conclusion generale

&21&/86,21*(1(5$/(
3366,'$
5HFRPPDQGDWLRQVOHVVRQVOHDUQHG 6ROOLFLWHUXQDSSXLWHFKQLTXHLQWHUQDWLRQDODXGpEXWGHO¶DQDO\VH
&RPPHQFHUSDUXQDWHOLHUQDWLRQDOUHJURXSDQWWRXVOHVDFWHXUVSRXUOHXUH[SRVHUOHWUDYDLOTXL
YDrWUHDFFRPSOL
&RPPHQFHU DYHF XQ QRPEUH UpGXLW G¶H[SHUWV QDWLRQDX[ HW UHQIRUFHU O¶pTXLSH DX IXU HW j
PHVXUH GHV EHVRLQV UpHOV GX WUDYDLO UHTXLV HQ HVVD\DQW G¶LPSOLTXHU DX PRLQV XQ H[SHUW SDU
VHFWHXUSUpGRPLQDQW GHODOXWWHFRQWUHOHV,679,+6,'$
$ O¶DXEHGHFHWURLVLqPHPLOOpQDLUHO¶$OJpULHVHWURXYHjODFURLVpHGHVFKHPLQVHQPDWLqUHGH
OXWWHFRQWUHOHV,679,+6,'$
/D IDLEOH SUpYDOHQFH GH O¶LQIHFWLRQ j 9,+ GDQV OD SRSXODWLRQ JpQpUDOH HVW FRQWUHEDODQFpH SDU
O¶H[LVWHQFHGHUpJLRQVSOXVH[SRVpHVHWGHQRPEUHX[JURXSHVYXOQpUDEOHV
/H3URJUDPPHGH3ODQLILFDWLRQ6WUDWpJLTXHFRQVWLWXHXQQRXYHDXGpSDUWGDQVODSULVHHQFKDUJH
GHVSHUVRQQHVDWWHLQWHVHWGDQVODSUpYHQWLRQ
*UkFH j XQ FDGUH LQVWLWXWLRQQHO DGDSWp XQH LQWHUVHFWRULDOLWp LPSOLTXDQW WRXV OHV GpSDUWHPHQWV
PLQLVWpULHOVOHSDUDSXEOLFOHSULYpHWOHV21*QDWLRQDOHVHWLQWHUQDWLRQDOHVOHVDFWHXUVSRXUURQW
GpYHORSSHUGHVSURJUDPPHVLQWpJUpVHWGpFHQWUDOLVpV
/HVVXFFqVLQGLVFXWDEOHVHQUHJLVWUpVGDQVFHUWDLQVGRPDLQHVGHODOXWWHFRQWUHOH9,+GHYURQWrWUH
VRXWHQXV HW UHQIRUFpV /HV LQVXIILVDQFHV UHOHYpHV ORUV GHV pYDOXDWLRQV SpULRGLTXHV GHYURQW
FRQGXLUHjXQUpDPpQDJHPHQWLQGLVSHQVDEOHGXSURJUDPPHSRXUXQHSOXVJUDQGHHIILFDFLWp
&H SURJUDPPH GH SODQLILFDWLRQ VWUDWpJLTXH QpFHVVLWH XQH DSSURSULDWLRQ GH OD SDUW GH WRXV OHV
DFWHXUVGRQWOHVUHVSRQVDELOLWpVGHYURQWrWUHFODLUHPHQWGpILQLHVVXUODEDVHG¶XQHQJDJHPHQWVDQV
IDLOOH
/DSULVHHQFKDUJHGHV399,+VXUWRXVOHVSODQVHWODSUpYHQWLRQGHODFRQWDPLQDWLRQVRXVWRXWHV
VHV IRUPHV HW SDU WRXV OHV PR\HQV GHYURQW SHUPHWWUH j OD ILQ GX SURJUDPPH G¶DYRLU XQH YLVLRQ
SOXV MXVWH VXU O¶pSLGpPLH HW OHV FRPSRUWHPHQWV XQ PHLOOHXU FRQWU{OH GH O¶pSLGpPLH HW GHV
SULQFLSDX[GpWHUPLQDQWVGDQVO¶DWWHQWHGHGpFRXYHUWHVVFLHQWLILTXHVTXLSHUPHWWURQVXQWUDLWHPHQW
UDGLFDOGHODPDODGLHHWRXXQYDFFLQHIILFDFH
(QDWWHQGDQWFHSURJUDPPHGHSODQLILFDWLRQVWUDWpJLTXHGHYUDrWUHFRPSOpWpSDUO¶pODERUDWLRQGH
SODQVVHFWRULHOVHWSDUODPRELOLVDWLRQGHVUHVVRXUFHVSRXUDVVXUHUO¶DWWHLQWHGHVFLQTREMHFWLIV
VWUDWpJLTXHVGpILQLVGDQVOH336$OJpULH
%,%/,2*5$3+,(
3366,'$
'HX[LqPHSDUWLH$QDO\VHGHODVLWXDWLRQ
(SLGpPLRORJLH GX 9,+6,'$ GHV LQIHFWLRQV VH[XHOOHPHQW WUDQVPLVVLEOHV HW GpWHUPLQDQWV GH
O
LQIHFWLRQj9,+6,'$
)$5(6(*6LWXDWLRQpSLGpPLRORJLTXHGHO¶LQIHFWLRQj9,+HQ$OJpULH6LGDOHUWH1ƒ
MDQYLHUIpYULHU
%28$.$=5)$5(6(*$,'28'$ 6,'$7RXULVPHHW0LJUDWLRQV5pXQLRQ
PDJKUpELQH VXU OHV FRPSRUWHPHQWV j ULVTXH GH O¶LQIHFWLRQ j 9,+ *KDUGDLD HW DYULO
0,1,675('(/$6$17((7'(/$3238/$7,21$WHOLHUGH&RQVHQVXVVXUOH
9,+6,'$$R€W
)$5(6(*%28$.$=56LWXDWLRQpSLGpPLRORJLTXHDFWXHOOHHWIXWXUHGHO¶LQIHFWLRQj
9,+HQ$OJpULH6LGDOHUWH1ƒQRYHPEUH
)$5(6(*%28$'-$5%*8(5%,0/H6,'$HQ$OJpULH© /HSRLQW ª7DEOHURQGH
VXU OHV PDODGLHV VH[XHOOHPHQW WUDQVPLVVLEOHV 9,ƒ FRQJUqV QDWLRQDO GH PpGHFLQH HW GH
FKLUXUJLH$OJHUMXLQ
%28$.$=50676,'$HWURXWHWUDQVVDKDULHQQH-RXUQpHPRQGLDOH6,'$$OJHU
GpFHPEUH
0,1,67(5('(/$6$17((7'(/$3238/$7,21,167,7871$7,21$/'(
6$17(38%/,48($VVLVHV1DWLRQDOHVGHOD6DQWp6\VWqPH1DWLRQDOGH6DQWp
(OpPHQWVGHUpIOH[LRQ$OJHUHWPDL
)$5(6(*%(1.$,'$/,,$00$5.+2'-$$,QIHFWLRQj9,+HWVpUR
VXUYHLOODQFHVHQWLQHOOH;,,,qPHV-RXUQpHV1DWLRQDOHVGH'HUPDWRORJLH$OJHUMXLQ
0,1,67(5('(/$6$17((7'(/$3238/$7,21,167,7871$7,21$/'(
6$17(38%/,48( 7DPDQUDVVHWHVSRLUVHWSHUVSHFWLYHV
$%'(/0280(1(73HUVRQQHOGHVDQWpHWULVTXHG¶H[SRVLWLRQDXVDQJ/DOHWWUHGHOD
3UpYHQWLRQ'pFHPEUH± 1ƒ
)$5(6(*6XUYHLOODQFHpSLGpPLRORJLTXHGX9,+6,'$HQ$OJpULH6DQWp$OJpULH1ƒ
QRYHPEUH±GpFHPEUH
%(/+$1,0/DVpFXULWpWUDQVIXVLRQQHOOH6DQWp$OJpULH1ƒQRYHPEUH±GpFHPEUH
.(''$'13RXUXQHLQWpJUDWLRQGHV067GDQVOHVSURJUDPPHVGHSODQLILFDWLRQ
IDPLOLDOH6DQWp$OJpULH1ƒQRYHPEUH±GpFHPEUH
2186,'$5DSSRUWVXUO¶DWHOLHUUpJLRQDOVXUODPLJUDWLRQHWOH9,+6,'$HQ$IULTXHGH
O¶2XHVWHWGX&HQWUHPDLMXLQ
$*(1&(1$7,21$/('86$1*5DSSRUWVXUODWUDQVIXVLRQVDQJXLQHHQ$OJpULH
GpFHPEUH
.+$/('6(/+$'-0728$7,28,=02+$00(',=,'5,+0,66280.
&+$/$/(QTXrWHGHSUpYDOHQFHGHO¶LQIHFWLRQSDUOH9,+GDQVXQHSRSXODWLRQGH
PDODGHVWXEHUFXOHX[HQHQ$OJpULHqPH &RQIpUHQFHGHODUpJLRQ$IULTXHGH
O¶8QLRQ ,QWHUQDWLRQDOHFRQWUHODWXEHUFXORVHHWOHVPDODGLHVUHVSLUDWRLUHV8,&705
&RQDNU\GXPDL
%28*8(5028+$%(//$%(6+/HYLUXVGX6,'$6DQWp$OJpULH1ƒQRYHPEUH±
GpFHPEUH
2186,'$0,1,67(5('(/$6$17((7'(/$3238/$7,21'LDJQRVWLFGX
SODQVWUDWpJLTXHQDWLRQDOGHOXWWHFRQWUHOH6,'$307
%(/.$,'5*5$%$0.6pURVXUYHLOODQFHpSLGpPLRORJLTXHGHO¶LQIHFWLRQDX9,+
SDUUpVHDXVHQWLQHOOH)RUXPSRXUOH'pYHORSSHPHQWGHO¶$IULTXH$GGLV$EpED
3URFqVYHUEDOGHPLVVLRQj7DPDQUDVVHWHIIHFWXpSDUOHV'5)$5(6%28$.$=HWOHV
3502.+7$5,$05$1(GXDXPDL
1$,00/HVPDODGLHVVH[XHOOHPHQWWUDQVPLVVLEOHV0673DQRUDPDGHVJHUPHV
UHVSRQVDEOHV/D/HWWUHGX%LRORJLVWHQRYHPEUH
)$5(602.+7$5,*+25$%%(1.$,'$/,&(5%$+$//$+2801$,0
&+(5,(7&+,.+,%28+$'-$5%286628)5pVXOWDWVSUpOLPLQDLUHVGHODVpUR
VXUYHLOODQFHVHQWLQHOOHGX9,+&RQJUqVGH0pGHFLQHHWGH&KLUXUJLH$OJHUPDUV
1$,007,28,7'O$0+,6:$QWLELRWKpUDSLHGHVPDODGLHVVH[XHOOHPHQW
WUDQVPLVVLEOHV/D/HWWUHGX%LRORJLVWHQRYHPEUH
%28$.$=5)$5(6(*0(+',</DSROLWLTXHGX9,+6,'$HQ$OJpULH/D
/HWWUHGX%LRORJLVWHQRYHPEUH
02+$00(',=7KqVHGHGRFWRUDWHQVFLHQFHVPpGLFDOHVVXUOH6,'$jSDUDvWUH
(Q WHUPH GH UpGXFWLRQ GH OD WUDQVPLVVLRQ HW GH OD YXOQpUDELOLWp DX[ ,679,+6,'$ SDU OHV
DFWLRQVGHFRPPXQLFDWLRQVVRFLDOHV,(&
-HXQHVHW6,'$,163063206&HOOXOHGHFRPPXQLFDWLRQVRFLDOH
(WXGHGHVFRQQDLVVDQFHVDWWLWXGHVHWSUDWLTXHVVXUOHVPDODGLHVVH[XHOOHPHQWWUDQVPLVVLEOHV
0676,'$DXSUqVGHVMHXQHVPLOLWDLUHV HQTXrWH&$3
0'12186,'$206
6H[XDOLWpFKH]OHVpWXGLDQWVHQPpGHFLQHG¶$OJHU 5%HONDwG5H]NL0.*UDED FRPPXQLFDWLRQjOD;qPHFRQIpUHQFHLQWHUQDWLRQDOHVXUOHV0676,'$HQ$IULTXH $ELGMDQGpFHPEUH
&RQQDLVVDQFHVHWDWWLWXGHVGHVMHXQHVIDFHDX[0676,'$ (QTXrWHSDUVRQGDJHDXSUqV GHV
O\FpHQVGHOD'DwUDGH6LGL0¶+DPHG$OJHU $6RXNKDO$*XHQRXQH $OJHUOH
DYULO
/\FpHQVGH$wQ%pQLDQHW6LGD $6RXNKDOHWFROOqJXHV &+8$OJHU2XHVW+RSLWDO%pQL
0HVVRXV
6H[XDOLWpHQFKH]OHVpWXGLDQWVHQPpGHFLQHG¶$OJHU 5%HONDwG5 <$RXFKLFKH0.
*UDED6(0(3&+8$OJHUFHQWUH6pWLI-XLQ
3HUFHSWLRQVHWFRQQDLVVDQFHVVXUOH6,'$HQFKH]OHVpWXGLDQWVHQPpGHFLQHG¶$OJHU 5%HONDwG5 <$RXFKLFKH0.*UDED6(0(3&+8$OJHUFHQWUH6pWLIMXLQ
6,'$WRXULVPHHWPLJUDWLRQ$LGRXG$)DUqV(*%RXDND]5,163DYULO
5HYXHGHSUHVVHpSLGpPLHGX9,+6,'$HQ$OJpULHHWGDQVOHPRQGH 2186,'$$OJHU
$OJpULH ODOXWWHFRQWUHOHV0676,'$2186,'$$OJHU
$XWUHVVRXUFHV 2186,'$ ,QWpJUDWLRQGHODSUpYHQWLRQGHO¶LQIHFWLRQj9,+HWGHV067HQPLOLHXVFRODLUH QRWH
G¶LQIRUPDWLRQ $SSUHQWLVVDJHHWHQVHLJQHPHQWjO¶pFROHGHODOXWWHFRQWUHOHVLGD
/H6,'$GDQVOHVSULVRQV
/HVIHPPHVHWOH6,'$
$SSUHQWLVVDJHHWHQVHLJQHPHQWjO¶pFROHGHODOXWWHFRQWUHOH6,'$
2186,'$
/H6,'$HWO¶DUPpH
/H9,+6,'$VXUOHOLHXGHWUDYDLO HQTXrWHGHVROXWLRQVQRYDWULFHVGDQVOHVHQWUHSULVHV
2186,'$
(GXFDWLRQ6,'$JUkFHDX[,PDPV O¶LQLWLDWLYHG¶XQHFRPPXQDXWpVSLULWXHOOHPHQWPRWLYpH
HQ2XJDQGD
2186,'$
/HSUpVHUYDWLIPDVFXOLQ
6H[RVSpFLILFLWp
2186,'$
/¶pSLGpPLHGH9,+6,'$ HQSDUOHURXYHUWHPHQW
7URLVLqPHSDUWLH$QDO\VHGHODUpSRQVH
'LDJQRVWLFGXSODQVWUDWpJLTXHQDWLRQDOGHOXWWHFRQWUHOH6,'$307
5DSSRUWGHODPLVVLRQG¶pYDOXDWLRQ
*XLGHSUDWLTXHGHVDVVRFLDWLRQV0LQLVWqUHGHODVROLGDULWpQDWLRQDO
$QDO\VHGHODVLWXDWLRQQDWLRQDO*URXSHG¶H[SHUWVQDWLRQDX[
$QDO\VHGHODUpSRQVH2186,'$
-HXQHVHW6,'$&HOOXOHGHFRPPXQLFDWLRQVRFLDOH,163
5DSSRUWVG¶DFWLYLWpVHWG¶pYDOXDWLRQGHSURMHWGHV21*VXVFLWpHV
6,'$HQ$IULTXHSD\VSDUSD\V2186,'$
*XLGH6,'$3U:LOO\5R]HPEDXP
/¶2186,'$HWOHVRUJDQLVDWLRQVQRQJRXYHUQHPHQWDOHV0DUV
5HOHYHUOHGpILVGX9,+6,'$HWGHV067.,76$)$,'6HW206
7HVWGHVpURGLDJQRVWLFHWFRQILGHQWLDOLWp5DOI-XUJHQV
/HSUpVHUYDWLIPDVFXOLQ2186,'$
3RXUOHILDQFHPHQW
*XLGHGHVGLUHFWLYHVG¶pYDOXDWLRQGHVFR€WVVWUDWpJLTXHVGHSUpYHQWLRQGX9,+JXLGH
PpWKRGRORJLTXH2186,'$GHPDUV
3RLQW)RFDO2186,'$
&DGUH VWUDWpJLTXH GX 3ODQ 1DWLRQDO 0XOWLVHFWRULHO GH OXWWH FRQWUH OHV ,679,+6,'$ DX
%XUNLQD )DVR 'RFXPHQW SURYLVRLUH -XLQ 0LQLVWqUH GH OD 6DQWp VHFUpWDULDW *pQpUDO
&RPLWp 1DWLRQDO GH OXWWH FRQWUH OHV ,679,+6,'$ 6HFUpWDULDW 3HUPDQHQW 1ƒ
066*&1/6,6763
*XLGH 3UDWLTXH j O¶LQWHQWLRQ GHV *URXSH 7KpPDWLTXH $JLU (QVHPEOH FRQWUH OH 9,+6,'$
2186,'$
*XLGH 3UDWLTXH SRXU OH 3URFHVVXV GH 3ODQLILFDWLRQ 6WUDWpJLTXH GH OD 5pSRQVH 1DWLRQDO GH
OXWWHV FRQWUH OH 9,+6,'$ ,QWURGXFWLRQ $QDO\VH GH VLWXDWLRQ $QDO\VH GH OD UpSRQVH HW
)RUPXODWLRQ GX 3ODQ 2XWLOV IRQGDPHQWDX[ &ROOHFWLRQ 0HLOOHXUHV 3UDWLTXHV 2186,'$ 2186,'$
5DSSRUW HW FRQFOXVLRQ G¶XQH UpXQLRQ GHV UHVVRXUFHV WHFKQLTXHV VXU OD SODQLILFDWLRQ
VWUDWpJLTXH 2SWLPLVDWLRQ GHV SURFHVVXV GH SODQLILFDWLRQ VWUDWpJLTXH SRXU XQH UpSRQVH
QDWLRQDOHIDFHDX9,+6,'$HQ$IULTXHGHO¶2XHVWHWGX&HQWUH2XDJDGRXJRX%XUNLQD)DVR
MXLOOHW DX DR€W 2186,'$ (TXLSH ,QWHUSD\V SRXU O¶$IULTXH GH O¶2XHVW HW GX
&HQWUHQRYHPEUH
&DGUH6WUDWpJLTXHPRQGLDOVXUOH9,+6,'$2186,'$
/H 3RLQW VXU O¶(SLGpPLH GX 6,'$ 'pFHPEUH 2186,'$ 206 )
:+2&'6&651&6
$WHOLHU5pJLRQDOVXUOD0LJUDWLRQHWOH9,+6,'$HQ$ IULTXH GH O¶2XHVW HW GX &HQWUH
5DSSRUW %DPDNR0DOLPDLMXLQ