHODWLRQ HQWUH OH SpULPqWUH GX UDPHDX HW VD VHFWLRQ FRQGXFWULFH GH O¶HDX
/,67( '(6 $57,&/(6 38%/,(6 3$5 /¶$87(85 (1 5$33257 $9(& /$ 7+(0$7,48( 0DVPRXGL &KDUIL & 0DVPRXGL 0 0 %HQ 0HFKOLD 1 ,QVWDOODWLRQ G¶XQH SDUFHOOH G¶ROLYLHU LQWHQVLYH HW LUULJXp j 0RUQDJ 3UHPLHUV UpVXOWDWV %XOOHWLQ 7HFKQLTXH QÂ&#x192; 6pULH %XOOHWLQ 7HFKQLTXH GX 3URMHW 7XQLVR %HOJH ,1$7 &*5( 0DVPRXGL &KDUIL & %HQ 0HFKOLD 1 9HJHWDWLYH $FWLYLW\ RI \RXQJ ROLYH WUHHV GXULQJ WKH ILUVW WZR \HDUV IROORZLQJ SODQWDWLRQ ,Q $EVWUDFW 7K ,QWHUQDWLRQDO 6\PSRVLXP RQ 2OLYH JURZLQJ %DUL ,WDOLH 6HSWHPEUH 0DVPRXGL &KDUIL & 0DVPRXGL 0 0 %HQ 0HFKOLD 1 ,QVWDOODWLRQ G¶XQH SDUFHOOH G¶ROLYLHU LQWHQVLYH HW LUULJXp j 0RUQDJ $YDQFHPHQW GHV WUDYDX[ GH UHFKHUFKHV %XOOHWLQ 7HFKQLTXH 1Â&#x192; 3URMHW 7XQLVR %HOJH ,1$7 &*5( +DEDLHE + 0DVPRXGL &KDUIL & &DOFXO GHV EHVRLQV HQ HDX GHV SULQFLSDOHV FXOWXUHV H[SORLWpHV DX 1RUG GH OD 7XQLVLH (VWLPDWLRQ GH O¶pYDSRWUDQVSLUDWLRQ GH UpIpUHQFH SDU GLIIpUHQWHV IRUPXOHV HPSLULTXHV (VWLPDWLRQ GHV EHVRLQV HQ HDX GHV SULQFLSDOHV FXOWXUHV H[SORLWpHV HQ 7XQLVLH &DV GHV UpJLRQV GH 7XQLV %pMD HW %L]HUWH 5HYXH 6pFKHUHVVH QÂ&#x192; 'pFHPEUH 5HYXH LQGH[pH FRPLWp GH OHFWXUH 0DVPRXGL &KDUIL & 0DVPRXGL 0 0 %HQ 0HFKOLD 1 ,UULJDWLRQ GH O¶2OLYLHU &DV GHV MHXQHV SODQWDWLRQV LQWHQVLYHV 5HYXH (]]DLWRXQD 5HYXH LQGH[pH 0DVPRXGL &KDUIL & 0 % 6D\ 0 0 0DVPRXGL , 0DKMRXE HW 1 %HQ 0HFKOLD D 3URGXFWLYLWp GH O¶ROLYLHU 0DQ]DQLOOH &KpWRXL 0HVNL HW 3LFKROLQH FRQGXLWHV HQ PRGH LQWHQVLI LUULJXp qPH &ROORTXH ,QWHUQDWLRQDO GX 6 0 $ 6ID[ 0DL 0DVPRXGL 0 0 0DKMRXE , 0DVPRXGL &KDUIL & $ELG .DUUD\ - %HQ 0HFKOLD 1 0LVH DX SRLQW G¶XQ GLVSRVLWLI GH PHVXUH GX IOX[ GH VqYH [\OpPLTXH FKH] O¶2OLYLHU $FWHV GX 6pPLQDLUH ,QWHUQDWLRQDO
$ULGRFXOWXUH HW &XOWXUHV 2DVLHQQHV ª 1XPpUR 6SpFLDO GH OD 5HYXH GH O¶,5$ SS 'MHUED 1RYHPEUH 5HYXH GH O¶,5$ 0pGHQLQH 16 5HYXH LQGH[pH j FRPLWp GH OHFWXUH 0DVPRXGL &KDUI & 0VDOOHP 0 6D\ % *HVWLRQ GH O¶LUULJDWLRQ GDQV OHV SODQWDWLRQV G¶2OLYLHU 'RFXPHQW 7HFKQLTXH Q ,QVWLWXW GH O¶ROLYLHU 3DJHV Øô í òÓ®¸ß ñ©îä¼äß ¯ ®· åî ó°ß ³ ®Ï òÓ ñ®ß é ôã òÓ Ñ÷®¼ ß çî ó°ß ªìÌã ©ªË ôèÓ 0DVPRXGL±&KDUIL & /HV SODQWDWLRQV LUULJXpHV G¶2OLYLHU 'RFXPHQW 7HFKQLTXH Q ,QVWLWXW GH O¶2OLYLHU 3DJHV åî ó°ß ³ ®Ï ©ªË ôèÓ Øô í òË ´ß ®ô¸ ß ìâà´ã ò èäß ìòÓ®¸ß ñ©îä¼äß ¯ ®· ðóí®äß çî ó°ß ªìÌã 0DVPRXGL 0 0 0DVPRXGL &KDUIL & 0DKMRXE , %HQ 0HFKOLD 1 :DWHU UHTXLUHPHQWV RI LQGLYLGXDO ROLYH WUHHV LQ UHODWLRQ WR FDQRS\ DQG URRW GHYHORSPHQW ,QWHUQDWLRQDO &RQIHUHQFH RQ :DWHU KDUYHVWLQJ LQ 0HGLWHUUDQHDQ $JULFXOWXUH DQG )XWXUH 5HVHDUFK 1HHGV :DVDPHG 3URMHFW 9DOHQ]DQR ,WDO\ )HEUXDU\ &RPPXQLFDWLRQ 0DQLIHVWDWLRQ 6FLHQWLILTXH ,QWHUQDWLRQDOH 2SWLRQV 0pGLWHUUDQpHQQHV 6HULH % 6WXGLHV DQG 5HVHDUFK Q 9ROXPH &,+($0 3URFHHGLQJV RI WKH ,QWHUQDWLRQDO &RQIHUHQFH RQ :DWHU VDYLQJ LQ 0HGLWHUUDQHDQ $JULFXOWXUH DQG )XWXUH 5HVHDUFK 1HHGV )HEUXDU\ 9DOHQ]DQR ,WDO\ 5HYXH VFLHQWLILTXH LQGH[pH j FRPLWp GH OHFWXUH 0DVPRXGL &KDUIL & %HQ 0HFKOLD 1 &KDUDFWHUL]DWLRQ RI \RXQJ ROLYH WUHHV JURZWK GXULQJ WKH ILUVW VL[ \HDUV RI FXOWLYDWLRQ $GYDQFHV LQ +RUWLFXOWXUDO 6FLHQFHV 5HYXH VFLHQWLILTXH LQGH[pH j FRPLWp GH OHFWXUH 0DVPRXGL &KDUIL & %HQ 0HFKOLD 1 &KDQJHV LQ ROLYH WUHH KHLJKW JURZWK GXULQJ WKH ILUVW \HDUV RI FXOWLYDWLRQ $GYDQFHV LQ +RUWLFXOWXUDO 6FLHQFHV 5HYXH VFLHQWLILTXH LQGH[pH j FRPLWp GH OHFWXUH 0DVPRXGL &KDUIL & &DUDFWpULVDWLRQ HW 0RGpOLVDWLRQ GH OD FURLVVDQFH GH O¶ROLYLHU HQ UDSSRUW DYHF VRQ DOLPHQWDWLRQ HQ HDX 7KqVH GH 'RFWRUDW G¶(WDW HQ VFLHQFHV DJURQRPLTXHV ,QVWLWXW 1DWLRQDO $JURQRPLTXH GH 7XQLVLH SDJHV
0DVPRXGL &KDUIL & 0H]JKDQL $\DFKL 0 *RXLD 0 /DELGL ) %HQ 5HJXD\D 6 2XHOHG $PRU $ %RXVQLQD 0 :DWHU UHODWLRQ DQG XVH RI VL[ \HDUV ROLYH WUHHV FXOWLYDWHG XQGHU GHILFLW LUULJDWLRQ UHJLPHV 3RVWHU 2OLYHELRWHT 6ID[ ,Q ERRN RI $EVWUDFWV SS 0DVPRXGL &KDUIL & %HQ 0HFKOLD 1 0LQHUDO XSWDNHV RI PDFUR QXWULHQWV LQ 7XQLVLDQ ROLYH RUFKDUGV 2OHD HXURSDHD / GXULQJ WKH ILUVW \HDUV DIWHU SODQWDWLRQ $GYDQFHV LQ +RUWLFXOWXUDO 6FLHQFHV 5HYXH VFLHQWLILTXH LQGH[pH j FRPLWp GH OHFWXUH 0DVPRXGL &KDUIL & 0H]JKDQL $\DFKL 0 *RXLD 0 /DDELGL ) %HQ 5HJXD\D 6 2XHOHG $PRU $ %RXVQLQD 0 ,QIOXHQFH GX 5pJLPH +\GULTXH VXU OD 3URGXFWLRQ GHV 2OLYLHUV &RQGXLWV HQ ,QWHQVLI GX 6XG 7XQLVLHQ ª 2OLYHELRWHT 6ID[ 7XQLVLH 'pFHPEUH LQ %RRN RI DEVWUDFWV S &RPPXQLFDWLRQ 0DQLIHVWDWLRQ VFLHQWLILTXH ORFDOH j FRPLWp GH OHFWXUH 0DVPRXGL &KDUIL & 0H]JKDQL $\DFKL 0 *RXLD 0 /DDELGL ) %HQ 5HJXD\D 6 2XHOHG $PRU $ %RXVQLQD 0 :DWHU UHODWLRQV DQG XVH RI VL[ \HDUV ROLYH WUHHV FXOWLYDWHG XQGHU GHILFLW LUULJDWLRQV UHJLPHV 2OLYHELRWHT 6ID[ 7XQLVLH 'pFHPEUH LQ %RRN RI DEVWUDFWV 0DVPRXGL &KDUIL & 0H]JKDQL $\DFKL 0 *RXLD 0 /DDELGL ) %HQ 5HJXD\D 6 2XHOHG $PRU $ %RXVQLQD 0 :DWHU UHODWLRQV RI ROLYH WUHHV FXOWLYDWHG XQGHU GHILFLW LUULJDWLRQ UHJLPHV 6FLHQWLD +RUWLFXOWXUDH ± 5HYXH VFLHQWLILTXH LQGH[pH DYHF ,) j FRPLWp GH OHFWXUH 0DVPRXGL &KDUIL & $EGHONKDIL ( åî ô°ß ³ ®Ï ñ òÓ â0¤ ß (G ,2 $9)$ 21+ 'pSOLDQW 7HFKQLTXH SXEOLp GDQV OH FDGUH GHV DFWLYLWpV GH OD &RPPLVVLRQ 1DWLRQDOH SRXU OD SURPRWLRQ GX VHFWHXU 2OpLFROH GDQV OH 1RUG 0DVPRXGL &KDUIL & HW DO /¶LUULJDWLRQ GH O¶ROLYLHU &RQWULEXWLRQ GDQV OD SUpSDUDWLRQ G¶XQ &' VXU /D FXOWXUH GH O¶2OLYLHU (GLWLRQ $9)$ 0DVPRXGL &KDUIL & .DUUD\ $ELG - 0DVPRXGL 0 %HQ 0HFKOLD 1 %UDKDP 0 %RXMQDK ' /HPHXU 5 HW &KHKDE + /D 7HFKQLTXH GH PHVXUH GX IOX[ GH VqYH 8Q PR\HQ SRXU HVWLPHU OD
FRQVRPPDWLRQ HQ HDX GH O¶2OLYLHU *HVWLRQ LQWpJUpH GHV UHVVRXUFHV HQ HDX HW GXUDELOLWp GHV pFRV\VWqPHV KXPLGHV :RUNVKRS UpJLRQDO RUJDQLVp OHV ± 'pFHPEUH $XGLWRULXP GH O¶,1$7 7XQLV 7XQLVLH 0DVPRXGL &KDUIL & 0DVPRXGL 0 0 .DUUD\ $ELG - %HQ 0HFKOLD 1 6DS IORZ 0HDVXUHPHQWV LQ <RXQJ 2OLYH 7UHHV 2OHD HXURSDHD / FY µ&KpWRXL¶ 8QGHU 7XQLVLDQ &RQGLWLRQV 6FLHQWLD +RUWLFXOWXUDH 5HYXH LQGH[pH j ,) 0DVPRXGL &KDUIL & 0DVPRXGL 0 %HQ 0HFKOLD 1 5RRW GLVWULEXWLRQ LQ \RXQJ &KpWRXL ROLYH WUHHV DQG DJURQRPLF DSSOLFDWLRQV $GYDQFHV LQ +RUWLFXOWXUDO 6FLHQFHV 5HYXH VFLHQWLILTXH LQGH[pH j FRPLWp GH OHFWXUH 0DVPRXGL &KDUIL & 0VDOOHP 0 /DUEL $ %HQ 'KLDE $ .KDUUDW 0 %D\RXGK & 0LVH HQ SODFH G¶XQH ROLYHUDLH %URFKXUH 7HFKQLTXH SDJHV 3XEOLpH GDQV OH FDGUH GHV DFWLYLWpV GH OD &RPPLVVLRQ 1DWLRQDOH SRXU OD SURPRWLRQ GX VHFWHXU 2OpLFROH GDQV OH 1RUG ,2 $9)$ '*3$ 0H]JKDQL $\DFKL 0 0DVPRXGL &KDUIL & *RXLD 0 /DDELGL ) 9HJHWDWLYH DQG UHSURGXFWLYH EHKDYLRU RI VRPH ROLYH WUHH YDULHWLHV 2OHD HXURSDHD / XQGHU GHILFLW LUULJDWLRQ UHJLPHV LQ VHPL DULG FRQGLWLRQV RI &HQWUDO 7XQLVLD 6FLHQWLD +RUWLFXOWXUDH ± 5HYXH VFLHQWLILTXH LQGH[pH DYHF ,) j FRPLWp GH OHFWXUH 0DVPRXGL &KDUIL & 4XDQWLWDWLYH DQDO\VLV RI VRLO ZDWHU FRQWHQW LQ \RXQJ GULS LUULJDWHG ROLYH RUFKDUGV $GYDQFHV LQ +RUWLFXOWXUDO 6FLHQFHV 5HYXH VFLHQWLILTXH LQGH[pH j FRPLWp GH OHFWXUH 0DVPRXGL &KDUIL & *DUJRXUL . +DEDLHE + 'DJKDUL + $ELG .DUUD\ - 5KRXPD $ 0DQXHO G¶LUULJDWLRQ GH O¶2OLYLHU 7HFKQLTXHV HW $SSOLFDWLRQV S (G ,QVWLWXW GH O¶2OLYLHU 0DVPRXGL &KDUIL &KLUD] 0RQFHI 0DVPRXGL -LKqQH $ELG .DUUD\ 1pWLM %HQ 0HFKOLD 7KH 6DS )ORZ 7HFKQLTXH $ 3UHFLVH 0HDQV WR (VWLPDWH :DWHU &RQVXPSWLRQ RI <RXQJ 2OLYH 7UHHV 2OHD (XURSDHD / &KDSWHU ,UULJDWLRQ 0DQDJHPHQW 7HFKQRORJLHV DQG (QYLURQPHQWDO ,PSDFW
1RYD
6FLHQFH
3XEOLVKHUV
+DXSSDJH1<
KWWSV ZZZ QRYDSXEOLVKHUV FRP FDWDORJ SURGXFWBLQIR SKS
0DVPRXGL &KDUIL & *URZWK RI <RXQJ 2OLYH 7UHHV :DWHU 5HTXLUHPHQWV LQ 5HODWLRQ WR &DQRS\ DQG 5RRW 'HYHORSPHQW 6SHFLDO ,VVXH RQ 3ODQW *URZWK DQG 'HYHORSPHQW $PHULFDQ -RXUQDO RI 3ODQW 6FLHQFHV $-36 ,661 DMSV 9ROXPH KWWS ZZZ VFLUS RUJ MRXUQDO DMSV 5HYXH VFLHQWLILTXH LQGH[pH ,) 0DVPRXGL &KDUIL & 0H]JKDQL $\DFKL 0 5HVSRQVH RI 2OLYH 7UHHV WR GHILFLW ,UULJDWLRQ 5HJLPHV *URZWK <LHOG DQG :DWHU 5HODWLRQV %RRN &KDSWHU $JULFXOWXUDO 5HVHDUFK 8SGDWHV 9ROXPH (G 1RYD 6FLHQFHV 3XEOLVKHUV +DXSSDJH 1< $XWKRUV (GLWRUV 3UDWKDPHVK *RUDZDOD DQG 6UXVKWL 0DQGKDWUL%LQGLQJ H ERRN &KDUIL & +DEDLHE + 6DWLVIDFWLRQ GHV EHVRLQV HQ HDX GH O¶ROLYLHU GDQV OD UpJLRQ GH *DEHV ,9 0HHWLQJ ,QWHUQDWLRQDO VXU OD JHVWLRQ GHV UHVVRXUFHV HW DSSOLFDWLRQV ELRWHFKQRORJLTXHV HQ $ULGRFXOWXUH HW &XOWXUHV 6DKDULHQQHV *HVWLRQ HW YDORULVDWLRQ GHV HDX[ FRQYHQWLRQQHOOHV HW QRQ FRQYHQWLRQQHOOHV HQ ]RQHV DULGHV 'MHUED 'pFHPEUH 0RWV FOpV %HVRLQV HQ HDX 3UpFLSLWDWLRQ (YDSRWUDQVSLUDWLRQ 3HQPDQ 0RQWHLWK 5pJLRQ DULGH *DEqV 7XQLVLH 1XPpUR 6SpFLDO GH OD 5HYXH O¶,5$ 0pGHQLQH 5HYXH VFLHQWLILTXH LQGH[pH j FRPLWp GH OHFWXUH 0DVPRXGL &KDUIL & +DEDLHE + 5DLQIDOO 'LVWULEXWLRQ )XQFWLRQV IRU ,UULJDWLRQ 6FKHGXOLQJ &DOFXODWLRQ 3URFHGXUHV )ROORZLQJ 6LWH RI 2OLYH 2OHD HXURSDHD / &XOWLYDWLRQ DQG *URZLQJ 3HULRGV $PHULFDQ -RXUQDO RI 3ODQW 6FLHQFHV 3XEOLVKHG 2QOLQH -XQH ,Q 6FL5HV KWWS ZZZ VFLUS RUJ MRXUQDO DMSV KWWS G[ GRL RUJ DMSV 5HYXH VFLHQWLILTXH LQGH[pH ,) j FRPLWp GH OHFWXUH 0DVPRXGL &KDUIL & 0VDOOHP 0RQML *URZWK DQG :DWHU 8VH (IILFLHQF\ RI D 0XOWL 9DULHWDO 'ULS ,UULJDWHG 2OLYH 2OHD (XURSDHD / 7UHHV &XOWLYDWHG LQ 1RUWKHUQ 7XQLVLD %RRN &KDSWHU %RRN 7LWOH 'ULS ,UULJDWLRQ 7HFKQRORJ\ 0DQDJHPHQW DQG (IILFLHQF\ (G 1RYD 6FLHQFHV 3XEOLVKHUV +DXSSDJH 1<
View publication stats
! " !
" " # $ ! % & ' $ # && # ' $ #
' ( & ! " )* +,-./% " # )012 +,,-/% # $ # " & & % # 345 # % 6 ! " " 012 )+,,-/
"
&& ! ! ( & %
7 +,89 ( : ): /% & ( ;
2 % ; 1 < = );71: +,,3/ > ? +,,- >?1 $ @ )0<: +,,./% 1 : < % = )+,,3/% < 2 % A4 " %