les cinq identifications précises de la vraie église du dieu vivant

Transcription

/D3DUROHSDUOpH
/(6&,14,'(17,),&$7,21635e&,6(6
'(/$95$,(e*/,6('8',(89,9$17
)LYH'HILQLWH,GHQWLILFDWLRQV2I7KH7UXH&KXUFK
2I7KH/LYLQJ*RG
62,5
-())(56219,//(,186$
ǁǁǁ͘ďƌĂŶŚĂŵ͘ƌƵ
:LOOLDP0DUULRQ%UDQKDP
/(6&,14,'(17,),&$7,21635e&,6(6'(/$95$,(
e*/,6('8',(89,9$17
62,5
-())(56219,//(,186$
0HUFL IUqUH 1HYLOOH TXH OH 6HLJQHXU YRXV EpQLVVH &
HVW
FHUWDLQHPHQWXQSULYLOqJHG
rWUHLFLFHVRLU-HVXLVVLKHXUHX[TXH'LHXO
DLW
SHUPLV SRXU QRXV dD PH JrQH XQ SHX G
rWUH SULV HQ SKRWRV -
DLPH
$OOH]\ SUHQH]HQ F
HVW WUqV ELHQ -H OHV REVHUYH WRXW VLPSOHPHQW M
HQ
VXLVFRQVFLHQW(WoDYDF
HVWWUqVELHQ0DLQWHQDQWLOIDLWXQSHXFKDXG
1RXV DYRQV HX GHX[ PHUYHLOOHX[ PHVVDJHV GH OD SDUW GX 6HLJQHXU (W
PDLQWHQDQWFHVRLUMHSHQVDLVFRQVLGpUDQWTXH
(WPDLQWHQDQWFHVRLUMHPHGLVDLVYXTXHEHDXFRXSGHPHVDPLV
TXLVRQWLFLGRLYHQWFRQGXLUHVXUGHORQJXHVGLVWDQFHVFHUWDLQVG
HQWUHHX[
YLHQQHQW GX .HQWXFN\ -H YRLV LFL )UqUH :HOFK (YDQV GH 7LIWRQ HQ
*HRUJLHDLQVLTXHVDIDPLOOH-
DLUHQFRQWUpLFLGHKRUVGHVJHQVYHQXVGH
OD &DOLIRUQLH ,O \ HQ D LFL TXL VRQW YHQXV GH O
$OOHPDJQH HW GHV GLIIpUHQWV
HQGURLWVLOVVRQWYHQXVjFHSHWLWHQGURLWSRXUVHUYLUOH6HLJQHXU(WMHYRLV
VRHXU1HOOLH&R[MHFURLVTXHVDEHOOHPqUHDLQVL TXHOHVDXWUHVVRQWLFL
PHV DPLV LFL SUpVHQWV YRQW SHXWrWUH UHWRXUQHU FH VRLU DX .HQWXFN\ HQ
*HRUJLH DX VXG GDQV OH 7HQQHVVHH DX QRUG GDQV O
2KLR SDUFRXUDQW
EHDXFRXSGHNLORPqWUHV
,O \ D XQ DPL LFL )UqUH 7HG 'XGOH\ TXL YLHQW GH 3KRHQL[ GDQV
O
$UL]RQD ,OV VRQW QRPEUHX[ LFL 6L VHXOHPHQW MH SRXYDLV OHV DSSHOHU SDU
OHXUVQRPVG
DXWUHVVRQWYHQXVLFLDXMRXUG
KXLSRXUQRXVUHQGUHYLVLWH-H
Q
DLPrPHSDVSXVHUUHUODPDLQjTXDWUHYLQJWGL[SRXUFHQWG
HQWUHHX[
-HYRLVPHVDPLVGH&KLFDJRHWGHSDUWRXW&RPELHQGHJHQVLFLSUpVHQWV
QH VRQW SDV GH FHWWH YLOOH" /HYH] OD PDLQ 4XDWUHYLQJWGL[ SRXU FHQW GH
O
DXGLWRLUH (K ELHQ LO HVW FRQVWLWXp GHV GLIIpUHQWV DPLV YHQXV GHV
GLIIpUHQWHVpJOLVHVjWUDYHUVOHSD\V
(W FH PDWLQ M
DL ORQJXHPHQW SUrFKp M
DL SULp SRXU OHV PDODGHV
MXVTX
jOK
$LQVLMHVXLVXQWRXWSHWLWSHXHQURXp(WMHGRLVSUrFKHUXQ
SHWLW PRPHQW SRXU SDVVHU HQ TXHOTXH VRUWH j FH TX
RQ DSSHOOH OD
©GHX[LqPHYLWHVVHªDYDQWTXHMH
,O\DOj)UqUH/HH9D\OHXQGHPHVDVVRFLpVMHQHOXLDLSDVQRQ
SOXVVHUUpODPDLQLOHVWGHO
pJOLVHEDSWLVWHGDQVO
2KLR
Ϯ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
(VWFHELHQWRL%HQ">)UqUH%HQGLW©$PHQª1'e@-HQHW
DYDLV
SDVHQFRUHHQWHQGXGLUH©DPHQªVLQRQMHW
DXUDLVUHFRQQX7RXWOHPRQGH
FRQQDvW)UqUH%HQ(WjFHTXHMHVDFKHLOQ
HVWSDVGHFHWWHYLOOHDLQVLMH
QH VDLV VLPSOHPHQW SDV '
R YHQH]YRXV PDLQWHQDQW )UqUH %HQ" >©(K
ELHQ QRXV VRPPHV j 1RUWK %RUGHQ GDQV O
,QGLDQD IUqUH@ %RUGHQ GDQV
O
,QGLDQD
1RXVVRPPHVWUqVKHXUHX[GHYRXVDYRLUWRXVLFL(WPDLQWHQDQWMH
QHYDLVSDVYRXVUHWHQLUWUqVORQJWHPSVjFDXVHGHQRPEUHX[NLORPqWUHV
TXH YRXV GHYH] SDUFRXULU HQ YRLWXUH -
DXUDLV DLPp DPHQHU FKDFXQ GH
YRXV j OD PDLVRQ FH VRLU -H OH GLV VLQFqUHPHQW -H GRLV SDUWLU YHUV K
HQWUHKHWKGXPDWLQHWMHM
DXUDLVVRXKDLWpYRXVSUHQGUHDYHFPRL-H
YRLVLFLPRQDPLGHO
$UNDQVDVVDIHPPH1
rWHVYRXVSDVO
KRPPHGRQW
QRXV j TXL OH 6HLJQHXU D SDUOp HW GLW FHV FKRVHV LFL O
DXWUH VRLU" -H
SHQVDLV TXH F
pWDLW YRXV &RPPH MH UHJDUGH WRXW DXWRXU MH YRLV GH
QRXYHDX[ HW GH YLHX[ DPLV $LQVL 'LHX FRQQDvW OHV LQWHQWLRQV GH PRQ
FRHXUjVDYRLUTXHM
DLPHUDLVELHQYRXVYRLUHWYRXVDPHQHUDYHFPRLjOD
PDLVRQHWDYRLUXQHERQQHFDXVHULHPDLVXQMRXUQRXVOHIHURQVORUVTXH
QRXV Q
DXURQV SOXV j GLUH ©1RXV GHYRQV QRXV GpSrFKHU 2Q GRLW DOOHU
SUHQGUH OHV HQIDQWV 4XHOTX
XQ HVW PDODGHª (Q FH PRPHQWOj WRXW FHOD
VHUD WHUPLQp HQ FH JORULHX[ MRXU -
HVSqUH TXH QRXV DXURQV SOXVLHXUV
RFFDVLRQVGHQRXVUHYRLU
0DLQWHQDQW SHQGDQW TXH MH P
DWWHQGV DX 6HLJQHXU PRQ LQWHQWLRQ
HVW GH WURXYHU PD YRLH %LHQ PDUGLM
DXUDL SOXV EHVRLQ GH SULqUHVTXH
MDPDLVDXSDUDYDQWGDQVWRXWHPDYLH-HP
HQYDLVYRXVGHPDQGHUVLYRXV
SULHUH]SRXUPRL-H-
DXUDLEHVRLQGHYRVSULqUHV1HPDQTXH]SDVGH
SULHU SRXU PRL /D WRXUQXUH TXH YRQW SUHQGUH OHV FKRVHV PDUGL SRXUUDLW
VLJQLILHUEHDXFRXSHWSRXUPRLHWSRXUO
eJOLVHHWSRXUODFDXVHGH&KULVW
$LQVLQHPDQTXH]SDVGHSULHUSRXUPRL
%LHQ DORUV MH P
DWWHQGV DX 6HLJQHXU MXVTX
j FH TXH MH VDFKH
H[DFWHPHQW GDQV TXHOOH GLUHFWLRQ DOOHU HW TXH IDLUH 'XUDQW FH WHPSV MH
VHUDLLFLGDQVOHVDOHQWRXUVGX7DEHUQDFOHVRUWDQWHWUHYHQDQWSUrFKDQW
SULDQW SRXU OHV PDODGHV IDLVDQW WRXW FH TXH MH SHX[ 1RXV YRXORQV XQ
MRXU VL OH JRXYHUQHPHQW QH QRXV HQ HPSrFKH SDV FRQVWUXLUH XQH pJOLVH
LFLXQHEHOOHpJOLVHRQRXVSRXUURQVDYRLUEHDXFRXSGHSODFHVDVVLVHV
XQDXGLWRLUHSULQFLSDODLQVLTX
XQEDOFRQHWDLQVLGHVXLWHFHVHUDDLQVLXQH
WUqV EHOOH pJOLVH FOLPDWLVpH $LQVL OHV JHQV SRXUURQW V
DVVHRLU
FRQIRUWDEOHPHQW VXLYUH OHV VHUYLFHV VL RQ QRXV ODLVVH OH IDLUH 1RXV
O
HVSpURQV0DLQWHQDQWSULH]SRXUQRXV
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^ϯ
(WPDLQWHQDQWFHVRLUQRXVDOORQVDERUGHUOHVXMHWTXHMHYRXVDL
SURPLV OH PDWLQ G
DSSRUWHU FH VRLU 'LHX YRXODQW (W FH VHUD HQ TXHOTXH
VRUWH XQ HQVHLJQHPHQW j FDXVH GH PD YRL[ -H GpVLUH SDUOHU FH VRLU VXU
OHV©&LQT,GHQWLILFDWLRQV3UpFLVHVGHOD9UDLHeJOLVHGX'LHX9LYDQWªFLQT
FRQILUPDWLRQV SUpFLVHV GH OD YUDLH eJOLVH RX PLHX[ LGHQWLILFDWLRQV GH OD
YUDLHeJOLVH
0DLQWHQDQW DYDQW G
DERUGHU FH JUDQG HW JORULHX[ VXMHW MH YDLV
GHPDQGHU XQ PRW GH SULqUH -H YDLV GHPDQGHU j QRWUH SDVWHXU )UqUH
1HYLOOHGHELHQYRXORLUV
DSSURFKHUSRXURIIULUXQHSULqUHSRXUOD3DUROHGH
'LHX SHQGDQW TXH SRXU FRPPHQFHU QRXV DOORQV WRXV GDQV 6DLQW
0DWWKLHX FKDSLWUH YHUVHW 6DLQW 0DWWKLHX DORUV TXH )UqUH
1HYLOOH V
DPqQH SRXU XQH SULqUH GH FRQVRODWLRQ >)UqUH 1HYLOOH SULH 1'e@ 9UDLPHQW 6HLJQHXU 2XL 6HLJQHXU 2XL 6HLJQHXU $FFRUGHOH
6HLJQHXU)DLVOH6HLJQHXU$FFRUGHOH6HLJQHXU2XL6HLJQHXU2XLRXL
6HLJQHXU2XL6HLJQHXUÐ'LHX2XL6HLJQHXU$PHQ
(VWFH Oj WRXW FH TX
RQ SHXW DYRLU FRPPH YROXPH" 7RXW HVW HQ
PDUFKH" (VWFH OH PLFUR OH ERQ PLFUR" 7RXV OHV GHX[ 0
HQWHQGH]YRXV
WUqVELHQ"/jGHUULqUHYRXVP
HQWHQGH]"7UqVELHQ&
HVWSDUIDLW
-HGpVLUHPDLQWHQDQWOLUHGDQVOH/LYUHGH0DWWKLHXDXFKDSLWUH
YHUVHWMHFRPPHQFHDXYHUVHW
(W -pVXV UHSUHQDQW OD SDUROH OXL GLW 7X HV EpQL
6LPRQ)LOVGH-RQDVFDUFHQHVRQWSDVODFKDLUHWOH
VDQJ TXL W
RQW UpYpOp FHOD PDLV PRQ 3qUH TXL HVW DX
FLHO
-H WH GLV TXH WX HV 3LHUUH HW VXU FH URF MH EkWLUDL
PRQ eJOLVH HW OHV SRUWHV GX VpMRXU GHV PRUWV QH
SUpYDXGURQWSRLQWFRQWUHHOOH
4XHOH6HLJQHXUDMRXWH6HVEpQpGLFWLRQVj6D3DUROH
/HPRW©eJOLVHªGDQVFKDFXQGHFHVVXMHWVTXHM
DLFKRLVLVFHVRLU
SRXUHVVD\HUGHYRXVHQSDUOHUTXHOTXHVXQVG
HQWUHHX[VRQW4X
HVWFH
TXH O
eJOLVH" 4XL /
D IRQGpH" 4XHO HVW 6RQ 0HVVDJH" &RPPHQW (Q
GHYHQRQVQRXV PHPEUHV" (W SRXYRQVQRXV DOOHU DX &LHO VDQV (Q rWUH
PHPEUHV"%LHQFKDFXQGHFHVVXMHWVSUHQGUDLWGHVKHXUHVV
LOIDOODLWOHV
pWXGLHU SURIRQGpPHQW PDLV MH GpVLUH WRXFKHU TXHOTXHV SRLQWV
IRQGDPHQWDX[SRXUPRQWUHUFHTX
HVWODYUDLHeJOLVH
(WPDLQWHQDQWMHGpVLUHTXHYRXVSUHQLH]YRV%LEOHV
0DLQWHQDQW SRXU FRPPHQFHU OH PRW ©eJOLVHª OXLPrPH VLJQLILH
©OHV DSSHOpV j VRUWLUª 0DLQWHQDQW DXVVL ORQJWHPSV TX
LOV pWDLHQW HQ
ϰ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
eJ\SWH,VUDsOQ
pWDLWSDVO
eJOLVHGH'LHXLOVpWDLHQWOHSHXSOHGH'LHX(W
DORUV TXDQG 'LHX OHV ILW VRUWLU GH O
eJ\SWH LOV GHYLQUHQW O
eJOLVH GH 'LHX
FDU LOV pWDLHQW ©OHV DSSHOpV j VRUWLUª 0DLQWHQDQW F
HVW HQFRUH SDUHLO
DXMRXUG
KXL /H PRW ©eJOLVHª VLJQLILH ©OHV DSSHOpV j VRUWLUª FHX[ TXL RQW
pWpDSSHOpVjVRUWLUTXLRQWpWpVpSDUpVUHQGXVGLIIpUHQWV
0DLQWHQDQW GDQV O
$QFLHQ 7HVWDPHQW FH TXL pWDLW FRQQX FRPPH
pWDQW O
eJOLVH pWDLW DSSHOpH OH 5R\DXPH GH 'LHX OH 5R\DXPH GH 'LHX
%LHQ MH WLUH FHFL GH OD FKURQRORJLH GH OD %LEOH 'DQV O
$QFLHQ 7HVWDPHQW
O
eJOLVHpWDLWDSSHOpHOH5R\DXPHGH'LHX(QG
DXWUHVWHUPHV'LHXHVWOH
5RL HW O
eJOLVH HVW 6RQ GRPDLQH /H 5R\DXPH GH 'LHX GDQV O
$QFLHQ
7HVWDPHQW
'DQV OH 1RXYHDX 7HVWDPHQW (OOH HVW DSSHOpH O
(PSLUH
0HVVLDQLTXH 2K M
DLPH FHOD 0HVVLDQLTXH (Q G
DXWUHV WHUPHV O
(PSLUH
GX 0HVVLH Oj R OH 0HVVLH JRXYHUQH HW UqJQH ,O Q
\ D SDV GH EDUULqUHV
GpQRPLQDWLRQQHOOHVQLULHQG
DXWUHF
HVWOH0HVVLHTXLJRXYHUQHGDQV6RQ
(PSLUH1
HVWFHSDVPHUYHLOOHX[G
\SHQVHU"/
(PSLUH0HVVLDQLTXH&
HVW
SRXUTXRL O
eJOLVH Q
HVW SDV XQH RUJDQLVDWLRQ O
eJOLVH Q
HVW SDV XQ
UDVVHPEOHPHQWGHJHQV/
pJOLVHF
HVWOHSHXSOHGH'LHXTXLDpWpDSSHOp
jVRUWLUGXPRQGHSRXUVHUYLUGDQVXQDXWUH5R\DXPH
&HFL PpULWH G
rWUH PHQWLRQQp ,O \ D TXHOTXHV PRLV PD IHPPH HW
PRL QRXV pWLRQV DOOpV DX FHQWUH FRPPHUFLDO HW DYRQV YX XQH FKRVH
pWUDQJHLO\DYDLWGDQVODUXHXQHIHPPHHQMXSH%LHQYRXVQHOHFURLULH]
SDVPDLVQRXVHQDYRQVUpHOOHPHQWWURXYpXQH(WPDIHPPHP
DGLW©(K
ELHQUHJDUGHoDª
-
DL GLW ©(OOH GRLW rWUH XQH FKUpWLHQQH HOOH HVW VL GLIIpUHQWHª &
HVW
XQHKRQWH
$ORUV XQH TXHVWLRQ VXUJLW ©&RPPHQW VH IDLWLO %LOO TXH QRXV HQ
WDQWTXHFKUpWLHQVHWGHFHWWHIRLTXHQRXVFRQIHVVRQVFRPPHQWVHIDLWLO
TXHQRXVFRQWUDLJQRQVQRVIHPPHVjSRUWHUGHVUREHVHWjDJLUGHFHWWH
PDQLqUHOj" 3RXUTXRL OHV JHQV G
DXWUHV pJOLVHV QH OH IRQWLOV SDV" ,OV
SRUWHQW GHV YrWHPHQWV FRPPH FHOD XQ KDELOOHPHQW LPPRUDO HW SRXUTXRL
HQHVWLODLQVL"7XQHGLUDVSDVTX
LOVVRQWLPPRUDX[ª
-
DLUpSRQGX©&
HVWYUDLMHQHSXLVMXJHUSHUVRQQH3RXUWDQWjOHV
YRLU RQ OHV UHFRQQDvW j OHXUV IUXLWV ,O VH SHXW TX
LOV QH FRPPHWWHQW
HIIHFWLYHPHQWSDVGHFULPHPDLVLO\DVXUHX[XQHVSULWTXLOHVSRXVVHj
O
LPPRUDOLWpª
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^ϰϭ
FHWWH(JOLVH-
DSSDUWLHQVjO
XQHGHFHVRUJDQLVDWLRQVWHUUHVWUHVSRXUWDQW
MH Q
DL SDV O
H[SpULHQFH -H Q
DL SDV OH SRXYRLU GH FKDVVHU OHV GpPRQV HW
G
DFFRPSOLUFHVFKRVHVFRPPH7XO
DVGLWTX
HOOHVDFFRPSDJQHUDLHQWOHV
FUR\DQWV -H Q
DL SDV HQFRUH UHoX FHOD 6HLJQHXU (W 7X DV GLW TXH FHV
PLUDFOHV GHYURQW GHYURQW VLJQLILH TXH 7X PH GRQQHUDV OH SRXYRLU
6HLJQHXUª
4XH 'LHX YRXV EpQLVVH 4XH 'LHX YRXV EpQLVVH YRXV GH PrPH
YRXVGHPrPHYRXVWRXVTXLDYH]OHYpODPDLQ4XH'LHXYRXVEpQLVVHHW
YRXVGRQQHFHSRXYRLUSRXUrWUHPHPEUHVGHFHWWHJUDQGH(JOLVHO
(JOLVH
GH -pVXV&KULVW $YDQW G
RIIULU XQH SULqUH \ DWLO TXHOTX
XQ G
DXWUH" 4XH
'LHXYRXVEpQLVVHMHXQHGDPH4XH'LHXYRXVEpQLVVH6RHXU4XH'LHX
YRXVEpQLVVH2XLMHYRLVYRVPDLQVOjDXIRQG4XH'LHXYRXVEpQLVVH
YRXVLFLMHYRLVYRWUHPDLQILOV-HYRLVYRVPDLQVYRXVIUqUHLFL2XL4XH
'LHX YRXV EpQLVVH DLQVL TXH YRWUH HQIDQW OD MHXQH ILOOH OjEDV 4XH 'LHX
YRXVEpQLVVH<DWLOTXHOTX
XQG
DXWUH"/HYH]ODPDLQ4XH'LHXEpQLVVH
FHWWHVRHXUDVVLVHLFL©-HGpVLUHrWUHPHPEUH-HGpVLUHDYRLU6RQ6DQJ
VXUPRLWDQGLVTXHMHVRUVGHFHEkWLPHQWFHVRLUDILQTXHMHSXLVVHVRUWLU
HWTXHPDYLHFULH©6DLQWjO
(WHUQHOª4XH'LHXYRXVEpQLVVHPRQILOVOj
GHUULqUH 4XH 'LHX YRXV DFFRUGH GHV EpQpGLFWLRQV < DWLO TXHOTX
XQ
G
DXWUHPDLQWHQDQW"/HYH]ODPDLQTXHOTX
XQG
DXWUHTXLGLUD©'LHXVRLV
PLVpULFRUGLHX[HQYHUVPRL"ª
6L YRXV YRXOH] ELHQ YRXV DSSURFKHU GH O
DXWHO SRXU XQ PRW GH
SULqUHSHQGDQWTXHQRXVFKDQWRQVFHFDQWLTXH9LHQVjODPDLVRQYLHQVj
ODPDLVRQWRLTXLHVIDWLJXpYLHQVjODPDLVRQ6LYRXVQ
rWHVSDVVUGH
YRWUHFRQGLWLRQMHYRXVLQYLWHjYHQLU
/(6&,14,'(17,),&$7,21635e&,6(6'(/$95$,(e*/,6('8',(8
9,9$17
)LYH'HILQLWH,GHQWLILFDWLRQV2I7KH7UXH&KXUFK2I7KH/LYLQJ*RG
&H WH[WH HVW XQH YHUVLRQ IUDQoDLVH GX 0HVVDJH RUDO ©)LYH 'HILQLWH
,GHQWLILFDWLRQV2I7KH7UXH&KXUFK2I7KH/LYLQJ*RGªSUrFKpSDUOH3URSKqWHGH
'LHX:LOOLDP0DUULRQ%UDQKDPOHVRLUj-())(56219,//(,186$
/DYHUVLRQRULJLQHOOHGHFHWWHSUpGLFDWLRQDXQHGXUpHGHKHXUHPLQXWHV
9HXLOOH]WURXYHUOHVDXWUHVSUpGLFDWLRQVGX3URSKqWH:LOOLDP0DUULRP%UDQKDPHQ
IUDQoDLVDQJODLVHWHQUXVVHGDQVOHVLWH
ZZZEUDQKDPUX
ϰϬ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
&
HVW OD UDLVRQ SRXU ODTXHOOH LOV VRQW GDQV XQH WHOOH FRQIXVLRQ
DSSHOpH©%DE\ORQHª/
XQDYHF©'LHXVRLWEpQLMHVXLVSUHVE\WpULHQ'LHX
VRLW EpQL MH VXLV PpWKRGLVWH 'LHX VRLW EpQL MH VXLVª 'LHX VRLW EpQL MH
VXLV FKUpWLHQ $PHQ &
HVW FHOD &RPPHQW VDYRLU TXH MH OH VXLV" &HV
VLJQHV DFFRPSDJQHQW OH FUR\DQW 9RXV YR\H] YRLOj YRWUH FDUWH G
LGHQWLWp
1H GLWHV SDV ©$WWHQGH] XQH PLQXWH MH FURLV TXH M
DL PD FDUWH
G
DVVRFLDWLRQª 1RQ 0RL MH Q
HQ DL SDV /D PLHQQH HVW OjKDXW -H SHX[
SHUGUH FHOOHFL LFLEDV PDLV ,O P
D GLW TX
DYDQW TXH OH PRQGH Q
DLW
FRPPHQFp,OP
DGRQQpPDFDUWHG
LGHQWLWpHWjTXLFRQTXHHVWHQWUpGDQV
OH5R\DXPH(OOHHVWJDUGpHDX&LHODILQTXHOHVUHJLVWUHVVRLHQWHQRUGUH
-HVXLVVLKHXUHX[-H
4XHOTX
XQ GLVDLW ©-
DL FKHUFKp 'LHX M
DL FKHUFKp 'LHXª &
HVW
FRQWUDLUH j OD %LEOH &
HVW 'LHX TXL YRXV FKHUFKH FH Q
HVW SDV YRXV TXL
FKHUFKH] 'LHX 'LHX SDUFRXUXW OH MDUGLQ G
(GHQ HQ FULDQW ©$GDP R HV
WX"ª &H Q
pWDLW SDV $GDP TXL FULDLW ©'LHX R HV7X"ª &
pWDLW 'LHX TXL
FULDLW©$GDPRHVWX"ª
2K MH VXLV VL KHXUHX[ G
(Q rWUH PHPEUH 3DV YRXV" -H VXLV VL
KHXUHX[GDQVFHWWHJUDQGH(JOLVH-HVXLVGpVROpGHYRXVDYRLUJDUGpVL
ORQJWHPSV 7RXWHIRLV FUR\H]YRXV HQ FHWWH JUDQGH (JOLVH" &UR\H]YRXV
HQ(OOH"&UR\H]YRXVTXHF
HVWXQ&RUSVP\VWLTXH"
0DLQWHQDQWYRXVFDWKROLTXHVODVHXOHFKRVHTXHYRXVGHYH]IDLUH
SRXU (Q rWUH PHPEUHV F
HVW G
DFFHSWHU -pVXV&KULVW HW GH QDvWUH GH
O
(VSULW 9RXV EDSWLVWHV YRXV PpWKRGLVWHV SUHVE\WpULHQV HW OXWKpULHQV
TXRL TXH YRXV VR\H] pFRXWH] FHFL 1H SHQVH] SDV TXH MH SUHQQH SDUWL
SRXUOHVSHQWHF{WLVWHV,O\DFKH]OHVSHQWHF{WLVWHVDXWDQWGHUHQpJDWVTXH
GDQV Q
LPSRUWH TXHOOH DXWUH pJOLVH &
HVW O
H[DFWH YpULWp ,OV HQWUHQW
VLPSOHPHQW SDU OH QRP HW OD SURIHVVLRQ F
HVW WRXW &HSHQGDQW LOV QH
SRVVqGHQWSDVODFKRVH&
HVWYUDL&DUORUVTXHYRXVrWHVQpVGHO
(VSULW
YRXV GHYHQH] XQH QRXYHOOH FUpDWXUH HW 'LHX FRPPHQFH DORUV j WUDLWHU
DYHF YRXVHQWDQWTXHILOVHWYRXVrWHVFRQGXLWSDUO
(VSULWGH'LHX3HX
LPSRUWHjTXHOOHRUJDQLVDWLRQYRXVDSSDUWHQH]oDQHF
HVWMXVWHXQYLHX[
SHWLW RUGUH PRQGDLQ HW pSKpPqUH 0DLV rWHVYRXV PHPEUH GH FH JUDQG
&RUSV P\VWLTXH GH &KULVW" 6L FH Q
HVW SDV OH FDV SXLVVLH]YRXV /H
UHFHYRLUFHVRLUWDQGLVTXHQRXVLQFOLQRQVODWrWHMXVWHXQLQVWDQWSRXUOD
SULqUH
3HQGDQW TXH QRXV \ SHQVRQV PDLQWHQDQW \ DWLO TXHOTX
XQ LFL TXL
YRXGUDLWOHYHUODPDLQHWGLUH©'LHXMHOqYHPDPDLQYHUV7RLIDLVGHPRL
FH VRLU XQ PHPEUH GH FHWWH (JOLVH 'RQQHPRL OD QDLVVDQFH DILQ TX
HOOH
P
DSSDUWLHQQH0
DV7XDSSHOp6HLJQHXU"-HGpVLUHDORUVrWUHPHPEUHGH
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^ϱ
0DLQWHQDQW -pVXV D GLW ©4XLFRQTXH UHJDUGH XQH IHPPH SRXU OD
FRQYRLWHUDGpMjFRPPLVDGXOWqUHDYHFHOOHGDQVVRQFRHXUª0DLQWHQDQW
TXDQGFHSpFKHXUGHYUDUpSRQGUHSRXUDYRLUFRPPLVDGXOWqUHTXLHQVHUD
FRXSDEOH" /D IHPPH TXL V
HVW DLQVL H[SRVpH 9RXV SRXUULH] rWUH DXVVL
SXUH TXH OH O\V TXDQW j OD YHUWX PDLV VL YRXV YRXV rWHV SUpVHQWpH HQ
WHQXH LPPRUDOH GHYDQW OHV JHQV PrPH VL YRXV Q
DYH] SDV SRVp O
DFWH
YRXV DYH] DPHQp XQ KRPPH j SHQVHU OH PDO VXU YRXV F
HVW GH YRWUH
IDXWH -pVXV D GLW TXH YRXV VHUH] FRXSDEOH G
DGXOWqUH HW XQ DGXOWqUH
Q
HQWUHUDMDPDLVDX&LHO
0DLV FRPPH MH YR\DJH j WUDYHUV OH PRQGH MH GpFRXYUH TXH
FKDTXHQDWLRQDVRQHVSULWjHOOH(WWRXWHVOHVQDWLRQVVRQWFRQWU{OpHVSDU
OH 'LDEOH 7RXV OHVJRXYHUQHPHQWV VRQW GLULJpVSDU OH 'LDEOH /D %LEOH OH
GLW,OVVHFRPEDWWHQWVHIRQWODJXHUUHHWLOVFRQWLQXHURQWDLQVLMXVTX
jFH
TXH -pVXV YLHQQH HW ,O pWDEOLUD DORUV XQ 5R\DXPH R LO Q
\ DXUD SOXV GH
JXHUUH (W 6DWDQ DYDLW GLW j -pVXV&KULVW GURLW HQ IDFH TXH WRXV OHV
UR\DXPHVGXPRQGHOXLDSSDUWHQDLHQWHWTX
LOHQIDLVDLWFHTX
LOYRXODLW(W
LOVVRQWWRXVGHVLQVWUXPHQWVGH6DWDQGHVUR\DXPHVGH6DWDQ6DWDQD
GLW j -pVXV ©-H 7H OHV GRQQHUDL VL 7X WH SURVWHUQHV GHYDQW PRL HW
P
DGRUHVª
-pVXVVDYDLWTX
,OOHVKpULWHUDLWGDQVOH0LOOpQLXPF
HVWSRXUTXRL,OD
GLW ©$UULqUH GH 0RL 6DWDQª ,O VDYDLW TXH 'LHX /XL GRQQHUDLW WRXV OHV
UR\DXPHV HW TX
LOV VHUDLHQW j /XL HW TXH WRXV GHYLHQGUDLHQW XQ VHXO
5R\DXPH
4XDQG YRXV DOOH] HQ $OOHPDJQH YRXV WURXYH] XQ HVSULW DOOHPDQG
9RXV DOOH] HQ $QJOHWHUUH YRXV WURXYH] XQ HVSULW DQJODLV 9RXV DOOH] HQ
6XqGH YRXV WURXYH] XQ HVSULW VXpGRLV (W YRXV DOOH] HQ )UDQFH YRXV
WURXYH] XQ HVSULW IUDQoDLV 9RXV YHQH] HQ $PpULTXH YRXV WURXYH] XQ
HVSULWDPpULFDLQ
,O\DTXHOTXHVWHPSVMHPHVXLVDUUrWpj6DQ$QJHORj5RPHHW
MH GpVLUDLV YRLU OHV FDWDFRPEHV (W j PD VXUSULVH HQ WDQW TXH FLWR\HQ
DPpULFDLQjODSRUWHG
HQWUpHRMHPHWHQDLVILJXUDLWXQHUpSULPDQGHTXL
GLVDLW©$O
LQWHQWLRQGHVIHPPHVDPpULFDLQHVDYDQWG
HQWUHULFLSULqUHGH
YRXVKDELOOHUSRXUKRQRUHUOHVPRUWVª4XDQGXQHQDWLRQWRPEHDXVVLEDV
F
HVWWHUULEOHTXDQGQRXVHQDUULYRQVMXVTXHOj'RQFYRXVYR\H]FDU
8QHIRLVM
DLGHPDQGpjXQHIHPPH©ÇWHVYRXVFKUpWLHQQH"ª
(OOHDUpSRQGX©-HVXLVDPpULFDLQHFHUWDLQHPHQWTXHMHOHVXLVª
dDQ
DULHQjIDLUHDYHFFHOD
ϲ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
8QH QXLW )UqUH %RVZRUWK HQ D LQWHUURJp XQH LO D GLW ©ÇWHVYRXV
FKUpWLHQQHVRHXU"ª
(OOHDUpSRQGX©-HYHX[TXHYRXVVDFKLH]TXHMHEUOHXQFLHUJH
FKDTXH QXLWª &RPPH VL FHOD DYDLW TXHOTXH FKRVH j IDLUH DYHF OD
FKUpWLHQWpGHEUOHUXQFLHUJH/DFKUpWLHQWpQHFRQVLVWHSDVHQGHWHOOHV
FKRVHV(WO
eJOLVHGH'LHXQHFRQVLVWHSDVHQGHWHOVDUWLILFHV
0DLQWHQDQW FH TXL IDLW TXH OHV IHPPHV 1RXV QH FRQWUDLJQRQV
MDPDLVOHVIHPPHVjOHIDLUH1RXVQHFRQWUDLJQRQVMDPDLVQRVKRPPHVj
QHSDVERLUHjQHSDVMXUHU1RXVSUrFKRQVWRXWVLPSOHPHQWO
eYDQJLOHHW
SUHVFULYRQVOHPRGqOHGHOD%LEOH%HDXFRXSG
KRPPHVTXLYLHQQHQWjOD
IRLSHQWHF{WLVWHHWjODIRLGHODVDLQWHWpHQWUHQWHWSURIHVVHQWO
rWUHDORUV
TX
LOVQHOHVRQWSDVGDQVOHXUFRHXUEHDXFRXSGHIHPPHVIRQWGHPrPH
1RXV QH OHXU GLVRQV SDV TX
LOV GRLYHQW OH IDLUH QRXV OHXU GRQQRQV
VLPSOHPHQWOHPRGqOHHWOHXUGLVRQVFHTXHGLWOD%LEOH(WV
LOVVRQWQpVGH
O
(VSULW &pOHVWH DORUV OHXU HVSULW Q
HVW SOXV DPpULFDQLVp LO Q
HVW SOXV
JHUPDQLVp LO HVW UHQGX FpOHVWH SRXU OH 5R\DXPH GH 'LHX FDU QRXV
VRPPHV GDQV XQ DXWUH 5R\DXPH OH 5R\DXPH GH 'LHX R H[LVWHQW OD
GpFHQFHODVDLQWHWpHWODSXLVVDQFH
1RXVDYRQVDFFqVDXSUqVGHQRWUH5RL1RXVDYRQVXQHHQWUHYXH
DYHF /XL FKDTXH IRLV TXH QRXV GpVLURQV /
LQYRTXHU 1RXV Q
DYRQV SRLQW
G
DXWUHV LQWHUFHVVHXUV QL XQ DXWUH PpGLDWHXU HQWUH OH 5RL HW QRXV HQ
GHKRUV GH FH VHXO +RPPH &KULVW -pVXV 1RXV YLYRQV GRQF GDQV XQ
5R\DXPH (W GDQV OD FKURQRORJLH GH OD %LEOH LO HVW DSSHOp ©OH
0HVVLDQLTXH OH 5R\DXPH 0HVVLDQLTXHª (Q G
DXWUHV WHUPHV Oj R OH
0HVVLHGRPLQHGDQVFKDTXHYLHTXLVHWURXYHGDQV6RQHPSLUHGLULJHOHV
YLHVGH6RQSHXSOHXQSHXSOHTXLDpWpDSSHOpjVRUWLUGHWRXVOHVPRGHV
GHYLHOHVUDVVHPEODQWGDQVXQJURXSHSRXUOHVDSSHOHU©6RQeJOLVHªRX
ELHQ©6HVDSSHOpVjVRUWLUª1
HVWFHSDVOjXQHFKRVHPHUYHLOOHXVH"
0DLQWHQDQW,VUDsOpWDLWOHSHXSOHGH'LHXMXVTX
DXPRPHQWRRQ
WURXYH FHOD GDQV $FWHV VL YRXV SUHQH] QRWHV LOV RQW pWp DORUV
DSSHOpV©O
pJOLVHGH'LHXªSDUFHTX
LOVIXUHQWDSSHOpVSDU'LHXjVRUWLUGH
O
eJ\SWHGXPRQGHGHVDXWUHVpJOLVHVGHVDXWUHVUHOLJLRQVSRXUPDUFKHU
DYHF'LHXVHXO
(W LO HQ HVW GH PrPH DXMRXUG
KXL GH O
pJOLVH GH 'LHX HOOH D pWp
DSSHOpHjVRUWLUGHWRXWFHTXLHVWGXPRQGHDSSHOpHjVRUWLUGHFKDTXH
FXOWH UHOLJLHX[ DSSHOpH j VRUWLU GH WRXWHV OHV GpQRPLQDWLRQV UHOLJLHXVHV
DSSHOpHjVRUWLUGHWRXWHVOHVRUJDQLVDWLRQVUHOLJLHXVHVSRXUPDUFKHUDYHF
'LHXQ
pWDQWSRLQWJRXYHUQpHSDUXQpYrTXHPDLVSOXW{WSDU&KULVWGDQV
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^ϯϵ
4XHOOH PHUYHLOOHXVH SHQVpH DLMH FRQFHUQDQW XQ JUDQG RLVHDX
WDFKHWp HW RQ GLW TXH VRQ QRP HVW HQUHJLVWUp VXU OHV SDJHV GH OD 6DLQWH
3DUROHGH'LHX7RXVOHVDXWUHVRLVHDX[YROHQWDXWRXUGHOXL,OHVWPpSULVp
G
HX[ WRXV4X
pWDLW FHWRLVHDX WDFKHWp"-H QH VXLV SDV G
DFFRUG DYHF FH
JDUVTXLDGLWTXHF
pWDLWIDX[4X
pWDLWFHWRLVHDXWDFKHWpGHOD%LEOH"&H
Q
HVW SDV ,VUDsO FRPPH RQ OH GLW &
HVW O
eJOLVH GH -pVXV&KULVW 4XH
IDLVDLWRQ SRXU O
RIIUDQGH SRXU OH SpFKp" 2Q SUHQDLW XQH WRXUWHUHOOH RQ
FRXSDLW OD WrWH GH O
XQH HW RQ OD UHQYHUVDLW SRXU UpSDQGUH OH VDQJ VXU VD
FRPSDJQHYLYDQWHHQVXLWHRQOkFKDLWFHOOHFL(WODFRPSDJQHWDFKHWpHGX
VDQJ GH FHOOH TXL pWDLW PRUWH V
HQ DOODLW SDUFRXUDQW OD WHUUH O
DVSHUJHDQW
SHQGDQW TX
HOOH EDWWDLW OHV DLOHV (W OH VDQJ DVSHUJp VXU OD WHUUH FULDLW
©6DLQWVDLQWVDLQWjO
eWHUQHO6DLQWVDLQWVDLQWjO
eWHUQHOª
&
pWDLWXQW\SHGH&KULVW(WOHJUDQGRLVHDXWDFKHWpF
HVWO
eJOLVH
TXLDpWpWDFKHWpHGX6DQJGH6RQ&RPSDJQRQPRUWOH6DXYHXU-pVXV
&KULVW(W(OOHHVWDXMRXUG
KXLHQWUDLQGHSDUFRXULUOHPRQGHHQEDWWDQWOHV
DLOHVFULDQW©6DLQWVDLQWVDLQWjO
eWHUQHOª$PHQ-HVXLVVLKHXUHX[GH
OD FRQQDvWUH -H VXLV VLKHXUHX[ TXHPRQ QRPVRLW GDQV 6RQ OLYUH LQVFULW
OjSDVjFDXVHGHPDERQWp1RQPRQVLHXU-HQ
DXUDLMDPDLVpWpOjQLj
FDXVHGHYRWUHERQWpPDLVSOXW{W,OPLWQRVQRPVGDQV6RQ/LYUHjFDXVH
GHODERQWpHWGHODPLVpULFRUGHGH'LHXDYDQWODIRQGDWLRQGXPRQGH
4XHOOH HVW O
LGHQWLILFDWLRQ GH O
eJOLVH" 4XH GRLW(OOH rWUH" 4X
pWDLW
(OOH"4X
HVW&H"/HJURXSHDSSHOpjVRUWLU4XL/
DIRQGpH"-pVXV&KULVW
SDV XQ pYrTXH QL O
pJOLVH FDWKROLTXH QL OHV PpWKRGLVWHV QL /XWKHU QL
:HVOH\ 1RQ PRQVLHXU 4XL /
D IRQGpH" -pVXV&KULVW 4XHO HVW VRQ
0HVVDJH" /D UHSHQWDQFH OH EDSWrPH G
HDX OH EDSWrPH GX 6DLQW(VSULW
ODJXpULVRQGLYLQHOHVDOXW&RPPHQW(QGHYHQRQVQRXVPHPEUHV"(Q<
QDLVVDQW 3HXWRQ DUULYHU DX &LHO VDQV (OOH" 1RQ PRQVLHXU &DU 'LHX
UDPqQHUD DYHF /XL FHX[ TXL VRQW PRUWV HQ &KULVW HW QRQ SDV QRQ SDV
TXHOTX
XQ G
DXWUH PDLV FHX[ TXL VRQW PRUWV HQ &KULVW -pVXV YLHQW SRXU
FHX[ TXL VRQW PRUWV HQ &KULVW (SKpVLHQV FKDSLWUH GLW TXH OH 1RQ
*DODWHVMHSHQVHTXHF
HVWDXFKDSLWUHRLOHVWGLWTXH'LHXUDPqQHUD
DYHF/XLFHX[TXLVRQWPRUWVHQ&KULVW'LHXUDPqQHUDDYHF/XLFHX[TXL
VRQWPRUWVHQ&KULVW
0DLQWHQDQW GRQF (OOH HVW XQ JURXSH DSSHOp j VRUWLU XQ &RUSV
P\VWLTXH &KULVW /
DPLVH HQ RUGUH $YDQW GH PRXULU,O SDUOD GH OD YHQXH
GH&HOXLFL,OGLW©-HYLHQGUDLHW-HVHUDL5RLVXUFHGRPDLQH(QFRUHXQ
SHXGHWHPSVHWOHPRQGHQH0HYHUUDSOXVPDLVYRXVYRXV0HYHUUH]
9RXVQ
DYH]ULHQjIDLUHDYHFOHUR\DXPHGXPRQGHª
ϯϴ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
4X
DYRQVQRXV IDLW" 5LHQ &H TX
,O D IDLW HVW FH j TXRL MH UHJDUGH
4XDQG O
DW,O IDLW" ,O QRXV D FKRLVLV ,O D PLV QRV QRPV GDQV 6RQ /LYUH
GDQV6RQ/LYUHGHO
eJOLVHSRXUTXHQRXVVR\RQVPHPEUHVGHFH&RUSV
P\VWLTXH$YDQWTXHOHPRQGHQ
DLWFRPPHQFp
(W QRXV D SUpGHVWLQpV j rWUH 6HV HQIDQWV G
DGRSWLRQ
SDU-pVXV&KULVWVHORQOHERQSODLVLUGH6DYRORQWp
2XI 9RXV GHYH] rWUH GDQV FHWWH eJOLVH IUqUH VL YRXV OH SRXYH]
FDU,OYLHQWSRXUXQHeJOLVH%LHQTXHOJHQUHG
pJOLVH"8QHeJOLVHTXLHVW
VDQVWkFKHQLULGH&RPPHQWSRXYRQVQRXVrWUHFHOD"(QpWDQWPRUWVHQ
&KULVWEDSWLVpVSDUOH6DLQW(VSULWGDQV6RQ&RUSVP\VWLTXHHWO
H[SLDWLRQ
GX 6DQJ GX )LOV GH 'LHX VH WLHQW Oj SRXU QRXV j FKDTXH KHXUH GH OD
MRXUQpH &
HVW FHWWH eJOLVH TXL HVW WURXYpH LUUpSURFKDEOH VDQV WkFKH QL
ULGH,OQRXVDFKRLVLVHQ/XLHWDPLVQRVQRPVGDQV6RQ/LYUH/D%LEOH
GLW TXH -pVXV&KULVW pWDLW O
$JQHDX LPPROp LO \ D DQV" 'HSXLV
TXDQG"©/
$JQHDXDpWpLPPROpDYDQWODIRQGDWLRQGXPRQGHª
4XDQG'LHXGDQVOD%LEOHOD3DUROHGDQV*HQqVH*HQqVHGLW
©$XFRPPHQFHPHQW'LHXª3UHQH]FHQRP©'LHXªHQ+pEUHX[HWYR\H]
FHTX
LOVLJQLILHoDV
pFULWe(DK(RKLPFHTXLVLJQLILH©OH7RXW
&HOXLTXLH[LVWHSDU/XL0rPHOH7RXW6XIILVDQWOH3XLVVDQWª,OQ
\DYDLW
ULHQ DYDQW &HOD ,O Q
\ DYDLW SRLQW G
DLU LO Q
\ DYDLW SRLQW G
pWRLOHV SRLQW
G
KXPLGLWpSRLQWGHLOQ
\DYDLWSRLQWG
DWPRVSKqUHSRLQWG
DWRPHVSRLQW
GH PROpFXOHV LO Q
\ DYDLW ULHQ DYDQW FHOD &
pWDLW 'LHX O
eWHUQHO (W LO \
DYDLWHQ/XLGHVDWWULEXWVGH6DXYHXUGH3qUHGH'LHX/j,OQ
pWDLWSDV
'LHXHQFHPRPHQWOj,OpWDLW,OpWDLW'LHXPDLVLOQ
\DYDLWULHQG
DXWUH
SRLQW G
DGRUDWLRQ 'RQF ©GLHXª VLJQLILH ©REMHW G
DGRUDWLRQª HW LO Q
\ DYDLW
ULHQSRXU/
DGRUHU'RQFLO\DYDLWHQ/XLGHVDWWULEXWVSRXUrWUHFHODSRXU
rWUH6DXYHXUSRXUrWUH*XpULVVHXUSRXUrWUHWRXWFHTX
,OHVW
'RQF OD SUHPLqUH FKRVH TX
,O FUpD %LHQ FHUWDLQV G
HQWUH YRXV
GpVLUHQWFRQQDvWUHPDYHUVLRQVXUOD*HQqVH'LHXGLW©)DLVRQVO
KRPPHª
/D SUHPLqUH FKRVH TX
,O FUpD F
pWDLW GHV DQJHV SRXU /
DGRUHU ,O GHYLQW
DORUV 'LHX (QVXLWH TXDQG ,O GLW ©)DLVRQV O
KRPPH j QRWUH LPDJHª TXHO
JHQUH G
KRPPH ILW,O" 8Q KRPPH HVSULW HQVXLWH ,O OXL GRQQD OH FRQWU{OH
HQVXLWH,OIRUPDFHWKRPPHGHODSRXVVLqUHGHODWHUUHHWFHOXLFLWRPED,O
GHYLQW DORUV XQ 6DXYHXU XQ 'LHX SXLV XQ 6DXYHXU /H SpFKp D FDXVp OD
PDODGLH ,O GHYLQW DORUV XQ *XpULVVHXU $OOpOXLD 7RXW DOODLW ELHQ ,O
FRQQDLVVDLWWRXWjFHVXMHWDYDQWTXHOHPRQGHQHVRLWIRUPp,OVDYDLWTXH
QRXVWLHQGURQVFHWWHUpXQLRQFHVRLU,OFRQQDLVVDLWFKDTXHPRXFKHURQTX
LO
\ DXUDLW VXU WHUUH OD TXDQWLWp GH VXLI TX
LO SURGXLUDLW HW FRPELHQ GH IRLV LO
FOLJQHUDLW OHV \HX[ ,O HVW OH 'LHX LQILQL ,O FRQQDvW WRXWH FKRVH $PHQ
1
rWHVYRXVSDVKHXUHX[FHVRLUTXHYRWUHQRPVRLWGDQVOH/LYUH"
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^ϳ
FH 5R\DXPH 0HVVLDQLTXH GDQV OHTXHO QRXV YLYRQV &KULVW HVW OH 5RL
&KULVW/
HVW
0DLQWHQDQW &KULVW HVW OD 7rWH GH FHFL &KULVW HVW OD 7rWH GH FH
5R\DXPH 0HVVLDQLTXH (W YRXV QH SRXYH] SDV RUJDQLVHU XQ 5R\DXPH
GRQW&KULVWHVWOD7rWH9RXVQHSRXYH]SDVIDLUHGX5R\DXPHGRQW&KULVW
HVW OD 7rWH XQH GpQRPLQDWLRQ SDUFH TXH &KULVW HVW OH 5RL (W YRXV QH
SRXYH]SDVYRXVVHUYLUGHO
LQWHOOLJHQFHKXPDLQHHWIDLUHXQHRUJDQLVDWLRQ
GDQV ODTXHOOH &KULVW JRXYHUQH 3DU FRQVpTXHQW WRXW JURXSHPHQW WRXW
SHXSOH WRXW JURXSH G
KRPPHV TXL HVVDLH G
RUJDQLVHU OH 5R\DXPH GH
'LHX YD j O
HQFRQWUH GX 5RL (W V
LOV YRQW j O
HQFRQWUH GX 5RL oD VHUD
FRQWUH OH 5RL 2U VL F
HVW FRQWUH OH 5RL F
HVW DQWLFKULVW &
HVW WUqV GXU 6L
M
DYDLVXQSHXSOXVGHYRL[QRXVUHQGULRQVFHODFODLU&
HVWDQWLFKULVW(WVL
YRXV SRXYH] PH VXSSRUWHU SHQGDQW TXHOTXHV PLQXWHV MH YRXV SURXYHUDL
FHOD8QHVSULWDQWLFKULVWWHQWHGHSUHQGUHGHVGHVJHQVHWGHOHVDSSHOHU
G
XQH RUJDQLVDWLRQ j XQH RUJDQLVDWLRQ OHV UDVVHPEODQW GDQV XQH
RUJDQLVDWLRQ FH TXL Q
D MDPDLV pWp OD YRORQWp GH 'LHX /HV JHQV P
RQW
WRXMRXUV IDLW GHV SUREOqPHV SDUFH TXH MH FRJQH VL IRUW FRQWUH OHV
RUJDQLVDWLRQV&HQ
HVWSDVFRQWUHOHVJHQVTXL\VRQWTXHMHFRJQHPDLV
F
HVW FRQWUH FHW HVSULW GH OD GpQRPLQDWLRQ TXL IDLW TXH OHV JHQV SHQVHQW
©&
HVWQRXVª
/H SHXSOH GH 'LHX F
HVW FHOXL TXL D pWp DSSHOp j VRUWLU -H FURLV
TX
LOVVRQWGDQVFKDTXHGpQRPLQDWLRQLOVSHXYHQWrWUHGHVFDWKROLTXHVLOV
SHXYHQW rWUH GHV SURWHVWDQWV LOV SHXYHQW rWUH GHV -XLIV LOV SHXYHQW
DSSDUWHQLU j Q
LPSRUWH TXHOOH VRUWH G
pJOLVH 0DLV OD YUDLH eJOLVH HVW OH
&RUSVP\VWLTXHGH-pVXV&KULVW
%LHQ YRXV QH SRXYH] SDV IDLUH GX &RUSV P\VWLTXH GH &KULVW XQH
RUJDQLVDWLRQ 0DLQWHQDQW WRXWH SHUVRQQH TXL YLHQW j &KULVW TXL VRUW GX
PRQGHHQWUHHQ&KULVWHQWUHGDQV6RQ&RUSVP\VWLTXH(WYRXVrWHVXQ
PHPEUH GH FH &RUSV ORUVTX
RQ YRXV DPqQH GDQV FHWWH eJOLVH ORUVTXH
YRXV rWHV DSSHOpV j VRUWLU HW rWHV EDSWLVpV GDQV FH &RUSV P\VWLTXH
&RPSUHQH]YRXVFHOD",OQHV
DJLWQLGHVPpWKRGLVWHVQLGHVEDSWLVWHVQL
GHVSHQWHF{WLVWHVQLGHVQD]DUpHQVQLGHVSqOHULQVGHODVDLQWHWpQLGHV
FDWKROLTXHV PDLV SOXW{W GX &RUSV GH -pVXV&KULVW 'DQV TXHOTXHV
PLQXWHV QRXV DOORQV HQ SDUOHU XQ SHX SOXV HQ SURIRQGHXU TXDQG QRXV
DERUGHURQVG
DXWUHVSRLQWVDXIXUHWjPHVXUHTXHQRXVHQDERUGRQVOHV
SRLQWVOHVSOXVSURIRQGV0DLVOH&RUSVGH&KULVWF
HVWO
eJOLVH
0DLQWHQDQWGDQVEHDXFRXSGHSDUDEROHV,O/
DFRPSDUpjXQPDUL
DYHF VD IHPPH ,O DSSHOOH O
eJOLVH ©O
eSRXVHª (W O
pSRXVH HW O
pSRX[ QH
VRQWSOXVGHX[LOVVRQWXQ(OOHHVWFKDLUGHVD FKDLUHWRVGHVHVRV(W
ϴ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
DORUVTXDQGXQKRPPHRXXQHIHPPHHVWDSSHOpjIDLUHSDUWLHGX&RUSV
P\VWLTXHGH&KULVWSDUOH6DLQW(VSULWLOGHYLHQWPHPEUHjSDUWHQWLqUHGH
6RQ&RUSVORUVTX
LOHVWUHPSOLGX6DLQW(VSULW&DU'LHXDUHWLUpGH&KULVW
O
(VSULW ,O D UHVVXVFLWp 6RQ &RUSV HW O
D SODFp VXU 6RQ 7U{QH D HQVXLWH
HQYR\pOH6DLQW(VSULWSRXUFRQVWLWXHUOH&RUSVP\VWLTXHGH&KULVWOHTXHO
VHUD XQL ORUV GX 6RXSHU GHV 1RFHV j OD 9HQXH GX 6HLJQHXU 9RXV QH
SRXYH]HQIDLUHXQHRUJDQLVDWLRQ&
HVWXQP\VWqUH
-pVXVDGLWj1LFRGqPH©/HYHQWVRXIIOHRLOYHXWRQQHVDLWSDV
G
R LO YLHQW QL R LO YD ,O HQ HVW DLQVL GH TXLFRQTXH HVW Qp GH O
(VSULWª
9RXVQHSRXYH]SDVFRPSUHQGUHFHODdDYLHQWGHTXHOTXHSDUW(WLOQH
V
DJLWSDVGHVPpWKRGLVWHVQLGHVEDSWLVWHVQLGHVSHQWHF{WLVWHVQLG
XQH
TXHOFRQTXH RUJDQLVDWLRQ ,O V
DJLW G
XQH QDLVVDQFH GH QDvWUH GDQV OH
5R\DXPHGH'LHX
0DLQWHQDQW HVVD\HU G
HQ IDLUH XQH RUJDQLVDWLRQ UHYLHQW j UHQGUH
FHOD DQWLFKULVW FDU WRXW FH TXL HVW FRQWUH O
HQVHLJQHPHQW GH &KULVW HVW
DQWLFKULVW
0DLQWHQDQW R GRQF D FRPPHQFp FHWWH RUJDQLVDWLRQ" -pVXV
ORUVTX
,O pWDLW VXU WHUUH Q
D MDPDLV RUJDQLVp XQH pJOLVH ,O D SDUOp G
XQH
pJOLVH j YHQLU PDLV ,O Q
D MDPDLV RUJDQLVp XQH pJOLVH 3HQGDQW GHV
FHQWDLQHVG
DQQpHVDSUqVODPRUWGXGHUQLHUDS{WUHLOQ
\HXWSRLQWG
pJOLVH
RUJDQLVpH(WODSUHPLqUHpJOLVHRUJDQLVpHTXLDLWWRXMRXUVH[LVWpVXUWHUUH
IXWO
pJOLVHFDWKROLTXHURPDLQH0DLQWHQDQWM
DLOHV©3qUHV3UpQLFpHQVªOH
©/LYUHGHV0DUW\UVªGH)R[HOHVpFULWVGH-RVHSKXV©OHV$JHVSULPLWLIVª
GH 3HPEHU DLQVL TXH EHDXFRXS G
DXWUHV RXYUDJHV G
DQFLHQV DXWHXUV HW
QXOOHSDUWLOQ
HVWPHQWLRQQpQXOOHSDUWVXUDXFXQHSDJHG
KLVWRLUHTX
LOD
H[LVWp XQH pJOLVH RUJDQLVpH DYDQW TXH O
pJOLVH FDWKROLTXH URPDLQH QH VRLW
RUJDQLVpH (W HOOH HVW GHYHQXH XQH RUJDQLVDWLRQ FH TXL HVW FRQWUDLUH j
'LHX0DLQWHQDQWVLSDUHLOOHFKRVHDUULYDLW2KM
DXUDLVVRXKDLWpSRXYRLU
YRXVIDLUHFRPSUHQGUHFHFL6LSDUHLOOHFKRVHDUULYDLWXQHFKRVHTXLVHUDLW
VLDQWLFKULVW'LHXQHGHYUDLW,OSDVFRQQDvWUHFHODG
DYDQFHSXLVTX
,OHVWOH
'LHXLQILQL",OHVWLQILQL1HGHYUDLW,OSDVVDYRLUTXHFHVFKRVHVpWDLHQWHQ
URXWH" (W VL F
HVW XQH FKRVH VL KRUULEOH Q
DYHUWLUDLW,O SDV 6RQ eJOLVH
G
DYDQFH"0DLQWHQDQWM
HVSqUHTXHYRXVFRPSUHQH]PLHX[ODUDLVRQSRXU
ODTXHOOHMHFRJQHQRQSDVFRQWUHOHVJHQVTXLVRQWGDQVOHVRUJDQLVDWLRQV
PDLVSOXW{WFRQWUHOHVRUJDQLVDWLRQVHWOHXUWHQGDQFHdDQHSHXWrWUHULHQ
G
DXWUHTXHO
DQWLFKULVWGDQVFKDFXQHG
HOOHV
0DLQWHQDQWYRXVGLWHV©$WWHQGH]XQHPLQXWHMHSHQVDLVTXHYRXV
QHSUrFKLH]TXHOD%LEOHª
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^ϯϳ
FKUpWLHQV\DWLOLFL")DLWHVYRLUYRWUHPDLQ7UqVELHQ&HFLQ
HVWSDVSRXU
OHV EpEpV PDLQWHQDQW F
HVW F
HVW SRXU FHX[ TXL SHXYHQW PDQJHU OD
YLDQGH0DLQWHQDQWOHFKDSLWUHpFRXWH]jTXLLODGUHVVHFHOD
3DXODS{WUHGH-pVXV&KULVWSDUODYRORQWpGH'LHX
SDV SDU O
RUGLQDWLRQ GH O
pYrTXH SDV SDU
O
RUJDQLVDWLRQ DS{WUH XQH SHUVRQQH TXL HVW
HQYR\pHSDUODYRORQWpGH'LHXDX[VDLQWVFH
VRQWOHVVDQFWLILpVRXOHVVDLQWVTXLVRQWjeSKqVH
HWILGqOHVHQ&KULVW-pVXV
$ TXL DGUHVVHWLO FHOD" $ FHX[ TXL VRQW GpMj GDQV O
eJOLVH 4XDQG
YRXV rWHV HQ &KULVW YRXV rWHV GDQV 6RQ &RUSV (VWFH YUDL" 9RXV rWHV
DORUVPHPEUHVGHO
eJOLVH
4XH OD JUkFH HW OD SDL[ YRXV VRLHQW GRQQpHV GH OD
SDUWGH'LHXQRWUH3qUHHW6HLJQHXU-pVXV&KULVW
%pQL VRLW OH 'LHX HW 3qUH GH QRWUH 6HLJQHXU -pVXV
&KULVW TXL QRXV D EpQLV GH WRXWHV EpQpGLFWLRQV
VSLULWXHOOHVGDQVOHVOLHX[FpOHVWHVHQ&KULVW-pVXV
&RPPHQWDW,OIDLWFHOD"3RXUTXRLDW,OIDLWFHOD",OVpWDLHQWDUULYpV
DX -RXUGDLQ LOV DYDLHQW WUDYHUVp SRXU HQWUHU GDQV OD WHUUH SURPLVH HW LOV
pWDLHQW DVVLV GDQV OHV OLHX[ FpOHVWHV HQ &KULVW -pVXV /D YRLFL ©QRXVD
EpQLV GH WRXWHV VRUWHV GHV EpQpGLFWLRQV FpOHVWHVª O
HQVHLJQHPHQW GH OD
3DUROH HQ WDQW TX
eJOLVH OHV DSSHOpV j VRUWLU TXL VRQW HQ &KULVW -pVXV
FRPPH QRXV VRPPHV DVVLV HQVHPEOH GDQV OHV OLHX[ FpOHVWHV FRPPH
eJOLVHORUVTXHQRXVVRPPHVQpVHQ&KULVW-pVXV/HVVDLQWVOHVDSSHOpV
jVRUWLU2KODODTXHOTX
XQjTXLYRXVSRXYH]HQVHLJQHUTXHOTXHFKRVH
,OHXWEHDXFRXSG
HQQXLVDYHFOHV&RULQWKLHQVPDLVSDVDYHFFHWWHeJOLVH
FLLOSRXYDLWOHXUSUrFKHUGHJUDQGHVFKRVHV7UqVELHQ
%pQL VRLW OH 'LHX HW 3qUH GH QRWUH 6HLJQHXU -pVXV
&KULVWTXLQRXVDEpQLVGHWRXWH
9RXV YRXV UDSSHOH] PHV GHX[ GHUQLHUV
PHVVDJHV" WRXWH EpQpGLFWLRQ VSLULWXHOOH GDQV OHV
OLHX[FpOHVWHVHQ&KULVW
6HORQ 6XLYH] TXH FHFL SXLVVH PDLQWHQDQW
YRXV VHFRXHU 6HORQ TX
LO QRXV D DX SDVVp
FKRLVLV HQ /XL /RUV GX GHUQLHU UpYHLO" $LMH
FRUUHFWHPHQW OX FHOD" GX PRQGH DYDQW OH PRQGH
5HJDUGH] LFL DYDQW OD IRQGDWLRQ GX PRQGH SRXU
TXHQRXVVR\RQVVDLQWVHWLUUpSURFKDEOHV
$\DQW>SUpGHVWLQpV@
ϯϲ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
GH O
DXWUH &HSHQGDQW V
LO Q
D SDV GH YLH j O
LQWpULHXU LO QH SHXW SDV
UHVVXVFLWHU
8Q KRPPH ERQ SHXW rWUH XQ ERQ PHPEUH G
pJOLVH DXWDQW TX
XQ
FKUpWLHQ 8Q KRPPH ERQ SHXW rWUH XQ FLWR\HQ DXWDQW TX
XQ FKUpWLHQ XQ
KRPPH ERQ XQ KRPPH D\DQW GH OD PRUDOLWp 0DLV TXDQG LO PHXUW F
HVW
ILQLjPRLQVTX
LOQ
DLWpWpQpGHQRXYHDXGHO
(VSULWGH'LHX&DUWRXWFH
TXLDHXXQFRPPHQFHPHQWDXUDXQHILQ
'LHXHVWODVHXOH&KRVHTXLVRLWeWHUQHOOH'RQFQRXVVRPPHVXQH
SDUWLH GH 'LHX HQ UHFHYDQW 6D 9LH -pVXV D GLW ©-H OHXU DL GRQQp OD 9LH
eWHUQHOOHª /H PRW JUHF TXL HVW Oj F
HVW ©=Rpª FH TXL VLJQLILH ©OD 9LH
PrPHGH'LHXª(WODVHXOHPDQLqUHSRXUTXHYRXVSXLVVLH]UHYLYUHF
HVW
G
DYRLUOD9LHeWHUQHOOHODTXHOOHHVWOD9LHGH'LHXFDUYRWUHYLHSpULUD3DU
FRQWUH6D9LHj/XLUHVVXVFLWHUDFDU'LHXHVWeWHUQHO(WYRXVDYH]OD9LH
eWHUQHOOH HW YRXV QH SRXYH] SDV PRXULU SDV SOXV TXH 'LHX QH SHXW
PRXULU2K©&HOXLTXLFURLWHQ0RLDOD9LHeWHUQHOOHHW-HOHUHVVXVFLWHUDL
DX GHUQLHU MRXU OH UHVVXVFLWHUDLª /D 9LH eWHUQHOOH TXL HVW HQ OXL OH
UHVVXVFLWHUD
0DLQWHQDQW SHXWRQ HQWUHU DX &LHO VDQV rWUH GDQV O
eJOLVH" 7DQW
TXH YRXV Q
rWHV SDV Qp GH QRXYHDX YRXV QH SRXYH] SDV rWUH GDQV
O
eJOLVH9RXVQHSRXYH]SDVDOOHUDX&LHOjPRLQVTXHYRXVQDLVVLH]GH
QRXYHDX6LYRXVrWHVQpGHQRXYHDXYRXVrWHVGDQVO
eJOLVH'RQFWDQW
TXHYRXVQ
rWHVSDVPHPEUHGHFHWWHeJOLVHYRXVQHSRXYH]SDVDOOHUDX
&LHO(WYRXVQHSRXYH]SDVrWUHPHPEUHWDQWTXHYRXVQ
\rWHVSDVQp
(W PDLQWHQDQW ODLVVH]PRL YRXV FRXSHU XQ SHX OH VRXIIOH (W YRXV
QH SRXYH] SDV rWUH PHPEUH j PRLQV TXH 'LHX YRXV DLW DSSHOp j rWUH
PHPEUH 0DLQWHQDQW FRPELHQ YRXV GHYULH] rWUH KHXUHX[ SRXU FHOD FDU
YRXVDYH]pWpSUpGHVWLQpDYDQWODIRQGDWLRQGXPRQGH(WYRWUHQRPYRV
QRPVRQWpWppFULWVGDQVOH/LYUHGH9LHGHO
$JQHDXOH/LYUHGHO
eJOLVH
DYDQWODIRQGDWLRQGXPRQGH&
HVWOD%LEOH/D%LEOHGLWTXHO
DQWLFKULVWOHV
RUJDQLVDWLRQV O
pJOLVH FDWKROLTXH DLQVL TXH OHV DXWUHV RUJDQLVDWLRQV RUJDQLVDWLRQV VpGXLURQW WRXV FHX[ VXU OD IDFH GH OD WHUUH GRQW OHV QRPV
Q
RQWSDVpWppFULWVGDQVOH/LYUHGH9LHGHO
$JQHDXDYDQWODIRQGDWLRQGX
PRQGH-pVXVDGLW©7RXVFHX[TXHOH3qUHP
DGRQQpVYLHQGURQWj0RLª
&H VRQW 6HV SURSUHV 3DUROHV ,O QH V
DJLW SDV GH FH TXH YRXV DYH] IDLW
PDLVGHFHTXH/XLDIDLW
9R\RQVFHODXQHPLQXWHSUHQRQVUDSLGHPHQWeSKpVLHQVFKDSLWUH
eFRXWH]FHFLF
HVW3DXO0DLQWHQDQWLOGHYDLWFRQWLQXHUDYHFFHWWHeJOLVH
MXVTX
j OD SHUIHFWLRQ 3DXO DGUHVVH FHFL DX[ FKUpWLHQV &RPELHQ GH
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^ϵ
/DLVVRQV DORUV OD %LEOH OH GLUH 3UHQRQV PDLQWHQDQW HW OLVRQV XQ
LQVWDQW RXYUH] DYHF PRL $SRFDO\SVH FKDSLWUH &
HVW OD UpYpODWLRQ GH
-pVXV&KULVW j 6RQ eJOLVH eJOLVH TXL D pWp DSSHOpH j VRUWLU $SRFDO\SVH
HW QRXV DOORQV HVVD\HU GH OH IDLUH DXVVL YLWH TXH SRVVLEOH 0DLV
PDLQWHQDQWVR\H]DWWHQWLIVSHQGDQWTXHQRXVOLVRQV
XQGHVVHSWDQJHVTXLDYDLHQWOHVVHSWFRXSHVYLQWHW
P
DGUHVVD OD SDUROH HQ GLVDQW 9LHQV LFL MH WH
PRQWUHUDLOHMXJHPHQW GHOD JUDQGH SURVWLWXpH TXLHVW
DVVLVHVXUOHVJUDQGHVHDX[
%LHQ WRXW FHFL HVW XQ V\PEROH FDU F
HVW OD UpYpODWLRQ GH -pVXV
&KULVW TXL HVW VFHOOpH 6DYLH]YRXV FHOD" &
HVW XQH FKRVH FDFKpH HW TXL
SHXW rWUH UpYpOpH QRQ SDV SDU OD SHQVpH LQWHOOHFWXHOOH PDLV XQLTXHPHQW
SDU OH 6DLQW(VSULW DX PR\HQ GHV GRQV GH O
(VSULW ©&HOXL TXL D GH OD
VDJHVVHTX
LOFRPSWHOHQRPEUHGHODErWHª&HOXLTXLDGHODVDJHVVHOH
GRQGHVDJHVVHTX
LOIDVVHFHFLHWIDVVHFHOD(WYRLFLODUpYpODWLRQ
0DLQWHQDQWWRXWOHPRQGHVDLWTXHGDQVOD%LEOHORUVTX
XQHIHPPH
HVW SULVH FRPPH V\PEROH HOOH UHSUpVHQWH XQH pJOLVH /
eJOLVH GH &KULVW
HVWDSSHOpH©O
eSRXVHª3DXODGLW©-HYRXVDLILDQFpVj&KULVWFRPPHXQH
YLHUJHSXUHª
(K ELHQ LFL QRXV VRPPHV HQ WUDLQ GH SDUOHU G
XQH JUDQGH IHPPH
TXLHVWG
XQHPDXYDLVHUpSXWDWLRQ©9LHQVLFLMHWHPRQWUHUDLªDGLWO
$QJH
j -HDQ ©OH MXJHPHQW GH OD JUDQGH SURVWLWXpH TXL HVW DVVLVH VXU OHV
JUDQGHVHDX[ª0DLQWHQDQW©ODIHPPHDVVLVHVXUOHVJUDQGHVHDX[ªFHOD
D O
DLU WUqV P\VWpULHX[ SRXUWDQW WRXW HVW LFL /D %LEOH O
H[SOLTXH 3UHQRQV
PDLQWHQDQW OH FKDSLWUH RX SOXW{W OH YHUVHW GX PrPH FKDSLWUH YRXV
SRXYH]DLQVLYRLUFHTXHUHSUpVHQWHQWOHVOHVOHVOHV©HDX[ª
(WLOPHGLWOHVHDX[TXHWXDVYXHVVXUOHVTXHOOHVOD
SURVWLWXpHHVWDVVLVHFHVRQWGHVSHXSOHVGHVIRXOHV
GHVQDWLRQVHWGHVODQJXHV
$LQVL GRQF OHV HDX[ VXU OHVTXHOOHV pWDLW DVVLVH OD IHPPH Oj
GHVVXVHOOHDYDLWOHFRQWU{OHGHVQDWLRQVGHVSHXSOHVGHVIRXOHVHWGHV
ODQJXHV (OOH FRQWU{ODLW WRXW FHOD XQH IHPPH XQH IHPPH GH PDXYDLVH
UpSXWDWLRQ 0DLQWHQDQW TXDQG XQH IHPPH D XQH PDXYDLVH UpSXWDWLRQ
GDQVOHQDWXUHOQRXVVDYRQVTXHTXDQGFHODHVWGLWG
XQHIHPPHSRXUXQH
XQH IHPPH QRXV FRPSUHQRQV TX
HOOH HVW LQILGqOH j VRQ PDUL &
HVW GH
FHOD TX
HOOH VHUD WD[pH $ORUV HOOH SRXUUDLW SUpWHQGUH rWUH ILGqOH j XQ
KRPPH DORUV TX
HOOH OXL HVW LQILGqOH (VWFH YUDL" %LHQ F
HVW GRQF XQH
eJOLVH TXL SUpWHQG TXH &KULVW HVW VRQ 0DUL DORUV TXH VD GRFWULQH HVW
FRQWUDLUH j 6RQ HQVHLJQHPHQW (OOH HVW XQH SURVWLWXpH (Q SOXV HOOH D OH
ϭϬ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
FRQWU{OHGHVSHXSOHVGHVIRXOHVHWGHVQDWLRQV©9LHQVLFLMHWHPRQWUHUDL
VRQMXJHPHQWª1RXVDYRQVPDLQWHQDQWO
LPDJH
ODTXHOOHOHVURLVGHODWHUUHRQWFRPPLVIRUQLFDWLRQ
HWFHX[TXLKDELWHQWODWHUUHRQWpWpHQLYUpVGXYLQGH
VDIRUQLFDWLRQ
4X
HVWFHTXHODIRUQLFDWLRQ"&
HVWO
LPSXUHWpF
HVWrWUHLPSXU(OOH
HVW XQH SURVWLWXpH (OOH D GH O
LPSXUHWp HQ HOOH HW WRXV OHV ULFKHV GX
PRQGHOHVURLVOHVJUDQGVKRPPHVGHVQDWLRQVHWGHVIRXOHVRQWFRPPLV
IRUQLFDWLRQDYHFHOOHRQWSULVSDUWjVHVPDXYDLVHVDFWLRQV9RXVYR\H]R
FHODDERXWLWQ
HVWFHSDV"9RXVYR\H]"
%LHQ MH QH VXLV SDV UHVSRQVDEOH G
DYRLU pFULW &HFL FHSHQGDQW MH
VXLV UHVSRQVDEOH VL MH Q
HQVHLJQH SDV &HOD 1RXV VRPPHV SUpVHQWHPHQW
HQWUDLQGHSDUOHUGHO
pJOLVH0DLQWHQDQWVLYRXVUHPDUTXH]ELHQDXIXUHW
jPHVXUHTXHQRXVDYDQoRQV
(WLOPHWUDQVSRUWDHQHVSULWGDQVXQGpVHUWHWMHYLV
XQHIHPPHDVVLVHVXUXQHErWHpFDUODWH
3HUPHWWH]PRL GH SUHQGUH FHV V\PEROHV DX IXU HW j PHVXUH TXH
QRXV DYDQoRQV 0DLQWHQDQW O
pFDUODWH F
HVW OH URXJH 'DQV XQ VHQV OH
URXJH HVW XQH ERQQH FRXOHXU 'DQV XQ DXWUH VHQV OH URXJH HVW XQH
FRXOHXU GH PDXYDLVH UpSXWDWLRQ OD OXPLqUH URXJH OD FRXOHXU GX GDQJHU
O
pFDUODWH(OOHV
pWDLWSDUpHG
pFDUODWHOHURXJHHOOHpWDLWXQHSURVWLWXpH
(WHOOHpWDLWDVVLVHVXUXQHErWH'DQVOD%LEOHXQHErWHUHSUpVHQWH
©XQHSXLVVDQFHª6LYRXVOHUHPDUTXH]EHDXFRXSGHPLQLVWUHVMHOHVYRLV
DSSURXYHUG
XQVLJQHGHODWrWHF
HVWYUDLFDULOVVRQWGHVHQVHLJQDQWVGH
OD %LEOH 8QH ErWH UHSUpVHQWH ©XQH SXLVVDQFHª 1RXV YR\RQV FHV ErWHV
GDQVGDQVOD%LEOHGDQVO
$SRFDO\SVHHWGDQV'DQLHOVRUWLUGHODPHU
GHVErWHVGHVSXLVVDQFHVVRUWLUGXPLOLHXGHVSHXSOHV
0DLV DYH]YRXV UHPDUTXp TXH GDQV $SRFDO\SVH TXDQG OHV
eWDWV8QLVPRQWHQWF
HVWODVHXOHErWHGDQVOD%LEOHTXLPRQWHVDQVVRUWLU
GHVHDX["/D%LEOHGLWTX
HOOHVRUWGHODWHUUHGHOjRLOQ
\DSDVGHJHQV
&
pWDLWFHQRXYHDXUR\DXPH(WHOOHDYDLWO
DVSHFWG
XQDJQHDXPDLVDSUqV
XQPRPHQWHOOHSDUODLWFRPPHXQGUDJRQ&
HVWFHSD\VdDGRLWDUULYHU
8QMRXULOVFRPPHWWURQWXQHHUUHXUHQpOLVDQWODSHUVRQQHTX
LOQHIDXGUDLW
SDV ,OV pOqYHURQW XQ -RVHSK RX SOXW{W XQ 3KDUDRQ TXL QH FRQQDvW SDV
-RVHSK ,OV O
RQW HVVD\p DYDQW HW LOV HVVD\HURQW HQFRUH GH OH IDLUH V
LOV
pFKRXHQWFHWWHIRLVFL&HODYLHQGUDILQDOHPHQWOD%LEOHO
DGLW-HQHVXLV
SDV XQ SROLWLFLHQ OHV GHX[ SDUWLV VRQW FRUURPSXV -H YRWH SRXU -pVXV
&KULVWF
HVWODVHXOH3HUVRQQHj/DTXHOOHMHP
LQWpUHVVH0DLVMHYRXVGLV
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^ϯϱ
0DLQWHQDQW SUHPLqUHPHQW GDQV -HDQ -pVXV GLW ©$ PRLQV
TX
XQ KRPPH QH VRLW Qp G
HDX HW G
(VSULWª ©5HSHQWH]YRXV HW VR\H]
EDSWLVpV DX 1RP GH -pVXV&KULVW SRXU OD UpPLVVLRQ GHV SpFKpV HW DORUV
YRXV QDvWUH] G
(VSULW QDvWUH] G
HDX HW G
(VSULW $ PRLQV TX
XQ KRPPH
Q
REWLHQQH&HFLLOQHSHXWPrPHSDVHQWUHUGDQVOH5R\DXPHGHV&LHX[LO
QH SHXW PrPH SDV YRLU OH 5R\DXPH GHV &LHX[ª $ORUV VL YRXV rWHV QpV
G
HDXHWG
(VSULWYRXVrWHVGDQVO
eJOLVH6LYRXVQ
rWHVSDVQpVG
HDXHW
G
(VSULWYRXVQHIDLWHVSDVSDUWLHGHO
eJOLVH(WYRXVQHSRXYH]SDVYRLU
OH 5R\DXPH GHV &LHX[ &HOD VLJQLILHWLO TXHOTXH FKRVH SRXU YRXV" &
HVW
VLPSOHPHQWO
H[DFWHYpULWp
0DLQWHQDQW VDYLH]YRXV TXH 9RXV GLWHV ©%LHQ )UqUH %UDQKDP
MHFURLVªF
HVWELHQpFRXWH]©HWMHQ
DLMDPDLVUHoXOH6DLQW(VSULWª1RQ
YRXV QH FUR\H] SDV HQFRUH 9RXV FUR\H] VLPSOHPHQW HQ XQH FUR\DQFH
9RXV DYH] O
HVSpUDQFH FDU GDQV , &RULQWKLHQV FKDSLWUH YHUVHW YR\RQV FHOD WUqV UDSLGHPHQW SHQGDQW TXH QRXV QRXV HQ DSSURFKRQV VL
YRXVOHYRXOH],&RULQWKLHQVFKDSLWUHYHUVHWHWQRXVYHUURQVFHOD
MXVWH WUqV UDSLGHPHQW HW HW QRXV OLVRQV FHFL LFL HW YR\RQV FH TXH OH
6HLJQHXUDSRXUQRXVGDQVFHFL,&RULQWKLHQVWUqVELHQOHYHUVHW
&
HVWSRXUTXRLMHYRXVIDLVVDYRLUTXHSHUVRQQHV
LO
SDUOHSDUO
(VSULWGH'LHXQHGLW-pVXVHVWDQDWKqPH
HWSHUVRQQHQHSHXWGLUH-pVXVHVWOH6HLJQHXUVLFH
Q
HVWSDUOH6DLQW(VSULW
7DQW TXH YRXV Q
DYLH] SDV UHoX OH 6DLQW(VSULW YRXV Q
(Q VDYH]
ULHQ 9RXV GLWHV ©-
DFFHSWH -pVXV&KULVW FRPPH PRQ 6DXYHXU
SHUVRQQHOª$YH]YRXVUHoXOH6DLQW(VSULWGHSXLVTXHYRXVDYH]FUX"6L
FHQ
HVWSDVOHFDVYRXVQHSRXYH]PrPHSDV/
DSSHOHU6HLJQHXUFDU,O
Q
HVWSDV6HLJQHXU&
HVWXQÇWUHKLVWRULTXHTXHYRXVDYH]DFFHSWpSDUOD
IRL 3DU FRQWUH TXDQG ,O HQWUH HQ YRXV SDU OH 6DLQW(VSULW ,O HVW YRWUH
6HLJQHXU 3HUVRQQH QH SHXW DSSHOHU -pVXV 6HLJQHXU VL FH Q
HVW SDU OH
6DLQW(VSULW WDQW TXH YRXV Q
rWHV SDV Qp GH O
(VSULW GH 'LHX HW TXH OH
6DLQW(VSULWQ
HVWSDVHQYRXV'RQFVLYRXVrWHVVLYRXVrWHVQpVGDQV
FH5R\DXPHYRXVIDLWHVSDUWLHGHO
eJOLVHHWYRXVrWHVDORUVGHFHX[TXL
RQWpWpDSSHOpVjVRUWLU9R\H]YRXVFHOD"7UqVELHQPDLQWHQDQW
/D YLH SHXWHOOH VRUWLU G
XQ JUDLQ GH PDwV VDQV TXH FH JUDLQ DLW GH
YLH HQ OXL" 6L XQ JUDLQ GH PDwV HVWPLV HQWHUUH O
XQJHUPH HW O
DXWUH QH
JHUPHSDV&HOXLTXLQHJHUPHSDVSHXWLOUHYLYUH"1RQHQDXFXQHIDoRQ
,OQ
\DULHQjO
LQWpULHXUELHQTXHPDWpULHOOHPHQWLOGRQQHUDGHVIORFRQVGH
PDwVDXVVLERQVDXVVLERQVTXHO
DXWUHLOGRQQHUDXQSDLQGHPDwVDXVVL
ERQTXHO
DXWUH,ODXUDVXUODSODQFKHXQHDSSDUHQFHDXVVLEHOOHTXHFHOOH
ϯϰ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
,OQ
\DSOXVQL-XLIQL*UHFLOQ
\DSOXVQLHVFODYH
QLKRPPHOLEUHLOQ
\DSOXVQLKRPPHQLIHPPHFDU
YRXVWRXVYRXVrWHVXQHQ&KULVW-pVXV
&RPPHQWHQWURQVQRXVGDQVFH&RUSVGHTXHOOHPDQLqUHO
DYRQV
QRXV IDLW" 1RXV DYRQV pWp EDSWLVpV SDU OH 6DLQW(VSULW GDQV OH &RUSV GH
&KULVW-pVXV
%LHQ DXWUH FKRVH TX
HVW OH 0HVVDJH GH O
eJOLVH OD PDQLqUH GRQW
QRXVHQWURQVGDQVO
pJOLVHF
HVWSDUODVDQFWLILFDWLRQ(WODVDQFWLILFDWLRQ
+pEUHX[HW©-pVXVDVRXIIHUWKRUVGHODSRUWHDILQGHVDQFWLILHUOH
SHXSOHSDU6RQSURSUHVDQJª
0DLQWHQDQW eSKpVLHQV YR\RQVOH QRXV GHYRQV OH OLUH eSKpVLHQV
YLWH PDLQWHQDQW eSKpVLHQV 7UqV ELHQ QRXV \ VRPPHV 1RQM
DLHQFRUHPDQTXpODFKRVH-HQHO
DLSDVFRUUHFWHPHQWQRWpLFL2K
YR\RQV3DUFRQVpTXHQWOHVSUpGLFDWHXUVHWOHVSUrWUHV2KRXL,O\DXQ
PRPHQW MH QRWDLV FHOD WUqV UDSLGHPHQW MH GRLV GRQF DYRLU QRWp XQH
DXWUH2KMHVXLVVXUXQHDXWUHSDJH$PHQ2XL7UqVELHQ
+pEUHX[©-pVXVDVRXIIHUWKRUVGHODSRUWHDILQGHVDQFWLILHU
OHSHXSOHSDU6RQSURSUHVDQJª
'RQF OHV DPLV YRLFL OD PDQLqUH GRQW QRXV HQWURQV GDQV O
eJOLVH
SDUOD UHSHQWDQFH HQ pWDQW EDSWLVpV DX 1RP GH -pVXV&KULVW SRXU OD
UpPLVVLRQ GH QRV SpFKpV DYHF OD SURPHVVH TXH QRXV UHFHYURQV OH
EDSWrPHGX6DLQW(VSULW3DUFRQVpTXHQWLOQ
\DSRLQWGHSUpGLFDWHXUTXL
SHXWQRXV\IDLUHHQWUHUSDUXQHSRLJQpHGHPDLQLOQ
\DSRLQWGHSUrWUH
TXLSHXWQRXV\IDLUHHQWUHUSDUXQYRHX1RXV\QDLVVRQVSOXW{WSDUOH5RL
GX5R\DXPH0HVVLDQLTXH$PHQ
-XVWHFHFLPDLQWHQDQWSXLVMHGLUHXQHFKRVHGHSOXVHWFRQWLQXHU
HQVXLWH"&RPELHQUHVWHURQWMXVWHTXHOTXHVPLQXWHVGHSOXVDYHFPRL">/D
FRQJUpJDWLRQGLW©$PHQª1'e@MXVWHSRXU,OHVWK
HWOHWHPSV
HVWSDVVp
0DLQWHQDQWSRXYRQVQRXVDOOHUDX&LHOVDQVO
eJOLVH")DLVRQVMXVWH
TXHOTXHV FRPPHQWDLUHV VXU FHFL FDU FRPPH YRXV OH YR\H] M
HQ DL
HQYLURQXQHGRX]DLQHpFULWHLFL&HSHQGDQWMHMH(QFRUHXQHFKRVHTXH
QRXVGHYRQVVDYRLU1RQPRQVLHXUYRXVQHSRXYH]SDVDOOpDX&LHOVDQV
rWUHPHPEUHGHFHWWHeJOLVH
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^ϭϭ
TXH YRXV IHULH] PLHX[ GH QHWWR\HU PDLQWHQDQW YRV OXQHWWHV VL YRXV YRXV
DWWHQGH] j FH TXH YRV HQIDQWV VRLHQW OLEUHV -H QH VDLV SDV j TXHO SRLQW
F
HVWSURFKH3ULH]7UqVELHQ
$\DQWTXRL"
$LQVLLOPHWUDQVSRUWDHQHVSULWGDQVXQGpVHUWHWMH
YLVXQHIHPPHO
pJOLVHDVVLVHVXUXQHErWHpFDUODWH
ErWH pFDUODWH SOHLQH GH QRPV GH EODVSKqPHV D\DQW
VHSWWrWHVHWGL[FRUQHV
©6HSW WrWHVª (W LFL SOXV EDV LO HVW GLW ©/HV VHSW WrWHVTX
DYDLW OD
ErWHVRQWVHSWFROOLQHVVXUOHVTXHOOHVHVWDVVLVHODODYLOOHª0DLQWHQDQW
TXHOOHHVWODYLOOHTXLHVWEkWLHVXUVHSWFROOLQHV"5RPHF
HVWH[DFW8QH
YLOOH DVVLVH VXU VHSW FROOLQHV XQH pJOLVH XQH IHPPH XQH SURVWLWXpH TXL
SDU VD SXLVVDQFH FRQWU{OHUD OH PRQGH (K ELHQ F
HVW DXVVL FODLU TXH OD
OHFWXUHG
XQMRXUQDO9R\H]"$VVXUpPHQW
0DLQWHQDQW
(W FHWWH IHPPH pWDLW YrWXH GH SRXUSUH HW G
pFDUODWH
OD IHPPH O
pJOLVH ULFKH HW SDUpH G
RU GH SLHUUHV
SUpFLHXVHVHWGHSHUOHV
'LWHVPRL j TXHO PRPHQW XQH VHXOH G
HQWUH HOOHV D MDPDLV SD\p
O
LPS{W'LWHVPRLTXDQGRQOHXUDMDPDLVLPSRVpOHVWD[HVSRXUTXRLTXH
FH VRLW (OOHV IRQW FH TXL OHXU SODvW (W SRXUWDQW 'LHX D GHV HQIDQWV Oj
GHGDQV,OHQDFHUWDLQHPHQW
'H PrPH OD FRFRWWH QH SHXW GLUH GH OD PDUPLWH TX
HOOH HVW QRLUH
ELHQ GHV IRLV OHV SURWHVWDQWV GLVHQW ©(K ELHQ OHV FDWKROLTXHV RQW
DVVDVVLQpXQWHOXQWHOHWXQWHODXWUHª4XLDDVVDVVLQp-RVHSK6PLWK"-H
QH VXLV SDV G
DFFRUG DYHF OXL FHSHQGDQW LO DYDLW DXWDQWTXHPRL OH GURLW
GH GRQQHU VRQ HQVHLJQHPHQW LFL HQ $PpULTXH (W O
pJOLVH PpWKRGLVWH D
DVVDVVLQp-RVHSK6PLWK4XDQGYRXVHQWUH]jj6DOW/DNH&LW\LO\DXQH
pQRUPH HQVHLJQH ©9RXV PpWKRGLVWHV IDLWHV DWWHQWLRQ DX[ JULOORQV
PRUPRQVª&
HVWYUDL&
HVWO
pJOLVHPpWKRGLVWHTXLDDEDWWX-RVHSK6PLWK
GHV SURWHVWDQWV 'RQF QH YRXV DFKDUQH] SDV FRQWUH OHV FDWKROLTXHV
2EVHUYH]MXVWHTXHOTXHVPLQXWHVOD%LEOHOHGLUDDXVVL
GH SLHUUHV SUpFLHXVHV GH SHUOHV HOOH WHQDLW GDQV
VDPDLQXQHFRXSHG
RUUHPSOLHG
DERPLQDWLRQVHWGHV
LPSXUHWpVGHVDIRUQLFDWLRQVHVGRFWULQHVFHTX
HOOH
GLVWULEXDLWOHVURLVGHODWHUUHV
HQDEUHXYHQW
4XLFRQTXHFURLUDLWFHODFURLUDLWHQFHVSLOXOHVGHYLWDPLQHVGX)UqUH
-DJJHU DYHF OHVTXHOOHV YRXV SRXYH] DVSHUJHU G
HDX XQH IHPPH PDULpH
GHSXLV DQV j XQ KRPPH HW TXL D HX SOXVLHXUV HQIDQWV HW OD IDLUH
UHGHYHQLU YLHUJH SRXU O
HQYR\HU FHWWH QXLWOj DX OLW QXSWLDO DYHF VRQ PDUL
ϭϮ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
4XLFRQTXH SRXUUDLW FURLUH TXH FHWWH HDX EpQLWH OH IHUD SHXW FURLUH j
Q
LPSRUWHTXRL&
HVWYUDL3RXUWDQWOHVURLVGHODWHUUHFRPPHWWHQWGHWHOV
DFWHV &
HVW GH FHWWH IDoRQ TX
LOV SDUYLHQQHQW j YLYUH HW j DYRLU XQ
VHQWLPHQW GH SDL[ $X IRQG GH YRWUH FRHXU YRXV VDYH] TXH YRXV rWHV
SRXUUL 3UHQH] OH 6DQJ GH -pVXV&KULVW SRXU YRXV QHWWR\HU 0DLV
UHPDUTXH]PDLQWHQDQWHOOHpWDLWODSUHPLqUHpJOLVHRUJDQLVpHOD%LEOHHQ
SDUOHLFL
(W VXU VRQ IURQW pWDLW pFULW XQ QRP XQ P\VWqUH
%DE\ORQH OD JUDQGH OD PqUH GHV LPSXGLTXHV HW GHV
DERPLQDWLRQVGHODWHUUH
0DLQWHQDQW REVHUYH] 1RXV VRPPHV WRXV G
DFFRUG HW PrPH OHV
OLYUHV GHV URPDLQV OHV OLYUHV PrPHV GHV FDWKROLTXHV UHFRQQDLVVHQW TXH
F
HVW O
pJOLVH URPDLQH 'RQF OHXUV SURSUHV OLYUHV RQW SX UHFRQQDvWUH FHOD
-
DLLFLFHTX
RQDSSHOOH©/HV$FWHVGHQRWUHIRLªTXHVHXOXQSUrWUHSHXW
DYRLUXQHFDWKROLTXHIXWFRQYHUWLHjODPLHQQHVRQJDUoRQpWDLWXQSUrWUH
HWHOOHP
DGRQQpFHOLYUH,OOXLGLWDORUVGHUHQWUHUjO
pJOLVHHOOHHVWYHQXH
SRXU OH UHSUHQGUH HW MH OH OXL DL UHIXVp -H O
DL JDUGp FRPPH pYLGHQFH MH
GpVLUDLV FRQQDvWUH FH GRQW MH SDUODLV 4XDQG MH GLV XQH FKRVH LO IDXWTXH
M
HQVRLVVU'LHXP
HQWLHQGUDUHVSRQVDEOH
(W UDSSHOH]YRXV HOOH HVW DSSHOpH ©0\VWqUH %DE\ORQHª QRXV
VDYRQV TXH F
HVW O
pJOLVH FDWKROLTXH FHSHQGDQW UHPDUTXH] HOOH HVW ©OD
PqUHGHVLPSXGLTXHVª4X
HVWFHTX
XQHLPSXGLTXH"(OOHHVWSDUHLOOHjOD
SURVWLWXpH 0DLQWHQDQW G
R VRQW YHQXHV FHV RUJDQLVDWLRQV" ,O \ D OHXU
PqUH F
HVW FH TX
HOOHV VRQW DX GpSDUW 9RXV GLWHV DORUV ©&
HVW
O
DQWLFKULVWª &
HVW YUDL (W VL F
HVW O
DQWLFKULVW TX
HQ HVWLO DORUV GH QRV
RUJDQLVDWLRQV" 7RXW FRPPH XQH LPSXGLTXH HW XQH SURVWLWXpH VRQW OD
PrPH FKRVH FRPPHWWUH DGXOWqUH FRPPHWWUH GHV IRUQLFDWLRQV DFFHSWHU
GH IDXVVHV FKRVHV j FDXVH GH OD FRQFHSWLRQ LQWHOOHFWXHOOH GH O
KRPPH
&RPPHOHGLWOD%LEOH©HQVHLJQDQWSRXUGRFWULQHGHVFRPPDQGHPHQWV
G
KRPPHVª &
HVW FH TX
RQ DSSHOOH DXMRXUG
KXL pJOLVH XQH FKRVH TXL HVW
RSSRVpHDX5R\DXPHGH'LHX
&
HVW FRPPH GDQV O
$QFLHQ 7HVWDPHQW 'LHX DLPDLW rWUH 5RL VXU
,VUDsO DYDQW TXH FHOXLFL QH GHYLHQQH XQH pJOLVH HW ,O pWDLW 5RL (W ELHQ
TX
D\DQWXQSURSKqWH6DPXHOXQKRPPHERQTXDQGLOOHXUDYDLWGLWTXH
V
LOVGpVLUDLHQWXQURL0DLVLOVYRXODLHQWrWUHFRPPHOHVDXWUHVSHXSOHV
LOVYRXODLHQWrWUHFRPPHOHV3KLOLVWLQV
&
HVW FH TXL QH YD SDV FKH] OHV SURWHVWDQWV LOV Q
pWDLHQW WRXW
VLPSOHPHQW SDV VDWLVIDLWV GH FH TX
LOV pWDLHQW 6LPSOHPHQW LOV 4XDQG OH
6DLQW(VSULW WRPED VXU HX[ LO \ D DQV OjEDV HW TXH OD SXLVVDQFH
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^ϯϯ
,O \ HVW GLW ©%LHQ VU SDUIRLV FDU LOV UHFRQQDLVVHQW OD OD GRFWULQH
FDWKROLTXHª,OVQHSUHQGURQWSDVOHXU%LEOH,OVEDSWLVHQWDXQRP©GX3qUH
GX)LOVHWGX6DLQW(VSULWªHWLOVQ
RQWDXFXQHeFULWXUHSRXUFHOD,ODGLW
©3RXUWDQW F
HVW O
pJOLVH FDWKROLTXH TXL FRPPHQoD FHODª HW LOV
UHFRQQDLVVHQW FHOD 3DU OHV RUGUHV FDWKROLTXHV LO SHXW \ DYRLU TXHOTXHV
XQV TXL VRLHQW VDXYpV 3DUHLOOH FKRVH Q
H[LVWH SDV 3HUVRQQH Q
D MDPDLV
EDSWLVpGHFHWWHPDQLqUH'DQVOD%LEOHRQQ
DMDPDLVDVSHUJpTXHOTX
XQ
QL YHUVp GH O
HDX VXU TXHOTX
XQ QL EDSWLVp G
XQH DXWUH PDQLqUH TXH SDU
O
LPPHUVLRQ GDQV O
HDX DX 1RP GH -pVXV&KULVW SRXU OD UpPLVVLRQ GHV
SpFKpV
4X
DYRQVQRXV OX LO \ D XQ LQVWDQW" (W MH YRXV DL GLW TX
RQ \
DUULYHUDLW SOXV WDUG &HWWH UHSHQWDQFH HW FHWWH UpPLVVLRQ GHV SpFKpV
GHYUDLHQWrWUHSUrFKpHVHQ6RQ1RP2"8QLTXHPHQWj-pUXVDOHPDX[
-XLIV" $ WRXWHV OHV QDWLRQV GDQV OH PRQGH HQWLHU j FRPPHQFHU SDU
-pUXVDOHP0DLQWHQDQWGRFWHXU6LPRQ3LHUUHDIDLWODSUHVFULSWLRQ
4X
HQHVWLOGHYRXVGRFWHXUV"3RXUTXRLHVVD\H]YRXVG
\DMRXWHU
TXHOTXH FKRVH" 1
\ DMRXWH] ULHQ 3UHQH] &HOD WHO TXHO &
HVW oD OD
FRPPLVVLRQ GH O
eJOLVH &
HVW FRPPH oD TXH YRXV \ HQWUH] HQ YRXV
UHSHQWDQWHWHQpWDQWEDSWLVpDX1RPGH-pVXV&KULVWSRXUODUpPLVVLRQGH
YRV SpFKpV DYHF OD SURPHVVH TXH YRXV UHFHYUH] OH 6DLQW(VSULW
0DLQWHQDQW F
HVW FH TXH GLW OD %LEOH %DSWLVp GDQV O
eJOLVH EDSWLVp GDQV
O
eJOLVH
/LVRQV *DODWHV MXVWH XQ LQVWDQW 1RXV Q
DYRQV LFL TX
XQH RX
GHX[WURLVFKRVHVGHSOXVHWQRXVQRXVGHYRQVHQVXLWHWHUPLQHU/LVRQV
PDLQWHQDQWLFLGDQV*DODWHVFKDSLWUH6LTXHOTX
XQWURXYHFHODDYDQWPRL
TX
LOOHOLVHTX
LODLOOHGHO
DYDQW>8QHVRHXUOLW*DODWHV1'e@
&DU YRXV rWHV WRXV HQIDQWV GH 'LHX SDU OD IRL HQ
-pVXV&KULVW
*DODWHV " 3HXWrWUH TXH MH O
DL OX HW TXH MH O
DL PDO QRWp LFL
/LVRQV &RORVVLHQV -H MH QH VDLV SDV R MH YRXODLV HQ YHQLU %LHQ LO VH
SHXWTXHoDVRLW&RORVVLHQVYR\RQVVLF
HVW&RORVVLHQV1RQLOQ
\D
SDVGH4X
HVWFHDORUV*DODWHV"9RLOjM
DLWURXYpFHODLFL&
HVW
MXVWH &RQWLQXH] j OLUH VRHXU *DODWHV j SDUWLU GH Oj R YRXV O
DYLH]
FRPPHQFp&
HVWoDHW0DLQWHQDQWpFRXWH]DWWHQWLYHPHQW>/D
VRHXUOLW*DODWHVj@
&DU YRXV rWHV WRXV ILOV GH 'LHX SDU OD IRL HQ &KULVW
-pVXV
&DU YRXV WRXV TXL DYH] pWp EDSWLVpV HQ &KULVW YRXV
DYH]UHYrWX&KULVW
ϯϮ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
6LYRWUHPpGHFLQYRXVIDLWXQHSUHVFULSWLRQHWTXHYRXVO
DPHQH]j
OD SKDUPDFLH R XQ FKDUODWDQ YRXV VDYH] LO SHXW YRXV WXHU DYHF FHWWH
SUHVFULSWLRQ9RXVYR\H]FHPpGHFLQ\SUHVFULWXQHFHUWDLQHGRVHFDULOD
pWpIRUPpSRXUFHOD(WLOSUHVFULW,O\DWHOOHTXDQWLWpGHSRLVRQHWLO\PHW
XQ DQWLGRWH SRXU GpWUXLUH FHWWH TXDQWLWp GH SRLVRQ ,O GRLW PHWWUH TXHOTXH
FKRVH SRXU QHXWUDOLVHU O
DXWUH GURJXH (W VL FHWWH SUHVFULSWLRQ Q
HVW SDV
VXLYLHH[DFWHPHQWWHOOHTXHOHPpGHFLQO
DYDLWpWDEOLHFHODYRXVWXHUD
(WLOHVWXQIDLWTXH'LHXHVWOH0pGHFLQ,OHVWOH0pGHFLQGHO
kPH
,O HVW OH 0pGHFLQ GX 6DOXW (W ,O LQVWUXLVLW GDQV 6D SURSUH 7KpRORJLH XQ
KRPPH 3LHUUH XQ LOOHWWUp ,O QH SRXYDLW PrPH SDV OLUH VRQ QRP TXDQG
F
pWDLW pFULW GHYDQW OXL ,O OXL GRQQD OH 6DLQW(VSULW HW OXL GRQQD XQ FUD\RQ
SRXU pFULUH DX VXMHW GH OD GRFWULQH $LQVL OH MRXU GH OD 3HQWHF{WH LO ILW OD
SUHVFULSWLRQ 9R\RQV FH TX
LO SUHVFULYLW 'RFWHXU 6LPRQ 3LHUUH YR\RQV
TXHOOH HVW YRWUH SUHVFULSWLRQ SRXU OH VDOXW 9R\RQV SRXU TXHOOH UDLVRQ HOOH
IXWIDLWH
$SUqV DYRLU HQWHQGX FH GLVFRXUV LOV HXUHQW OH FRHXU
YLYHPHQW WRXFKp HWLOV GLUHQWj 3LHUUH HW DX[ DXWUHV
DS{WUHV+RPPHVIUqUHVTXHIHURQVQRXV"
2EVHUYH] YRXV DYH] OHV FOpV 3LHUUH OHXU GLW
DORUV 5HSHQWH]YRXV HW TXH FKDFXQ GH YRXV VRLW
EDSWLVp DX 1RP GH -pVXV&KULVW SRXU OD UpPLVVLRQ GH
YRVSrFKpVHWYRXVUHFHYUH]OHGRQGX6DLQW(VSULW
&DU OD SURPHVVH HVW SRXUYRXV SRXU YRV HQIDQWV HW
SRXUWRXVFHX[TXLVRQWDXORLQHQDXVVLJUDQGQRPEUH
TXHOH6HLJQHXUQRWUH'LHXOHVDSSHOOHUD
&
HVW oD OD SUHVFULSWLRQ 1H OD IDOVLILH] SDV YRXV WXHUH] YRWUH
SDWLHQW &
HVW FH TXL QH YD SDV FKH] XQ ERQ QRPEUH GH FHV JHQV TXL
SDUOHQW GH FH ©3qUH )LOV HW 6DLQW(VSULWª LOV WXHQW EHDXFRXS GH JHQV
VSLULWXHOV HQ VRLJQDQW DYHF FH TXL HVW IDX[ 3DUHLOOH FKRVH Q
H[LVWH SDV
'DQV OD %LEOH SHUVRQQH Q
D MDPDLV pWp EDSWLVp DX QRP GX ©3qUH )LOV
6DLQW(VSULWª 3DUHLOOH FpUpPRQLH Q
D MDPDLV HX OLHX DYDQW TXH O
pJOLVH
FDWKROLTXH QH FRPPHQFH O
pJOLVH FDWKROLTXH HQ HVW OD PqUH 6RQGH] OHV
eFULWXUHV VRQGH] O
KLVWRLUH HW YRXV GpFRXYULUH] TXH OD SUHPLqUH IRLV TXH
FHWRUGUHGX©3qUH)LOVHW6DLQW(VSULWªIXWDSSOLTXpF
pWDLWSDUXQSUrWUH
FDWKROLTXH 2Q OHV DVSHUJH /
DVSHUVLRQ IXW RUGRQQpH SDU O
pJOLVH
FDWKROLTXHODPqUHGHVLPSXGLTXHV
9RXV UHWRXUQH] FDUUpPHQW j XQH LPSXGLTXH ,O HVW GLW GDQV OH
FDWpFKLVPH©(VWLOSRVVLEOHTX
XQSURWHVWDQWVRLWMDPDLVVDXYp"ª
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^ϭϯ
FRPPHQoD j VH GpYHUVHU HW TX
LOV FRPPHQFqUHQW j GDQVHU j FULHU HW j
SDUOHU HQ ODQJXHV LOV Q
HQ pWDLHQW SDV VDWLVIDLWV LO IDOODLW TX
LOV HQ IDVVHQW
XQHRUJDQLVDWLRQ,OHQYLQWHQVXLWHXQHTX
RQDSSHOD©OH&RQVHLO*pQpUDOª
,OHQYLQWXQHDXWUHD\DQWXQSHXGHOXPLqUHVXUOH1RP-pVXV&KULVWHWRQ
OHV DSSHOD ©1HZ ,VVXHVª >©/HV 1RXYHDX[ 5HMHWRQVª 1'e@ HW RQ OHV
UHMHWD (QVXLWH LOV VH ILUHQW XQH RUJDQLVDWLRQ DSSHOpH $3-& OHV
$VVHPEOpHV3HQWHF{WLVWHVGH-pVXV&KULVW,O\HXWXQHSHWLWHIULFWLRQHQWUH
HX[ VXU OD TXHVWLRQ GH VDYRLU V
,O YLHQGUD VXU XQ FKHYDO EODQF VXU OD
PDQLqUH GRQW ,O YLHQGUD HW LOV IRUPqUHQW XQH RUJDQLVDWLRQ TX
RQ DSSHOOH
$30OHV$VVHPEOpHV3HQWHF{WLVWHVGX0RQGH2KODOD3XLVHVWYHQXH
O
pJOLVHGH'LHX,OVVHVRQWSDUDSUqVVpSDUpVjODVXLWHG
XQHSURSKpWLHHW
VH VRQW j QRXYHDX RUJDQLVpV (W FKDTXH IRLV TXH YRXV OH IDLWHV YRXV
VRUWH]GHODYRORQWpGH'LHX/
HVSULWDQWLFKULVW
/
eJOLVH GH 'LHX HVW OLEUH /
eJOLVH GH 'LHX QH FRQQDvW SDV GH
OLPLWHVFDUG
XQERXWjO
DXWUHGHVRFpDQVWRXWDSSDUWLHQWj'LHX7RXWrWUH
KXPDLQ VXU WHUUH /XL DSSDUWLHQW 4XH O
RQ VRLW FDWKROLTXH SURWHVWDQW RX
TXRL TXH FH VRLW 'LHX FKHUFKH FHX[ TXL VRQW VLQFqUHV (W QRXV VRPPHV
VDXYpV SDU OD IRL HQ FUR\DQW HQ /XL &
HVW oD O
eJOLVH 0DLQWHQDQW YRXV
YR\H]TXHO
eJOLVHQ
HVWSDVXQHRUJDQLVDWLRQ
(W FKDTXH IRLV TXH YRXV YR\H] XQH RUJDQLVDWLRQ VRXYHQH]YRXV
HQLOHVWpFULWGHVVXV©DQWLFKULVWª&
HVWLFLGDQVOD%LEOH&
HVWWRXWDXVVL
pYLGHQWTXHMHVDLV/DOLUH-H-
DLEHDXFRXSGHSUpFLHX[DPLVDVVLVLFL
TXL VRQW PHPEUHV GHV RUJDQLVDWLRQV MH QH GLV SDV TXH YRXV rWHV
DQWLFKULVWVMHQHYRXVWUDLWHSDVGHFHODPDLVDSUqVWRXWLOVHPEOHTXHOH
GLDEOHDSHUYHUWLFHODjWHOSRLQWTXHYRXVGHYH]DYRLUTXHOTXHFKRVHGHFH
JHQUH VLQRQ LOV QH YRXV ODLVVHURQW PrPH SDV SUrFKHU &
HVW SDUHLO DYHF
OHVQDWLRQV9RXVQHSRXYH]SDVrWUHXQKRPPHVDQVQDWLRQYRXVGHYH]
DYRLU XQH QDWLRQ TXHOTXH SDUW 9RXV GHYH] rWUH VRLW $PpULFDLQ VRLW
$OOHPDQG RX TXHOTXH FKRVH G
DXWUH 9R\H]YRXV F
HVW FRPSOqWHPHQW
SHUYHUWL
'RQF HQ UpDOLWp XQ YUDL FKUpWLHQ Qp GH QRXYHDX HVW SUHVTXH XQ
YDJDERQG DX[ \HX[ GX PRQGHF
HVW XQUHQpJDW 3DU FRQWUH DX[ \HX[ GH
'LHX LO HVW SUpFLHX[ -
DXUDLV VRXKDLWp TXH QRXV D\RQV OH WHPSV GH
SUHQGUH +pEUHX[ SRXU YRLU FRPPHQW FHV FRPEDWWDQWV GH OD IRL FRPPHQW $EUDKDP pWDLW VRUWL HW V
pWDLW GLW SqOHULQ HW pWUDQJHU HW DYDLW GLW
TXH FH PRQGH pWDLW VD GHPHXUH SRXUWDQW LO pWDLW HUUDQW j OD UHFKHUFKH
G
XQH FLWp GRQW OH %kWLVVHXU HW O
$UFKLWHFWH pWDLW 'LHX (W VL QRXV VRPPHV
PRUWVHQ&KULVWQRXVGHYHQRQVOD6HPHQFHG
$EUDKDPHWQRXVVRPPHV
KpULWLHUVDYHFOXLSDUODSURPHVVH4X
HVWFHTXHFHODIDLWDORUVGHQRXV"
'HVSqOHULQVHWGHVYDJDERQGV
ϭϰ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
4XDQG ,VUDsO VRUWLW GH O
eJ\SWH LO \ DYDLW 0RDE XQH JUDQGH QDWLRQ
RUJDQLVpHLO\DYDLWDXVVLeVDXQHJUDQGHQDWLRQRUJDQLVpH(WYRLFLTXH
V
DPHQD ,VUDsO XQ LQWHUGpQRPLQDWLRQQHO )RQGDPHQWDOHPHQW WRXV GHX[
pWDLHQW GDQV OD 3DUROH 5DSSHOH]YRXV %DODDP RIIULW OH PrPH VDFULILFH
TX
,VUDsOVXUVHSWDXWHOV&
HVWFHTXH'LHXH[LJHDLWVHSWVDFULILFHVSXUV
VHSWEpOLHUVFHTXLSDUODLWGHODYHQXHGX-XVWH)RQGDPHQWDOHPHQWWRXV
GHX[ DYDLHQW IDLW OD FKRVH MXVWHIRQGDPHQWDOHPHQW SDUODQW 0DLV FH TXH
%DODDPPDQTXDGHYRLULOPDQTXDGHYRLUOHVXUQDWXUHODXPLOLHXG
,VUDsO
FH JURXSH LQWHUGpQRPLQDWLRQQHO 1
D\DQW SRLQW G
HQGURLW R DOOHU LOV
HUUDLHQWFHSHQGDQWLOVpWDLHQWHQURXWHYHUVXQHQGURLW
,OHQHVWGHPrPHDXMRXUG
KXLGHO
eJOLVHGX'LHX9LYDQW$XUHJDUG
GX PRQGH HOOH Q
HVW SDV RUJDQLVpH (OOH Q
HVW OLpH SDU DXFXQ OLHQ GH
O
RUJDQLVDWLRQPDLVSOXW{WSDUODSXLVVDQFHHWO
(VSULWGH-pVXV&KULVWSDU
OHVOLHQVGHO
DPRXU
,OIDXGUDTXHOHVPpWKRGLVWHVHWOHVEDSWLVWHVVHGRQQHQWXQHWDSH
GDQV OH GRV HW GLVHQW ©0RQ SUpFLHX[ IUqUHª ELHQ TX
D\DQW FRPSULVTX
LOV
QHSHXYHQWSDVPDUFKHUHQVHPEOHV
LOVQHVRQWPLVG
DFFRUG
/HVJHQVGHPDQGHQW©ÇWHVYRXVFKUpWLHQ"ª
©-H VXLV EDSWLVWHª &H Q
HVW SDV GX WRXW OD UpSRQVH j OD TXHVWLRQ
©6XLVMH FKUpWLHQ" -H VXLV SHQWHF{WLVWHª &H Q
HVW SDV OD UpSRQVH j OD
TXHVWLRQ
6L YRXV rWHV FKUpWLHQ YRXV rWHV XQH FUpDWXUH QpH GH QRXYHDX
9RXVrWHVGDQVOH5R\DXPHP\VWLTXHGH'LHX9RV\HX[QHVRQWSDVIL[pV
VXUOHVFKRVHVGHFHPRQGHPDLVSOXW{WVXUOHVFKRVHVG
HQKDXW(WF
HVW
jFHPRPHQWOjTXHYRXVrWHVGDQVO
eJOLVH&
HVWoDO
eJOLVH&HQ
HVWSDV
XQHRUJDQLVDWLRQoDQHSHXWMDPDLVrWUHXQHRUJDQLVDWLRQ1RWH]FHTXHM
H YRXV GLV /
eJOLVH GX 'LHX 9LYDQW QH SHXW MDPDLV rWUH XQ TXHOFRQTXH
JURXSH (OOH QH SHXW SDV rWUH XQH RUJDQLVDWLRQ (OOH GRLW rWUH XQ &RUSV
P\VWLTXH OH 6DLQW(VSULW 6L QRXV HQ DYRQV OH WHPSV QRXV DERUGHURQV
FHODXQSHXSOXVORLQ
(KELHQYR\H]YRXVPDLQWHQDQWFHTXHVLJQLILHO
ªeJOLVHª"eJOLVH
VLJQLILH XQ JURXSH DSSHOp j VRUWLU XQ SHXSOH DSSHOp j VRUWLU HW TXL HVW
JRXYHUQpXQLTXHPHQWSDUOH5RLGHFH5R\DXPH0HVVLDQLTXH2KQ
HVW
FHSDVPHUYHLOOHX["-
DLPHFHOD4XDQGMHOLVFHODGDQVOHDXMRXUG
KXL(W
TXDQGLOHVWGLWOj©OH5R\DXPHO
(PSLUH0HVVLDQLTXHª/
pFULYDLQDPLV
©(PSLUH0HVVLDQLTXHª/
pFULYDLQDDXVVLGLW©/
eJOLVHGX'LHX9LYDQWTXL
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^ϯϭ
/HV$FWHVYRLFLFRPPHQWQRXV\HQWURQV&
HVWOHFRPPHQFHPHQW
GH O
eJOLVH $FWHV FKDSLWUH 4XDQG OH 3UHPLHU PHVVDJH IXW SUrFKp j
O
eJOLVHDX[MRXUVGHOD3HQWHF{WHLOVIXUHQWWRXVUHPSOLVGX6DLQW(VSULW
0DULH WRXV OHV DS{WUHVLOV IXUHQWWRXV UHPSOLV GX 6DLQW(VSULW SDUODQW HQ
ODQJXHVHWVHFRPSRUWDQWVLPSOHPHQWFRPPHXQHEDQGHGHVJHQVLYUHV
(WORUVTX
LOVSDVVDLHQWXQERQPRPHQWHQWUDLQGHFULHUHWGHORXHU'LHXGH
WLWXEHUVRXVO
HIIHWGX6DLQW(VSULWSHXOHXULPSRUWDLWTXHOMRXUF
pWDLWTXH
FHODDLWpWpGLPDQFKHRXOXQGL,OVSDVVDLHQWXQERQPRPHQWMXVWHjFULHU
HW jVH FRPSRUWHU DLQVL &
HVW SRXUTXRL OH OHJUDQGPRQGH LQWHOOHFWXHOD
GLW©&HVJHQVVRQWLYUHVGHYLQGRX[ª
0DLQWHQDQWYRLFL3LHUUHVHWHQDQWOjDYHFOHVFOpVGX5R\DXPHVXU
VRQF{WpOHVFOpVGX6DLQW(VSULW-pVXVGLW©-HGLVTXHWXHV3LHUUH6XU
FH URF MH EkWLUDL 0RQ eJOLVH HW OHV SRUWHV GX VpMRXU GHV PRUWV QH
SUpYDXGURQW SRLQW FRQWUH (OOHª 4X
HVWFH" 8QH YpULWp VSLULWXHOOH UpYpOpH
©&H QH VRQW SDV OD FKDLU HW OH VDQJ TXL W
RQW UpYpOp FHFL 7X QH O
DV SDV
DSSULVGDQVXQVpPLQDLUH3HUVRQQHQHWHO
DHQVHLJQpSDUGHVOLYUHVF
HVW
SOXW{W XQH UpYpODWLRQª 8QH UpYpODWLRQ ©-H GLV TXH WX HV 3LHUUH -H WH
GRQQHOHVFOpVGX5R\DXPH7RXWFHTXHWXOLHUDVVXUODWHUUH-HOHOLHUDL
DX&LHO7RXWFHTXHWXGpOLHUDVVXUODWHUUH-HOHGpOLHUDLDX&LHOª,OGRLW
WHQLU6D3DUROH4XLpWDLWO
RUDWHXUOHMRXUGHOD3HQWHF{WH"3LHUUHSXLVTX
LO
DYDLWOHVFOpV
(W LOV VH PRTXDLHQW G
HX[ GLVDQW ©&HV KRPPHV VRQW SOHLQV GHYLQ
GRX[ª
3LHUUH GLW ©&HFL HVW OD WURLVLqPH KHXUH GX MRXU FHV JHQV QH VRQW
SDV SOHLQV GH YLQ GRX[ PDLV F
HVW LFL FH TXL DYDLW pWp DQQRQFp SDU OH
SURSKqWH -RsO ©,O DUULYHUD TXH GDQV OHV GHUQLHUV MRXUV GLW 'LHX MH
UpSDQGUDL GH PRQ (VSULW VXU WRXWH FKDLU 9RV ILOV HW YRV ILOOHV
SURSKpWLVHURQW -H UpSDQGUDL GH PRQ (VSULW VXU PHV VHUYLWHXUV HW PHV
VHUYDQWHV 9RV MHXQHV JHQV DXURQW GHV YLVLRQV YRV YLHLOODUGV DXURQW GHV
VRQJHV(WMHPRQWUHUDLGHVVLJQHVHQKDXWDX&LHOHWHQEDVVXUODWHUUH,O
DUULYHUDTXHTXLFRQTXHLQYRTXHUDOH1RPGX6HLJQHXUVHUDVDXYpª
©/RUVTX
LOVHQWHQGLUHQWFHFLLOVHXUHQWOHFRHXUYLYHPHQWWRXFKpHW
GLUHQW j 3LHUUH HW DX[ DXWUHV DS{WUHV +RPPHV IUqUHV TXH IHURQVQRXV
SRXU rWUH VDXYpV"ª 9RLOj OD FRQGLWLRQ GH O
eJOLVH (K ELHQ LOV YHXOHQW
GpFRXYULUFRPPHQWHQWUHUGDQVFH&RUSVP\VWLTXH7UqVELHQ
'DQV $FWHV FKDSLWUH OH VHUPRQ G
LQDXJXUDWLRQ FRPPHQFH DX
YHUVHW 9RXV QH SRXYH] SDV FKDQJHU FHOD 9RXV QH OH SRXYH] SDV
6XLYH]
ϯϬ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
©5pYpUHQG %UDQKDP TXDQG YRXV DOOH] SRXU UpSRQGUH DX[ DSSHOV GHV
PDODGHV URXOH] j OD YLWHVVH TXH YRXV GpVLUH] GDQV Q
LPSRUWH TXHOOH
]RQHªHWTX
LOPHGRQQHXQHOHWWUHGHUHFRPPDQGDWLRQjFHVXMHWDXFXQ
SROLFLHU QH SHXW P
DUUrWHU FDU OH PDLUH D FRQILDQFH HQ PRL TXH MH QH OH
IHUDLTX
HQFDVG
H[WUrPHXUJHQFH
(WORUVTXH'LHXP
DDFFHSWpHWP
DEDSWLVpGX6DLQW(VSULW,ODYDLW
FRQILDQFH HQ PRL TXH MH QH SpFKHUDLV SDV YRORQWDLUHPHQW $PHQ -H QH
SpFKHUDLVSDVYRORQWDLUHPHQW6RQ)LOVDGRQFIDLWO
H[SLDWLRQSRXUPRLHW
MHQHSHX[SOXVrWUHSpFKHXUWDQWTXHMHVXLVMXVWLILpHWTX
,OP
DIDLWHQWUHU
GDQV6RQFRUSV-HVXLVUDFKHWpSDU/XL,OQHV
DJLWSDVGHFHTXHMHIDLV
PDLVSOXW{WGHFHTX
,ODIDLWSRXUPRL&
HVWoDO
eYDQJLOH
eSKpVLHQV GLW ©1
DWWULVWH] SDV OH 6DLQW(VSULW GH 'LHX SDU
/HTXHOYRXVDYH]pWpVFHOOpVSRXUOHMRXUGHYRWUHUpGHPSWLRQª
,O Q
\ D SDV ORQJWHPSV XQ IDPHX[ SUpGLFDWHXU EDSWLVWH P
D GLW
©)UqUH %UDQKDP $EUDKDP FUXW HQ 'LHX HW FHOD OXL IXW LPSXWp j MXVWLFH
4XH SRXYDLWLO IDLUH GH SOXV TXH FURLUH HQ 'LHX"ª ,O D GLW ©1RXV FUR\RQV
TX
RQUHoRLWOH6DLQW(VSULWTXDQGRQFURLWª
-
DLGLW©0DLVYRXVrWHVGDQVO
HUUHXUYRXVrWHVVLQFqUHPHQWGDQV
O
HUUHXU'DQV$FWHV3DXOGLWjFHV%DSWLVWHVTXLDYDLHQWOjEDVXQERQ
SDVWHXU XQ DYRFDW TXL V
pWDLW FRQYHUWL C$YH]YRXV UHoX OH 6DLQW(VSULW
GHSXLVTXHYRXVDYH]FUX"
ª
,ODGLW©/HWH[WHRULJLQDOQHGLWSDVFHODª
-
DLGLW©,OGLWELHQFHOD-
DLO
(PSKDWLTXH'LDJORWWHWGDQVFKDTXH
YHUVLRQ F
HVW FH TXL HVW GLW DXVVL ELHQ HQ JUHF TX
HQ KpEUHX[ ,O D GLW
©
$YH]YRXV UHoX OH 6DLQW(VSULW GHSXLV TXH YRXV DYH] FUX"
ª-
DL GLW
©$EUDKDPFUXWF
HVWYUDL0DLV'LHXOXLGRQQDXQVLJQHTX
,ODYDLWDFFHSWp
VD IRL HQ OXL GRQQDQW OH VFHDX GH OD FLUFRQFLVLRQª &
HVW YUDL ,O O
DYDLW
DFFHSWpFDU,OOXLGRQQDXQVLJQHPRQWUDQWTX
,OO
DYDLWDFFHSWp
6LYRXVGLWHVTXHYRXVFUR\H]HWTXHYRXVQ
DYH]SDVHQFRUHUHoX
OH 6DLQW(VSULW 'LHX QH YRXV D SDV HQFRUH VFHOOp ,O Q
D SDV HQFRUH HX
VXIILVDPPHQW FRQILDQFH HQ YRXV 4XDQG YRXV YHQH] j 'LHX 'LHX YRXV
VFHOOH GX 6DLQW(VSULW SRXU OH MRXU GH YRWUH UpGHPSWLRQ (W F
HVW oD OH
0HVVDJHGHO
eJOLVH$PHQ$OORQVXQSHXSOXVORLQ7UqVELHQ0DLQWHQDQW
GDQV&RULQWKLHQVHW©3DUXQVHXO(VSULWQRXVVRPPHVEDSWLVpV
GDQVXQVHXO&RUSVª
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^ϭϱ
DLWpWpRUJDQLVpHSDUHLOOHFKRVHQ
H[LVWHSDV/
RUJDQLVDWLRQF
HVWTXHOTXH
FKRVHTXLDpWpDGDSWpDGRSWpGDQVSRXUSUHQGUHODSODFHGHª
&
HVW H[DFWHPHQW GH FHWWH PDQLqUH TXH WRXWHV FHV IDXVVHV
GRFWULQHVRQWpWpLQWURGXLWHVSRXUUHPSODFHUOHVYUDLHV&
HVWODUDLVRQSRXU
ODTXHOOH OD IHPPH DYDLW HQ PDLQ XQH FRXSH GH O
LPSXUHWp GH VRQ
DERPLQDWLRQ 0DLQWHQDQW YRXV YR\H] MH QH GLV SDV /HV SHQWHF{WLVWHV
VRQW DXVVL FRXSDEOHV TXH OHV FDWKROLTXHV OHV SqOHULQV GH OD VDLQWHWp OHV
QD]DUpHQVOHVEDSWLVWHVRXOHVPpWKRGLVWHV7RXWHIRLV'LHXDGHVHQIDQWV
GDQV WRXWHV FHV pJOLVHV GpQRPLQDWLRQQHOOHV ,OV DSSDUWLHQQHQW j FH
5R\DXPH P\VWLTXH /D VHXOH FKRVH TX
LOV DWWHQGHQW F
HVW GH YRLU VH
SURGXLUH TXHOTXH FKRVH TXL DWWLUHUD OHXUV FRHXUV -H VXLV VL KHXUHX[ FH
VRLU GH VDYRLU TX
LOV YLHQQHQW GH O
HVW HW GH O
RXHVW GX QRUG HW GX VXG
YHQDQW G
HX[PrPHV DGRUDQW DWWHQGDQW OD YHQXH GX 6HLJQHXU /D %LEOH
GLWTX
LOVIHURQWFHODGDQVOHVGHUQLHUVMRXUV&
HVWH[DFWHPHQWFHOD(OOHGLW
TX
LOVFRXUURQWGHO
HVWjO
RXHVWGXQRUGDXVXGjODFKHUFKHGHODYUDLH
3DUROHGH'LHXHWTX
LO\DXUDLWXQHIDPLQHQRQSDVGHSDLQHWG
HDXPDLV
SOXW{WG
HQWHQGUHOD3DUROHGH'LHX
,OV YRXV GLVHQW ©9HQH] YRXV MRLQGUH j FHFL YHQH] YRXV MRLQGUH j
FHODª,OQ
\DULHQjTXRLYRXVMRLQGUHGDQVOH5R\DXPHGH'LHXLOQ
\D
SDV XQH VHXOH FKRVH j ODTXHOOH YRXV SXLVVLH] YRXV MRLQGUH ,O V
DJLW GH
O
H[SpULHQFH GH OD QDLVVDQFH GDQV O
eJOLVH HW QRQ SDV GH V
\ MRLQGUH
0DLQWHQDQWMHSRXUUDLGDQVXQHPLQXWHP
pWHQGUHXQSHXSOXVOjGHVVXV
-
DLTXHOTXHVeFULWXUHVGHSOXVpFULWHVOj
0DLVPDLQWHQDQWSUHQRQVODGHX[LqPHSHQVpHDLQVLQRXVSRXUURQV
HVVD\HU GH WRXW WHUPLQHU 4XL /
D IRQGp" ,O V
DJLW GH FH &RUSV P\VWLTXH
4XL /
D FRPPHQFp" -pVXV&KULVW (W F
HVW OH ,O HVW OD7rWH GH FH &RUSV
P\VWLTXH ,O HVW OH 5RL TXL UqJQH VXU &HOXLFL DFFRPSOLVVDQW 6D SURSUH
YRORQWp GDQV 6RQ (PSLUH ,O QH V
DJLW SDV GXFRQWU{OH G
XQ pYrTXH RX GX
FRQWU{OH G
XQ FRQVHLO G
pJOLVH PDLV SOXW{W GX 5RL TXL HVW OH 0HVVLH /XL
0rPHDJLVVDQWGDQV6RQSURSUH'RPDLQH4XDQGFHODDWLOFRPPHQFp"
$OD3HQWHF{WH1RQSDVO
RUJDQLVDWLRQSHQWHF{WLVWHPDLVO
H[SpULHQFHGH
OD 3HQWHF{WH &
HVW j FH PRPHQWOjTXH FHOD FRPPHQFH HQ YRXV ,O D GLW
TXH&HODYLHQGUDLW,ODGLWFHTXLDUULYHUDLW,ODGLWTXHFHODYHQDLW
0DLQWHQDQW VL QRXV OH YRXORQV ELHQ SUHQRQV /XF FKDSLWUH OH
YHUVHW HW QRXV SRXYRQV YRLU LFL FRPPHQoRQV j OLUH TXHOTXHV
eFULWXUHVDILQTXHFHVJHQVTXLSUHQQHQWQRWHVSXLVVHQWLQVFULUHFHOD/XF
QRXVDOORQVYRLUFHTX
,ODGLW
(W YRLFL M
HQYHUUDL VXU YRXV FH TXH PRQ 3qUH D
SURPLV PDLV YRXV UHVWH] GDQV OD YLOOH GH -pUXVDOHP
ϭϲ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
MXVTX
jFHTXHYRXVVR\H]UHYrWXVGHODSXLVVDQFHG
HQ
KDXW
0DLQWHQDQW ,O D SURPLV OD YHQXH G
XQH eJOLVH OD YHQXH G
XQ
5R\DXPH0DLQWHQDQWSUHQH]$FWHV0DLQWHQDQWVRXYHQH]YRXVTX
,O
DGLWDXVVLGDQV0DWWKLHXTX
,OEkWLUDLW6RQeJOLVHVXUFHURFHWTXH
OHVSRUWHVGXVpMRXUGHVPRUWVQHSUpYDXGUDLHQWSRLQWFRQWUH(OOHFRPPH
QRXV FRQWLQXRQV DYHF FHW DXWUH VXMHW QRXV \ DUULYHURQV MXVWH GDQV
TXHOTXHVPLQXWHV$FWHV
0DLV YRXV UHFHYUH] XQH SXLVVDQFH DSUqV OH 6DLQW
(VSULWVXUYHQDQWVXUYRXVHWYRXVVHUH]PHVWpPRLQVj
-pUXVDOHP -XGpH 6DPDULH HW MXVTX
DX[ H[WUpPLWpV
GHODWHUUH
/D YHQXH G
XQ 5R\DXPH GH WpPRLQV WpPRLQV GH 6D UpVXUUHFWLRQ
WpPRLQV GH 6D SXLVVDQFH WpPRLQV GH 6RQ TX
,O HVW YLYDQW ©9RXV rWHV
0HVWpPRLQVª%LHQ$FWHV
(QVXLWH SRXU YRXV TXL QRWH] FHOD QRXV OH WURXYRQV DXVVL GDQV
eSKpVLHQV ,O \ HQ D YUDLPHQW EHDXFRXS j QRWHU FHSHQGDQW MXVWH
SRXUELHQHQIRQFHUFHODHWTX
RQVRLWVUTXHYRXVrWHVYRXVFRPSUHQH]
FHOD7UqVELHQeSKpVLHQVYHUVHW
(W,ODWRXWPLVVRXV6HVSLHGVLOV
DJLWGH&KULVWHW
OXLDGRQQpSRXUFKHIVXSUrPHjO
eJOLVH4XLHVWVRQ
&RUSVHWODSOpQLWXGHGHFHOXLTXLUHPSOLWWRXWHQWRXV
4XL D IRQGp FHWWH eJOLVH" -pVXV&KULVW 3DV XQ pYrTXH SDV XQ
JURXSHG
KRPPHVSDVXQSDSHSDVGXWRXWXQHSXLVVDQFHKXPDLQH0DLV
-pVXV&KULVW HQ D SDUOp FRPPH pWDQW 6RQ 5R\DXPH TXL YHQDLW DYHF
SXLVVDQFH ©4XHOTXHVXQV GH FHX[ TXL VRQW LFLª 0DWWKLHX ©(Q
YpULWpMHYRXVOHGLVTXHOTXHVXQVGHFHX[TXLVRQWLFLQHPRXUURQWSRLQW
TX
LOV Q
DLHQW YX OH 5R\DXPH GH 'LHX YHQLU DYHF SXLVVDQFHª -XVWH
TXHOTXHV MRXUV DSUqV FHOD ,O IXW FUXFLILp HW OH 6DLQW(VSULW GHVFHQGLW
©4XHOTXHVXQV GH FHX[ TXL VRQW LFL QH PRXUURQW SRLQW TX
LOV Q
DLHQW YX OH
5R\DXPHGH'LHXª
©(VWFH HQ FH WHPSV TXH 7X UpWDEOLUDV OH UR\DXPH"ª /XL
GHPDQGqUHQWOHV-XLIV
,O UpSRQGLW ©&H Q
HVW SDV j YRXV GH FRQQDvWUH OH WHPSV RX OH
PRPHQWTXHOH3qUHDJDUGpGDQV6DSURSUHSHQVpHPDLVYRXVUHFHYUH]
XQH SXLVVDQFHª $FWHV © YRXV UHFHYUH] XQH SXLVVDQFH OH 6DLQW
(VSULWVXUYHQDQWVXUYRXVª9RXVUHFHYUH]XQHSXLVVDQFHXQHIRLVGHYHQX
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^Ϯϵ
FHOD GDQV O
$OPDQDFK G
$QQLYHUVDLUH GHV YLHLOOHV 'DPHV PDLV YRXV QH
OLUH]SDVFHODGDQVOD%LEOHGH'LHX2XLPRQVLHXU2XL
&DU SDU XQ 6HXO (VSULW QRXV VRPPHV WRXV MRLQWV HQUHJLVWUpV"
EDSWLVpVGDQVXQHRUJDQLVDWLRQ"XQVHXO&RUSVOHTXHOHVWOH&RUSVGH
&KULVWVRLW-XLIVVRLW*HQWLOVVRLWHVFODYHVVRLWOLEUHVHWDYRQVpWpWRXV
DYRQVpWpDEUHXYpVG
XQ6HXO(VSULW
3DV O
HVSULW PpWKRGLVWH SDV O
HVSULW EDSWLVWH SDV O
HVSULW
SHQWHF{WLVWHSOXW{WSDUXQVHXO(VSULWQRXVDYRQVWRXVpWpEDSWLVpVGDQV
FHWWH
)RQWDLQHUHPSOLHGHVDQJ
7LUpGHVYHLQHVG
(PPDQXHO
2OHVSpFKHXUVSORQJpVGDQVFHIORW
3HUGHQWWRXWHVOHXUVWkFKHVGHFXOSDELOLWp
/HYROHXUPRXUDQWV
HVWUpMRXLGHYRLU
&HWWH)RQWDLQHHQVRQMRXU
/jSXLVVpMHELHQTXHYLOFRPPHOXL
/DYHUPHVSpFKpV
8Q VHXO &RUSV &RPPHQW HQWUHWRQ GDQV FH &RUSV FRPPHQW \
HQWUHWRQ"3DUXQVHXO(VSULWQRXVVRPPHVEDSWLVpVSRXUIRUPHUXQVHXO
&RUSV (W XQH IRLV GDQV FH &RUSV QRXV VRPPHV OLEUHV QRXV DYRQV
O
DVVXUDQFHGHODUpVXUUHFWLRQ©'LHXDPLVVXU/XLO
LQLTXLWpGHQRXVWRXVª
1RQ SDU XQH SRLJQpH GH PDLQ QRQ SDU OD UHFRPPDQGDWLRQ G
XQH pJOLVH
PDLVSOXW{WSDUXQVHXO6DLQW(VSULW-XLIV*HQWLOV-DXQHV1RLUV%ODQFV
WRXV QRXV DYRQV pWp EDSWLVpV SDU XQ VHXO (VSULW SRXU IRUPHU FH VHXO
&RUSV j WUDYHUV OH 6DQJ GH 6D SURSUH DOOLDQFH ©(W TXDQG MH YHUUDL OH
6DQJMHSDVVHUDLSDUGHVVXVYRXVª(WQRXVVRPPHVOLEpUpVGHODPRUW
OLEpUpV GHV SHLQHV OLEpUpV GX SpFKp ©&HOXL TXL HVW Qp GH 'LHX QH
FRPPHW SDV GH SpFKp FDU OD VHPHQFH GH 'LHX GHPHXUH HQ OXL HW LO QH
SHXW SDV SpFKHUª 3RLQW GH SpFKp ©6R\H] GRQF SDUIDLWV FRPPH YRWUH
3qUHFpOHVWHHVWSDUIDLWªDGLW-pVXV&RPPHQWSRXYH]YRXVrWUHSDUIDLWV"
9RXVQHOHSRXYH]SDV9RXVpWLH]QpGDQVOHSpFKpFRQoXGDQVO
LQLTXLWp
YHQX DX PRQGH SURIpUDQW GHV PHQVRQJHV &HSHQGDQW TXDQG YRXV
DFFHSWH] &KULVW FRPPH &HOXL 4XL D SRUWp YRV SpFKpV TXDQG YRXV /
DFFHSWH] SDU OD IRL YRXV FUR\H] 4X
,O YRXV D VDXYp HW 4X
,O HVW PRUW j
YRWUH SODFH HW 4X
,O D SULV YRV SpFKpV DORUV 'LHX YRXV DFFHSWH YRXV
EDSWLVHGDQVOH&RUSVHWQHSHXWSOXVYRLUYRWUHSpFKp&RPPHQWSXLVMH
rWUHXQSpFKHXUDORUVTX
LO\DXQHH[SLDWLRQSRXUPRLVXUO
DXWHO"
&RPPHQW XQ SROLFLHU SHXWLO P
DUUrWHU GDQV XQH YLOOH TXDQG OHV
UqJOHPHQWVGHFHWWHYLOOHPHGRQQHQWOHGURLWGHURXOHUjQ
LPSRUWHTXHOOH
YLWHVVH TXH MH GpVLUH" 9RXV QH SRXYH] SDV P
DUUrWHU 6L OH PDLUH GLW
Ϯϴ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
3UHQRQVMXVWHXQLQVWDQW-HDQFKDSLWUHHWYR\RQVFHTXH'LHXD
GLW Oj j FH VXMHW &RPPHQW HQWUHWRQ GDQV FHWWH eJOLVH" 4XHOOH
SURSRVLWLRQ'LHXYRXVRIIUHWLO"-HDQFKDSLWUHGHj
,O \ HXW XQ KRPPH G
HQWUH OHV SKDULVLHQV QRPPp
1LFRGqPHXQFKHIGHV-XLIV4XLYLQWGHQXLWDXSUqVGH
-pVXVHWOXLGLW5DEELQRXVVDYRQV7XHVXQGRFWHXU
YHQX GH 'LHX 3HUVRQQH QH SHXW IDLUH FHV PLUDFOHV
TXH7XIDLVVL'LHXQ
HVWDYHFOXL
-pVXVOXLUpSRQGLWHWGLW(QYpULWp-HWHOHGLVVLXQ
KRPPHQHQDvWGHQRXYHDXLOQHSHXWYRLUOH5R\DXPH
GH'LHX
&RPPHQW\HQWUH]YRXV"2Q\QDvW&RQWLQXRQVjOLUHODTXHVWLRQ
1LFRGqPH OXL GLW &RPPHQW XQ KRPPH SHXWLO QDvWUH TXDQG LO HVW
YLHX[" 9R\H] FRPPH F
HVW FKDUQHO" 8Q HQVHLJQDQW XQJUDQG KRPPH
XQVDFULILFDWHXUkJpTXLDYDLWOXOD%LEOHWRXWHVDYLHSHXWLOUHQWUHUGDQV
OH VHLQ GH VD PqUH HW QDvWUH" 0DLQWHQDQW Q
HVWFH SDV OD PrPH FKRVH
FHVHQVHLJQDQWVLQWHOOHFWXHOVTXHYRXVHQWHQGH]DXMRXUG
KXL"
-pVXVOXLUpSRQGLWHWGLW(QYpULWp-HWHOHGLVVLXQ
KRPPH QH QDvW G
HDX &RPPHQW \ HQWUHWRQ"
G
HDXHWG
(VSULWLOQHSHXWHQWUHUGDQVOH5R\DXPH
GH'LHX
6
LOQHV
\MRLQWSDV"ª2QQHV
\MRLQWSDV9RXVGHYH]\QDvWUH1RQ
SDV©YHQH]YRXVMRLQGUHªSOXW{W©YHQH]QDvWUHª
&HTXLHVWQpGHODFKDLUHVWFKDLUHWFHTXLHVWQpGH
O
(VSULWHVWHVSULW
1HW
pWRQQHSDVTXH-HW
DLHGLW9RXVGHYH]QDvWUHGH
QRXYHDX
/HYHQWVRXIIOHRLOYHXWWXQ
HQWHQGVSDVOHEUXLW
PDLVWXQHVDLVG
RLOYLHQWRLOYDDLQVLHQHVWLOGH
WRXWKRPPHTXLHVWQpGHO
(VSULW
9RXVYR\H]RQQHV
\MRLQWSDV&
HVWXQHFKRVHP\VWpULHXVH9RXV
QDLVVH] GDQV OH &RUSV P\VWLTXH GH &KULVW &
HVW FRPPH FHOD TX
RQ \
HQWUH &RULQWKLHQV FKDSLWUH $OORQV MXVWH XQ SHX SOXV ORLQ QRXV HQ
DYRQV HQFRUH XQ SHX SOXV $XWDQW TXH SRVVLEOH MH GpVLUH HVVD\HU GH OH
UHQGUHFODLUVLPSOHPHQWYRXV-HVDLVTX
LOIDLWFKDXGPDLVFRPPHQoRQV
SDULFLMXVWHXQHPLQXWH,&RULQWKLHQVFKDSLWUHYHUVHW©&DUSDUXQH
SRLJQpHGHPDLQSDUXQYRHXMHMXUHGHFURLUHHQODJUDQGHVDLQWHpJOLVH
URPDLQH9HQH]PHVHUUHUODPDLQPHWWH]YRWUHQRPGDQVOHUHJLVWUHSDU
XQHUHFRPPDQGDWLRQ9HQH]SDUXQHUHFRPPDQGDWLRQª9RXVSRXYH]OLUH
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^ϭϳ
pYrTXH XQH IRLV GHYHQX SUpGLFDWHXU XQH IRLV GHYHQX SDSH XQH IRLV
GHYHQX SUrWUH" ©9RXV UHFHYUH] XQH SXLVVDQFH OH 6DLQW(VSULW VXUYHQDQW
VXU YRXVª &
HVW OH WpPRLJQDJH TXH 'LHX FKHUFKH XQ WpPRLJQDJH DSUqV
TXHOH6DLQW(VSULWVRLWYHQX3DVOHWpPRLJQDJHTXHMHVXLVpYrTXHSDV
OH WpPRLJQDJH TXH MH VXLV SDVWHXU PDLV TXHO WpPRLJQDJH" 'X 5RL
UHVVXVFLWp&
HVWoDODYUDLHeJOLVHGX'LHX9LYDQW7UqVELHQ
(W DXVVL GDQV &RORVVLHQV HW QRXV SRXYRQV OLUH FHFL
SHQGDQWTXHQRXVVRPPHVOjGHVVXV&RORVVLHQVYHUVHWVHW
,OHVWDYDQWWRXWHVFKRVHVHWWRXWHVFKRVHVVXEVLVWHQW
HQOXL
,OHVWOD7rWHGXFRUSVGHO
eJOLVHF
HVWFHTX
,OHVW
TXL HVW OH FRPPHQFHPHQW OH SUHPLHUQp G
HQWUH OHV
PRUWV DILQ TX
HQ WRXWHV FKRVHV ,O SXLVVH DYRLU
SUppPLQHQFH
4XLHVWOD7rWHGHO
eJOLVH"-pVXV&KULVW'HTXHO5R\DXPHV
DJLW
LO" 'X 5R\DXPH 0HVVLDQLTXH O
eJOLVH SDV XQH RUJDQLVDWLRQ O
eJOLVH OH
&RUSV P\VWLTXH GRQW &KULVW HVW OD 7rWH 2K M
DLPH FHOD PDUFKHU VHORQ
O
(VSULWREpLUDX5RLF
HVWLQVHQVpSRXUOHPRQGHPDLVSUpFLHX[DX[\HX[
GH 'LHX 0DUFKDQW VHORQ O
(VSULW LQFRPSULV ULGLFXOLVpV REMHW GH
PRTXHULHV ©7RXV FHX[ TXL YLYHQW SLHXVHPHQW HQ -pVXV&KULVW VHURQW
SHUVpFXWpVª ©6
LOV RQW SHUVpFXWp OHV SURSKqWHV TXL pWDLHQW DYDQW YRXV
V
LOVRQWDSSHOpOH0DvWUHGHOD0DvWUHGHOD0DLVRQ%HO]pEXOjFRPELHQ
SOXV IRUWH UDLVRQ OH IHURQWLOV SRXU 6HV GLVFLSOHV ª 0DLV YRXV PDUFKH]
VHORQ O
(VSULW YRXV DEDQGRQQH] OHV FKRVHV GX PRQGH Q
pWDQW OLpV SDU
DXFXQHFKDvQH©&HOXLTXHOH)LOVDDIIUDQFKLHVWUpHOOHPHQWOLEUHª$PHQ
&
HVWoDO
eJOLVHGX'LHXYLYDQW&
HVW/XLTXL/
DIRQGpH
0DLQWHQDQW QRXV YR\RQV GDQV OHV WpPRLJQDJHV GDQV $FWHV TX
,OGLW©9RXVVHUH]0HVWpPRLQVDSUqVTXHOH6DLQW(VSULWVHUDYHQXVXU
YRXVª
4X
HVWFH TXH O
eJOLVH" /H &RUSV P\VWLTXH GH &KULVW 4XL /
D
IRQGpH" /H 6HLJQHXU -pVXV /XLPrPH (OOH QH IXW SRLQW IRQGpH j 5RPH
HOOHQHIXWSDVQRQSOXVIRQGpHHQ$QJOHWHUUHSDU-RKQ:HVOH\HOOHQHIXW
SDV QRQ SOXV IRQGpH SDU &DOYLQ QL HQ $PpULTXH DYHF OHV EDSWLVWHV SDU
-RKQ 6PLWK HOOH QH IXW SDV QRQ SOXV IRQGpH HQ &DOLIRUQLH SDU OHV
SHQWHF{WLVWHV (OOH D pWp IRQGpH SDU -pVXV&KULVW OH 5RL GX 5R\DXPH
0HVVLDQLTXH &
HVW /XL TXL /
D IRQGpH ,O HVW OH 5RL ,O GpVLUH rWUH 5RL ,O
GpVLUHGRPLQHUVXUQRXV,OGpVLUHrWUH6HLJQHXU
ϭϴ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
/HV JHQV /H ODLVVHQW HQWUHU HW GLVHQW ©-H /H ODLVVHUDL rWUH
6DXYHXUª FHSHQGDQW LOV QH /H ODLVVHURQW SDV rWUH 6HLJQHXU ©6HLJQHXUª
VLJQLILH ©SURSULpWDLUH VRXYHUDLQª ©(QWUH GDQV PRQ FRHXU 6HLJQHXU
VDXYHPRL GH O
HQIHU PDLV QH PH GLFWH SDV FH TXH MH GRLV IDLUHª 9RLOj
O
DWWLWXGH GHV JHQV &
HVW SRXUTXRL LO Q
HVW SRLQW pWRQQDQW TXH OD %LEOH DLW
GLW ©7RXWHV OHV WDEOHV VRQW SOHLQHV GH YRPLVVXUHVª 9RXV VDYH] FH TXH
VLJQLILHQWOHVYRPLVVXUHV©&RPPHXQFKLHQUHWRXUQHjVHVYRPLVVXUHVª
6L OD SUHPLqUH IRLV FHV RUJDQLVDWLRQV Q
RQW SDV PDUFKp HW TXH 'LHX D G
OHVYRPLUUHWRXUQHUjHOOHVFHODIHUDLWTXHYRXVVR\H]DXVVLYRPLV,OGLW
3XLVVHVWXrWUHRXIURLGRXERXLOODQWFRPPHWXHVWLqGH-HWHYRPLUDLGH
0DERXFKH9RXVFDXVH]j'LHXGHVPDX[G
HVWRPDFHW,OQRXVYRPLW
&LWH]PRL XQH RUJDQLVDWLRQ TXL HVW WRPEpH HW TXL VH VRLW MDPDLV
UHOHYpH 0RQWUH]PRLGDQVO
KLVWRLUHXQHVHXOHTXL DLWMDPDLVIDLWFHOD8Q
KRPPH YD VH OHYHU D\DQW XQ PLQLVWqUH 'LHX YD EpQLU FHW KRPPH /D
SUHPLqUHFKRVHYRXVVDYH]LOIHUDYROWHIDFHHWV
HQLUDSDUPLOHVJHQVHW
HQ IHUD XQH RUJDQLVDWLRQ HW FHOD UXLQHUD OD FKRVH Oj PrPH 6RQGH]
O
KLVWRLUHHWWURXYH]HQXQHVHXOHTXLVHVRLWMDPDLVUHOHYpH3DVXQHVHXOH
SDUFHTXHF
HVWDEVROXPHQWO
HVSULWDQWLFKULVWSDUPLOHVJHQV
&
HVWFRPPH0RwVHHWOHVDXWUHVLOVYRXODLHQWTXHOTXHFKRVHTX
LOV
SRXYDLHQW IDLUH G
HX[PrPHV ©6HLJQHXU FHWWH DQQpHFL QRXV DYRQV WDQW
GH PHPEUHVª 4XHOOH GLIIpUHQFH FHOD IDLW OH QRPEUH GH PHPEUHV TXH
YRXV DYH]" 1RXV QH FKHUFKRQV SDV GHV PHPEUHV G
pJOLVH QRXV
FKHUFKRQV GHV PHPEUHV GX &RUSV GH &KULVW QpV GDQV OH 5R\DXPH GH
'LHX ©QRQ SDV SDU OD YRORQWp GH O
KRPPH PDLV SDU OD YRORQWp GH 'LHX
1RQSDVSDUO
HVSULWGHO
KRPPHQLSDUO
LQWHOOLJHQFHGHO
KRPPH
3DXOGLW©-HQHVXLVSDVYHQXYHUVYRXVDYHFODFRQQDLVVDQFHGHV
KRPPHV-HVXLVYHQXYHUVYRXVDYHFO
(VSULWGH'LHXHWODSXLVVDQFHGH
6DUpVXUUHFWLRQDILQTXHYRWUHIRLQHUHSRVHSDVVXUODVDJHVVHRXVXUOHV
GLVFRXUV SHUVXDVLIV GHV KRPPHV PDLV SOXW{W VXU OD SXLVVDQFH GH OD
UpVXUUHFWLRQGH-pVXV&KULVWª&
HVWSRXUoDTX
,OHVWHQWUp4XH'LHXQRXV
DLGHjIDLUHODPrPHFKRVH
0DLQWHQDQW QRXV QH YRXORQV SDV SDVVHU WURS GH WHPSV VXU
FKDFXQH GH FHV FKRVHV -H GpVLUH PDLQWHQDQW GpFRXYULU TXHO HVW OH
0HVVDJHGHFHWWHeJOLVH"4XHGRLWHQVHLJQHUFHWWHeJOLVH"4XHOHVW6RQ
0HVVDJH" /H SUHPLHU 0HVVDJH TXH MH FURLV TXH FHWWH eJOLVH OH &RUSV
P\VWLTXH HQVHLJQHUD VHUD OD UHSHQWDQFH 3UHQRQV HQFRUH /XF SRXU
MXVWHXQLQVWDQW/DSUHPLqUHFKRVHTXHGRLWIDLUHO
eJOLVHF
HVWVHUHSHQWLU
HW HOOH HQVHLJQHUD OD UHSHQWDQFH 0DLQWHQDQW -pVXV HVW VXU OH SRLQW GH
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^Ϯϳ
-
DLGLW©1HP
DYH]YRXVSDVGLWTXHF
pWDLWO
pJOLVHFDWKROLTXHTXLD
pFULWOD%LEOHHWTXHOHVDS{WUHVpWDLHQWGHVFDWKROLTXHV"ª-HP
RSSRVHj
FHOD /
pJOLVH FDWKROLTXH Q
H[LVWDLW SDV HQFRUH DQV DSUqV OD PRUW GX
GHUQLHU DS{WUH DYDQW OH &RQFLOH GH 1LFpH 0RQWUH]PRL OHV pFULWV
KLVWRULTXHV WRXW FH TXH YRXV YRXOH] SDV YRWUH FDWpFKLVPH FDU FH Q
HVW
SDV FRQIRUPH j O
KLVWRLUH 3DUHLOOH FKRVH Q
D MDPDLV H[LVWp -
DL GLW
FHSHQGDQW TXH 0DULH /D %LEOH GLW TXH 0DULH OD PqUH GH -pVXV HW OHV
DXWUHVIHPPHVDYHFOHVWRXVGXUHQWJUDYLUOHVPDUFKHVTXLPHQDLHQW
j OD FKDPEUH KDXWH HW IXUHQW UHPSOLV GX 6DLQW(VSULW DX SRLQW TX
LOV
WLWXEqUHQW FRPPH GHV SHUVRQQHV LYUHV SDUODQW HQ ODQJXHV HW DJLVVDQW
FRPPHXQHEDQGHG
LYURJQHV&
HVWFHTXHGLWOD%LEOH-
DLPLVOHGRLJWVXU
OHYHUVHWHWM
DLGLW©/LVH]OHª
(OOHDGLW©-HQHYHX[SDVOHOLUH-HQHVXLVSDVFHQVpHOHOLUHª
-
DLGLW©9RXVQ
rWHVSDVKRQQrWH&
HVWLFLRODYLHUJH0DULHUHoXW
OH6DLQW(VSULWSDUODHQODQJXHVHWWLWXEDFRPPHXQHIHPPHLYUH%LHQVL
YRXV DOOH] DX &LHO YRXV QH SRXYH] SDV \ DOOHU DYHF HOOH FDU HOOH G
UHFHYRLUOH6DLQW(VSULW(WVLWRXWHQpWDQWODPqUHGH-pVXV&KULVWHOOHG
IDLUHFHODjFRPELHQSOXVIRUWHUDLVRQLOYRXVOHIDXWª
(OOH D GLW ©6L MH GHYDLV DOOHU DX FLHO DYHF TXHOTXH FKRVH GH FH
JHQUHMHQHYRXGUDLVSDVrWUHDX&LHOª
-
DL GLW ©9RXV QH GHYH] SDV WHOOHPHQW YRXV HQ IDLUH 'H WRXWH
PDQLqUH MH QH SHQVH SDV TXH YRXV LUH] -H YDLV YRXV GLUH" -H QH
SHQVH SDV TXH YRXV GHYULH] WHOOHPHQW YRXV HQ IDLUH j FH VXMHWª &
HVW
H[DFWHPHQWO
(VSULWGH'LHX
©0DLQWHQDQWYRXVrWHV0RQWpPRLQDSUqVTXHOH6DLQW(VSULWVHUD
VXUYRXVª
(KELHQTX
HVWFH"4XHVRPPHVQRXVHQWUDLQGHGLUH"4X
HVWFH"
4XL /
D IRQGpH" (W TXHO HVW VRQ 0HVVDJH" 0DLQWHQDQW GpSrFKRQVQRXV
SRXUDOOHUMXVWHXQSHXSOXVORLQ
/D TXDWULqPH FKRVH &RPPHQW HQ GHYHQRQVQRXV PHPEUHV"
©&RPPHQWQRXV\MRLJQRQVQRXV"1RXVYR\RQVFHTXHF
HVWPDLQWHQDQW
TXH &RPPHQW VHMRLQGUH j FHWWH eJOLVH"ª 2Q QH V
\ MRLQW SDV 9RXV QH
SRXYH] SDV YRXV \ MRLQGUH ,O Q
\ D SDV PR\HQ GH V
\ MRLQGUH 9RXV \
QDLVVH]9RLFLDQVTXHMHVXLVGDQVODIDPLOOH%UDQKDPHWMDPDLVMHPH
VXLVMRLQWjFHWWHIDPLOOH-HVXLVQpXQ%UDQKDP(WYRXVQDLVVH]XQILOVGH
'LHXRXXQHILOOHGH'LHX
Ϯϲ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
©(W OH 6DLQW(VSULW YLHQGUD DXVVL VXUª &H VHUD XQ HQVHLJQHPHQW
GH O
eJOLVH &DU -pVXV D GLW GDQV /XF 1RXV HQ VRPPHV WUqV
SURFKHV SUHQRQV GRQF FHOD MXVWH XQH VHFRQGH OH YHUVHW LFL 1RXV
OLVRQVOHVYHUVHWVHW5HJDUGH]OHYHUVHW
(W YRLFL -
HQYHUUDL VXU YRXV FH TXH PRQ 3qUH D
SURPLV PDLV YRXV UHVWH] RX DWWHQGH] ©UHVWHUª
YHXW GLUH ©DWWHQGUHª GDQV OD YLOOH GH -pUXVDOHP
MXVTX
jFHTXHYRXVVR\H]UHYrWXVGHODSXLVVDQFHG
HQ
KDXW
6L&KULVWQ
DSDVSHUPLVDXJURXSHG
KRPPHVTXLRQWPDUFKpDYHF
/XL SHQGDQW WURLV DQV HW GHPL G
DOOHU SUrFKHU O
eYDQJLOH RX V
LOV QH
SRXYDLHQW SDV SUrFKHU O
eYDQJLOH DYDQW OD YHQXH GX 6DLQW(VSULW
DXMRXUG
KXLO
eJOLVHGRLWIDLUHODPrPHFKRVHDWWHQGUHOH6DLQW(VSULW
-H SDUODLV LO Q
\ D SDV ORQJWHPSV LFL j XQH GDPH FDWKROLTXH GDQV
O
2UHJRQHWHOOHDGLW©%LHQYRXVYRXOH]PHGLUHTXHFHWWHEDQGHG
LGLRWV
OjEDVjTXLYRXVSUrFKLH]TXLSRXVVDLHQWGHVFULVHWTXLSOHXUDLHQWTXLVH
FRPSRUWDLHQW FRPPH FHOD YRXV YRXOH] PH GLUH TX
LOV VHURQW DX &LHO HW
TX
LOV<UqJQHURQW"ª
-
DLGLW©2XLPDGDPHª
(OOHDGLW©(KELHQQRXVQHFUR\RQVSDVGHWHOOHVKLVWRLUHVª
-
DLGLW©3DUFHTXHYRXVQHFUR\H]SDVOD3DUROHGH'LHX
(WHOOHDGLW©1RXVFUR\RQVTXH0DULHLQWHUFqGHSRXUQRXVª
-
DLGLW©&
HVWDEVROXPHQWSDwHQª
(OOHQ
pWDLWSDVXQHGpHVVHHOOHpWDLWXQHIHPPH©0qUHGH'LHXª
&RPPHQW'LHXSRXUUDLW,ODYRLUXQHPqUH"©-HYRXVVDOXH0DULHPqUHGH
'LHXª&RPPHQW'LHXSRXUUDLW,ODYRLUXQHPqUH"(OOHDSRUWpOH)LOVGH
'LHX -pVXV&KULVW $XFXQH IHPPH Q
HVW XQ FUpDWHXU HOOH JDUGH OD
VHPHQFHG
XQKRPPH/
KRPPHQ
HVWSDVXQFUpDWHXU&
HVW'LHXTXLFUpH
OD YLH &
HVW XQ RUGLQDLUH XQ PR\HQ RUGLQDLUH TXH 'LHX D pWDEOL SRXU
DPHQHU GHV HQIDQWV DX PRQGH (OOH Q
HVW SDV OD PqUH GH 'LHX 'LHX QH
SHXWSDVDYRLUGHPqUHFDU,OQ
DQLFRPPHQFHPHQWGHMRXUVQLILQGHYLH
,OHVWeWHUQHO(OOHQHSHXWSDVrWUHODPqUHGH'LHX
(W M
DL GLW ©(W VL MH YRXV GLVDLV TXH YRWUH YLHUJH EpQLH TXH YRXV
FRQVLGpUH] FRPPH XQH GpHVVH HW VL MH YRXV GLVDLV TXH 'LHX QH O
DXUDLW
SDVODLVVpHDOOHUDX&LHOWDQWTX
HOOHQHV
pWDLWSDVFRPSRUWpHFRPPHFHV
JHQVOjODQXLWGHUQLqUH"ª
(OOHDGLW©&HQ
HVWSDVYUDLª
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^ϭϵ
SDUWLU YRLFL OH GHUQLHU FKDSLWUH Oj R ,O HVW VXU OH SRLQW GH TXLWWHU OD WHUUH
/XFFRPPHQoRQVDYHFOHYHUVHW
(W,OOHXUGLW$LQVLLOHVWpFULWTXHOH&KULVWVRXIIULUDLW
HWTX
,OUHVVXVFLWHUDLWGHVPRUWVOHWURLVLqPHMRXU
(W TXH OD UHSHQWDQFH HW OD UpPLVVLRQ GHV SpFKpV
RK MH GpVLUH TXH oD SpQqWUH ELHQ FDU GDQV XQH
PLQXWHM
HQDUULYHUDLjTXHOTXHFKRVHVXUFHODOD
UpPLVVLRQ GHV SpFKpV OD UHSHQWDQFH DXSUqV GH
'LHXHW OD UpPLVVLRQ GHVSpFKpV VHUDLHQW SUrFKpHV HQ
6RQ 1RP j WRXWHV OHV QDWLRQV j FRPPHQFHU SDU
-pUXVDOHP
(WYRXVrWHVWpPRLQVGHFHVFKRVHV
>(VSDFHYLGHVXUODEDQGH1'e@
©,O VRXIIULWª GLVHQW OHV eFULWXUHV &
HVW GH /XL TXH OHV SURSKqWHV
DYDLHQWSDUOp,OHVW&HOXLGRQWOD%LEOHHQWLqUHSDUOHF
HVWGH/XLTX
LOHVW
TXHVWLRQ&HUWDLQHPHQWTX
,OVDYDLWFHTXLGHYDLWrWUHHQVHLJQp,OVDYDLWFH
TXLGHYDLWrWUHIDLW(W,OGLWTXHODUHSHQWDQFHHWODUpPLVVLRQGHVSpFKpV
GHYDLHQW rWUH SUrFKpHV j WRXWHV OHV QDWLRQV HQ JXLVH GH WpPRLJQDJH j
FRPPHQFHU SDU -pUXVDOHP 0DLQWHQDQW O
RUJDQLVDWLRQ D FRPPHQFp j
5RPH O
pJOLVH RUJDQLVpH D FRPPHQFp j 5RPH HVW YHQXH HQ $OOHPDJQH
SDU 0DUWLQ /XWKHU D DYDQFp MXVTX
HQ $QJOHWHUUH SDU :HVOH\ MXVTX
DX[
eWDWV8QLV SDU -RKQ 6PLWK HQ &DOLIRUQLH SDU OD 3HQWHF{WH 3DU FRQWUH
O
eJOLVH D FRPPHQFp j -pUXVDOHP /D UHSHQWDQFH GHYDQW 'LHX HW OH
EDSWrPH DX 1RP GH -pVXV&KULVW SRXU OD UpPLVVLRQ GHV SpFKpV RQW
FRPPHQFp j -pUXVDOHP HW GHYDLHQW ©'HYDLHQWª DWLO GLW ,O Q
D SDV GLW
TXHFHODOHVDWWHLQGUDLWWRXV
&HOD GHYDLW FRPPHQFHU FHOD GHYDLW DOOHU SDUWRXW GDQV OH PRQGH
FHOD GHYDLW rWUH SUrFKp PDLV LO \ HQ D WUqV SHX 0DLV F
HVW FH TX
LO D GLW
6RQ 0HVVDJH &
HVW OH 0HVVDJH GH O
eJOLVH 0RQWUH]PRL O
pJOLVH TXL
HQVHLJQH&HOD'LWHVPRLRHOOHHVW9RXVQ
HQWURXYHUH]SDV
%LHQ -pVXV HVW 5RL F
HVW OH VHFRQG 0HVVDJH -pVXV HVW 5RL HW
9LYDQW SRXU WRXMRXUV 0DWWKLHX -pVXV HVW 5RL HW 9LYDQW SRXU
WRXMRXUVF
HVWFHTXHGRLWSUrFKHUO
eJOLVH0DWWKLHX
(QVHLJQH]OHXU j REVHUYHU WRXW FH TXH -H YRXV DL
SUHVFULW HW YRLFL -H VXLV DYHF YRXV SRXU WRXMRXUV
MXVTX
jODILQGXPRQGH(VWFHYUDL"
+pEUHX[ ©-pVXV&KULVW HVW OHPrPH KLHUDXMRXUG
KXL HW SRXU
WRXMRXUVª &
HVW OH 0HVVDJH GH O
eJOLVH IDLUH 6RQ RHXYUH FRQILUPHU 6D
UpVXUUHFWLRQ HW UHQGUH WpPRLJQDJH 0DLQWHQDQW $FWHV Oj R QRXV
ϮϬ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
YR\RQVV
LOVDYDLHQWFHODRXSDVSHQGDQWTXHQRXVSUHQRQV$FWHVFKDSLWUH
YHUVHW
(WQRXVVRPPHVWpPRLQVGHFHVFKRVHVGHPrPHTXH
OH 6DLQW(VSULW TXH 'LHX D GRQQp j FHX[ TXL OXL
REpLVVHQW2QGRLWUHQGUHWpPRLJQDJHGH/XL
'DQV-HDQ,OHQVHLJQHVXUFHTXHGHYUDLWIDLUHO
eJOLVH'DQV
-HDQ FKDSLWUH OH DX YHUVHW QRXV YHUURQV FH TXL HVW GLW -HDQ
DLQVL QRXV OH OLVRQV SRXU UHQGUH FHOD RIILFLHO 7UqV ELHQ -HDQ YHUVHW
(QYpULWpHQYpULWp-HYRXVOHGLVFHOXLTXLFURLWHQ
0RL OHV RHXYUHV TXH-HIDLVLO OHVIHUD DXVVLHW LO HQ
IDLWIHUDGHSOXVJUDQGHVFDU-HP
HQYDLVDX3qUH
&
HVW oD OH 0HVVDJH GH O
eJOLVH -pVXV&KULVW OH PrPH KLHU
DXMRXUG
KXLHWSRXUWRXMRXUVYLYDQWGDQVO
eJOLVH5RLGHO
eJOLVHUHVVXVFLWp
GHV PRUWV /H PrPH KLHU DXMRXUG
KXL HW SRXU WRXMRXUV $FFRPSOLU OHV
PrPHV RHXYUHV IDLUH OHV PrPHV FKRVHV TXH ILW -pVXV &
HVW oD OH
0HVVDJH GH O
eJOLVH 6L O
eJOLVH Q
HQVHLJQH SDV FHOD DORUV HOOH HQVHLJQH
XQHIDXVVHWKpRORJLH&
HVWFHTXH-pVXVOHXUDRUGRQQpGHSUrFKHU
4X
\ DXUDWLO G
DXWUH" &RPPHQW VDXURQVQRXV VL FHV JHQV ,OV
GLVHQW ©(K ELHQ MH VXLV XQ FUR\DQWª 9R\RQV TXHOOH D pWp 6D GHUQLqUH
FRPPLVVLRQ j 6RQ eJOLVH SRXU OHV FUR\DQWV 0DUF 3UHQH] 0DUF
FKDSLWUH HW QRXV DOORQV GpFRXYULU FH TX
pWDLW 6RQ GHUQLHU 0HVVDJH j
O
eJOLVH HW QRXV YHUURQV DORUV VL QRXV VXLYRQV 6D FRPPLVVLRQ 0DUF FRPPHQoRQVDXYHUVHW
(QILQ ,O DSSDUXW DX[ RQ]H F
HVW DSUqV 6D
UpVXUUHFWLRQSHQGDQWTX
LOVpWDLHQWjWDEOH
9RLFL OD FRPPLVVLRQ j O
eJOLVH VXLYH] PDLQWHQDQW OD GHUQLqUH
FRPPLVVLRQ 1RXV DOORQV QRXV pSURXYHU SRXU YRLU VL QRXV VRPPHV GHV
FUR\DQWVRXVLQRXVVRPPHVRXLRXQRQGDQVFHWWHeJOLVH
(QILQ ,O DSSDUXW DX[ RQ]H SHQGDQW TX
LOV pWDLHQW j
WDEOH HW ,O OHXU UHSURFKD OHXU GXUHWp GH FRHXU OHXU OHXU LQFUpGXOLWp HW OHXU GXUHWp GH FRHXU SDUFH TX
LOV
Q
DYDLHQW SDV FUX FHX[ TXL /
DYDLHQW YX DSUqV 6D
UpVXUUHFWLRQDSUqVTX
,OIXWUHVVXVFLWp
4XHOTX
XQ/
DYDLWYX4XHOTX
XQHVVD\DLWGHOHXUHQSDUOHUPDLVLOV
QHOHFUXUHQWSDV1
HVWFHSDVODPrPHFKRVHDXMRXUG
KXL"1RXVVDYRQV
TX
,OHVWYLYDQWQRXVDYRQVOHWpPRLJQDJHGH6RQ(VSULW4XLHVWHQQRXV
1RXVYR\RQV6DSXLVVDQFHVHPRXYRLUGDQVOHVDXGLWRLUHVFRPSRVpVGHV
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^Ϯϱ
FRPPHLOIDXWLQWpJUDOHPHQW©$OOH]SDUWRXWOHPRQGHHWGDQVWRXWHVOHV
QDWLRQV HW GpPRQWUH] OD SXLVVDQFH GX 6DLQW(VSULW &HOXL TXL FURLUD HQ
&HFL HW TXL VHUD EDSWLVp VHUD VDXYp FHOXL TXL UHQLHUD &HOD VHUD
FRQGDPQp9RLFLOHVPLUDFOHVTXLDFFRPSDJQHURQWFHX[TXLDXURQWFUXLOV
LPSRVHURQW OHV PDLQV DX[ PDODGHV HW OHV PDODGHV VHURQW JXpULV LOV
FKDVVHURQWOHVGpPRQVLOVSDUOHURQWGHQRXYHOOHVODQJXHV&HVRQWOjOHV
PLUDFOHV TXL VXLYURQWª /H GHUQLHU YHUVHW GLW ©(W LOV V
HQ UHWRXUQqUHQW /H
6HLJQHXU RHXYUDLW j WUDYHUV HX[ HW FRQILUPDLW 6D 3DUROH SDU OHV PLUDFOHV
TXLOHVVXLYDLHQWª9RLOjFRPPHQWpWDLWODSUHPLqUHeJOLVH
(WpFRXWH]-pVXVDGLW©-HVXLVOH&HSYRXVrWHVOHVVDUPHQWVª
(WVLXQVDUPHQWSURGXLWXQFHSHWTXHFHFHSSRUWHGHVIUXLWVOHVDUPHQW
VXLYDQWTXLVRUWLUDSURGXLUDH[DFWHPHQWODPrPHFKRVHTXHOHSUHPLHU
2K YRXV GLWHV ©)UqUH %UDQKDP PDLV UHJDUGH] WRXWHV FHV
pJOLVHVª &H VRQW GHV VDUPHQWV JUHIIpV 0DLQWHQDQW YRXV SRXYH] JUHIIHU
GHVDJUXPHV9RXVSRXYH]SUHQGUHXQRUDQJHU\JUHIIHUXQFLWURQQLHUHW
oD SRXVVHUD &
HVW FH TXH YRXV OHV KRPPHV DYH] JUHIIp (W FHV
RUJDQLVDWLRQVF
HVWFHTXHO
KRPPHDJUHIIp&
HVWWRXMRXUVXQFLWURQQLHU
dD SRXVVHUD SDUFH TXH F
HVW VRUWL DX QRP GH O
pJOLVH 0DLV ODLVVH]PRL
YRXV GLUH TXH VL MDPDLV FHW DUEUH SURGXLVDLW OXLPrPH XQ DXWUH VDUPHQW
oDSURGXLUDXQHRUDQJH(WVLMDPDLVODSXLVVDQFHGH'LHXSURGXLVDLWXQH
DXWUHeJOLVHoDVHUDXQHDXWUH3HQWHF{WHHWXQDXWUH/LYUHGHV$FWHVVHUD
pFULWjODVXLWHGH&HODFDUF
HVWO
eJOLVHGH'LHX
-pVXV D GLW ©-H VXLV OH &HS YRXV rWHV OHV VDUPHQWV 9RXV QH
SRXYH] SDV SRUWHU GH IUXLW SDU YRXVPrPHV FHSHQGDQW -H 0H GpYHUVH
0RLPrPH GDQV OH VDUPHQWª (W TXHO JHQUH GH IUXLW &HOD DWLO SURGXLW"
©&HVPLUDFOHVDFFRPSDJQHURQWFHX[TXLDXURQWFUXª
/D VHFRQGH eJOLVH VH OqYH OH &RUSV P\VWLTXH GH &KULVW DXUD OHV
PrPHVVLJQHV©(QFRUHXQSHXGHWHPSVHWOHPRQGHQH0HYHUUDSOXV
0DLVYRXVYRXV0HYHUUH]FDU-HVHUDLDYHFYRXVPrPHHQYRXVGDQV
FKDTXH VDUPHQW MXVTX
j OD ILQ GX PRQGHª -pVXV&KULVW OH PrPH KLHU
DXMRXUG
KXL HW SRXU WRXMRXUV &
HVW oD O
eJOLVH GX 'LHX YLYDQW &
HVW G
(OOH
TX
LOV
DJLW&
HVWOHJHQUHGHWpPRLQVTX
,OD
0DLQWHQDQW O
eJOLVH GRLWDXVVL HQVHLJQHU OH EDSWrPH (OOH GRLW rWUH
EDSWLVpH &
pWDLW oD OD FRPPLVVLRQ -pVXV D GLW LFL GDQV 0DUF QRXV
DOORQV VLPSOHPHQW XWLOLVHU FHOD ©&HOXL TXL FURLUD HW TXL VHUD EDSWLVpª
&UR\H] SUHPLqUHPHQW HW HQVXLWH VR\H] EDSWLVp SRXU OD UpPLVVLRQ GH YRV
SpFKpVHWYRXVUHFHYUH]OHGRQGX6DLQW(VSULW
Ϯϰ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
&
HVWoDODFRPPLVVLRQGHO
eJOLVH&
HVWoDODYUDLHeJOLVHTXLFURLW
&H Q
HVW SDV HQVHLJQp FKH] OHV PpWKRGLVWHV OHV EDSWLVWHV OHV
SUHVE\WpULHQV OHV FDWKROLTXHV OHV OXWKpULHQV OHV QD]DUpHQV OHV SqOHULQV
GHODVDLQWHWp1RQPRQVLHXULOVUHQLHQWFHOD*ORLUH3RXUTXRL",OVVHVRQW
RUJDQLVpV HW LOV QH SHXYHQW SDV OH IDLUH ,O \ D OjGHGDQV EHDXFRXS GH
PHPEUHVTXLFURLHQW&HODPDLVLOVQHSHXYHQWULHQGLUHOjGHVVXVGHSHXU
G
rWUH H[FRPPXQLpV &
HVW O
HVSULW DQWLFKULVW TXL OHV D DPHQpV j
V
RUJDQLVHU/
eJOLVHGX'LHXYLYDQWHVWQpHOLEUH(OOHQ
DSDVEHVRLQG
XQH
GpQRPLQDWLRQ LOV VXLYHQW OH 5RL GX 5R\DXPH 0HVVLDQLTXH ,OV Q
RQW SDV
EHVRLQ GH SUHQGUH OHV KLVWRLUHV GHV JHQV ,OV VRQW QpV OLEUHV LOV VRQW
DIIUDQFKLV SDU OH )LOV 4XL OHV D HIIHFWLYHPHQW OLEpUpV &HV PLUDFOHV OHV
DFFRPSDJQHURQW
&HWeYDQJLOHVHUDSUrFKp4XLYD/HSUrFKHU"'LHXHVWFDSDEOHGH
SUHQGUH GHV LJQRUDQWV 'LHX HVW FDSDEOH GH VXVFLWHU GH FHV SLHUUHV GHV
HQIDQWVj$EUDKDP'LHXSHXWIDLUHWRXWFHTX
,OYHXW,OHVW'LHX(WF
HVW
GH FHWWH PDQLqUH TX
,O DJLW 4XDQG ,O YLQW ,O Q
DSSHOD MDPDLV &DwSKH ,O
Q
DSSHODMDPDLVXQVHXOVDFULILFDWHXU,OQ
DSSHODMDPDLVXQVHXOWKpRORJLHQ
,OSULWGHVSpFKHXUVGHVEHUJHUVDLQVLTXHGHVLJQRUDQWVHWGHVLOOHWWUpV/D
%LEOHGLWTXH3LHUUHHW-HDQpWDLHQWWRXVGHX[LJQRUDQWVHWVDQVLQVWUXFWLRQ
FHSHQGDQW ,O SRXYDLW OHXU GRQQHU HW pGLILHU j WUDYHUV HX[ OH 5R\DXPH GH
'LHXHWFRQIRQGUHOHVUHJDUGVHWOHVSHQVpHVGHVVDJHVHWGHVSXLVVDQWV
,OV GLUHQW ©2Q D UHPDUTXp TX
LOV pWDLHQW GHV KRPPHV LJQRUDQWV HW VDQV
LQVWUXFWLRQ FHSHQGDQW RQ D SX UHPDUTXHUTX
LOVDYDLHQW pWp DYHF -pVXVª
3RXUTXRL"6RQ(VSULWpWDLWVXUHX[,OVDJLVVDLHQWFRPPH/XL,OVIDLVDLHQW
OHV FKRVHV TX
,O DYDLW IDLWHV &
HVW H[DFWHPHQW FH TX
,O DYDLW GLW GHYRLU
DUULYHU OH 5R\DXPH 0HVVLDQLTXH 2K FRPELHQ MH VXLV KHXUHX[ GH FHV
FKRVHV ©&HV PLUDFOHV DFFRPSDJQHURQW FHX[ TXL DXURQW FUXª
&HUWDLQHPHQWOHVPLUDFOHVOHVDFFRPSDJQHURQW
0DLQWHQDQW XQH DXWUH FKRVH TX
HQVHLJQHUD FHWWH eJOLVH VHUD OD
JXpULVRQ GLYLQH OH 0HVVDJH GH O
eJOLVH -H YHQDLV GH OLUH FHOD 0DWWKLHX
ORUVTX
,OHQYR\D6RQeJOLVH$OORQVGDQV0DWWKLHXHWYR\RQVMXVWH
XQH PLQXWH eFRXWH] FH TXH -pVXV GLW ORUVTX
,O RUGRQQD 6RQ eJOLVH DX
FRPPHQFHPHQW
(WSXLV,ODSSHODVHVGRX]HGLVFLSOHVHWOHXUGRQQD
OH SRXYRLU GH FKDVVHU OHVHVSULWV LPSXUV GH FKDVVHU
OHVFKDVVHUHWGHJXpULUWRXWHPDODGLHHWWRXWHLQILUPLWp
/DSUHPLqUHFRPPLVVLRQj6RQeJOLVH
/D GHUQLqUH FRPPLVVLRQ ©$OOH] SDU WRXW OH PRQGH SUrFKH]
O
eYDQJLOH &HOXL TXL FURLUD HW TXL VHUD EDSWLVpª /DLVVH]PRL OLUH FHOD
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^Ϯϭ
GL]DLQHV GH PLOOLHUV GH SHUVRQQHV HW GLVFHUQHU OHXUV SHQVpHV SHQVpHV
GHOHXUVFRHXUVH[DFWHPHQWFRPPH,OOHIDLVDLWTXDQG,OpWDLWLFL&RPPH
OH GLW OD %LEOH ©/D 3DUROH GH 'LHXª ,O HVW OD 3DUROH GH 'LHX ©$X
FRPPHQFHPHQWpWDLWOD3DUROHHWOD3DUROHpWDLWDYHF'LHXHWOD3DUROHIXW
IDLWHFKDLUHWKDELWDSDUPLQRXVª©/D3DUROHGH'LHXHVWSOXVWUDQFKDQWH
SOXVHIILFDFHTX
XQHpSpHjGRXEOHWUDQFKDQW(OOHFRXSHPrPHMXVTX
jOD
PRHOOH GHV RV HW GLVFHUQH OHV SHQVpHV HW OHV LQWHQWLRQV GX FRHXUª
&KULVW ©/HV RHXYUHV TXH -H IDLV YRXV OHV IHUH] DXVVLª 9R\H]/H IDLUH
FHOD&RPELHQ/
RQWYXIDLUHFHOD"$VVXUpPHQWQRXVVDYRQVTX
,OIDLWFHOD
,OYLWLFL,OHVWGDQVQRVFRHXUV
,OVQHFURLHQWSDV&HOD,OVQH/
RQWSDVFUXHQFHWHPSVOjLOVQH/H
FURLHQWSDVPDLQWHQDQW,OVFURLHQWTX
,OPRXUXWHWFHODUpJODODTXHVWLRQHW
QRXV DYRQV TXHOTXH FKRVH G
KLVWRULTXH TX
XQ KRPPH D LQYHQWp LO \ D
TXHOTXHVDQQpHVSRXUHQVXLWHpWDEOLUXQHpJOLVHHWUpGLJHUXQFDWpFKLVPH
HWF
HVWjFHODTXHQRXVQRXVDFFURFKRQV&
HVWSDwHQ&
HVWYUDL,OQ
\D
DXFXQH YpULWp HQ FHOD 2KMH QH GLV SDV ©YpULWpª O
KRPPH SRXUUDLW DYRLU
IDLWFHODO
KRPPHSRXUUDLWDYRLUpWpWUqVVLQFqUH0DLVFHQ
HVWSDVFRPPH
FHODTXH'LHXFRQWU{OH6RQeJOLVH,OQ
DMDPDLVYRXOXFHOD
/RUVTX
LOV UpFODPqUHQW XQ URL 6DPXHO OHV DSSHOD HW GLW FHFL LO GLW
©-HGpVLUHYRXVGHPDQGHUTXHOTXHFKRVH9RXVDLMHMDPDLVGpoXV"9RXV
DLMHGpMjGHPDQGpGHYRWUHDUJHQW"9RXVDLMHGpMjGLWTXRLTXHFHVRLWDX
1RPGX6HLJQHXUTXLQHIWSDVODYpULWp"'LHXQHYHXWSDVTXHYRXVD\H]
XQURL,OGpVLUHrWUHYRWUH5RLª
,OGLW©Ð6DPXHODVVXUpPHQWWXDVUDLVRQ7XHVXQERQSURSKqWH
7XQHQRXVDVGLWTXHOD9pULWp7XQ
DVMDPDLVPHQGLpGHO
DUJHQWDXSUqV
GHQRXV&HVFKRVHVVRQWYUDLHVQRXVYRXORQVFHSHQGDQWrWUHFRPPHOHV
DXWUHV1RXVYRXORQVGHWRXWHIDoRQXQURLª
6DPXHOUpSRQGLW©&HODYRXVFDXVHUDGHODSHLQHHWGHVGLIILFXOWpV
&HOD YD ,O SUHQGUD YRV ILOV HW YRV ILOOHV ,O OHV FRUURPSUD SDU OHV FKRVHV
TX
LOIHUD,OOHIHUDª(WLOOHILW0DLVLOVYRXOXUHQWWRXMRXUVXQURL
&
HVW FRPPH FHOD TX
LOV DJLVVHQW DXMRXUG
KXL 2K QRXV GHYRQV
DYRLUXQFHUWDLQQRPG
DSSDUWHQDQFH1RXVGHYRQVGLUHDX[JHQVTXDQG
LOV QRXV OH GHPDQGHQW ©1RXV VRPPHV PpWKRGLVWHV EDSWLVWHVª 'LWHV
VLPSOHPHQWTXHYRXVrWHVFKUpWLHQVF
HVWMXVWHFRPPH&KULVW$SUqVTX
,O
IXWUHVVXVFLWpGHVPRUWVLOVQHOHFUXUHQWSDV
(W LO OHXU GLW pFRXWH] OD JUDQGH FRPPLVVLRQ $OOH] GDQV 4XHOOH
SDUWLH GX PRQGH" >/D FRQJUpJDWLRQ GLW ©3DUWRXWª 1'e@ ©2K MH
ϮϮ>^/EY/Ed/&/d/KE^WZ/^^>sZ/'>/^h/hs/sEd
SHQVDLV TXH F
pWDLW VHXOHPHQW -pUXVDOHPª TXHOTX
XQ GLVDLW ©&HV VLJQHV
pWDLHQWSRXU-pUXVDOHPªSDUWRXWOHPRQGHHWSUrFKH]O
pYDQJLOH
&RPELHQ VDYHQW FH TX
HVW O
eYDQJLOH" 1RQ SDV OD 3DUROH 3DXO GLW
©/
eYDQJLOH HVW YHQXH j QRXV QRQ VHXOHPHQW HQ SDUROH PDLV GDQV OD
SXLVVDQFH HW OD PDQLIHVWDWLRQ GX 6DLQW(VSULWª /
eYDQJLOH F
HVW OD
SXLVVDQFHGH'LHXSRXUIDLUHTXHOD3DUROHDFFRPSOLVVHFHTX
(OOHGLWTX
(OOH IHUD 3UrFKH] O
eYDQJLOH DX PRQGH HQWLHU 3UrFKH] O
eYDQJLOH
XQLTXHPHQW j OD UDFH EODQFKH RX XQLTXHPHQW j OD UDFH EUXQH MDXQH
QRLUH"©$WRXWHFUpDWXUHª$PHQ
&KDTXHFUpDWXUHFUR\H]YRXVTXHoDVLJQLILHFHOD"8QMRXUM
DLYX
'LHXFRQIRQGUHXQWDXUHDX-H/
DLYXHPSrFKHUGHVIUHORQVGHSLTXHU-H
/
DL YX UHOHYHU XQ RSRVVXP TXL pWDLW pWHQGX PRUW WRXWH OD QXLW 7RXWH
FUpDWXUH /
eYDQJLOH SURGXLUD GHV HIIHWV VXU Q
LPSRUWH TXRL TXH YRXV
YRXOH]9RXVGLWHV©&
HVWIDX[IUqUH%UDQKDPª&HQ
HVWSDVIDX[
,O-pVXVDGLWjFHWDUEUH©0DXGLWVRLVWXGpVRUPDLVSHUVRQQHQH
PDQJHUD GHWRQIUXLWª (W O
eYDQJLOHIXW SUrFKp jFHW DUEUH $PHQ-H PH
VHQV UHOLJLHX[ HQ FH PRPHQW PrPH $ WRXWH FUpDWXUH $PHQ 3UrFKH]
&HOD j TXRL" $ WRXWH FUpDWXUH 2K VL VHXOHPHQW QRXV SRXYLRQV DYRLU OH
WHPSVSRXUFHVFKRVHV
&HOXL TXL FURLUD HW TXL VHUD EDSWLVp VHUD VDXYp
©2KMHFURLVDXEDSWrPHª&
HVWELHQF
HVWERQ
F
HVW WUqV ELHQ &HOXL TXL FURLUD HW VHUD EDSWLVp
VHUDVDXYpFHOXLTXLQHFURLUDSDVVHUDFRQGDPQp
©2KMHVXLVKHXUHX[G
rWUHXQFUR\DQWª$WWHQGH]XQHPLQXWH©(Wª
HWF
HVWXQHFRQMRQFWLRQTXLUHOLHGHVSKUDVHV
(W FHV VLJQHV 2K MH SHQVDLV TXH YRXV QH
FUR\LH] SDV DX[ VLJQHV &H VRQW OHV SURSUHV
3DUROHV GH -pVXV GLVFXWH](Q DYHF /XL FHV
VLJQHVQRQSDV©SHXWrWUHLOVSDUIRLVLOVIRQWª
LOVDFFRPSDJQHURQWFHX[TXLDXURQWFUX
1RXVDOORQVPDLQWHQDQWYRLUVLYRXVFUR\H]RXSDVQRXVDOORQVYRLU
VLYRWUHRUJDQLVDWLRQFURLWRXSDV,OVSRXUUDLHQWGLUHTX
LOVFURLHQW-pVXVD
GLW©&HVVLJQHVDFFRPSDJQHURQWFHX[TXLDXURQWFUXª(KELHQLOVUHQLHQW
FHVVLJQHV
FHV VLJQHV DFFRPSDJQHURQW FHX[ TXL DXURQW FUX
&RPELHQ" (Q PRQ QRP LOV FKDVVHURQW OHV
GpPRQV
ϭϭ͘Ϭϵ͘ϭϵϲϬ:&&Z^KEs/>>͕/E͕h^Ϯϯ
(WYRXVTXLQHFUR\H]SDVjODJXpULVRQGLYLQHYRXVpJOLVHVFHFL
HVW HQUHJLVWUp YRXV FRPSUHQH] MH QH P
DGUHVVH SDV VHXOHPHQW j YRXV
TXHOTX
XQ G
DXWUH pFRXWHUD FHODTXL SUpWHQGH] FURLUH HQ 'LHX HW GDQV OD
FRPPLVVLRQTXHYRWUHpJOLVHDUHoXODFRPPLVVLRQG
DSSRUWHUO
eYDQJLOH
HW SRXUWDQW OD JXpULVRQ GLYLQH HQ HVW OD WRXWH SUHPLqUH FKRVH 4XH IXW OD
SUHPLqUH FKRVH TXH -pVXV RUGRQQD j 6HV GLVFLSOHV ORUVTX
,O OHV HQYR\D"
0DWWKLHX©*XpULVVH]OHVPDODGHVFKDVVH]OHVGpPRQVª4XHIXWOD
GHUQLqUH FKRVH TX
,O RUGRQQD j 6RQ eJOLVH" ©*XpULVVH] OHV PDODGHV
FKDVVH]OHVGpPRQVª/
$OSKDHWO
2PpJD%HQMDPLQHW5XEHQOH3UHPLHU
HW OH 'HUQLHU &HOXL TXL pWDLW 4XL HVW HW 4XL YLHQW O
eWRLOH GX PDWLQ OD
5DFLQH HW OH 5HMHWRQ GH 'DYLG $OOpOXLD &
HVW /XL 2XL PRQVLHXU ©&HV
VLJQHVDFFRPSDJQHURQWFHX[TXLDXURQWFUX(Q0RQ1RPLOVFKDVVHURQW
OHV GpPRQVª 6HXOHPHQW j -pUXVDOHP" ©$X PRQGH HQWLHU HW j WRXWH
FUpDWXUHª(VWFHOD%LEOH"&
HVWFHTX
(OOHGLW&
HVWoDOH0HVVDJHGHO
eJOLVH $X PRQGH HQWLHU j WRXWH FUpDWXUH O
eYDQJLOH &HV VLJQHV
DFFRPSDJQHURQWTXLFRQTXHDXUDFUX
(Q 0RQ 1RP LOV FKDVVHURQW OHV GpPRQV LOV
SDUOHURQWGHQRXYHOOHVODQJXHV
(W YRXV SDXYUHV QD]DUpHQV TXL OHV WUDLWH] G
XQH ©EDQGH GH JHQV
SDUODQW HQ ODQJXHVª YRXV QH YRXOH] PrPH SDV YRXV DVVHRLU DYHF HX[
GDQVO
pJOLVH1
HVWFHSDVKRUULEOH"4XHIHUH]YRXVTXDQGYRXVDUULYHUH]
DX &LHO" -pVXV PRXUXW SDUODQW HQ ODQJXHV 2Q GLW TX
,O SDUOD HW ,O SDUOD
GDQV XQH DXWUH ODQJXH $VVXUpPHQW ,O OH ILW ©,O SDUOD HQ +pEUHX[ª &H
Q
pWDLWSDVFHOD&HQ
HVWSDVO
pFULWXUHKpEUDwTXH,OSDUODGDQVXQHODQJXH
FpOHVWH
4XDQG TXDQG $EHO RIIULW VRQ DJQHDX VXU OH URF TXDQG OH SHWLW
DJQHDX DJRQLVDLW TX
LO O
pJRUJHDLW XQ W\SH GH &KULVW Oj GDQV OH MDUGLQ
G
eGHQ 7DQGLV TX
LO PRXUDLW OH SHWLW DJQHDX ErODLW GDQV XQH DXWUH
ODQJXH&HODpWDLWOHW\SH$ORUVTXHVDODLQHHQVDQJODQWpHpWDLWWUHPSpH
GH VRQ SURSUH VDQJ FHOD pWDLW OH W\SH GX )LOV GH 'LHX VXVSHQGX Oj DX
&DOYDLUH WDLOOp HQ SLqFHV SRUWDQW QRV SpFKpV TXL j O
DJRQLH SDUODLW XQH
DXWUHODQJXH©0RQ'LHX0RQ'LHXSRXUTXRL0
DV7XDEDQGRQQp"ª
9RLOj OH 0HVVDJH GH O
eJOLVH ©(Q PRQ 1RP LOV FKDVVHURQW OHV
GpPRQVLOVSDUOHURQWGHQRXYHOOHVODQJXHVª&
HVWFHTX
,ODGLW&
HVWoDOH
0HVVDJH GH O
eJOLVH &
HVW FH TX
,O D RUGRQQp j O
eJOLVH GH IDLUH GH
FKDVVHUOHVGpPRQV,OVSDUOHURQWGHQRXYHOOHVODQJXHV
,OV VDLVLURQW GHV VHUSHQWV HW V
LOV ERLYHQW TXHOTXH
EUHXYDJH PRUWHOFHOD QH OHXU IHUD SRLQW GH PDOLOV
LPSRVHURQW OHV PDLQV DX[ PDODGHV OHV PDODGHV
VHURQWJXpULV

les cinq identifications précises de la vraie église du dieu vivant

Transcription

Documents pareils

LA SEMENCE DU SERPENT

brochures

LOI OU GRÂCE

la stature d`un homme parfait

LE RESPECT

Pochette verso