Rapport et avis pour site internet - Ceser

Transcription

/DPXOWLPRGDOLWpGDQVOHWUDQVSRUWGH
PDUFKDQGLVHV
([SORUHUGHQRXYHOOHVYRLHV
3UpVLGHQW$QWRLQH/DIDUJH
5DSSRUWHXU'DQLHO0DULH
$YHFOHFRQFRXUVGH'DPLHQ(FODQFKHU
-XLQ
6RPPDLUH
6RPPDLUH
&RPSRVLWLRQ
5HPHUFLHPHQWV
$YLV
3UpVHQWDWLRQV\QRSWLTXHGHVSUpFRQLVDWLRQVGX&(6(5
'pFODUDWLRQVGHVJURXSHV
5HSRUWPRGDOREMHFWLIVDPELWLHX[SHUVSHFWLYHVOLPLWpHV
$X[VRXUFHVGHO¶DPELWLRQPXOWLPRGDOH
/DUpSDUWLWLRQPRGDOHHQ)UDQFHDYDQWDJHURXWH
/DYRORQWpG¶DJLUHQIDYHXUGHO¶HQYLURQQHPHQW
$SUqVOH*UHQHOOHPRLQVGHFRQVRPPDWLRQVHWPRLQVGHUHMHWV
/DPHVXUHGHVH[WHUQDOLWpVQpJDWLYHV
/DPXOWLPRGDOLWpXQHVROXWLRQDPLQLPD
/HWUDLWHPHQWGHVIOX[VXUODYDOOpHGHOD6HLQH
/HVSULQFLSDX[FRUULGRUVGHWUDQVSRUW
5pFHSWLRQGHVWUDILFVPRQGLDX[GHPDUFKDQGLVHV
/HVSODWHIRUPHVPXOWLPRGDOHV
/HWHUPLQDOPXOWLPRGDOGX*UDQG3RUW0DULWLPHGX+DYUH
/HVDXWUHVSODWHIRUPHVPXOWLPRGDOHV
/HVLPSODQWDWLRQVORJLVWLTXHV
/RJLVWLTXHXUEDLQH
/HVPRGHVGHWUDQVSRUWjODORXSH
/DURXWHYRLHUR\DOHGXIUHW
*pQpUDOLWpVVXUOHWUDQVSRUWURXWLHUGHPDUFKDQGLVHV
/HFRQWRXUQHPHQW(VWGHO¶DJJORPpUDWLRQURXHQQDLVH
/DUHGpFRXYHUWHGXIOHXYH
/D6HLQH
/HFDQDO6HLQH1RUG(XURSH
3UREOpPDWLTXHVKDYUDLVHV
'H3RUWDXFOLHQWOHSDUFRXUVG¶XQFRQWHQHXUSDUODYRLHIOXYLDOH
)RFXVVXUOHV7HUPLQDO+DQGOLQJ&KDUJHV7+&
/HSURMHW(0(5+2'(
/HOHQWGpFOLQGXIHU
/HWUDQVSRUWFRPELQpUDLOURXWH7&55
/HVLWLQpUDLUHV
/HVWUDYDX[
*UDQGHVpYROXWLRQVQDWLRQDOHV
/¶RXYHUWXUHjODFRQFXUUHQFH
/¶HQJDJHPHQWQDWLRQDOSRXUOHIUHWIHUURYLDLUH
/HVDXWRURXWHVIHUURYLDLUHV
/HVRSpUDWHXUVIHUURYLDLUHVGHSUR[LPLWp
&(6(5+DXWH1RUPDQGLH
/DUpRUJDQLVDWLRQGXIUHWIHUURYLDLUH
/DILQGXZDJRQLVROp
/HUpWUpFLVVHPHQWGXUpVHDXVHFRQGDLUH
'HVVLOORQVWUqVVROOLFLWpV
9HUVGHVWUDLQVSOXVORQJV
,PSDFWVVRFLRpFRQRPLTXHVHWHQYLURQQHPHQWDX[GX
UHSRUWPRGDO
8QPRGqOHpFRQRPLTXHIUDJLOH
/HVDLGHVDXUHSRUWPRGDO
/HVHQWUHSULVHVHWO¶HPSORL
(QYLURQQHPHQW
(PLVVLRQVGHJD]jHIIHWGHVHUUH
0LOLHX[QDWXUHOV
)LVFDOLWpHWUHFHWWHVSXEOLTXHVOLpHVDX[WUDQVSRUWV
/D7,&3(
/DWD[HjO¶HVVLHX
/¶pFRWD[HSRLGVORXUGV
1RXYHOOHVWHFKQRORJLHV
7HFKQRORJLHVGHWUDoDELOLWp
7HFKQRORJLHVGHWUDQVSRUW
$QQH[HV
/HWWUHGHVDLVLQHGX3UpVLGHQWGX&RQVHLOUpJLRQDO
/LVWHGHVVLJOHV
6RXUFHVGRFXPHQWDLUHV
&RPSRVLWLRQ
&HWWHpWXGHDpWpPHQpHSDUOHVPHPEUHVGHODHFRPPLVVLRQ©DPpQDJHPHQWGX
WHUULWRLUHGpYHORSSHPHQWGXUDEOHHWLQIUDVWUXFWXUHVª
/$)$5*($QWRLQH3UpVLGHQW
0$5,('DQLHO5DSSRUWHXU
%$11(5+XEHUW
%5,)$8/7-DFTXHV
&25/$<-HDQ3LHUUH
&2558%/()DELHQQH
'(&/(5&4'HQ\V
'(/$3257(-HDQ3LHUUH
'(61260LFKHO
'(9,63DWULFN
'2&$,*1(3DWULFLD
'8%(575$1'(ULF
'80287,(50$1,(5(&DWKHULQH
)/(875<2OLYLHU
)52'(//2-HDQ3LHUUH
*,52'-HDQ3LHUUH
*5$1,(5*pUDUG
+(5$,/&KULVWLDQ
+(59(325&+<0DULH&KULVWLQH
.(528('$1<YHV
/(/(395,(5)ORUHQFH
/()(%95(%UXQR
/()(%95(6DELQH
/(5,%/(5;DYLHU
0217,(56\OYLH
3,&+(5($848(17,1$OLQH
3/$175281LFRODV
32/,1'LGLHU
32160LFKHO
52//(73DWULFN
7$&21(7/LRQHO
7$/$5'$QQLFN
7+(5,1*pUDUG
728)/(7*X\
:$*5(7-HDQ'RPLQLTXH
5HPHUFLHPHQWV
/D H FRPPLVVLRQ UHPHUFLH YLYHPHQW O¶HQVHPEOH GHV SHUVRQQHV TXL RQW DFFHSWp GH
SDUWLFLSHU j VHV WUDYDX[ 1RWD OHV WLWUHV HW IRQFWLRQV VSpFLILpV VRQW FHX[ GHV
SHUVRQQHVDXPRPHQWGHOHXUHQWUHWLHQDYHFOH&(6(5
0$UQDXG$FKHU
1RYDORJ±'LUHFWHXUVFLHQWLILTXHHWWHFKQLTXH
0-HDQ&ODXGH%RQQHW
,',7±3UpVLGHQW
0&KULVWLDQ%RXORFKHU
&317±3UpVLGHQW
0&KULVWRSKH&KDXYLQ
1RYDORJ±&KHIGHSURMHWV
0/XGRYLF&RXWXULHU
,',7±'LUHFWHXUDGPLQLVWUDWLI
03KLOLSSH'XURQ
'pSXWpGX&DOYDGRV
0&KULVWLDQ)HXYUH
*30+±'LUHFWHXUGHVWUDQVSRUWVWHUUHVWUHV
+$523$±'LUHFWHXUGHVUpVHDX[
0(WLHQQH)URPHQWLQ
81,&(01RUPDQGLH±6HFUpWDLUHJpQpUDO
07ULVWDQ)UpMDFTXHV
&(5(0$1RUPDQGLH&HQWUH±$GMRLQWDXFKHIGXGpSDUWHPHQW©DPpQDJHPHQW
GXUDEOHGHVWHUULWRLUHVª
0PH*DsOOH*DPEOLQ
91)±$GMRLQWHDXFKHIGHO¶$JHQFHGHGpYHORSSHPHQWGHVERXFOHVGHOD6HLQH
0-HDQ0DUF*RKLHU
$'(0(±,QJpQLHXU©XUEDQLVPHPRELOLWpGXUDEOHª
0)UDQoRLV+DDV
6RJHVWUDQ±'LUHFWHXU'LYLVLRQ$IIDLUHV,QGXVWULHOOHV
0)UDQoRLV+RXL[
91)±'LUHFWHXUGXVHUYLFH©SURPRWLRQGXWUDQVSRUWIOXYLDOªjODGLUHFWLRQGX
%DVVLQGHOD6HLQH
02OLYLHU-XEDQ
)UHW61&)'LUHFWHXU)UHW6RO5DLO
&(6(5+DXWH1RUPDQGLH
0PH0DULQD/DEH\OLH
*30+±UHVSRQVDEOHGXS{OH©GLYLVLRQPXOWLPRGDOLWpª
06WHYH/DEH\OLH
&)7±&KDUJpGHPLVVLRQV
01LFRODV/DQJORLV
(6,*(/(&±'LUHFWHXUGHODIRUPDWLRQSDUODUHFKHUFKH
0$ODLQ/DURX]pH
$/&±&RQVXOWDQW
0PH&pFLOH/HJURV
,',7±'LUHFWULFHVFLHQWLILTXH
0)UpGpULF/HURX[
$VVRFLDWLRQ3DULV6HLQH1RUPDQGLH±'pOpJXpJpQpUDO
07KLHUU\3DTXHW
*55/01&RRUGRQQDWHXU
0'LGLHU3DVWDQW
&RQVHLO UpJLRQDO GH +DXWH1RUPDQGLH ± 'LUHFWHXU GH O¶DPpQDJHPHQW GHV
WUDQVSRUWVHWGHO¶HQYLURQQHPHQW
0:DOWHU3L]]DIHUUL
2,(±&RQVXOWDQW
0$QGUp3RLUHW
830)UDQFH
05RELQ3RWp
&5,777UDQVSRUWHW/RJLVWLTXH±'LUHFWHXU
0-HDQ/XF3RWLHU
6&1)/RJLVWLFV±'pOpJXpjO¶DPpQDJHPHQWGHVWHUULWRLUHV1RUPDQGLH,OHGH
)UDQFH
0-DFTXHV9DQ:LWWHQEHUJKH
2,(±&RQVXOWDQW
0$ODLQ9HUQD
/61±3UpVLGHQW
0$OH[LV9HUQLHU
&(5(0$ 1RUPDQGLH &HQWUH ± &KDUJp G¶pWXGH HQ VRFLRpFRQRPLH GHV
WUDQVSRUWV
0-pU{PH9HUQ\
1(20$±(QVHLJQDQWFKHUFKHXU
,',7±0HPEUHGXFRQVHLOG¶DGPLQLVWUDWLRQ
$YLV
$GRSWpjO¶XQDQLPLWp
/DFRPPDQGH
/H &(6(5 D pWp FKDUJp SDU OH 3UpVLGHQW GX &RQVHLO UpJLRQDO G¶DQDO\VHU ©OHV
FRQGLWLRQV RSWLPDOHV G¶XQ UHSRUW PRGDO WDQW GDQV VHV FRPSRVDQWHV SK\VLTXHV TXH
GDQVVRQPRGqOHpFRQRPLTXHª&HWWHTXHVWLRQHVWVRXVWHQGXHSDUO¶LQWHQVHDFWLYLWp
SRUWXDLUH HW LQGXVWULHOOH GH QRWUH UpJLRQ FRQGXLVDQW ©QRWUH WHUULWRLUH j WUDLWHU GHV
IOX[ WRXMRXUV SOXV LPSRUWDQWVª 8QH DWWHQWLRQ SDUWLFXOLqUH HVW GHPDQGpH VXU OD
TXHVWLRQGXIUHWIHUURYLDLUH©HQMHXVWUDWpJLTXHSRXUOHGpYHORSSHPHQWGHOD+DXWH
1RUPDQGLHª
&HWWHFRPPDQGHHVWLQWHUYHQXHHQIpYULHUSDUFRQVpTXHQWSUqVG¶XQDQDYDQW
TXHODFDUWHGHVQRXYHOOHVUpJLRQVVRLWIL[pHSDUOH3DUOHPHQW&HWWHpYROXWLRQDpWp
LQWpJUpHGDQVOHVUpIOH[LRQVGX&(6(5OHVSUpFRQLVDWLRQVIRUPXOpHVV¶DGUHVVHQWWRXW
DXWDQW j O¶H[pFXWLI KDXWQRUPDQG DFWXHO TX¶j FHOXL pOX DX WHUPH GHV pOHFWLRQV
UpJLRQDOHVQRUPDQGHVGHGpFHPEUH3DUDLOOHXUVOHVXMHWUHWHQXLPSRVHGHIDLW
XQSpULPqWUHFHOXLGXFRUULGRUORJLVWLTXHGHO¶D[H6HLQHTXLFRQFHUQHDXVVLELHQOHV
UpJLRQV QRUPDQGHV TXH OD UpJLRQ ,OHGH)UDQFH HW LQGLUHFWHPHQW O¶HQVHPEOH GHV
UpJLRQV GX %DVVLQ SDULVLHQ (QILQ OHV pFKpDQFHV GHV SURSRVLWLRQV VRQW YDULDEOHV
HOOHV UpSRQGHQW j GHV SULRULWpV GH FRXUW PR\HQ RX ORQJWHUPHV GRXEOpHV G¶XQ
IDFWHXU GH FRPSOH[LWp VXSSOpPHQWDLUH OLp DX QRXYHDX SpULPqWUH UpJLRQDO j FRPSWHU
GX HU MDQYLHU 8Q WDEOHDX GH SUpVHQWDWLRQ V\QRSWLTXH GHV SUpFRQLVDWLRQV GX
&(6(5YRLUjODILQGHO¶DYLVHQIDFLOLWHODOHFWXUH,OPDWpULDOLVHXQHIHXLOOHGHURXWH
IpGpUDWULFHTXLVHORQOH&(6(5SHUPHWWUDDX&RQVHLOUpJLRQDOG¶HQWUDvQHUO¶HQVHPEOH
GHVHVSDUWHQDLUHVGDQVODGpPDUFKHVRXKDLWpHGHPDVVLILFDWLRQGHVIOX[
/HFRQVWDW
/D UpSDUWLWLRQ PRGDOH REVHUYpH GDQV QRWUH UpJLRQ VRXOqYH GHV LQWHUURJDWLRQV /HV
GHUQLqUHVHVWLPDWLRQVFRQQXHVIRQWpWDWHQHWSRXUOD+DXWH1RUPDQGLHG¶XQH
SDUW PRGDOH GH OD URXWH DWWHLJQDQW FRQWUH UHVSHFWLYHPHQW SRXU OD YRLH
G¶HDX HW SRXU OH IHU (Q %DVVH1RUPDQGLH OD URXWH HVW HQFRUH SOXV ODUJHPHQW
SUpGRPLQDQWH /D VLWXDWLRQ HVW SOXV IDYRUDEOH GDQV OHV JUDQGV SRUWV PDULWLPHV
SXLVTXHODPrPHDQQpHODSDUWPRGDOHGXIUHWQRQURXWLHUpWDLWGHSRXUOHSRUW
GX+DYUHHWGHSRXUOHSRUWGH5RXHQ6XUFHUWDLQVWUDILFVHQFURLVVDQFHOHV
SHUIRUPDQFHV GHV PRGHV PDVVLILpV VRQW HQFRUH IDLEOHV $LQVL VHXOHPHQW GX
WUDILFFRQWHQHXUG¶+$523$WUDQVLWHSDUOHVPRGHVQRQURXWLHUV
/D PDXYDLVH LQVHUWLRQ GHV SRUWV IUDQoDLV GDQV OHV UpVHDX[ GH GHVVHUWH FRQWLQHQWDOH
H[SOLTXH SRXU SDUWLH FHWWH VLWXDWLRQ 2U OD VXUIDFH GH O¶KLQWHUODQG F¶HVWjGLUH
O¶DUULqUHSD\V GHV SRUWV GpWHUPLQH OHV HVFDOHV GHV DUPDWHXUV &HW KLQWHUODQG VHUD
YDVWH V¶LO H[LVWH GHV PR\HQV G¶pYDFXDWLRQ ILDEOHV UDSLGHV HW PDVVLILpV GHV
PDUFKDQGLVHV GpEDUTXpHV VXU OH SRUW &H Q¶HVW SDV VXIILVDPPHQW OH FDV GHV SRUWV
QRUPDQGV
/HVDFWHXUVSXEOLFVDIILFKHQWDXMRXUG¶KXLGHVREMHFWLIVGHGpYHORSSHPHQWGHVPRGHV
PDVVLILpV TXH O¶RQ SHXW TXDOLILHU G¶DPELWLHX[ DX YX GH OD UpDOLWp HW GHV FRQWUDLQWHV
G¶pYROXWLRQ /H *UHQHOOH GH O¶(QYLURQQHPHQW HQWHQG DLQVL SRUWHU OD SDUW PRGDOH GX
/RL GX MDQYLHU UHODWLYH j OD GpOLPLWDWLRQ GHV UpJLRQV DX[ pOHFWLRQV UpJLRQDOHV HW
GpSDUWHPHQWDOHVHWPRGLILDQWOHFDOHQGULHUpOHFWRUDO
'¶DSUqVOH65&$(GH%DVVH1RUPDQGLHODSDUWGXWUDQVSRUWURXWLHUGHPDUFKDQGLVHVRVFLOOHHQ
HQWUHHWGXWRWDOGHVWRQQDJHVWUDQVSRUWpVGDQVODUpJLRQ
6RXUFHSURMHWVWUDWpJLTXH+$523$
&(6(5+DXWH1RUPDQGLH
PRGHQRQURXWLHUjHQTXDQGFHWWHGHUQLqUHUHSUpVHQWHPRLQVGHHQ
/H65&$(KDXWQRUPDQGUHSUHQGjSHXGHFKRVHVSUqVOHVPrPHVREMHFWLIV
DYHF O¶DPELWLRQ G¶DWWHLQGUH GH WRQQHVNP WUDQVSRUWpHV SDU YRLH IOXYLDOH RX
IHUURYLDLUHHQ/H65&$(EDVQRUPDQGQHVHGRQQHSDVG¶REMHFWLIVVLPLODLUHV
&{Wp SRUWV +$523$ DIILFKH O¶DPELWLRQ G¶DXJPHQWHU VHV WUDILFV GH 0W j O¶KRUL]RQ
DYHFGHVREMHFWLIVGHPDVVLILFDWLRQDPELWLHX[
/HVIDFWHXUVOLPLWDWLIVGXUHSRUWPRGDO
/D 1RUPDQGLH HW O¶D[H 6HLQH SRVVqGHQW XQ SRWHQWLHO GH GpYHORSSHPHQW GHV PRGHV
PDVVLILpV SRWHQWLHO DX GHPHXUDQW GLIILFLOH j pYDOXHU HQ UDLVRQ GHV ODFXQHV
VWDWLVWLTXHV HW GH O¶LQVWDELOLWp GHV SUpYLVLRQV HQ PDWLqUH GH IOX[ GH WUDQVSRUWV /HV
DFWHXUVUHQFRQWUpV RQW VLJQDOp DX &(6(5XQH VpULH GHWUDILFV TXLVRXV FRQGLWLRQ GH
ILDELOLWpVXIILVDQWHSRXYDLHQWSDVVHUGHODURXWHYHUVO¶HDXRXOHIHU(QUHYDQFKHXQ
FHUWDLQQRPEUHGHIDLWVVXUOHVTXHOVOHVDFWHXUVUpJLRQDX[Q¶RQWSDVGHSULVHGLUHFWH
YLHQQHQWOLPLWHUOHVDPELWLRQVTXHO¶RQSHXWVHGRQQHU
OHVSRUWVGHOD%DVVH6HLQHTXLJpQqUHQWODSOXVJUDQGHSDUWLHGXWUDILFVRQW
PDMRULWDLUHPHQWWRXUQpVYHUVOH%DVVLQSDULVLHQ/HVGLVWDQFHVPRLQVGH
NP SDU OD URXWH HQWUH 3DULV HW /H +DYUH QH SHUPHWWHQW SDV DXMRXUG¶KXL DX[
PRGHVPDVVLILpVGHGRQQHUODSOHLQHPHVXUHGHOHXUFDSDFLWpHQRXWUHGHV
FKRL[ UpDOLVpV SDU OH SDVVp H[HPSOH O¶HVVDLPDJH GHV VLORV DXWRXU GHV
GLIIpUHQWVOLHX[GHSURGXFWLRQFpUpDOLqUHRQWIDYRULVpOHPRGHURXWLHU
O¶RUJDQLVDWLRQ ORJLVWLTXH DFWXHOOH SRXU UpSRQGUH DX[ H[LJHQFHV GH MXVWHj
WHPSV HW GH ©]pUR VWRFNVª GHV FOLHQWVFKDUJHXUV SULYLOpJLH OH PRGH URXWLHU
SRXUVDVRXSOHVVHVDILDELOLWpHWVRQQRPEUHUpGXLWG¶LQWHUORFXWHXUV
OHVVWUDWpJLHVORJLVWLTXHVHWGHFLUFXODWLRQGHVPDUFKDQGLVHVVRQWFRQWU{OpHV
SDU GHV JURXSHV RUJDQLVpV j O¶pFKHOOH PRQGLDOH DUPDWHXUV ORJLVWLFLHQV
JUDQGVFKDUJHXUV
OD ILVFDOLWp D GHV HIIHWV LPSRUWDQWV VXU OHV FKRL[ GX WUDQVSRUW FRPPH HQ
WpPRLJQHQWOHVGpEDWVDXWRXUGXSpDJHGHWUDQVLWSRLGVORXUGVRXVXUO¶DLGHDX
UHSRUW PRGDO SRXU OH WUDQVSRUW FRPELQp /HV PDUJHV GH PDQ°XYUH GHV
DFWHXUVORFDX[VRQWTXDVLLQH[LVWDQWHVGDQVFHGRPDLQH
$XWUH OLPLWH DXFXQH FROOHFWLYLWp ORFDOH QH GLVSRVH DXMRXUG¶KXL GH FRPSpWHQFH HQ
PDWLqUH GH IUHW /HV DFWLRQV PLVHV HQ °XYUH SDU OH &RQVHLO UpJLRQDO V¶DSSXLHQW
JpQpUDOHPHQWVXUOHVFRQWUDWVGHSODQRXGHSURMHWVFRVLJQpVDYHFO¶eWDWTXLHVWGH
IDLW OD VHXOH DXWRULWp VXU OH VXMHW 'HV pYROXWLRQV QRWDEOHV SRXUUDLHQW LQWHUYHQLU j
O¶DXQH GHV GLVSRVLWLRQV FRQWHQXHV GDQV OH SURMHW GH ORL ©1275Hª TXL GRQQH j OD
5pJLRQ O¶HQWLqUH UHVSRQVDELOLWp GX GpYHORSSHPHQW pFRQRPLTXH DLQVL TXH OD FKDUJH
G¶pWDEOLU XQ ©VFKpPD UpJLRQDO G¶DPpQDJHPHQW GH GpYHORSSHPHQW GXUDEOH HW
6FKpPDUpJLRQDOFOLPDWDLUpQHUJLH
'HX[ DFWLRQV IRQW QpDQPRLQV pFKR DX UHSRUW PRGDO O¶DFWLRQ 7 GpYHORSSHU XQH RIIUH DOWHUQDWLYH DX
WUDQVSRUWURXWLHUGHPDUFKDQGLVHVHWO¶DFWLRQ7GpYHORSSHUODFRQQDLVVDQFHHWODGLIIXVHU
/H*30+HQYLVDJHXQWUDILFPDVVLILpIHUIOHXYHGHO¶DFWLYLWpFRQWHQHXUjKDXWHXUGHGHVIOX[HQ
FRQWUH HQ PR\HQQH FHV GHUQLqUHV DQQpHV /H *305 GDQV VRQ VFpQDULR ©UHODQFH
PXOWLPRGDOHªYLVHGHSDUWVGHPDUFKpHQSRXUOHVPRGHVPDVVLILpVFRQWUHHQ
/HVSDUWVPRGXODEOHVGHOD7,&3(UHSUpVHQWHQWQpDQPRLQVXQHUHFHWWHDSSUpFLDEOHSRXUOHV5pJLRQV
3URMHWGHORL©SRUWDQWQRXYHOOHRUJDQLVDWLRQWHUULWRULDOHGHOD5pSXEOLTXHªDGRSWpHQSUHPLqUHOHFWXUH
SDUO¶$VVHPEOpHQDWLRQDOHOHPDUV
/DPXOWLPRGDOLWpGDQVOHWUDQVSRUWGHPDUFKDQGLVHV
G¶pJDOLWpGHVWHUULWRLUHVªGRQWOHFKDPSG¶DSSOLFDWLRQGHYUDLWrWUHODUJH3DUDLOOHXUV
OD 5pJLRQ SRXUUDLW VH YRLU WUDQVIpUHU OD UHVSRQVDELOLWp GH JHVWLRQ GHV SRUWV
GpSDUWHPHQWDX[ (QILQ PrPH VL OD FRPSpWHQFH ©YRLULHª UHVWH FRQILpH DX[
'pSDUWHPHQWVOH&RQVHLOUpJLRQDOGRLWLGHQWLILHU©OHVYRLHVHWOHVD[HVURXWLHUVTXL
SDUOHXUVFDUDFWpULVWLTXHVFRQVWLWXHQWGHVLWLQpUDLUHVG¶LQWpUrWUpJLRQDOª
/HWUDLWHPHQWGHODTXHVWLRQ
$XFXQH KLpUDUFKLVDWLRQ SUpIpUHQWLHOOH HQWUH OHV WURLV PRGHV WUDLWpV GDQV FH UDSSRUW
URXWLHUIHUURYLDLUHHWIOXYLDOQ¶DpWpUHWHQXH,OHVWDSSDUXFODLUHPHQWDXFRXUVGHV
WUDYDX[ TXH FHV PRGHV RQW YRFDWLRQ j FRH[LVWHU HW j LQWHUDJLU /¶XQ GHV EXWV
SRXUVXLYL SDU OH &(6(5 HVW TXH O¶HQVHPEOH GHV DFWHXUV FRQFHUQpV SDU XQH
SUREOpPDWLTXH VH UHWURXYHQW GDQV VHV SURSRVLWLRQV /HV DXGLWLRQV RQW SHUPLV GH
GpJDJHUOHVDWWHQWHVVXLYDQWHVVHORQOHVFDWpJRULHVG¶DFWHXUV
OHV DFWHXUV pFRQRPLTXHV GRLYHQW SRXYRLU RIIULUGHVVROXWLRQV GH WUDQVSRUW TXL
OHXUSHUPHWWHQWGHUpSRQGUHDX[EHVRLQVGHOHXUVFOLHQWVGHPDQLqUHHIILFDFH
HWjFRWUDLVRQQDEOHGDQVXQFRQWH[WHWUqVFRQFXUUHQWLHO
OHV DFWHXUV VRFLDX[ YHXOHQW GHV VROXWLRQV GH WUDQVSRUW FRPSDWLEOHV DYHF GHV
U\WKPHVHWGHVFRQGLWLRQVGHWUDYDLOGpFHQWHVHWQHSUpVHQWDQWSDVGHGDQJHU
SRXU O¶HPSORL FHWWH TXHVWLRQ VH SRVH DYHF XQH DFXLWp SDUWLFXOLqUH SRXU OH
WUDQVSRUWURXWLHUROHVFDVGHGXPSLQJQHVRQWSDVUDUHV
OHV DFWHXUV HQYLURQQHPHQWDX[ YHLOOHQW HQWUH DXWUHV DX ELODQ FDUERQH GHV
WUDQVSRUWVGHIUHWSOXVDYDQWDJHX[SRXUOHVPRGHVPDVVLILpV/¶pYROXWLRQGHV
WHFKQLTXHV DXWRXU GHV PRWRULVDWLRQV HW GHV FDUEXUDWLRQV ODLVVH HQWUHYRLU GHV
SHUVSHFWLYHV G¶DPpOLRUDWLRQV SRXU OH PRGH URXWLHU ELHQ TXH VRQ LPSDFW
pQHUJpWLTXHUHVWHWUqVpORLJQpGHVDXWUHVPRGHV
OHV DFWHXUV SROLWLTXHV HQWHQGHQW WURXYHU GHV VROXWLRQV DX FRQIOLW FURLVVDQW
HQWUH OHV H[WHUQDOLWpV QpJDWLYHV OLpHV DX[ PRGHV GH WUDQVSRUW HW OH FRW GH
WUDLWHPHQWGHFHVPrPHVH[WHUQDOLWpVSRXUODSXLVVDQFHSXEOLTXHLOVGRLYHQW
pJDOHPHQW SRXYRLU UpSRQGUH j GHV DWWHQWHV VRFLpWDOHV YLVDQW j FRQFLOLHU OD
TXDOLWpGHYLHGHVSRSXODWLRQVHWOHPDLQWLHQGHO¶DFWLYLWppFRQRPLTXH
/HSUL[GXWUDQVSRUWHWODTXDOLWpGHVLQIUDVWUXFWXUHVMRXHQWXQU{OHSDUWLFXOLHUGDQVOH
FKRL[ GX PRGH 7RXWHIRLV O¶H[SpULHQFH D PRQWUp TXH F¶HVW DYDQW WRXW O¶RUJDQLVDWLRQ
ORJLVWLTXH UHWHQXH TXL GLFWH FHV PrPHV FKRL[ 2Q UDSSHOOHUD TXH F¶HVW HQ j
O¶pSRTXH GX SUHPLHU FKRF SpWUROLHU TXH OH IUHW IHUURYLDLUH TXL pWDLW DORUV j VRQ
DSRJpH D FRPPHQFp j GpFOLQHU HQ )UDQFH /¶DXJPHQWDWLRQ GX FRW GHV FDUEXUDQWV
HWWRXWDXWUHSDUDPqWUHD\DQWXQHIIHWGHUHQFKpULVVHPHQWGXFRWG¶XWLOLVDWLRQGHOD
URXWHQHSHXWGRQFDYRLUXQHIIHWTXHOLPLWp
&RPPHQWDJLU"
$O¶RULJLQHGHVGpEDWVVXUODIDoRQGHUHQIRUFHUODSDUWGHVPRGHVPDVVLILpVGDQVOH
WUDQVSRUW GH PDUFKDQGLVHV RQ WURXYH OD YRORQWp SROLWLTXH GH PHWWUH HQ °XYUH OHV
SUpFHSWHVG¶XQGpYHORSSHPHQWGXUDEOH'DQVFHWWHSHUVSHFWLYHOHVWUDQVSRUWVVRQW
O¶XQGHVVHFWHXUVGDQVOHVTXHOVGHVSROLWLTXHVSXEOLTXHVVRQWPLVHVHQ°XYUHSRXUHQ
,OV¶DJLWGHSURPRXYRLU©XQGpYHORSSHPHQWTXLUpSRQGDX[EHVRLQVGXSUpVHQWVDQVFRPSURPHWWUHOD
FDSDFLWpGHVJpQpUDWLRQVIXWXUHVjUpSRQGUHjOHXUVSURSUHVEHVRLQVª5DSSRUW%UXQGWODQG
&(6(5+DXWH1RUPDQGLH
GLPLQXHU OHV H[WHUQDOLWpV QpJDWLYHV /H UHSRUW PRGDO HVW O¶XQ GHV RXWLOV HPSOR\pV
8QHDXJPHQWDWLRQGHODSDUWPRGDOHGHODYRLHG¶HDXHWGXIHUGDQVO¶DFKHPLQHPHQW
GHV PDUFKDQGLVHV HQJHQGUHUDLW GHV JDLQV VLJQLILFDWLIV G¶XQ SRLQW GH YXH
HQYLURQQHPHQWDO HW WHUULWRULDO 0DLV FRPPH H[SRVp SUpFpGHPPHQW LO Q¶HVW SDV
FRQFHYDEOH G¶HQYLVDJHU XQ UHWRXUQHPHQW GH WHQGDQFH GDQV O¶XWLOLVDWLRQ GHV PRGHV
DFWXHOV j FRXUW RX j PR\HQWHUPH /H WUDQVSRUW URXWLHU D GRQF pWp LQWpJUp j QRWUH
UpIOH[LRQQRQSDVWDQWSRXUVDYRLUFRPPHQWHQGLPLQXHUODSDUWPDLVSRXUUpIOpFKLU
j OD IDoRQ G¶DPpOLRUHU VRQ LPSDFW HQYLURQQHPHQWDO HW pFRQRPLTXH 'DQV OH PrPH
EXWO¶RUJDQLVDWLRQORJLVWLTXHIDLWO¶REMHWGHSURSRVLWLRQVSUpFLVHVGDQVFHWDYLV
$XWUH FRQVWDW UpFXUUHQW OHV LQYHVWLVVHPHQWV FRQVHQWLV HQ PDWLqUH LQIUDVWUXFWXUHOOH
VRQWSDUHVVHQFHIUDJLOHVSXLVTX¶LOVWDEOHQWVXUGHVSUpYLVLRQVGHWUDILFVTXLSHXYHQW
YDULHUFRQVLGpUDEOHPHQWHQIRQFWLRQGHODFRQMRQFWXUH3RXUpYLWHUFHVDOpDVLOVHUDLW
SHUWLQHQW TXH OHV DFWHXUV SXEOLFV VH FRQFHQWUHQW GDYDQWDJH VXU OHV XVDJHV GH
O¶LQIUDVWUXFWXUH SOXW{W TXH VXU O¶LQIUDVWUXFWXUH HOOHPrPH DILQ GH FRQWULEXHU j OD
UHQWDELOLVDWLRQGHOHXUVLQYHVWLVVHPHQWV
(QILQ XQ LPSRUWDQW WUDYDLO GH OREE\LQJ DX QLYHDX GHV LQVWDQFHV QDWLRQDOHV HW
HXURSpHQQHVUHVWHjUpDOLVHUHQIDYHXUGHO¶D[H6HLQH6LODFRQFUpWLVDWLRQGX&3,(5
UHSUpVHQWHEHOHWELHQXQHSUHXYHGHO¶LQWpUrWGHO¶(WDWSRXUFHFRUULGRUORJLVWLTXHOD
PRELOLVDWLRQ GRLW rWUH VRXWHQXH HW DPSOLILpH SDU OHV SDUOHPHQWDLUHV HW OHV GpSXWpV
HXURSpHQV LPSODQWpV ORFDOHPHQW WDQW DXSUqV GX *RXYHUQHPHQW TXH GH O¶8QLRQ
HXURSpHQQH&HSRLQWHVWGpWHUPLQDQWGDQVO¶REWHQWLRQGHILQDQFHPHQWDLQVLTXHOH
SURXYHQWOHVGpFLVLRQVSULVHVHQIDYHXUGXFDQDO6HLQH1RUG
/H &(6(5 D UHJURXSp OHV DFWLRQV TX¶LO MXJH SULRULWDLUHV HQ FLQT D[HV /HV GHX[
SUHPLHUV VRQW WUDQVYHUVDX[ LOV FRQFHUQHQW OD FRQQDLVVDQFH GHV IOX[ HW OHV
SHUVSHFWLYHVGHWUDILFV/HVWURLVDXWUHVVRQWVHFWRULHOVHWFLEOHQWFKDFXQGHVPRGHV
URXWLHUIOXYLDOIHUURYLDLUHVSpFLILTXHPHQW
$[H $PpOLRUHU OD FRQQDLVVDQFH GHV IOX[ HW GHV
SHUVSHFWLYHVGHWUDILFV
/D IDLEOH FRQQDLVVDQFH JOREDOH GHV IOX[ HW GHV SHUVSHFWLYHV GH WUDILFV HQJHQGUH GHV
LQFHUWLWXGHV IRUWHV VXU OD SHUWLQHQFH GHV LQYHVWLVVHPHQWV LQIUDVWUXFWXUHOV UpDOLVpV RX
SURJUDPPpV /¶DFFqV DX[ GRQQpHV GH WUDILFV PrPH FHOOHV j FDUDFWqUH JpQpUDOLVWH
HVW GLIILFLOH SRXU GLIIpUHQWHV UDLVRQV DEVHQFH G¶RXWLOV GH FRPSWDELOLVDWLRQ DEVHQFH
G¶DJUpJDWLRQ GHV GRQQpHV VHFUHW FRPPHUFLDO« 6L O¶RQ SHXW FRPSUHQGUH TXH OH
VHFUHW GHV GRQQpHV RX GHV DIIDLUHV LPSRVHQW XQ FHUWDLQ GHJUp GH FRQILGHQWLDOLWp
O¶LQVXIILVDQFHG¶LQIRUPDWLRQVXUOHVWUDILFVHWOHXUVSHUVSHFWLYHVSpQDOLVHGHPXOWLSOHV
DFWHXUVGXVLPSOHFLWR\HQTXLFKHUFKHjV¶LQIRUPHUjO¶RFFDVLRQG¶XQGpEDWSXEOLFDX
SROLWLTXHTXLVRXKDLWHIDLUHGHVFKRL[DYLVpVHQSDVVDQWSDUOHFKHUFKHXUTXLYRXGUDLW
PRGpOLVHU XQ QRXYHDX V\VWqPH RX XQ DFWHXU pFRQRPLTXH TXL GpILQLW XQH VWUDWpJLH
G¶LPSODQWDWLRQ
(VWLO SRVVLEOH G¶HQYLVDJHU GH UpIOpFKLU j XQH VWUDWpJLH UpJLRQDOH HQ PDWLqUH GH
WUDQVSRUWGHIUHWVDQVVWDWLVWLTXHVVDQVFRQQDLVVDQFHSUpFLVHGHVIOX[TXLWUDQVLWHQW
SDU OH WHUULWRLUH GH OHXU TXDQWLWp GH OHXU TXDOLWp GH OHXUV RULJLQHVGHVWLQDWLRQV«"
&RPPHQWPHVXUHUOHSURJUqV"/H65&$(OXLPrPHLQGLTXHTX¶XQ©VXLYLDQQXHOGHV
IOX[ª HVW ©LQGLVSHQVDEOH SRXU FRUULJHU OHV REMHFWLIV HW OHV RULHQWDWLRQV IL[pHVª
PDLVQ¶DSSRUWHSDVGHVROXWLRQSDUWLFXOLqUHSRXUPHWWUHHQ°XYUHFHVXLYL
$FWLRQ
/D FUpDWLRQ G¶XQ 2EVHUYDWRLUH 5pJLRQDO GHV 7UDQVSRUWV 257
QRUPDQGFRPPHSULRULWpOLpHjODIXVLRQ
/D IXVLRQ GHV UpJLRQV GH %DVVH HW GH +DXWH1RUPDQGLH LPSRVHUD GH PHWWUH HQ
FRPPXQHWGHUHGpILQLUOHVVWUDWpJLHVGHVRXWLHQjODORJLVWLTXHHWGHGpYHORSSHPHQW
GHODPXOWLPRGDOLWp2UOHVDFWHXUVORFDX[QHGLVSRVHQWSDVGHO¶RXWLOODJHQpFHVVDLUH
'HV 257 H[LVWHQW DX VHLQ GHV '5($/ GH FKDFXQH GHV GHX[ UpJLRQV PDLV LOV
V¶DSSDUHQWHQWGDYDQWDJHjGHVVWUXFWXUHVLQWHUQHVGHFRPSLODWLRQGHVGRQQpHVSOXW{W
TX¶j GH UpHOV OLHX[ G¶pFKDQJH HW GH SDUWDJH HQWUH SURIHVVLRQQHOV GX WUDQVSRUW 'HV
H[HPSOHVSULVGDQVG¶DXWUHVUpJLRQVIUDQoDLVHV3LFDUGLH/RUUDLQHSURXYHQWTXHGHV
257 G\QDPLTXHV HW SDUWLFLSDWLIV VRQW XQ DWRXW SRXU OHV WHUULWRLUHV FRQVLGpUpV 8QH
YRORQWpSROLWLTXHIRUWHSHXWSHUPHWWUHGHPHWWUHHQSODFHUDSLGHPHQWGDQVOHVGHX[
DQVDSUqVODIXVLRQFHWWHDFWLRQ
/H SRWHQWLHO PDULWLPH HW OHV IOX[ GH WUDQVSRUWV JpQpUpV HQ
FRQVpTXHQFHMXVWLILHQWSOHLQHPHQWODFUpDWLRQUDSLGHG¶XQ257GqV
OD IXVLRQ HIIHFWLYH GHV UpJLRQV 6D PLVVLRQ UHSRVHUDLW VXU XQH
GpPDUFKH VLPSOH PHWWUH HQ pYLGHQFH SDU OD FDUWRJUDSKLH OD
VWDWLVWLTXH O¶DGpTXDWLRQ HQWUH OHV EHVRLQV HW OHV V\VWqPHV GH
WUDQVSRUWVHQSODFHRXHQSURMHW/¶REVHUYDWRLUHSRXUUDLWpJDOHPHQW
IRXUQLUjVHVPHPEUHVGHVpWXGHVVSpFLILTXHVYRLUHFRRUGRQQHUOHV
UpVXOWDWV GHV pWXGHV TXH IRQW UpDOLVHU SDU GHV SUHVWDWDLUHV
H[WpULHXUVOHVPDvWUHVG¶RXYUDJHV(WDWFROOHFWLYLWpVSRUWV
65&$(GH+DXWH1RUPDQGLH9ROHW2EMHFWLIVHW2ULHQWDWLRQV
&(6(5+DXWH1RUPDQGLH
6RXV O¶LPSXOVLRQ GX &RQVHLO UpJLRQDO O¶257 QRUPDQG DXUDLW YRFDWLRQ j UDVVHPEOHU
VRXV VWDWXW DVVRFLDWLI OHV DFWHXUV pFRQRPLTXHV &&, EUDQFKHV HW ILOLqUHV
SURIHVVLRQQHOOHV
OHV
SULQFLSDOHV
FROOHFWLYLWpV
5pJLRQ
'pSDUWHPHQWV
$JJORPpUDWLRQV«O¶(WDWjWUDYHUVOD'5($/OH&(5(0$HWOHV'RXDQHVOHVDFWHXUV
SRUWXDLUHV+$523$SRUWVVHFRQGDLUHVOHVRSpUDWHXUVGHWUDQVSRUWV°XYUDQWVXUOH
WHUULWRLUHDLQVLTXHOHVRUJDQLVPHVOLpVjODUHFKHUFKHHWjO¶LQQRYDWLRQ*55/01
&5,777UDQVSRUWHW/RJLVWLTXHODERUDWRLUHV«/¶257WLHQGUDpYLGHPHQWFRPSWHGHV
TXHVWLRQV OLpHV DX WUDQVSRUW GH YR\DJHXUV ORUVTXH GHV FRQIOLWV GH FLUFXODWLRQ VRQW
SRVVLEOHV
1RWRQV HQILQ TXH OD SULVH GH FRQVFLHQFH GHV FRWV LQGXLWV SROOXWLRQ FRQJHVWLRQ«
OLpV DXWUDQVSRUWURXWLHU VH JpQpUDOLVH GHPrPH TXH O¶LQVXIILVDQWH UpSHUFXVVLRQ GHV
FRWV UpHOV VXU OHV XWLOLVDWHXUV GH FH PRGH /HV DFWHXUV ORFDX[ VRQW SRXUWDQW
IDLEOHPHQW RXWLOOpV SRXU UpSRQGUH GH IDoRQ SUREDQWH j FH SUREOqPH 3DU DLOOHXUV OD
YRODWLOLWpGHVFRXUVGXSpWUROHQHIDFLOLWHSDVXQHUpIOH[LRQVXUOHORQJWHUPH
/¶257 SRXUUDLW FRQVWLWXHU XQ FDGUH SRXU PLHX[ DSSUpKHQGHU FH
SUREOqPH GHV FRWV LQGXLWV HQ UpJLRQ HW SHUPHWWUDLW DX &RQVHLO
UpJLRQDO GH PLHX[ H[SOLFLWHU VHV SULRULVDWLRQV GH GpYHORSSHPHQW
GHVLQIUDVWUXFWXUHV
$FWLRQ
6XUO¶D[H6HLQHVRXWHQLUSOXVIRUWHPHQWOHVDFWLRQVHQIDYHXUGH
O¶DWWUDFWLYLWpGXFRUULGRUORJLVWLTXH
/¶DVVRFLDWLRQ 3DULV6HLQH1RUPDQGLH pPDQDWLRQ GHV FKDPEUHV GH FRPPHUFH HW
G¶LQGXVWULH GH O¶D[H 6HLQH °XYUH HQ IDYHXU GH OD SURPRWLRQ G¶XQ V\VWqPH JOREDO
G¶RSWLPLVDWLRQ GHV IOX[ pFRQRPLTXHV HQ UHQGDQW QRWDPPHQW LQWHURSpUDEOHV
O¶HQVHPEOH GHV V\VWqPHV G¶LQIRUPDWLRQ 'DQV FHWWH RSWLTXH XQ RXWLO FDUWRJUDSKLTXH
GHYUDLWYRLUOHMRXUDXSUHPLHUWULPHVWUHGRQWODYRFDWLRQHVWGHUHSUpVHQWHUOHV
IOX[LQGXVWULHOVORJLVWLTXHVpQHUJpWLTXHVHWF&HSURMHWGHYUDLWrWUHILQDQFpGDQVOH
FDGUH GX &3,(5 D[H 3DUDOOqOHPHQW OD GpPDUFKH :HDVWIORZV D
SHUPLV GH FDUWRJUDSKLHU OHV LQIUDVWUXFWXUHV GH WUDQVSRUW H[LVWDQWHV HQWUH O¶(VW HW
O¶2XHVWGHO¶(XURSH
/¶DFFRPSDJQHPHQW GH FHV SURMHWV OLpV j OD FRQQDLVVDQFH GHV IOX[
VXUXQD[HG¶LPSRUWDQFHQDWLRQDOHGRLWrWUHVDQVIDLOOH/HVFUpGLWV
DQQRQFpVSDUOHVGLIIpUHQWVSDUWHQDLUHVVXUOHSURMHWSRUWpSDU361
GRLYHQW rWUH VDQFWXDULVpV ORUV GH OD VLJQDWXUH GpILQLWLYH GX &3,(5
'¶DXWUH SDUW LO VHUDLW LQWpUHVVDQW GH IDLUH UHVVRUWLU RXWUH OHV
TXDQWLWpV GHV LQGLFDWHXUV WUqV SUpFLV PRGH GH WUDQVSRUW FKRLVL
QDWXUH GH OD PDUFKDQGLVH WUDQVSRUWpH RULJLQHV HWGHVWLQDWLRQV HW
G¶HQ UpDOLVHU XQ WDEOHDX GH ERUG DQQXHO DILQ GH SRXYRLU HQ VXLYUH
O¶pYROXWLRQ
/DGpOpJDWLRQLQWHUPLQLVWpULHOOHDXGpYHORSSHPHQWGHOD9DOOpHGH6HLQHGRLWDVVXUHU
OHVXLYLGHFHWWHDFWLRQHWLQVLVWHUSRXUXQHODUJHGLIIXVLRQGHVUpVXOWDWVHQOLHQpWURLW
*UDQG5pVHDXGH5HFKHUFKH©/RJLVWLTXH0RELOLWp1XPpULTXHª
DYHF +$523$ TXL V¶HVW HQJDJp GDQV O¶KRPRJpQpLVDWLRQ GHV SURFHVVXV VWDWLVWLTXHV
GHVSRUWVGHO¶D[H6HLQH
/HUDSSRUWGHOD&RXUGHV&RPSWHVVXUOH*UDQGSRUWPDULWLPHGH5RXHQRFWREUHUHFRPPDQGH
ODPLVHHQSODFHG¶XQSURFHVVXVTXDOLWpFRQFHUQDQWOHVGRQQpHVVWDWLVWLTXHV
$[H 5DWLRQDOLVHU O¶RUJDQLVDWLRQ ORJLVWLTXH GX
WHUULWRLUH
&RQQDvWUH OH IRQFLHU GLVSRQLEOH FRRUGRQQHU O¶LPSODQWDWLRQ GHV SODWHIRUPHV
PXOWLPRGDOHV UpSRQGUH DX[ EHVRLQV SURSUHV j FHUWDLQHV ILOLqUHV pFRQRPLTXHV«
$XWDQWG¶DPELWLRQVHQIDYHXUGHVTXHOOHVOHVDFWHXUVORFDX[SHXYHQWDJLUHWTXLDXURQW
XQLPSDFWSRVLWLIVXUOHUHSRUWPRGDO
$FWLRQ
(ODERUHUXQVFKpPDUpJLRQDOGHGpYHORSSHPHQWORJLVWLTXH
/DFRQFXUUHQFHORJLVWLTXHHQWUHWHUULWRLUHVDXVHLQPrPHGHO¶D[H6HLQHHVWIRUWH'HV
LQYHVWLVVHPHQWV SHXYHQW DLQVL rWUH UpDOLVpV SDU GHV DFWHXUV SXEOLFV VXU GHV
pTXLSHPHQWV VRLW FRQFXUUHQWV VRLW LQDSWHV j IDYRULVHU OH UHSRUW PRGDO &HWWH
FRPSpWLWLRQHVWUHVVHQWLHHQSDUWLFXOLHUSRXUO¶LPSODQWDWLRQGHV]RQHVG¶DFWLYLWpV/HV
FROOHFWLYLWpV QRWDPPHQW OHV (3&, DWWLUHQW VXU OHXUV WHUULWRLUHV GHV IOX[ HW GHV
HQWUHSULVHV HQ SURILWDQW G¶HIIHWV G¶DXEDLQHV WHUUDLQV OLEUHV FDUUHIRXUV
LQIUDVWUXFWXUHOV«VDQVSRXUDXWDQWTXHOHVFKRL[UpDOLVpVQHVRLHQWDXVHUYLFHG¶XQH
FRKpUHQFH ORJLVWLTXH UpJLRQDOH JOREDOH ,O HQ UpVXOWH XQ PLWDJH GH O¶RIIUH ORJLVWLTXH
FRQWUHSURGXFWLIjO¶pJDUGGHVREMHFWLIVGHUHSRUWPRGDOHWIRUWHPHQWFRQVRPPDWHXU
GHWHUUHVDJULFROHV
,O PDQTXH XQ RXWLO UpJLRQDO SHUPHWWDQW GH UDWLRQDOLVHU
O¶LPSODQWDWLRQ GH FHV ]RQHV G¶DFWLYLWpV VHORQ XQH RULHQWDWLRQ
FRKpUHQWH /H SURMHW GH ORL GH UpIRUPH GHV FRPSpWHQFHV GHV
FROOHFWLYLWpV WHUULWRULDOHV 1275H GHYUDLW LQVWLWXHU XQ QRXYHDX
VFKpPD UpJLRQDO G¶DPpQDJHPHQW GH GpYHORSSHPHQW GXUDEOH HW
G¶pJDOLWp GHV WHUULWRLUHV ,O IL[HUD HQWUH DXWUHV GHV REMHFWLIV
VWUDWpJLTXHV HQ PDWLqUH G¶LQWHUPRGDOLWp HW GH GpYHORSSHPHQW GHV
WUDQVSRUWV &H IXWXU 65$''7 SRXUUDLW DLQVL LQWpJUHU XQ YROHW
©GpYHORSSHPHQW ORJLVWLTXHª TXL RUJDQLVH HW UDWLRQDOLVH OHV
LPSODQWDWLRQV ,O YHLOOHUD j rWUH HQ FRKpUHQFH DYHF OH ©VFKpPD
GLUHFWHXUQDWLRQDOGHODORJLVWLTXHªTXHOH*RXYHUQHPHQWVRXKDLWH
PHWWUH HQ SODFH DLQVL TX¶DYHF VHV GpFOLQDLVRQV WHUULWRULDOHV
VRXKDLWpHV
/D 'LUHFWLYH 7HUULWRULDOH G¶$PpQDJHPHQW '7$ GH OD %DVVH6HLQH FRPSUHQDLW GHV
REMHFWLIV VLPLODLUHV TXL Q¶RQW SDV WURXYp GH WUDGXFWLRQ FRQFUqWH 8QH WHOOH LQLWLDWLYH
VHUDLW QRWDPPHQW FRKpUHQWH DYHF O¶DFWLRQ Q GX 65,7 GH +DXWH1RUPDQGLH
©VWUXFWXUHU XQH RIIUH ORJLVWLTXH G¶HQYHUJXUH HXURSpHQQHª ©KLpUDUFKLVHU OHV
]RQHVG¶DFWLYLWpVORJLVWLTXHVVXUOHWHUULWRLUHªTXLQ¶DSDVpWpPHQpHjVRQWHUPH/D
IXVLRQ GHV UpJLRQV QRUPDQGHV GRQQH O¶RFFDVLRQ GH OD UpDOLVHU VXU XQ SpULPqWUH SOXV
ODUJHHWGRQFSOXVSHUWLQHQW/¶REVHUYDWLRQORJLVWLTXH3DULV6HLQH1RUPDQGLHPLVHHQ
SODFHSDU/61SRXUUDLWVHUYLUGHEDVHjODUpDOLVDWLRQGHFHWUDYDLO
eWDEOLVVHPHQWVSXEOLFVGHFRRSpUDWLRQLQWHUFRPPXQDOH
/RLQGXPDLUpDIILUPpHjO¶RFFDVLRQGHOD©FRQIpUHQFHQDWLRQDOVXUODORJLVWLTXHª
DYULO/¶DUWLFOHSUpFLVHTXH©OHVUpJLRQVHWOHVPpWURSROHVVHUDLHQWLQYLWpHVjGpILQLUHWjPHWWUH
HQ°XYUHVXUOHXUWHUULWRLUHGHVSODQVG¶DFWLRQVORJLVWLTXHVLQWpJUpVDXSODQG¶DFWLRQQDWLRQDOª
6FKpPDUpJLRQDOGHVLQIUDVWUXFWXUHVGHWUDQVSRUW
$FWLRQ
'HV FULWqUHV OLpV j OD PXOWLPRGDOLWp GDQV OH ILQDQFHPHQW GHV
]RQHVG¶DFWLYLWpVHWGHVWHUPLQDX[SRUWXDLUHVSDUOD5pJLRQ
6RXYHQW FRQVWUXLWHV VRXV OD IRUPH MXULGLTXH GH OD =$& ]RQH G¶DFWLYLWp FRQFHUWpH
FHV HVSDFHV GpQRPPpV ©SODWHIRUPHV ORJLVWLTXHVª QH PDQTXHQW SDV HQ UpJLRQ
TX¶LOV VRLHQW H[LVWDQWV =$& ©&DOYDGRV+RQIOHXUª SDUF G¶DFWLYLWp GX 5RXPRLV RX
HQ SURMHW =$& 6HLQH6XG =$& GH %RXUQHYLOOH =$& GH 3LWUHVOH0DQRLU« &HV
]RQHV VRQW JpQpUDOHPHQW ILQDQFpHV DYHF OH VRXWLHQ G¶DXWUHV FROOHFWLYLWpV SXEOLTXHV
GDQV OH FDGUH GH FRQWUDWV GH WHUULWRLUHV /H &RQVHLO UpJLRQDO GH +DXWH1RUPDQGLH
SDUWLFLSH DLQVL DFWLYHPHQW j OHXU GpYHORSSHPHQW PDLV OD GHVVHUWH PXOWLPRGDOH QH
IDLWSDVSDUWLHGHVFRQGLWLRQVG¶pOLJLELOLWpDXILQDQFHPHQWGHOD5pJLRQ
,O VHUDLW LQWpUHVVDQW GH PHWWUH HQ SODFH XQ V\VWqPH GH
FRQGLWLRQQHPHQW GX ILQDQFHPHQW GHV ]RQHV G¶DFWLYLWpV SDU
O¶LQWURGXFWLRQ G¶XQ FULWqUH OLp j OD GHVVHUWH PXOWLPRGDOH GX VLWH
FKRLVL
&HWWH FRQGLWLRQ QH VHUDLW pYLGHPPHQW SDV UHTXLVH GDQV OHV ]RQHV R OD GHVVHUWH
LQIUDVWUXFWXUHOOH HVW PRQRPRGDOH 3RXU FH IDLUH GDQV OH FDGUH GX IXWXU VFKpPD
UpJLRQDO GH GpYHORSSHPHQW ORJLVWLTXH OD 5pJLRQ SRXUUDLW UpIOpFKLU j XQ V\VWqPH GH
]RQDJH VLPSOH ]RQH PXOWLPRGDOLWp DLVpH ]RQH PXOWLPRGDOLWp SRVVLEOH PDLV
GLIILFLOH j PHWWUH HQ °XYUH ]RQH PXOWLPRGDOLWp LPSRVVLEOH 3DU DLOOHXUV GHV
FULWqUHV GH JUDGDWLRQ GH O¶DLGH ERQXV RX PDOXV HQ IRQFWLRQ GH OD ]RQH FRQVLGpUpH
SRXUUDLHQWrWUHPLVHQSODFH
6XU OH PrPH SULQFLSH G¶pFRFRQGLWLRQQDOLWp OH VRXWLHQ ILQDQFLHU
DSSRUWpDX[HQWUHSULVHVGHPDQXWHQWLRQGHVWHUPLQDX[SRUWXDLUHV
GDQV OH FDGUH GH O¶DLGH UpJLRQDO j O¶LQYHVWLVVHPHQW SRXUUDLW
LQWpJUHUGHVREMHFWLIVG¶XWLOLVDWLRQGHVPRGHVPDVVLILpV
'H WHOOHV FRQGLWLRQV RQW pWp PLVHV HQ SODFH j 5RWWHUGDP GDQV OD FRQVWUXFWLRQ GH OD
0DDVYODNWHVDQVIUHLQHUSRXUDXWDQWOHGpYHORSSHPHQWSRUWXDLUH
$FWLRQ
(WXGLHU OHV EHVRLQV SDU W\SH GH IOX[ SRXU GpWHUPLQHU OHV
FRQGLWLRQVSUpFLVHVGHODPDVVLILFDWLRQ
(Q PDWLqUH GH PXOWLPRGDOLWp XQ UDLVRQQHPHQW SDU JUDQGHV ILOLqUHV pFRQRPLTXHV QH
V¶LPSRVH SDV F¶HVW ELHQ OD QDWXUH GHV IOX[ WUDQVSRUWpV VROLGHV OLTXLGHV
FRQWHQHXUV« TXL SULPH /HV SURMHWV ©5HDO *UDLQª RX ©3(*$6(ª VRQW HQ OD
PDWLqUHH[HPSODLUHVSXLVTX¶LOVSUHQQHQWHQFRPSWHOHVVSpFLILFLWpVGHVPDUFKDQGLVHV
pWXGLpHV HW DQDO\VHQW O¶HQVHPEOH GH OD FKDvQH ORJLVWLTXH FROOHFWHV OLYUDLVRQV
PDUFKpVHWF8QHGpPDUFKHVLPLODLUHVHUDLWRSSRUWXQHVXUG¶DXWUHVW\SHVGHIOX[
$ O¶LQVWDU GHV SURMHWV 5HDO *UDLQ RX 3(*$6( GHV pWXGHV
FROODERUDWLYHVSRXUUDLHQWrWUHPHQpHVSDUJUDQGHQDWXUHGHIOX[RX
VXU GHV VHJPHQWV WUqV VSpFLILTXHV VXU OHVTXHOV OHV DFWHXUV
SUHVVHQWHQW XQ SRWHQWLHO PXOWLPRGDO H[HPSOHV OD ILOLqUH ERLV HQ
OLHQ DYHF OD IXWXUH SODWHIRUPH IOXYLDOH G¶$OL]D\ OD
8QHRSpUDWLRQG¶H[WHQVLRQGHVWHUPLQDX[SRUWXDLUHVGXSRUWGH5RWWHUGDP
3URMHWFRQGXLWSDUOH&5,777/SRXU+$523$VXUOHWUDQVSRUWGHFpUpDOHV
3URMHW FROODERUDWLI LPSOLTXDQW QRWDPPHQW O¶81,&(0 +$523$ HW 91) VXU OD FRPSpWLWLYLWp GH
O¶DFKHPLQHPHQWIOXYLDOGHVJUDQXODWV
&(6(5+DXWH1RUPDQGLH
GpFRQVWUXFWLRQ« /HV PDUFKpV QRXYHDX[ RX pPHUJHQWV GpFKHWV
pFRQRPLH FLUFXODLUH« GRLYHQW rWUH LQWpJUpV GDQV OD GpPDUFKH
/¶DQDO\VH GHV IUpTXHQFHV GHV GHVWLQDWLRQV GHV HQWUHSULVHV
FRQFHUQpHV GHV SURFpGpV GH VWRFNDJH HW GH WUDQVIRUPDWLRQ HWF
VRQW DXWDQW G¶pOpPHQWV TXL PHWWHQW HQ pYLGHQFH O¶LQWpUrW RX SDV
G¶XQUHSRUWPRGDO
/¶DFWLRQ GX &RQVHLO UpJLRQDOSRXUUDLW rWUH G¶DERUGGHUHFHQVHU OHVGLIIpUHQWHV pWXGHV
HQ FRXUV RX HQ SURMHW HW GH V¶DVVXUHU TXH WRXV OHV VHFWHXUV VWUDWpJLTXHV RQW pWp
FRXYHUWV /HV UHVVRXUFHV SUpH[LVWHQW VXU OH WHUULWRLUH SRXU PHQHU FHV DFWLRQV /61
1RYDORJ&5,777/0RY¶HR«
'DQV OH PrPH HVSULW XQH GpPDUFKH VSpFLILTXH VXU OHV ILOLqUHV j
KDXWHYDOHXU DMRXWpH FRVPpWLTXHV YLQV HW VSLULWXHX[
SKDUPDFRORJLH SDUDvW XWLOH &HV VHFWHXUV VRQW HQ HIIHW
SDUWLFXOLqUHPHQW VHQVLEOHV DX[ TXHVWLRQV GH VpFXULVDWLRQ GH OHXUV
PDUFKDQGLVHVVWRFNDJHHWWUDQVSRUWHWODFRQFXUUHQFHHQWUHSRUWV
VHMRXHDXVVLVXUFHWHUUDLQ
19
/HV PRGHV PDVVLILpV RIIUHQW GHV FRQGLWLRQV GH VpFXULWp HW GH VUHWp SOXV
LPSRUWDQWHVTXHOHPRGHURXWLHUSRXUSUHXYHOHVGpFKHWVQXFOpDLUHVRXOHPDWpULHO
PLOLWDLUHVRQWWUDQVSRUWpVGHSUpIpUHQFHSDUOHWUDLQ
$FWLRQ
3RUWV VHFRQGDLUHV XQH VWUDWpJLH QRUPDQGH j LQYHQWHU SRXU OHV
WUDILFVGHQLFKH
$FHMRXUOD5pJLRQ%DVVH1RUPDQGLHHVWHQJDJpHDXVHLQGXV\QGLFDWPL[WH31$
SRXUO¶H[SORLWDWLRQGHVSRUWVGH&DHQHWGH&KHUERXUJOD5pJLRQ+DXWH1RUPDQGLHD
SULV OD FRPSpWHQFH GH JHVWLRQ UpJLRQDOH HW OD SUpVLGHQFH GX V\QGLFDW PL[WH GX SRUW
GH'LHSSHHWSDUWLFLSHDX[LQVWDQFHVGpFLVLRQQHOOHVHWFRQVXOWDWLYHVGHVJUDQGVSRUWV
PDULWLPHV /H SURMHW GH ORL 1275H SRXUUDLW SHUPHWWUH OH WUDQVIHUW GHV SRUWV
GpSDUWHPHQWDX[DX[5pJLRQVFHTXLYLHQGUDLWUHQIRUFHUOHXUPDUJHGHPDQ°XYUHHQ
PDWLqUHSRUWXDLUH
$LQVLTXHOHV&(6(5GH%DVVHHWGH+DXWH1RUPDQGLHO¶RQWLQGLTXp
GDQV OHXU WUDYDLO VXU OD IXVLRQ GHV 5pJLRQV LO FRQYLHQGUDLW GH
UpIOpFKLU GqV j SUpVHQW j OD FUpDWLRQ G¶XQ RUJDQH GH FRRSpUDWLRQ
SRUWXDLUH GRQW OH SRUWDJH SRXUUDLW rWUH DVVXUp SDU XQ
pWDEOLVVHPHQW SXEOLF RX XQ V\QGLFDW PL[WH« SRXU JDUDQWLU OD
FRKpUHQFHGHVLQYHVWLVVHPHQWVSRUWXDLUHV&HWWHFRRUGLQDWLRQVHUD
LQGLVSHQVDEOH SRXU IDLUH IDFH j GHV TXHVWLRQV UHODWLYHV j OD
FRPSOpPHQWDULWp HWRX FRQFXUUHQFH HQWUH OHV SRUWV UpJLRQDX[
G¶XQHSDUWHWOHVJUDQGVSRUWVPDULWLPHVG¶DXWUHSDUWjO¶LQVWDUGX
7UDQVPDQFKHTXLMRXHDXVVLXQU{OHHQPDWLqUHGHIUHW
/D VpFXULWp pWDQW GpILQLH SDU GHV DOpDV LQWHUQHV DX SURGXLW WUDQVSRUWp GDQV OH FDV GH SURGXLWV
GDQJHUHX[HWODVUHWppWDQWGpILQLHSDUGHVDOpDVH[WHUQHVYROV«
3RUWV1RUPDQGV$VVRFLpV
/DSUpVHUYDWLRQGHODPXOWLPRGDOLWpDXF°XUGHFHVSRUWVVHFRQGDLUHVGHYUDrWUHXQ
REMHFWLI FRQVWDQW GH OHXU IXWXUH WXWHOOH TXHOOH TX¶HOOH VRLW /HV HPEUDQFKHPHQWV
IHUURYLDLUHV QRWDPPHQW GHYURQW rWUH SUpVHUYpV 'DQV FHWWH SHUVSHFWLYH RQ QRWHUD
TXHODUpDOLVDWLRQGXYROHW©ORJHPHQWªGX*UDQG3DULVLPSRVHUDO¶DFKHPLQHPHQWGH
IRUWV YROXPHV GH PDWpULDX[ GH FRQVWUXFWLRQ /HV FDUULqUHV WHUUHVWUHV QRUPDQGHV
pWDQW HQ GpFOLQ OH JUDQXODW DOOXYLRQQDLUH PDULQ HVW DSSHOp j rWUH GH SOXV HQ SOXV
VROOLFLWp
/H 3RUW GX 7UpSRUW SRXUUDLW XWLOHPHQW VH SRVLWLRQQHU VXU FH WUDILF
HQ OLHQ DYHF VRQ LQIUDVWUXFWXUH IHUURYLDLUH TXL SHUPHWWUDLW XQ
DFKHPLQHPHQW GLUHFW MXVTX¶DX[ SRUWHV GH 3DULV 8QH UDLVRQ
VXSSOpPHQWDLUH G¶DVVXUHU OD SpUHQQLWp GH OD OLJQH IHUURYLDLUH /H
7UpSRUW$EDQFRXUW DFWXHOOHPHQW PHQDFpH GH IHUPHWXUH HQ UDLVRQ
GHO¶pWDWGHYpWXVWpGHVHVYRLHV
$FWLRQ
6RXWHQLUODPLVHHQSODFHG¶XQHERXUVHGHIUHWPXOWLPRGDOHSDU
OHVDFWHXUVGXWUDQVSRUW
8QHERXUVHGHIUHWHVWXQHSODFHGHPDUFKpYLUWXHOOHOLHXGHUHQFRQWUHHQWUHO¶RIIUH
HW OD GHPDQGH GH WUDQVSRUW/HV WUDQVSRUWHXUV RIIUHQW HQ OLJQH OHXU FDSDFLWp GH
WUDQVSRUW GLVSRQLEOH HW OHV FOLHQWV SXEOLHQW OHV FKDUJHPHQWV TX¶LOV VRXKDLWHQW IDLUH
DFKHPLQHU
/HVERXUVHVGHIUHWH[LVWHQWGpMjSRXUOHWUDQVSRUWURXWLHURXSRXU
OHWUDQVSRUWPDULWLPHPDLVDXFXQHQHSHUPHWGHFURLVHUGLIIpUHQWV
PRGHV 8QH ERXUVH GH IUHW PXOWLPRGDOH SRXUUDLW GRQF rWUH
HQYLVDJpH GDQV O¶REMHFWLI GH UHQGUH SOXV HIILFLHQWV OHV PRGHV GH
WUDQVSRUWV &H W\SH GH V\VWqPH VHUDLW j PrPH G¶LQWpUHVVHU HQ
SDUWLFXOLHU OHV 30( TXL SRXUUDLHQW DLQVL SURILWHU GHV DYDQWDJHV
WDULIDLUHV GH OD PDVVLILFDWLRQ DORUV TX¶HOOHV Q¶HQ RQW SDV OHV
PR\HQVIDXWHGHYROXPHV
&HWWH LQLWLDWLYH SUpVHQWH XQ FHUWDLQ QRPEUH GH GLIILFXOWpV WHFKQLTXHV GRQW OH &(6(5
HVW ELHQ FRQVFLHQW 6D UpDOLVDWLRQ HVW QpDQPRLQV HQYLVDJHDEOH j PR\HQ RX ORQJ
WHUPHHQWUHHWDQV(OOHQpFHVVLWHUDXQSLORWDJHSDUODILOLqUH/61DVVRFLDQWGH
IDoRQ pWURLWH OHV UHSUpVHQWDQWV GHV FKDPEUHV GH FRPPHUFH HW GHV IpGpUDWLRQV
SURIHVVLRQQHOOHVGHVWUDQVSRUWVGHVWURLVPRGHV
$FWLRQ
6RXWHQLUODORJLVWLTXHGDQVODSHUVSHFWLYHGHODWURLVLqPHSKDVH
GHVLQYHVWLVVHPHQWVG¶DYHQLU
/H3UpVLGHQWGHOD5pSXEOLTXHDFRQILUPpODPLVHHQ°XYUHG¶XQHWURLVLqPHSKDVHGX
SODQ ©LQYHVWLVVHPHQW G¶DYHQLUª 3,$ 0DOKHXUHXVHPHQW DEVHQWH GH OD
FDQGLGDWXUH ,6LWH GpSRVpH SDU OD &208( 1RUPDQGLH 8QLYHUVLWp OD ORJLVWLTXH GRLW
SRXYRLU UDWWUDSHU FHWWH RFFDVLRQ PDQTXpH ORUV GH OD SURFKDLQH SKDVH SXLVTX¶HOOH
FRQVWLWXH XQ VHFWHXU LPSRUWDQW GH GLIIpUHQFLDWLRQ GH QRWUH WHUULWRLUH ,O LPSRUWHUD
/¶,OHGH)UDQFHHVWFRQWUDLQWHG¶LPSRUWHUHQYLURQGHVDFRQVRPPDWLRQDQQXHOOHGHJUDQXODWV
(Q +DXWH1RUPDQGLH OHV JUDQXODWV DOOXYLRQQDLUHV PDULQV UHSUpVHQWDLHQW GH OD SURGXFWLRQ WRWDOH
HQFRQWUHVHXOHPHQWHQ
&(6(5+DXWH1RUPDQGLH
G¶DERUGGHFRPSUHQGUHOHVUDLVRQVGHFHWpFKHFPDOJUpOHVVSpFLILFLWpVSRUWXDLUHVHW
LQGXVWULHOOHVGHODUpJLRQGHVODERUDWRLUHVWURSGLVSHUVpVHWLQVXIILVDPPHQWDGRVVpV
j GH JUDQGV RUJDQLVPHV GH UHFKHUFKH VHPEOHQW rWUH GHV SUHPLHUV pOpPHQWV
G¶H[SOLFDWLRQ TX¶LO FRQYLHQGUD G¶DIILQHU 3RXUWDQW GHV SURMHWV YLVLEOHV HW FRQFUHWV
SRXUUDLHQWrWUHPLVHQ°XYUHDXWRXUGHO¶RSWLPLVDWLRQGHVUpVHDX[GDQVXQHRSWLTXH
PXOWLPRGDOHH[HPSOHWHFKQRORJLHVGHO¶LQIRUPDWLRQVpFXULWp«
/D &208( 1RUPDQGLH 8QLYHUVLWp DLQVL TXH OD IXWXUH 5pJLRQ
1RUPDQGLH SUpVHQWH DX &RQVHLO G¶DGPLQLVWUDWLRQ GH OD &208(
GRLYHQW H[SORUHU GqV OD SRVVLELOLWp SRXU OD ORJLVWLTXH GH
ILJXUHU GDQV OHV FDQGLGDWXUHV TXL VHURQW GpSRVpHV HQ YXH GH OD
WURLVLqPH SKDVH GHV LQYHVWLVVHPHQWV G¶DYHQLU &HWWH RULHQWDWLRQ
GRLW rWUH DFWLYHPHQW VRXWHQXH SDU OD 'pOpJDWLRQ LQWHUPLQLVWpULHOOH
SRXU OH GpYHORSSHPHQW GH OD 9DOOpH GH OD 6HLQH DILQ GH SHUPHWWUH
GHV V\QHUJLHV DYHF GHV VWUXFWXUHV GH UHFKHUFKH LPSODQWpHV GDQV
O¶2XHVWSDULVLHQ
$[H 'pYHORSSHU OHV LQLWLDWLYHV DXWRXU GH OD
ORJLVWLTXHXUEDLQH
%LHQTXHOHPRGHURXWLHUQHIDVVHSDVSDUWLHGHVDWWHQGXVGHODVDLVLQHODUpIOH[LRQ
VXUOHVPRGHVPDVVLILpVQHSHXWLJQRUHUTX¶HQERXWGHFKDvQHOHVPDUFKDQGLVHVVRQW
DFKHPLQpHV MXVTX¶j OHXUV SRLQWVGH OLYUDLVRQ SDU ODURXWH SUREOpPDWLTXHGX GHUQLHU
NLORPqWUH
$FWLRQ
'HUQLHU NLORPqWUH GHV DFWLRQV G¶DGDSWDWLRQ GH O¶HVSDFH XUEDLQ
FRQWUHODSROOXWLRQHWODFRQJHVWLRQ
/H FRW GX GHUQLHU NLORPqWUH HQ PLOLHX XUEDLQ GDQV OH SUL[ JOREDO GX WUDQVSRUW SRVH
XQH PXOWLWXGH GH TXHVWLRQV /¶HQMHX GH OD OLYUDLVRQ ILQDOH GRLW rWUH LQWpJUp GDQV OHV
SROLWLTXHV G¶XUEDQLVPH (OOH GRLW rWUH DX F°XU GH OD UpIOH[LRQ GDQV OD FUpDWLRQ GH
SRLQWVPXOWLPRGDX[\FRPSULVFHX[DSULRULGpGLpVDX[YR\DJHXUV
$WLWUHG¶H[HPSOHO¶DPpQDJHPHQWGHODIXWXUHJDUH6DLQW6HYHUGH
5RXHQ GRLW LPSpUDWLYHPHQW LQFOXUH XQ HVSDFH UpVHUYp j OD
ORJLVWLTXHXUEDLQH
$XF°XUGHVJUDQGHVDLUHVXUEDLQHVXQWUDYDLOVXUOHORQJWHUPHGHPRGLILFDWLRQGH
O¶HVSDFH XUEDLQ GRLW rWUH PHQp HQ FRRUGLQDWLRQ DYHF WRXV OHV DFWHXUV GH OD YLOOH
KDELWDQWV OLYUHXUV FRPPHUoDQWV« HW HQ OLDLVRQ DYHF OHV S{OHV GH FRPSpWLWLYLWp
FRQFHUQpV 0RY¶HR HW 1RYDORJ DLQVL TXH OHV VWUXFWXUHV GH UHFKHUFKH SUpVHQWHV HQ
UpJLRQ
3OXVLHXUV LQLWLDWLYHV GpFULWHV FLDSUqV SRXUUDLHQW rWUH PHQpHV /D
SOXSDUWRQWGpMjpWpFRQGXLWHVDYHFVXFFqVGDQVGHVYLOOHVG¶DXWUHV
UpJLRQVHWVRQWSHXFRWHXVHVjODPLVHHQ°XYUHPDLVQpFHVVLWHQW
GHVFKDQJHPHQWVLPSRUWDQWVGDQVOHVKDELWXGHV
2QFLWHUD
Ͳ
OD FRQFHSWLRQ GH OLHX[ GH VWDWLRQQHPHQW DOORQJpV HW WHPSRUDLUHV SRXU OHV
YpKLFXOHV GH OLYUDLVRQ WUDQVIRUPDEOHV HQ SODFHV SRXU SHUVRQQHV j PRELOLWp
UpGXLWH HWRX UpVHUYpHV DX[ ©PRGHV GRX[ª HQ GHKRUV GHV KRUDLUHV GH
OLYUDLVRQ
Ͳ
OD FUpDWLRQ GH ©VDV GH OLYUDLVRQVª OLHX[ GH VWRFNDJH GH SHWLWH FDSDFLWp
SHUPHWWDQW OH GLVSDWFKLQJ GHV FROLV SRXUUDLW rWUH pWXGLpH &HV PrPHV VDV
SRXUUDLHQW VHUYLU GH OLHX[ GH VWRFNDJH SRXU OD ©ORJLVWLTXH GH UHWRXUª
GpFKHWVSURSUHVSURGXLWVGpIHFWXHX[«
Ͳ
O¶LQVWDXUDWLRQ G¶XQ VHUYLFH GH ORFDWLRQ KRUDLUH GH YpKLFXOHV XWLOLWDLUHV SURSUHV
GDQVOHVFHQWUHVYLOOHVjGLVSRVLWLRQGHVSDUWLFXOLHUVHWGHVFRPPHUoDQWV
Ͳ
OD PLVH HQ SODFH GH VHUYLFHV G
LQIRUPDWLRQ HQ WHPSV UpHO VXU OH WUDILF RX OH
GpYHORSSHPHQWG¶RXWLOVGHJHVWLRQHQWHPSVUpHOGHVSODFHVGHVWDWLRQQHPHQW
QRWDPPHQWGDQVOHVpFRTXDUWLHUV
&(6(5+DXWH1RUPDQGLH
,O IDXW QRWHU TXH OD ORL 0$3$0 DUWLFOH DXWRULVH GDQV OHV
SpULPqWUHV GH WUDQVSRUWV XUEDLQV OHV FRPPXQHV OHXUV
JURXSHPHQWV HW OHV V\QGLFDWV PL[WHV GH WUDQVSRUW j ©RUJDQLVHU
GHVVHUYLFHVSXEOLFVGHWUDQVSRUWGHPDUFKDQGLVHVHWGHORJLVWLTXH
XUEDLQHª HQ FDV G¶LQDGDSWDWLRQ GH O¶RIIUH SULYpH /HV
FRPPXQDXWpV G¶DJJORPpUDWLRQV QRUPDQGHV HW OD PpWURSROH GH
5RXHQ R SOXVLHXUV LQLWLDWLYHV Q¶RQW SDV HX GH VXLWH GRLYHQW VH
VDLVLUGHFHWWHSRVVLELOLWp
$[H )LDELOLVHU OD QDYLJDWLRQ VXU OD 6HLQH SRXU
PDLQWHQLU OD FRPSpWLWLYLWp GX WUDQVSRUW
IOXYLDO
/HV IUHLQV WHFKQLTXHV HW ILQDQFLHUV SRXU GpYHORSSHU VHQVLEOHPHQW OHV WUDILFV VXU OH
IOHXYH VRQW PRLQGUHV TXH SRXU OHV DXWUHV PRGHV PDLV XQ GpILFLW GH FRQFHUWDWLRQ
HQWUH OHV DFWHXUV UHWDUGH XQ FHUWDLQ QRPEUH GH SURMHWV RX G¶KDUPRQLVDWLRQV
QpFHVVDLUHV
$FWLRQ
$FFqVGLUHFWj3RUWUHPpGLHUjODQRQGpFLVLRQ
3RUW OH WHUPLQDO j FRQWHQHXUV GX 3RUW GX +DYUH D pWp FRQVWUXLW VDQV DFFqV
IOXYLDO GLUHFW /D GHVVHUWH V¶RUJDQLVH DX PR\HQ G¶DXWRPRWHXUV VSpFLDOHPHQW FRQoXV
SRXU QDYLJXHU HQ PHU RX YLD XQH OLDLVRQ IHUURYLDLUH TXL DVVXUH OD MRQFWLRQ HQWUH OH
7HUPLQDOGHO¶(XURSHHWOHVTXDLVGH3RUW'HVVROXWLRQVSRXUDVVXUHUXQDFFqV
GLUHFWpFOXVHIOXYLDOHFKDWLqUHVRQWHQGpEDWTXDVLPHQWGHSXLVO¶H[LVWHQFHGH3RUW
$XFXQH Q¶D GpSDVVp OH VWDGH GHV pWXGHV 6L OHV SURIHVVLRQQHOV GX VHFWHXU
SODLGHQW HQ IDYHXU G¶XQH FKDWLqUH O¶DXWRULWp SRUWXDLUH DIILUPH TXH OH QRXYHDX
WHUPLQDO PXOWLPRGDO SHUPHWWUD GH UpSRQGUH DX[ DWWHQWHV GHV RSpUDWHXUV /H &(6(5
Q¶DSDVYRFDWLRQjWUDQFKHUFHGpEDWG¶DXWDQWSOXVTX¶LOQHGLVSRVHSDVGHVpOpPHQWV
WHFKQLTXHVSRXUOHIDLUH
8QH FKRVH DSSDUDvW QHWWHPHQW GHV DQQpHV GH QRQGpFLVLRQ RQW
IDLW SHUGUH j OD FRPPXQDXWp SRUWXDLUH GDQV VRQ HQVHPEOH XQ
WHPSV SUpFLHX[ DORUV PrPH TXH OD FRQFXUUHQFH HVW UXGH VXU OH
UDQJH 1RUG /HV FRQVWDWV HQWUH DXWRULWp SRUWXDLUH RSpUDWHXUV
FKDUJHXUVGRFNHUV«QHVRQWSDVSDUWDJpVHWQHOHVHURQWSDVGDQV
O¶pWDW DFWXHO GX GLDORJXH /HV QRXYHOOHV pWXGHV HQYLVDJpHV GDQV OH
&3,(5 SRXU 0¼ QH GRLYHQW GRQF SDV rWUH
VHXOHPHQW WHFKQLTXHV PDLV pJDOHPHQWG¶RSSRUWXQLWp6RXVO¶pJLGH
GX GpOpJXp LQWHUPLQLVWpULHO DX GpYHORSSHPHQW GH OD 9DOOpH GH OD
6HLQH XQH FRQFHUWDWLRQ GHYUDLW UpXQLU O¶HQVHPEOH GHV DFWHXUV
SUpFLWpVTXL DERXWLUD j XQH GpFLVLRQ G¶RUGUH SROLWLTXH UpDOLVDWLRQ
RXQRQG¶XQDFFqVGLUHFWj3RUW
$ORUV TXH OD UpDOLVDWLRQ GX &DQDO 6HLQH1RUG (XURSH GHYLHQW GH SOXV HQ SOXV
SUREDEOHOHVDFWHXUVSRUWXDLUHVGRLYHQWUDVVHPEOHUOHXUVIRUFHVVRLWDXWRXUGXVHXO
WHUPLQDO PXOWLPRGDO SRXU HQ JDUDQWLU OH VXFFqV G¶H[SORLWDWLRQ VRLW DXWRXU GX
WHUPLQDO (7 GH OD FKDWLqUH VL FHOOHFL HVW MXJpH QpFHVVDLUH /D VLWXDWLRQ DFWXHOOH
JpQqUH GH O¶DWWHQWLVPH GDQV OHV LQYHVWLVVHPHQWV RX GHV FUDLQWHV QXLVLEOHV j OD
FRQILDQFHQpFHVVDLUHDX[PDUFKpV
$FWLRQ
6HLQHILDELOLVHUO¶LWLQpUDLUHVXUOHORQJWHUPH
'HV DPpOLRUDWLRQV VXEVWDQWLHOOHV VHURQW DSSRUWpHV DX[ pFOXVHV VL OHV FUpGLWV SUpYXV
DX &3,(5 VRQW FRQVRPPpV &HV DPpQDJHPHQWV DXURQW SRXU EXW GH ILDELOLVHU OD
&(6(5+DXWH1RUPDQGLH
QDYLJDWLRQKQRWDPPHQWSRXUPDLQWHQLUODFRPSpWLWLYLWpGHODYRLHG¶HDXGDQV
ODSHUVSHFWLYHGHODFRQFXUUHQFHGX&DQDO6HLQH1RUG(XURSH
/¶HQWUHWLHQGHVpFOXVHVSDU91)IDLWSDUWLHGHODTXDOLWpGHODFKDvQH
ORJLVWLTXH GRQW O¶LQWHUUXSWLRQ SDUIRLV HQ UDLVRQ G¶XQH GpIDLOODQFH
PLQHXUHSHXWDYRLUGHVFRQVpTXHQFHVHQFDVFDGHVVXUOHVDFWHXUV
GX WUDQVSRUW HW OHXUV FOLHQWV /¶pFOXVH GH 0pULFRXUW QpFHVVLWH HQ
SDUWLFXOLHU OHV LQYHVWLVVHPHQWV OHV SOXV XUJHQWV 3DU DLOOHXUV DX
GHOj GHV LQYHVWLVVHPHQWV UpDOLVpV VXU OD SpULRGH LO
FRQYLHQGUDGHPDLQWHQLUjORQJWHUPHODILDELOLWpGHVRXYUDJHVVXU
OD 6HLQH \ FRPSULV FHX[ VLWXpV HQ ]RQH SRUWXDLUH QRWDPPHQW
O¶pFOXVHGH7DQFDUYLOOH
$FWLRQ
1DYLJDWLRQ IOXYLRPDULWLPH pYLWHU OHV GLVWRUVLRQV
FRQFXUUHQFHHQKDUPRQLVDQWOHVUpJOHPHQWDWLRQV
GH
/H FDGUH UpJOHPHQWDLUH GH OD QDYLJDWLRQ IOXYLRPDULWLPH HVW FRQWUDLJQDQW 'DQV FHV
HDX[ IUpTXHQWpHV j OD IRLV SDU GHV QDYLUHV GH PHU HW GHV EDWHDX[ GH QDYLJDWLRQV
LQWpULHXUHV VRXPLVHV j GH IRUWV FRXUDQWV O¶HQFDGUHPHQW GH OD QDYLJDWLRQ HVW
LPSpUDWLI ,O IDXW HQ HIIHW WHQLU FRPSWH GHV UpJOHPHQWDWLRQV HXURSpHQQHV UHODWLYHV
DX[FHUWLILFDWVGHFRQGXLWHHWDX[SUHVFULSWLRQVWHFKQLTXHVGHVEDWHDX[6¶\DMRXWHQW
GHV GLVSRVLWLRQV VSpFLILTXHV DX FRGH GHV WUDQVSRUWV IUDQoDLV GH PrPH TXH OD
UpJOHPHQWDWLRQ QDWLRQDOH VXU OH SLORWDJH GHV EDWHDX[ DLQVL TXH GHV DUUrWpV
SUpIHFWRUDX[UHODWLIVjODQDYLJDWLRQHQPHUSRXUODGHVVHUWHGH3RUWYRLH1RUG
±YRLH6XG8QFHUWDLQQRPEUHGHTXHVWLRQVVRQWDXMRXUG¶KXLSRVpHVUHODWLYHVjGHV
FRQWUDGLFWLRQV HQWUH GURLW IUDQoDLV HW GURLW FRPPXQDXWDLUH 7URLV TXHVWLRQV PpULWHQW
DLQVLXQHDWWHQWLRQSDUWLFXOLqUH
DXUHJDUGGXGURLWHXURSpHQOD6HLQHQ¶HVWSDVFODVVpHSDUPLOHVYRLHVG¶HDXj
FDUDFWqUHPDULWLPHFRQWUDLUHPHQWjG¶DXWUHVHVWXDLUHVH[HPSOHO¶(VFDXW
OHV UqJOHV LQKpUHQWHV j OD FRQGXLWH GHV EDWHDX[ FHUWLILFDWLRQV HXURSpHQQHV
OLFHQFH GH SDWURQSLORWH REOLJDWLRQ GH SLORWDJH IRQW O¶REMHW GH FRQWHVWDWLRQV
SDUOHVRSpUDWHXUVpWUDQJHUVHWIUDQoDLV
/H ]RQDJH GH OD 6HLQH UHODWLI DX[ SUHVFULSWLRQV WHFKQLTXHV GHV EDWHDX[ Q¶HVW
SDVKDUPRQLVpHQWUHGURLWIUDQoDLVHWHXURSpHQ
,O LPSRUWH VXU FHV TXHVWLRQV GH VH SUpVHUYHU G¶XQH YLVLRQ WURS
VLPSOLILFDWULFHTXLQXLUDLWjODVpFXULWp8QHFRQFHUWDWLRQRUJDQLVpH
DXWRXUGHVDXWRULWpVGHO¶(WDWUHSUpVHQWpSDUOH3UpIHWGH5pJLRQ
GHV DXWRULWpV SRUWXDLUHV HW GHV RSpUDWHXUV IOXYLDX[ VXU OHV
UpJOHPHQWDWLRQV LQKpUHQWHV j OD QDYLJDWLRQ IOXYLDOH HW OHXUV
SRVVLELOLWpVG¶pYROXWLRQSDUDvWQpFHVVDLUH/HVGpFLVLRQVUHODWLYHVj
OD FRQGXLWH HW DX[ SUHVFULSWLRQV WHFKQLTXHV GHV EDWHDX[
DSSDUWLHQQHQW DX[ SURIHVVLRQQHOV PDLV LO SDUDvW LPSRUWDQW
G¶KDUPRQLVHU OHV UpJOHPHQWDWLRQV GDQV XQH RSWLTXH GH
FRPSpWLWLYLWpGHVSRUWVIUDQoDLV
$[H,QQRYHUHWUHGRQQHUFRQILDQFHGHQRXYHOOHV
GLUHFWLRQVSRXUOHIUHWIHUURYLDLUH
3OXVLHXUVH[SOLFDWLRQVSHXYHQWrWUHGRQQpHVDX[GLIILFXOWpVTXHUHQFRQWUHOHWUDQVSRUW
IHUURYLDLUHGHPDUFKDQGLVHV
XQVRXVLQYHVWLVVHPHQWFKURQLTXHGHO¶(WDWDJJUDYpSDUODVLWXDWLRQILQDQFLqUH
GH 61&) 5pVHDX H[5)) ORXUGHPHQW HQGHWWp GX IDLW PrPH GHV FKRL[
VWUDWpJLTXHVUpDOLVpVVXUODJUDQGHYLWHVVHIHUURYLDLUHTXLRQWPRQRSROLVpOHV
ILQDQFHPHQWV SXEOLFV SHQGDQW SOXVLHXUV GpFHQQLHV /HV FRQFOXVLRQV GH OD
FRPPLVVLRQ 0RELOLWp VHPEOHQW DYRLUPLVXQ FRXSG¶DUUrWj OD WHQGDQFHGX
©WRXW7*9ªPDLVOHVFRPSWHVPHWWURQWXQFHUWDLQWHPSVDYDQWGHUHYHQLUj
O¶pTXLOLEUH
OD EDLVVH GHV WUDILFV OLpV DX[ LQGXVWULHV ORXUGHV TXL DYDLHQW OHV YROXPHV
VXIILVDQWV SRXU HPSUXQWHU OD YRLH IHUURYLDLUH SOXV UpFHPPHQW OD FULVH GX
VHFWHXU GH OD FRQVWUXFWLRQ DXWRPRELOH D FRQWULEXp j OD GLPLQXWLRQ GHV WUDILFV
VXUOHUDLOGDQVO¶HQVHPEOHODIDLEOHVVHG¶XWLOLVDWLRQGXUpVHDXRULHQWpIUHWD
HQWUDvQpODGpJUDGDWLRQGHO¶HQWUHWLHQGHVOLJQHVFDSLOODLUHVHWGHVLQVWDOODWLRQV
WHUPLQDOHVHPEUDQFKpHV,7(
ODPDXYDLVHSUpSDUDWLRQGHO¶RXYHUWXUHjODFRQFXUUHQFHGXIUHWIHUURYLDLUHHQ
D XQ SHX SOXV HQFRUH IUDJLOLVp FH PRGH /HV QRXYHDX[ RSpUDWHXUV
HQWUDQWV GH PrPH TXH O¶RSpUDWHXU KLVWRULTXH VH FRQFHQWUHQW VXU OHV WUDLQV
HQWLHUVHWIUpTXHQWVFDUUHQWDEOHV/HVSHWLWHVRXPR\HQQHVHQWUHSULVHVGDQV
O¶LQFDSDFLWp GH IRXUQLU GHV WUDILFV VXIILVDQWV QH SHXYHQW SOXV SUpWHQGUH
DFFpGHUjFHPRGH
ODSULRULVDWLRQGRQQpHDX[WUDLQVGHYR\DJHXUVVXUOHVVLOORQVPL[WHV
/HIUHWIHUURYLDLUHSDUYLHQGUDjVRUWLUGHODFULVHTX¶LOWUDYHUVHSDUO¶LQQRYDWLRQHWSDU
GHV RULHQWDWLRQV IRUWHV GRQQpHV DX[ QLYHDX[ QDWLRQDO HW HXURSpHQ /H GpILFLW GH
FRQILDQFH GHV FKDUJHXUV j O¶pJDUG GH FH PRGH SRXUUD rWUH UHQYHUVp VL GHV
DGDSWDWLRQV VRQW PLVHV HQ °XYUH SRXU FROOHU DX[ LPSpUDWLIV GH O¶RUJDQLVDWLRQ
ORJLVWLTXHDFWXHOOH
$FWLRQ
6¶DSSX\HU VXU OD G\QDPLTXH IHUURYLDLUH LVVXH GH OD /131 SRXU
SHQVHUO¶DYHQLUGXIUHWIHUURYLDLUH
0DOJUpVDIUDJLOLVDWLRQOHPDLOODJHIHUURYLDLUHGHOD1RUPDQGLHHWGHOD)UDQFHUHVWH
XQHRSSRUWXQLWpH[FHSWLRQQHOOHGHUpSRQVHjODGHPDQGHGHPDVVLILFDWLRQGHVWUDILFV
/¶RSSRUWXQLWp SRXUUDLW YHQLU GX SURMHW GH /LJQH 1RXYHOOH 3DULV1RUPDQGLH /131
DXTXHO OH &(6(5 UpDIILUPH VRQ VRXWLHQ MXVWLILp SDU OD QpFHVVLWp DEVROXH G¶DPpOLRUHU
OHV FRQGLWLRQV GH GpSODFHPHQWV GHV XVDJHUV HQWUH 3DULV HW OD 1RUPDQGLH 2XWUH OHV
DVSHFWV©YR\DJHXUVªODFRPPXQLFDWLRQGXPDvWUHG¶RXYUDJHjO¶RFFDVLRQGXGpEDW
SXEOLF DYDLW SRUWp pJDOHPHQW VXU O¶RSSRUWXQLWp TXH SRXUUDLW UHSUpVHQWHU
LQGLUHFWHPHQWOD/131SRXUOHIUHWIHUURYLDLUHGDQVODPHVXUHRFHWWHQRXYHOOHOLJQH
OLEpUHUDLWGHVVLOORQVVXUO¶LWLQpUDLUHKLVWRULTXH&RXSOpDX[LQYHVWLVVHPHQWVFRQVHQWLV
&(6(5+DXWH1RUPDQGLH
VXU 6HUTXHX[*LVRUV O¶KRUL]RQ FDSDFLWDLUH GX IUHW IHUURYLDLUH HVW FHQVp V¶pFODLUFLU HQ
DXEpQpILFHGHVSRUWVGH5RXHQHWGX+DYUH
7RXWHIRLV RQ SHXW FUDLQGUH TXH OHV pYROXWLRQV FLWpHV QH VRLHQW SDV VXIILVDQWHV SRXU
UpSRQGUH DX[ DWWHQWHV GX IUHW IHUURYLDLUH 'HX[ UDLVRQV PDMHXUHV DSSXLHQW FHWWH
LQTXLpWXGH
OD OLJQH KLVWRULTXH VHUD RFFXSpH SDU XQH SDUW FURLVVDQWH GH WUDLQV GH
YR\DJHXUVDVVXUDQWOHVGHVVHUWHVSpULXUEDLQHVRXUpJLRQDOHV7(5
IDXWH G¶DPpQDJHPHQWV GHV GLIILFXOWpV G¶DFFqV j O¶,OHGH)UDQFH GDQV OH
SURORQJHPHQW GH 6HUTXHX[*LVRUV VRQW j SUpYRLU QRWDPPHQW VL OHV REMHFWLIV
GHPDVVLILFDWLRQSUpYXVVRQWWHQXVYRLUDFWLRQVXLYDQWH
6L OD /131 FRQVWLWXH O¶RFFDVLRQ GH SHQVHU XQ QRXYHDX PRGqOH IHUURYLDLUH SRXU OHV
WUDLQVGHYR\DJHXUVLOHQYDGHPrPHSRXUOHIUHWjO¶KHXUHROHPDWpULHOFRPPHOH
UpVHDXVRQWYLHLOOLVVDQWV
,OVHUDLWLQWpUHVVDQWG¶LQWpJUHUOHIUHWIHUURYLDLUHjODG\QDPLTXHGH
UHFKHUFKH HW G¶LQQRYDWLRQ HQ PDWpULHO HW HQ LQIUDVWUXFWXUH TXL
GpFRXOHUDGXSURMHWGH/131'HVDPpOLRUDWLRQVWHFKQLTXHVVRQWj
DSSRUWHUDXSDUFGHVORFRPRWLYHVHWGHVZDJRQVIUHWIUDQoDLVGRQW
OD PR\HQQH G¶kJH GpSDVVH OHV DQV FHWWH SHUVSHFWLYH
FRQVWLWXH XQ GpIL WHFKQRORJLTXH TXL V¶LQVFULW SDUIDLWHPHQW GDQV OH
©WHUULWRLUH G¶H[SpULPHQWDWLRQª VRXKDLWp SRXU OD 9DOOpH GH 6HLQH
/HV UHWRPEpHV SRXU O¶DFWLYLWp HW O¶HPSORL ORFDO SRXUUDLHQW rWUH
QRPEUHXVHV HQ V¶DSSX\DQW VXU OHV HQWUHSULVHV QRPEUHX[
pTXLSHPHQWLHUV HQ 1RUPDQGLH HW VXU OHV VWUXFWXUHV GH UHFKHUFKH
RX G¶LQQRYDWLRQ &(57$0 0RY¶HR ODERUDWRLUHV VSpFLDOLVpV VXU OD
UpVLVWDQFHGHVPDWpULDX[«
2QQRWHUDSDUDLOOHXUVTXHGDQVG¶DXWUHVSD\VG¶(XURSHGHVWUDLQVGHIUHWFLUFXOHQWj
JUDQGH YLWHVVH VXU OHV UpVHDX[ ©JUDQGHV OLJQHVª'HQRXYHDX[ WUDLQV SOXV OpJHUV
VXSSRUWHQWGHVSHQWHVSOXVIRUWHVjO¶LQVWDUGHVWUDLQVFDUpQpVTXLFLUFXOHQWVRXVOD
0DQFKHHQHPSRUWDQWjOHXUERUGGHVFRQWHQHXUV'DQVOHEXWG¶HQULFKLUOHSURMHWOD
TXHVWLRQ GH OD PL[LWp GH OD /131 RSWLRQ pFDUWpH SDU 61&) 5pVHDX PpULWHUDLW XQH
pWXGH SOXV DSSURIRQGLH LQWpJUDQW GHV SDUDPqWUHV SURSUHV DX[ LWLQpUDLUHV IUHWV j
O¶LQVWDUGHODOLDLVRQ5RXHQ(YUHX[TXLSRXUUDLWDLQVLSHUPHWWUHGHUpDFWLYHUODURXWH
GX EOp YHUV 2UOpDQV $MRXWRQV HQILQ TXH OH ELODQ VRFLRpFRQRPLTXH GH OD /131 VHUD
PHLOOHXUVLO¶XWLOLVDWLRQGHO¶LQIUDVWUXFWXUHHVWPD[LPLVpH
/¶K\SRWKqVH GH OD PL[LWp GH OD /131 SHXW rWUH pWXGLpH VDQV
UHPHWWUH HQ FDXVH OD FRQFHUWDWLRQ HW OHV pWXGHV PHQpHV j FH MRXU
OD TXHVWLRQ GX PDWpULHO URXODQW HW GH O¶LQIUDVWUXFWXUH Q¶D\DQW SDV
HQFRUHpWpDERUGpH&HWWHPL[LWpQ¶HVWELHQHQWHQGXHHQYLVDJHDEOH
TXHGDQVODSHUVSHFWLYHG¶XQPDWpULHOIUHWUHQRXYHOpHWFDSDEOHGH
FLUFXOHUjJUDQGHYLWHVVHRXG¶DPpQDJHPHQWVFRPSOpPHQWDLUHVVXU
'HV H[HPSOHV YHQXV G¶DXWUHV SD\V SHXYHQW rWUH VXLYLV WHFKQRORJLHV RSpUDQWHV GH FRXSODJH
DXWRPDWLTXH GHV ZDJRQV GH IUHLQV pOHFWURSQHXPDWLTXHV GH YLWHVVH GH FLUFXODWLRQ j NPK GHV
FRQVWUXFWHXUVpWUDQJHUV6LHPHQV+LWDFKLRQWGpMjLQYHVWLFHVWHFKQRORJLHV
FHUWDLQHVVHFWLRQVQRWDPPHQW5RXHQ(YUHX[SRXUSHUPHWWUHXQH
VpSDUDWLRQGHVWUDILFV
/H &RQVHLO UpJLRQDO SRXUUDLW rWUH j O¶LQLWLDWLYH GH FHV QRXYHOOHV UpIOH[LRQV HQ
PRELOLVDQWOHVDFWHXUVORFDX[GHODUHFKHUFKHGHO¶LQQRYDWLRQHWGHO¶LQGXVWULHHQOLHQ
pWURLWDYHFOHS{OH,75$16DXWRXUGHFHVXMHW
$FWLRQ
6HUTXHX[*LVRUV XQH PRGHUQLVDWLRQ XWLOH PDLV GHV GRXWHV j
OHYHU
/H %DVVLQ SDULVLHQ FRQVWLWXH OH PDUFKp SULQFLSDO GHV SRUWV GH OD %DVVH6HLQH ,O
FRQYLHQW GRQF GH WRXW PHWWUH HQ °XYUH SRXU IDFLOLWHU OHV OLDLVRQV IHUURYLDLUHV /H
SURMHWGHPRGHUQLVDWLRQGXWURQoRQHQWUH6HUTXHX[HW*LVRUVHQHVWO¶RXWLOSULQFLSDO
SXLVTX¶LO SHUPHW GH FRQWRXUQHU O¶LWLQpUDLUH KLVWRULTXH DXMRXUG¶KXL VDWXUp SRXU
UHMRLQGUH OD JUDQGH FHLQWXUH SDULVLHQQH /¶RSpUDWLRQ HVW HVWLPpH j HQYLURQ PLOOLRQVG¶HXURVUDFFRUGHPHQWpOHFWULILFDWLRQHWVLJQDOLVDWLRQ
'HPDQLqUHJpQpUDOHOH&(6(5FRQVLGqUHTXHWRXWHDFWLRQSHUPHWWDQWXQGpERXFKp
VXSSOpPHQWDLUHYHUVXQPRGHPDVVLILpHVWSRVLWLYH1pDQPRLQVOHVLQYHVWLVVHPHQWV
FRQFpGpV SDU OHV DFWHXUV SXEOLFV PpULWHQW TXH GHV UpSRQVHV SOXV SUpFLVHV VRLHQW
DSSRUWpHVjFHUWDLQHVTXHVWLRQV
8QH SUHPLqUH LQWHUURJDWLRQ HVW OLpH j OD FRQQDLVVDQFH GHV IOX[GH PDUFKDQGLVHV VXU
O¶D[H 3DULV5RXHQ/H +DYUH HW DX[ SHUVSHFWLYHV GH WUDILFV /HV HVWLPDWLRQV GH
FLUFXODWLRQV IHUURYLDLUHV GHYHUV OD +DXWH1RUPDQGLH UHSUpVHQWHUDLHQW TXHOTXHV WUDLQV SDU VHPDLQH GRQW XQH FHQWDLQH VXU O¶D[H 6HLQH $ O¶KRUL]RQ +$523$
HQYLVDJH XQH FURLVVDQFH GX WUDILF GH SRXU XQ UpVXOWDW GH FLUFXODWLRQ VXU
6HUTXHX[*LVRUVPRGHUQLVpG¶XQPD[LPXPGHWUDLQVSDUMRXUHWGDQVOHVGHX[
VHQV&HVSUpYLVLRQVSDUDLVVHQWRSWLPLVWHV
/D PRGHUQLVDWLRQ GH O¶LWLQpUDLUH 6HUTXHX[*LVRUV GHYUDLW IDYRULVHU
O¶DFFURLVVHPHQW GH O¶XWLOLVDWLRQ GX PRGH IHUURYLDLUH SRXU OH
WUDQVSRUW GH PDUFKDQGLVHV HW GRQQHU DX SRUW GX +DYUH OD
SRVVLELOLWp
G¶DXJPHQWHU
VHV
SDUWV
GH
PDUFKpV
GDQV
O¶DSSURYLVLRQQHPHQW GX %DVVLQ SDULVLHQ &RQVFLHQW GHV HQMHX[ GX
SURMHW OH &(6(5 SODLGH SRXU XQH SDUWLFLSDWLRQ ILQDQFLqUH
VLJQLILFDWLYHGHVJUDQGVSRUWVPDULWLPHVDX[WUDYDX[OHVUpVXOWDWV
HQ PDWLqUH GH PXOWLPRGDOLWp pWDQW ODUJHPHQW GpSHQGDQWV GH OD
PLVH HQ °XYUH GHV SURMHWV VWUDWpJLTXHV SRUWXDLUHV GDQV XQ
FRQWH[WHG¶DWRQLHGXIUHWIHUURYLDLUH
/DFOpGHILQDQFHPHQWQ¶HVWSDVDUUrWpHjFHMRXU/¶(WDWSUpYRLWXQLQYHVWLVVHPHQWGH
PLOOLRQV G¶HXURV HW OH &RQVHLO UpJLRQDO GH PLOOLRQV 8QH SDUW VLJQLILFDWLYH
GHYUDLW DXVVL rWUH DSSRUWpH SDU O¶8QLRQ HXURSpHQQH j WUDYHUV OH 0pFDQLVPH SRXU
O¶,QWHUFRQQH[LRQHQ(XURSH0,(
'HX[LqPH LQWHUURJDWLRQ VL OHV SUpYLVLRQV VH UpDOLVHQW O¶DFFqV j OD JUDQGH FHLQWXUH
SDU &RQIODQV 6DLQWH+RQRULQH HW $UJHQWHXLO VHUDWLO WRXMRXUV SRVVLEOH GDQV O¶pWDW
&(6(5+DXWH1RUPDQGLH
DFWXHO GHV LQIUDVWUXFWXUHV HQ WHQDQW FRPSWH GH OD GHQVLILFDWLRQ GHV WUDILFV
©YR\DJHXUVªDWWHQGXV(2/(*UDQG3DULV([SUHVV«"
8QH PLVVLRQ G¶pWXGH SRXUUDLW rWUH FRQGXLWH SDU 61&) 5pVHDX
LQWpJUDQW O¶HQVHPEOH GHV DVSHFWV WUDYDX[ OLJQH - GX WUDQVLOLHQ
(2/( *UDQG 3DULV ([SUHVV /131« SRXU OHYHU GpILQLWLYHPHQW OHV
GRXWHV VXU FHWWH SDUWLH GH O¶LWLQpUDLUH DILQ GH QH SDV ULVTXHU GH
UHQGUH LQRSpUDQWV OHV LQYHVWLVVHPHQWV FRQVHQWLV VXU 6HUTXHX[
*LVRUV
'H PrPH OD PLVH HQ VHUYLFH GH OD WDQJHQWLHOOH 1RUG TXL UHOLHUD QRWDPPHQW
$UJHQWHXLO DX %RXUJHW IDLW FUDLQGUH GH QRXYHDX[ FRQIOLWV GH FLUFXODWLRQ DYHF OHV
WUDLQV YR\DJHXUV DX[ GpSHQV GX IUHW VXU O¶D[H $UJHQWHXLO&RQIODQV /HV
DPpQDJHPHQWVQpFHVVDLUHVVXUOHSODWHDXG¶$UJHQWHXLOVRQWjO¶RULJLQHGHVOLPLWDWLRQV
GHFLUFXODWLRQLPSRVpHVVXUFHWD[H
/D PLVH HQ UHODWLRQ GHV GLIIpUHQWV SURMHWV IHUURYLDLUHV IUHW HW
YR\DJHXUV PRQWUH TXH OHV DFFqV j O¶,OHGH)UDQFH QH VRQW SDV
HQFRUH JDUDQWLV /H &(6(5 DSSHOOH GRQF OH &RQVHLO UpJLRQDO j OD
SUXGHQFH GDQV OHV LQYHVWLVVHPHQWV TX¶LO VRXKDLWH FRQVHQWLU VXU
6HUTXHX[*LVRUV HQ O¶DEVHQFH G¶LQYHVWLVVHPHQWV HQ ,OHGH)UDQFH
SHUPHWWDQW GH VpFXULVHU OH SDVVDJH GX IUHW 8QH VROXWLRQ SRXUUDLW
rWUH GDQV O¶RUGUH GHV SULRULWpV GH ILQDQFHU G¶DERUG OH UDFFRUG
QpFHVVDLUHHQJDUHGH6HUTXHX[/¶pOHFWULILFDWLRQFRWHXVHHWQRQ
LPSpUDWLYHPHQW QpFHVVDLUH DX[ RSpUDWHXUV SRXUUDLW rWUH
FRQGLWLRQQpHDX[DPpOLRUDWLRQVVXVPHQWLRQQpHVHQ,OHGH)UDQFH
,O IDXW HQILQ DMRXWHU TXH OD PRGHUQLVDWLRQ GH 6HUTXHX[*LVRUV SRXUUDLW VHUYLU
G¶LWLQpUDLUH DOWHUQDWLI SRXU OHV WUDLQV GH YR\DJHXUV QRUPDQGV HW SLFDUGV GDQV OD
SHUVSHFWLYHGHWUDYDX[VXUOHVD[HV3DULV5RXHQ/H+DYUHRX$PLHQV&UHLO3DULV
,O VHUDLW RSSRUWXQ TXH OHV &RQVHLOV UpJLRQDX[ GHV UpJLRQV
FRQFHUQpHV VH UDSSURFKHQW SRXU pWXGLHU DYHF 61&) 5pVHDX OHV
FLUFXODWLRQVGHVDQQpHVjYHQLUVXUFHWD[H
$FWLRQ
)DYRULVHUOHFRQWRXUQHPHQWGHO¶,OHGH)UDQFH
3RXU OH IHUQRUPDQG O¶,OHGH)UDQFH HVWWRXW DXWDQWXQH GHVWLQDWLRQ TX¶XQ REVWDFOH
HQ UDLVRQ GH OD FRQVWUXFWLRQ KLVWRULTXH GHV UpVHDX[ IHUURYLDLUHV IUDQoDLV HQ pWRLOH
DXWRXUGH3DULV&HWWHFRQILJXUDWLRQQHIDFLOLWHSDVXQHGHVVHUWHHIILFDFHYHUVO¶HVWGX
%DVVLQ SDULVLHQ QRUGHVW GH OD )UDQFH $OOHPDJQH D[H UKpQDQ HW OH VXGHVW /D
FURLVVDQFHGHODWDLOOHGHVQDYLUHVLPSRVHDX[SRUWVGHUHFKHUFKHUO¶pODUJLVVHPHQWGH
OHXURIIUHKLQWHUODQGSRXUQHSDVULVTXHUGHSHUGUHOHVOLJQHVPDULWLPHVHWOHVWUDILFV
DVVRFLpV'HVOLDLVRQVIHUURYLDLUHVSHUIRUPDQWHVYHUVFHWKLQWHUODQGVRQWGqVORUVGHV
DWRXWV
9HUVO¶2XHVW
/HPRQGHDJULFROHGHPDQGHXQHURXWHIHUURYLDLUHSRXUOHVFpUpDOHV/HVFLUFXODWLRQV
SDU OH IHU HQWUH 5RXHQ HW 2UOpDQV V¶HIIHFWXHQW DXMRXUG¶KXL SDU 3DULV GDQV GHV
FRQGLWLRQVSDUIRLVGLIILFLOHVH[HPSOHO¶LWLQpUDLUHHQWUH(S{QHHW0DQWHV
'DQV OD FRQWLQXLWp GHV LQYHVWLVVHPHQWV HQJDJpV HQ UpJLRQ &HQWUH
&3,(5 LWLQpUDLUH &KDUWUHV2UOpDQV O¶LWLQpUDLUH
&KDUWUHV(YUHX[ SRXUUDLW rWUH UHPLV HQ VHUYLFH O¶RSpUDWLRQ QH
SUpVHQWDQW SDV GH FRQWUDLQWHV IRUWHV DX QLYHDX GH O¶DPpQDJHPHQW
WHUULWRULDO (Q FRKpUHQFH DYHF OHV RULHQWDWLRQV pQRQFpHV
SUpFpGHPPHQW OH &(6(5 VRXKDLWH TXH OH SURMHW G¶LWLQpUDLUH GH OD
/131 HQWUH (YUHX[ HW 5RXHQ VRLW PL[WH 8QH URXWH GX EOp
IHUURYLDLUHGHYLHQGUDLWDLQVLRSpUDWLRQQHOOH
9HUVO¶(VW
/H FRQWRXUQHPHQW GH O¶,OHGH)UDQFH SDU H[HPSOH VXU XQ LWLQpUDLUH /H +DYUH ±
6WUDVERXUJ SHXW rWUH UpDOLVp VRLW SDU O¶XWLOLVDWLRQ GH OD JUDQGH FHLQWXUH VRLW SDU
$PLHQV /¶XWLOLVDWLRQ GH OD JUDQGH FHLQWXUH HVW VRXPLVH DX[ GLIILFXOWpV G¶DFFqV
PHQWLRQQpHVSUpFpGHPPHQW /¶LWLQpUDLUH SDU $PLHQV SRVHSUREOqPH GDQV ODPHVXUH
R GHV DPpOLRUDWLRQV GLYHUVHV VHUDLHQW QpFHVVDLUHV VXU OD VHFWLRQ $PLHQV&KkORQV
XQHVROXWLRQ©WRXWpOHFWULTXHªSDU/LOOHH[LVWHPDLVLPSRVHXQORQJGpWRXU
$ OD TXHVWLRQ ©\ DWLO XQ PDUFKp SRXU OHV SRUWV QRUPDQGV DXGHOj GH O¶,OHGH
)UDQFHª OHV DYLV VRQW PRGpUpPHQW SRVLWLIV OD SULQFLSDOH UpVHUYH pWDQW TXH FHV
WHUULWRLUHV VRQW LQWpJUpV j OD GRUVDOH UKpQDQH XQ D[H pFRQRPLTXH PDMHXU HW ELHQ
GHVVHUYL SDU OHV SRUWV G¶$QYHUV HW 5RWWHUGDP 2U LO DSSDUDvW G¶XQH SDUW TXH OHV
WHUPLQDX[ GHVGLWV SRUWV VRQW VDWXUpV RX HQ YRLH GH O¶rWUH 3RXU OHV DUPDWHXUV OH
SDVVDJH SDU OHV SRUWV GH OD %DVVH6HLQH SRXUUDLW FRQVWLWXHU XQH DOWHUQDWLYH 'H
PrPHO¶DFFqVYHUVOHFRXORLUUKRGDQLHQHQVHUDLWIDFLOLWp
8Q SODQ G¶DFWLRQ VXU O¶LWLQpUDLUH /H +DYUH6WUDVERXUJ0DQQKHLP
SDUDvWSHUWLQHQW2XWUHO¶pOHFWULILFDWLRQGXWURQoRQ$PLHQV&KDORQV
TXL SRXUUDLW rWUH LQWpUHVVDQWH VL OHV WUDILFV VRQW VXIILVDQWV LO
LPSRUWH SULRULWDLUHPHQW G¶DVVXUHU OD FRPPXQLFDWLRQ DXWRXU GH
FHWWH YRLH GH FRQWRXUQHPHQW GH OD UpJLRQ SDULVLHQQH PpFRQQXH
GHV RSpUDWHXUV IHUURYLDLUHV HW GH OHXUV SODQV GH WUDQVSRUWV HW GH
UHFKHUFKHU GHV VROXWLRQV SRXU DVVXUHU OH IUHW UHWRXU /H &RQVHLO
UpJLRQDO HQJDJp DYHF VHV SDUWHQDLUHV GH OD & HW HQ V¶DSSX\DQW
VXU OHV pWXGHV PHQpHV GDQV OH FDGUH GH :HDVWIORZV SRXUUDLW
V¶HQJDJHU GDQV XQ SURMHW HXURSpHQ YLVDQW j REWHQLU GHV
ILQDQFHPHQWVSRXUDPpOLRUHUFHSDUFRXUV/HVIRQGVSUpYXVGDQVOH
FDGUH GX 57(7 SRXUUDLHQW XWLOHPHQW rWUH VROOLFLWpV GDQV OD
FRQWLQXLWpGHODGHPDQGHGpSRVpHSRXU6HUTXHX[*LVRUV
3DUDLOOHXUVHWVDQVOXLGRQQHUXQHLPSRUWDQFHH[FHVVLYHXQHpYROXWLRQVHIDLWMRXU
GDQVO¶RUJDQLVDWLRQGHVJUDQGHVURXWHVORJLVWLTXHVPRQGLDOHVOLpHDXGpSODFHPHQWGX
FHQWUH GH JUDYLWp LQGXVWULHO GH OD &KLQH YHUV O¶2XHVW $ORUV TXH OHV GpODLV GH WUDQVLW
&RQIpUHQFHGHVKXLWUpJLRQVGX%DVVLQSDULVLHQ
&(6(5+DXWH1RUPDQGLH
VRQW G¶HQYLURQ MRXUV SDU OD YRLH PDULWLPH FODVVLTXH &DQDO GH 6XH] GHV
RSpUDWHXUV IHUURYLDLUHV UpDOLVHQW GpMj GHV OLDLVRQV HQ XQH TXLQ]DLQH GH MRXUV HQWUH
O¶(XURSH HW O¶$VLH *OREDOHPHQW OHV FRQFXUUHQWV GLUHFWV GX SRUW GX +DYUH
FRPPHQFHQWjVHSRVLWLRQQHUVXUFHFUpQHDX
8QH pWXGH ILQH GHV RSSRUWXQLWpV GH GpYHORSSHPHQW FRPPHUFLDO
YHUVO¶HVWTX¶LOV¶DJLVVHGHO¶HVWGHO¶(XURSHRXGHO¶$VLHSDUODYRLH
IHUURYLDLUH SRXUUDLW rWUH PLVH HQ °XYUH HW FRQGXLWH SDU OD &&, GH
1RUPDQGLH DYHF OH VRXWLHQ G¶+$523$ HW GX &RQVHLO UpJLRQDO 'H
VRQ F{Wp OH SRUW GX +DYUH SRXUUDLW VH PHWWUH HQ FDSDFLWp GH
UHFHYRLU GHV WUDLQV ORQJV LQFRQWRXUQDEOHV VXU FHW LWLQpUDLUH /H
WUDMHWHVWHQFRUHFKHUPDLVSRXUUDLWLQWpUHVVHUGHVSURGXLWVjIRUWH
YDOHXUDMRXWpHFRVPpWLTXHVHWVSLULWXHX[GDQVXQSUHPLHUWHPSV
$FWLRQ
0LVH HQ °XYUH GH PHVXUHV FRQVHUYDWRLUHV SRXU OD VDXYHJDUGH
GXUpVHDXIUHWFDSLOODLUH
/D UpGXFWLRQ GHV WUDILFV GH IUHW IHUURYLDLUH HQJHQGUH PpFDQLTXHPHQW OD QRQ
XWLOLVDWLRQGHSDQVLPSRUWDQWVGXUpVHDX
OHV LQVWDOODWLRQV WHUPLQDOHV HPEUDQFKpHV ,7( YLHLOOLVVHQW PDO IDXWH
G¶HQWUHWLHQFHUWDLQHVVRQWPrPHVVXSSULPpHV
GHV WHUPLQDX[ ORJLVWLTXHV HPEUDQFKpV IHU VRQW LQH[SORLWpV GH PrPH TXH
FHUWDLQVIDLVFHDX[IHUURYLDLUHVSRUWXDLUHV
GHV YRLHV VRXVXWLOLVpHV RQW pWp GpVDIIHFWpHV HW SDUIRLV UHFRQYHUWLHV SRXU
G¶DXWUHVXVDJHVH[HPSOHGHODYRLHYHUWHMXVTX¶j'LHSSH
/DPRGLILFDWLRQGXWLVVXLQGXVWULHODUHQGXLQH[SORLWDEOHVGHVSDQVHQWLHUVGXUpVHDX
IHUURYLDLUHGDQVODSHUVSHFWLYHG¶XQUHERQGIXWXU/DIHUPHWXUHG¶XQFHUWDLQQRPEUH
GH FHV ,7( SHXW GDQV FHUWDLQV FDV rWUH MXVWLILpH PDLV G¶DXWUHV IDLVFHDX[ GHYUDLHQW
rWUH SUpVHUYpV GDQV O¶K\SRWKqVH G¶XQH UpH[SORLWDWLRQ 2U O¶DEVHQFH G¶XQ SODQ GH
GpYHORSSHPHQW ORJLVWLTXH JOREDO HPSrFKH GH GpILQLU DYHF SHUWLQHQFH OHV IDLVFHDX[
TXLPpULWHUDLHQWG¶rWUHSURWpJpV
/H 0LQLVWqUH GHV WUDQVSRUWV HQYLVDJH GH IDLUH SDUWLFLSHU ILQDQFLqUHPHQW OHV 5pJLRQV
DX PDLQWLHQ GX UpVHDX IUHW ORFDO /D IHXLOOH GH URXWH GH OD FRQIpUHQFH
HQYLURQQHPHQWDOH SUpYRLW TXH O¶(WDW j WUDYHUV O¶$),7) DSSRUWHUD XQ
ILQDQFHPHQWGHPLOOLRQVG¶HXURVVXUWURLVDQVDIIHFWpjODUpQRYDWLRQ
GHV UpVHDX[ FDSLOODLUHV HW DX[ YRLHV GH UDFFRUGHPHQW GHV SRUWV HW GHV SODWHIRUPHV
PXOWLPRGDOHV(QUpJLRQFHWWHSDUWLFLSDWLRQV¶HIIHFWXHUDGDQVOHFDGUHG¶XQFRPLWpGH
FRQFHUWDWLRQ GRQW OD IRUPDOLVDWLRQ HVW WRXMRXUV DWWHQGXH HQ +DXWH1RUPDQGLH /D
VLWXDWLRQGHSOXVLHXUVOLJQHVVHUDWUDLWpHHQSDUWLFXOLHUO¶LWLQpUDLUH(WUpSDJQ\3RQWGH
O
$UFKH TXL PqQH j OD VXFUHULH G
(WUpSDJQ\ HW GRQW OH PRGqOH pFRQRPLTXH SRXUUDLW
$ WLWUH G¶H[HPSOH OD OLDLVRQ IHUURYLDLUH &KRQJTLQJ$QYHUV HVW DFWXHOOHPHQW DVVXUpH SDU WURLV
FRPSDJQLHVHQMRXUV
3RXUWDQWG¶DSUqV61&)5pVHDXGXWUDILFGHIUHWIHUURYLDLUHSURYLHQWRXHVWDFKHPLQpG¶XQH,7(
2ULHQWDWLRQLVVXHQRWDPPHQWGHVFRQIpUHQFHVPLQLVWpULHOOHVSpULRGLTXHVSRXUOHIUHWIHUURYLDLUH$QRWHU
TXHFHUWDLQHV5pJLRQVOHIRQWGpMjjO¶LQVWDUGH0LGL3\UpQpHVRXGHOD%DVVH1RUPDQGLHGDQVVRQ©SODQ
5DLOª
$JHQFHGHILQDQFHPHQWGHVLQIUDVWUXFWXUHVGHWUDQVSRUWVGH)UDQFH
rWUH IUDJLOLVp SDU O¶DEDQGRQ GX IHUURYLDLUH (Q %DVVH1RUPDQGLH OH FDV GH OD OLJQH
*ORVVXU5LVOH+RQIOHXUSHXWrWUHFLWp
'DQV OH FDGUH GH FHWWH FRQFHUWDWLRQ OH &(6(5 SURSRVH DX &RQVHLO
UpJLRQDO GH GHPDQGHU j 61&) 5pVHDX GH UpDOLVHU XQ SDQRUDPD
FDUWRJUDSKLp GHV LWLQpUDLUHV IUHWV XWLOLVpV RX H[LVWDQW DX VHLQ GX
%DVVLQ SDULVLHQ HQ SDUWHQDULDW DYHF OHV &RQVHLOV UpJLRQDX[
SUpVHQWV GDQV FH SpULPqWUH &HWWH DFWLRQ PHWWUDLW QRWDPPHQW HQ
pYLGHQFH GHV OLDLVRQV j GpYHORSSHU DYHF OD UpJLRQ &HQWUH VXU OD
URXWHGXEOp
$SSHOpHjrWUHVROOLFLWpHDXFRXUVGHVSURFKDLQHVDQQpHVODIXWXUH5pJLRQ1RUPDQGLH
GRLWVHGRWHUGHVRXWLOVOXLSHUPHWWDQWGHPLHX[FRQQDvWUHVDVLWXDWLRQHWGHUpSRQGUH
OH SOXV HIILFDFHPHQW SRVVLEOH DX[ GHPDQGHV TXL OXL VHURQW IRUPXOpHV 'HV ERQQHV
SUDWLTXHVUHSpUpHVGDQVG¶DXWUHVUpJLRQVSRXUUDLHQWrWUHUHSURGXLWHV
(Q FRPSOpPHQW GX VFKpPD UpJLRQDO GH GpYHORSSHPHQW ORJLVWLTXH
HW VXU OH PRGqOH GX WUDYDLO UpDOLVp SDU OD 5pJLRQ $TXLWDLQH OH
&RQVHLO UpJLRQDO SRXUUDLW IDLUH UpDOLVHU XQH pWXGH VXU OHV
LQVWDOODWLRQV WHUPLQDOHV HPEUDQFKpHV ,7( LQFOXDQW XQH
ORFDOLVDWLRQ HW XQH FDUDFWpULVDWLRQ SUpFLVHV GH FHV LQVWDOODWLRQV
DLQVL TX¶XQH LGHQWLILFDWLRQ GHV XVDJHV HW XQH DQWLFLSDWLRQ GHV
EHVRLQV (Q SDUDOOqOH /61 SRXUUDLW UpDOLVHU DYHF OH VRXWLHQ GH
61&) 5pVHDX GH OD &&, GH OD 5pJLRQ HW GH O¶(WDW XQ JXLGH j
O¶DWWHQWLRQ GHV SRUWHXUV GH SURMHWV VXU OH UDFFRUGHPHQW G¶XQ SDUF
G¶DFWLYLWpV RX G¶XQH HQWUHSULVH DX UpVHDX IHUUp QDWLRQDO j O¶LQVWDU
GHODUpJLRQ0LGL3\UpQpHV
$FWLRQ
*HVWLRQGHVVLOORQVXQHQRXYHOOHIDoRQGHWUDYDLOOHUjLQYHQWHU
+$523$ PqQH DFWXHOOHPHQW XQH GpPDUFKH DX[ F{WpV GH 61&) 5pVHDX DILQ GH
GpILQLU XQ PRGqOH SRXU IDYRULVHUJDUDQWLU OD TXDOLWp GHV VLOORQV HW GHV DFFqV DX[
WHUPLQDX[ &HWWH LQLWLDWLYH HVW LVVXH GHV GLIILFXOWpV UHQFRQWUpHV SDU OHV RSpUDWHXUV
SRXU OD UpVHUYDWLRQ GH OHXUV VLOORQV &HWWH VLWXDWLRQ OLPLWH OH WUDILF UpDOLVp OHV
LQFLGHQWV j UpSpWLWLRQ D\DQW pURGp OD FRQILDQFH GHV FKDUJHXUV HW QH SHUPHWWDQW SDV
GHGpPRQWUHUODSHUWLQHQFHGHVLQYHVWLVVHPHQWVUpDOLVpVVXUOHWHUPLQDOPXOWLPRGDO
$ FHWWH GLIILFXOWp V¶DMRXWH OHV SURJUDPPHV GH UpJpQpUDWLRQ HQ ,OHGH)UDQFH HW OHV
QRXYHDX[SURMHWV(2/(/HULVTXHHVWGRQFpOHYpSRXUOHVWUDILFVGHIUHWGHQHSDV
SRXYRLUFLUFXOHUFRUUHFWHPHQWGDQVOHVDQQpHVjYHQLU
/DPDMRULWpGHVSUREOqPHVpWDQWVLWXpVVXUOHWHUULWRLUHGHO¶,OHGH
)UDQFH OH &(6(5 HQFRXUDJH OH &RQVHLO UpJLRQDO j DFFRPSDJQHU
+$523$ GDQV VHV GpPDUFKHV GH QpJRFLDWLRQ DYHF OHV DFWHXUV
IUDQFLOLHQV &RQVHLO UpJLRQDO G¶,OHGH)UDQFH 61&) 67,)«
QRWDPPHQWSRXUV¶DVVXUHUGHO¶LQVFULSWLRQGHVLOORQVIUHWHQDPRQW
GHVSODJHVGHWUDYDX[SURJUDPPpHV
(QILQ GDQV O¶RSWLTXH GH UHGRQQHU GH O¶DWWUDFWLYLWp HW GH OD ILDELOLWp DX PRGH
IHUURYLDLUH OH &(6(5 SURSRVH OD PLVH HQ SODFH G¶XQH H[SpULPHQWDWLRQ LQpGLWH HQ
&(6(5+DXWH1RUPDQGLH
)UDQFH G¶DFKHPLQHPHQW UDSLGH HW JDUDQWL GHV FRQWHQHXUV HQWUH OH 3RUW GX +DYUH HW
O¶,OHGH)UDQFHDX[SRUWHVGH3DULV
,O V¶DJLUDLWGH PHWWUH HQ VHUYLFH XQ WUDLQGH IUHW MRXUQDOLHUSDUWDQW
GX +DYUH HW DFFpGDQW j OD SHWLWH FRXURQQH SDULVLHQQH VXU XQ VLWH
ORJLVWLTXHjGpILQLUH[HPSOH3DQWLQDYDQWODGHQVLILFDWLRQGXWUDILF
YR\DJHXUVKHXUHVGXPDWLQLGpDOHPHQW
+$523$SRXUUDLWrWUHOHSRUWHXUGHFHWWHDFWLRQDYHFODFROODERUDWLRQDFWLYHGH61&)
5pVHDX
ĐƚŝŽŶϭ
Ƶ
KďƐĞƌǀĂƚŝŽŶƌĠŐŝŽŶĂůĞ
ϭ͘ϭ
ƌĠĂƚŝŽŶĚΖƵŶKďƐĞƌǀĂƚŽŝƌĞZĠŐŝŽŶĂůĚĞƐ
dƌĂŶƐƉŽƌƚƐ
W
ϭ͘Ϯ
/ŶƚĠŐĞƌůĂƋƵĞƐƚŝŽŶĚĞƐĐŽƸƚƐŝŶĚƵŝƚƐĚƵ
ƚƌĂŶƐƉŽƌƚƐĚĂŶƐůĞƐŵŝƐƐŝŽŶƐĚĞůΖKZd
W
ĐƚŝŽŶϮ
ĐƚŝŽŶϭ
ĐƚŝŽŶϮ
ĐƚŝŽŶϯ
W
W
W
ƚƵĚŝĞƌůĞƐďĞƐŽŝŶƐƉĂƌƚǇƉĞĚĞĨůƵǆ
ZĞĐĞŶƐĞƌůĞƐƚƌĂĨŝĐƐĞŶĚĞǀĞŶŝƌĞƚƌĠĂůŝƐĞƌ
ƵŶĞĠƚƵĚĞƐƵƌůĞƵƌƉŽƚĞŶƚŝĞůŵƵůƚŝŵŽĚĂů
W
ϯ͘Ϯ
KĨĨƌŝƌĚĞƐŵŽǇĞŶƐŵĂƐƐŝĨŝĠƐƐĠĐƵƌŝƐĠƐ
ƉŽƵƌůĞƐĨŝůŝğƌĞƐăĨŽƌƚĞǀĂůĞƵƌĂũŽƵƚĠĞ
W
ŽŽƌĚŽŶŶĞƌůĂƐƚƌĂƚĠŐŝĞĚĞƐƉŽƌƚƐƐĞĐŽŶĚĂŝƌĞƐ
ϰ͘ϭ
ƌĠĂƚŝŽŶĚΖƵŶŽƌŐĂŶĞĚĞĐŽŽƉĠƌĂƚŝŽŶ
ƐƚƌĂƚĠŐŝƋƵĞƉŽƵƌůĞƐƉŽƌƚƐƐĞĐŽŶĚĂŝƌĞƐ
W
ϰ͘Ϯ
^ĂŝƐŝƌůĞƐŽƉƉŽƌƚƵŶŝƚĠƐƐƵƌůĞƐŐƌĂǀĞƐĚĞ
ŵĞƌůŝĠĞƐĂƵ'ƌĂŶĚWĂƌŝƐ
ĐƚŝŽŶϱ
ŝĚĞƌăůĂŵŝƐĞĞŶƉůĂĐĞĚΖƵŶĞďŽƵƌƐĞĚĞ
ĨƌĞƚƉĂƌůĞƐĂĐƚĞƵƌƐĚƵƚƌĂŶƐƉŽƌƚ
ĐƚŝŽŶϲ
^ŽƵƚĞŶŝƌůĂůŽŐŝƐƚŝƋƵĞƉŽƵƌůĂϯĞƉŚĂƐĞ
ĚĞƐŝŶǀĞƐƚŝƐƐĞŵĞŶƚƐĚΖĂǀĞŶŝƌ
W
W
W
ǆĞϯͲĠǀĞůŽƉƉĞƌůĞƐŝŶŝƚŝĂƚŝǀĞƐĂƵƚŽƵƌĚĞůĂůŽŐŝƐƚŝƋƵĞƵƌďĂŝŶĞ
ĐƚŝŽŶϭ
ĞƐĂĐƚŝŽŶƐĚΖĂĚĂƉƚĂƚŝŽŶĚĞůΖĞƐƉĂĐĞƵƌďĂŝŶĐŽŶƚƌĞůĂ
ƉŽůůƵƚŝŽŶŽƵůĂĐŽŶŐĞƐƚŝŽŶ
ϭ͘ϭ
ZĠƐĞƌǀĞƌƵŶĞƐƉĂĐĞăůĂůŽŐŝƐƚŝƋƵĞ
ƵƌďĂŝŶĞĚĂŶƐůĂĨƵƚƵƌĞŐĂƌĞ^ĂŝŶƚ^ĞǀĞƌ
W
ϭ͘Ϯ
ĚĂƉƚĂƚŝŽŶĚĞůΖĞƐƉĂĐĞƵƌďĂŝŶĂƵǆ
ĐŽŶƚƌĂŝŶƚĞƐĚĞůĂůŝǀƌĂŝƐŽŶ
W
ϭ͘ϯ
hƚŝůŝƐĞƌůĂĚŝƐƉŽƐŝƚŝŽŶĚĞůĂůŽŝDWD
ƉŽƵƌŽƌŐĂŶŝƐĞƌůĂůŽŐŝƐƚŝƋƵĞƵƌďĂŝŶĞ
W
ĐƚŝŽŶϭ
ĐĐğƐĚŝƌĞĐƚăWŽƌƚϮϬϬϬ͗ƌĞŵĠĚŝĞƌăůĂ
ŶŽŶͲĚĠĐŝƐŝŽŶ
ĐƚŝŽŶϮ
ĐůƵƐĞƐ͗ĨŝĂďŝůŝƐĞƌůĞƐŝƚŝŶĠƌĂŝƌĞƐƐƵƌůĞ
ůŽŶŐͲƚĞƌŵĞ
ǆĞϰͲ&ŝĂďŝůŝƐĞƌůĂŶĂǀŝŐĂƚŝŽŶƐƵƌůĂ^ĞŝŶĞƉŽƵƌŵĂŝŶƚĞŶŝƌůĂĐŽŵƉĠƚŝƚŝǀŝƚĠĚƵƚƌĂŶƐƉŽƌƚĨůƵǀŝĂů
ĐƚŝŽŶϯ
ĐƚŝŽŶϭ
ĐƚŝŽŶϮ
W
W
W
W
EĂǀŝŐĂƚŝŽŶĨůƵǀŝŽͲŵĂƌŝƚŝŵĞ͗ĠǀŝƚĞƌůĞƐ
ĚŝƐƚŽƌƐŝŽŶƐĚĞĐŽŶĐƵƌƌĞŶĐĞĞŶ
W
ŚĂƌŵŽŶŝƐĂŶƚůĞƐƌĠŐůĞŵĞŶƚĂƚŝŽŶƐ
ǆĞϱͲ/ŶŶŽǀĞƌĞƚƌĞĚŽŶŶĞƌĐŽŶĨŝĂŶĐĞ͗ĚĞŶŽƵǀĞůůĞƐĚŝƌĞĐƚŝŽŶƐƉŽƵƌůĞĨƌĞƚĨĞƌƌŽǀŝĂŝƌĞ
^ΖĂƉƉƵǇĞƌƐƵƌůĂĚǇŶĂŵŝƋƵĞĨĞƌƌŽǀŝĂŝƌĞ
ŝƐƐƵĞĚĞůĂ>EWEƉŽƵƌƉĞŶƐĞƌůΖĂǀĞŶŝƌĚƵ
W
ĨƌĞƚĨĞƌƌŽǀŝĂŝƌĞ
^ĞƌƋƵĞƵǆͲ'ŝƐŽƌƐ͗ƵŶĞŵŽĚĞƌŶŝƐĂƚŝŽŶƵƚŝůĞŵĂŝƐĚĞƐ
ĚŽƵƚĞƐăůĞǀĞƌ
Ϯ͘ϭ
hŶĞƉĂƌƚŝĐŝƉĂƚŝŽŶĨŝŶĂŶĐŝğƌĞƐŝŐŶŝĨŝĐĂƚŝǀĞ
ĚĞƐ'WD
Ϯ͘Ϯ
hŶĞŵŝƐƐŝŽŶĚΖĠƚƵĚĞƉŽƵƌůĞǀĞƌůĞƐ
ĚŽƵƚĞƐƐƵƌůΖŝŶƐĞƌƚŝŽŶĞŶ/ůĞͲĚĞͲ&ƌĂŶĐĞ
W
W
ϯ͘ϭ
ĐƚŝŽŶϰ
^ŽƵƚĞŶŝƌƉůƵƐĨŽƌƚĞŵĞŶƚůĞƐĂĐƚŝŽŶƐĞŶ
W
W
ĨĂǀĞƵƌĚĞůΖĂƚƚƌĂĐƚŝǀŝƚĠĚƵĐŽƌƌŝĚŽƌ
ůŽŐŝƐƚŝƋƵĞΗǆĞ^ĞŝŶĞΗ
ǆĞϮͲZĂƚŝŽŶĂůŝƐĞƌůΖŽƌŐĂŶŝƐĂƚŝŽŶůŽŐŝƐƚŝƋƵĞĚƵƚĞƌƌŝƚŽŝƌĞ
ůĂďŽƌĞƌƵŶƐĐŚĠŵĂƌĠŐŝŽŶĂů
W
ĚΖĂŵĠŶĂŐĞŵĞŶƚĞƚĚĞĚĠǀĞůŽƉƉĞŵĞŶƚ
ůŽŐŝƐƚŝƋƵĞ
ĞƐĐƌŝƚğƌĞƐůŝĠƐăůĂŵƵůƚŝŵŽĚĂůŝƚĠĚĂŶƐ
ůĞĨŝŶĂŶĐĞŵĞŶƚĚĞƐƉĂƌůĂZĠŐŝŽŶ
W
ĠƐĞ
Ă
ǆĞϭͲŵĠůŝŽƌĞƌůĂĐŽŶŶĂŝƐƐĂŶĐĞĚĞƐĨůƵǆĞƚĚĞƐƉĞƌƐƉĞĐƚŝǀĞƐĚĞƚƌĂĨŝĐƐ
D
Ê
&Z
EŽ
Ƶƚ
ƵE
ƌĞ
Ϳ
ŽŶƐ
Ğŝůƌ
Ġ ŐŝŽ
ĠůĠ
ŶĂů
ŐĂƚΣ
sĂů
ůĠĞĚ
Ğ^Ğ
ŽŶ
ŝŶĞ
ƐĞŝů
ƐĠ
ƉĂƌ
ƚĞ ŵ
ĞŶƚ
ĂƵǆ
ŐŐ
ůŽŵ
ĠƌĂƚ
ŝŽŶƐ
W ƌĠ
ĨĞĐƚ
ƵƌĞ
ŽƵ
Z
>
/ͬ
WÊ
WƀůĞ
ƐĚĞ
ĐŽŵ
ƉĠƚ
ŝƚŝǀŝƚ
Ġ
&ŝůŝğ
ƌĞ Ɛ
&ĠĚ
ĠƌĂƚ
ΣƉƌŽ
ĨĞƐƐ
ŝŽŶŶ
KƌŐ
ĞůůĞ
ĂŶŝƐ
Ɛ
ĂƚŝŽ
ŶƐƐ
ǇŶĚ
ŝĐ
,Z
ĂůĞƐ
KW
ͬĂƵ
ƚƌĞƐ
ƉŽƌ
ƚƐ
ŽƵ
ĂŶĞ
Ɛ
ŶƐ
͘ƐƵ
ƉͬƌĞ
ĐŚĞ
ƌĐŚĞ
ͲŝŶŶ
ŽǀĂ
ƚŝŽŶ
sE&
ŝůƌĠ
ŐŝŽŶ
Ăů;,
/ŶƚŝƚƵůĠĚĞůΖĂĐƚŝŽŶ
WсWŽƌƚĞƵƌŽƵĐŽͲƉŽƌƚĞƵƌĚĞůΖĂĐƚŝŽŶ
сƐƐŽĐŝĠƉƌŝŽƌŝƚĂŝƌĞŵĞŶƚăůΖĂĐƚŝŽŶ
>ΖĂďƐĞŶĐĞĚĞŵĞŶƚŝŽŶŶĞƐŝŐŶŝĨŝĞƉĂƐƋƵĞůĞ^Z
ĠĐĂƌƚĞůΖŝĚĠĞĚΖĂƐƐŽĐŝĂƚŝŽŶĚƵƉĂƌƚĞŶĂŝƌĞĐŽŶĐĞƌŶĠ
ŽŶ
ƐĞ
WƌŝŽƌŝƐĂƚŝŽŶ
EΣĚĞůΖĂĐƚŝŽŶ
WůĂŶĚΖĂĐƚŝŽŶƉŽƵƌůĂŵƵůƚŝŵŽĚĂůŝƚĠĚĂŶƐůĞƚƌĂŶƐƉŽƌƚĚĞŵĂƌĐŚĂŶĚŝƐĞƐ
Ϯ͘ϯ
WƌŝŽƌŝƐĞƌůĞĨŝŶĂŶĐĞŵĞŶƚĚƵƌĂĐĐŽƌĚĞŵĞŶƚ
ă^ĞƌƋƵĞƵǆƐƵƌůΖĠůĞĐƚƌŝĨŝĐĂƚŝŽŶ
Ϯ͘ϰ
ZĂƉƉƌŽĐŚĞŵĞŶƚĂǀĞĐůĞŽŶƐĞŝůƌĠŐŝŽŶĂů
ĚĞWŝĐĂƌĚŝĞ
W
W
ĐƚŝŽŶϯ
W
ϯ͘Ϯ
WůĂŶĚΖĂĐƚŝŽŶƐƵƌůΖŝƚŝŶĠƌĂŝƌĞ>Ğ,ĂǀƌĞͲ
^ƚƌĂƐďŽƵƌŐͲDĂŶŶŚĞŝŵ
W
ϯ͘ϯ
ƚƵĚĞĚĞƐŽƉƉŽƌƚƵŶŝƚĠƐĚĞ
ĚĠǀĞůŽƉƉĞŵĞŶƚĐŽŵŵĞƌĐŝĂůǀĞƌƐůΖĞƐƚĞƚ
ůΖƐŝĞ
W
ĐŚĂŵďƌĞƐ
ĚΖĂŐƌŝĐ͘
ZŽƵƚĞĚƵďůĠĨĞƌƌŽǀŝĂŝƌĞ͗ƌĞŵŝƐĞĞŶ
ƐĞƌǀŝĐĞĚĞŚĂƌƚƌĞƐͲǀƌĞƵǆƉƵŝƐĚΖǀƌĞƵǆͲ
ZŽƵĞŶ
W
W
W
DĞƐƵƌĞƐĐŽŶƐĞƌǀĂƚŽŝƌĞƐƉŽƵƌůĂƐĂƵǀĞŐĂƌĚĞĚƵƌĠƐĞĂƵ
ĨƌĞƚĐĂƉŝůůĂŝƌĞ
ϰ͘ϭ
WĂŶŽƌĂŵĂĐĂƌƚŽŐƌĂƉŚŝĠĚĞƐŝƚŝŶĠƌĂŝƌĞƐ
ĨƌĞƚĂƵƐĞŝŶĚƵĂƐƐŝŶƉĂƌŝƐŝĞŶ
W
ϰ͘Ϯ
ƚƵĚĞƐƐƵƌůĂůŽĐĂůŝƐĂƚŝŽŶĞƚůΖƵƐĂŐĞĚĞƐ
/dнŐƵŝĚĞĚĞƌĂĐĐŽƌĚĞŵĞŶƚĂƵZ&E
W
ĐƚŝŽŶϱ
&ĂǀŽƌŝƐĞƌůĞĐŽŶƚŽƵƌŶĞŵĞŶƚĚĞůΖ/ůĞͲĚĞͲ&ƌĂŶĐĞ
ϯ͘ϭ
ĐƚŝŽŶϰ
W
W
'ĞƐƚŝŽŶĚĞƐƐŝůůŽŶƐ͗ƵŶĞŶŽƵǀĞůůĞĨĂĕŽŶĚĞƚƌĂǀĂŝůůĞƌă
ŝŶǀĞŶƚĞƌ
ϱ͘ϭ
^ΖĂƐƐƵƌĞƌĚĞůΖŝŶƐĐƌŝƉƚŝŽŶĚĞƐŝůůŽŶƐĨƌĞƚĞŶ
/&ƉĞŶĚĂŶƚůĞƐƉůĂŐĞƐĚĞƚƌĂǀĂƵǆ
W
ϱ͘Ϯ
dƌĂŝŶĚĞĨƌĞƚũŽƵƌŶĂůŝĞƌĞŶƚƌĞ>Ğ,ĂǀƌĞĞƚ
ƵŶĞŶƚƌĞƉƀƚůŽŐŝƐƚŝƋƵĞăůΖŽƵĞƐƚĚĞWĂƌŝƐ
>ĠŐĞŶĚĞ
ĐƚŝŽŶĚĞĐŽƵƌƚͲƚĞƌŵĞͬƵƌŐĞŶƚĞ
WŽƵƌůĞŽŶƐĞŝůƌĠŐŝŽŶĂů͗ăĞŶŐĂŐĞƌĂǀĂŶƚůĂĨƵƐŝŽŶ
ĞƚăƉŽƵƐƵŝǀƌĞ͕ƐŝŶĠĐĞƐƐĂŝƌĞ͕ĂƉƌğƐ
ĐƚŝŽŶĚĞŵŽǇĞŶͲƚĞƌŵĞ
WŽƵƌůĞŽŶƐĞŝůƌĠŐŝŽŶĂů͗ĂĐƚŝŽŶăĞŶŐĂŐĞƌ
ƌĂƉŝĚĞŵĞŶƚăƉĂƌƚŝƌĚĞůĂĨƵƐŝŽŶ
ĐƚŝŽŶĚĞůŽŶŐͲƚĞƌŵĞ
WŽƵƌůĞŽŶƐĞŝůƌĠŐŝŽŶĂů͗ĂĐƚŝŽŶăĞŶŐĂŐĞƌ
ƵůƚĠƌŝĞƵƌĞŵĞŶƚĂƉƌğƐůĂĨƵƐŝŽŶ
Ƶ
ĠƐĞ
Ă
D
Ê
&Z
EŽ
Ƶƚ
ƵE
ƌĞ
Ϳ
ŽŶƐ
Ğŝůƌ
Ġ ŐŝŽ
ĠůĠ
ŶĂů
ŐĂƚΣ
sĂů
ůĠĞĚ
Ğ^Ğ
ŽŶ
ŝŶĞ
ƐĞŝů
ƐĠ
ƉĂƌ
ƚĞ ŵ
ĞŶƚ
ĂƵǆ
ŐŐ
ůŽŵ
ĠƌĂƚ
ŝŽŶƐ
W ƌĠ
ĨĞĐƚ
ƵƌĞ
ŽƵ
Z
>
/ͬ
WÊ
WƀůĞ
ƐĚĞ
ĐŽŵ
ƉĠƚ
ŝƚŝǀŝƚ
Ġ
&ŝůŝğ
ƌĞ Ɛ
&ĠĚ
ĠƌĂƚ
ΣƉƌŽ
ĨĞƐƐ
ŝŽŶŶ
KƌŐ
ĞůůĞ
ĂŶŝƐ
Ɛ
ĂƚŝŽ
ŶƐƐ
ǇŶĚ
ŝĐ
,Z
ĂůĞƐ
KW
ͬĂƵ
ƚƌĞƐ
ƉŽƌ
ƚƐ
ŽƵ
ĂŶĞ
Ɛ
ŶƐ
͘ƐƵ
ƉͬƌĞ
ĐŚĞ
ƌĐŚĞ
ͲŝŶŶ
ŽǀĂ
ƚŝŽŶ
sE&
ŝůƌĠ
ŐŝŽŶ
Ăů;,
WсWŽƌƚĞƵƌŽƵĐŽͲƉŽƌƚĞƵƌĚĞůΖĂĐƚŝŽŶ
сƐƐŽĐŝĠƉƌŝŽƌŝƚĂŝƌĞŵĞŶƚăůΖĂĐƚŝŽŶ
>ΖĂďƐĞŶĐĞĚĞŵĞŶƚŝŽŶŶĞƐŝŐŶŝĨŝĞƉĂƐƋƵĞůĞ^Z
ĠĐĂƌƚĞůΖŝĚĠĞĚΖĂƐƐŽĐŝĂƚŝŽŶĚƵƉĂƌƚĞŶĂŝƌĞĐŽŶĐĞƌŶĠ
ŽŶ
ƐĞ
WƌŝŽƌŝƐĂƚŝŽŶ
EΣĚĞůΖĂĐƚŝŽŶ
/ŶƚŝƚƵůĠĚĞůΖĂĐƚŝŽŶ
'pFODUDWLRQVGHVJURXSHV
'e&/$5$7,21'(0'(1<6'(&/(5&4
$XWLWUHGXFRPLWpUpJLRQDO&*7GH1RUPDQGLH
0RQVLHXUOH3UpVLGHQW
&KHUVFROOqJXHV
/HJURXSH&*7DSSUpFLHjVDMXVWHYDOHXUOHWUDYDLOUHQGXDXWUDYHUVGHFHWWHVDLVLQH
VXUODPXOWLPRGDOLWpGDQVOHWUDQVSRUWGHPDUFKDQGLVHV(QpODUJLVVDQWODWKpPDWLTXH
LQLWLDOHPHQW SURSRVpH SDU OH 3UpVLGHQW GH 5pJLRQ OH UDSSRUW HW O¶DYLV GX &(6(5
SUpVHQWHQW XQH YLVLRQ FRKpUHQWH TXH QRXV SDUWDJHRQV $LQVL QRXV UHWURXYRQV GDQV
FHVWH[WHVXQHORJLTXHTXLUHQWUHGDQVQRWUHDSSURFKHJOREDOHGHO¶LQWHUPRGDOLWpDYHF
XQHFRQFHSWLRQGHFRPSOpPHQWDULWpGHVLQIUDVWUXFWXUHVGHPRELOLWpOHXUPDLOODJHHW
OHXUFDSDFLWpLQFLWDWULFHGHVUppTXLOLEUHVQpFHVVDLUHVHQWUHODURXWHODYRLHG¶HDXHW
OHIHU
1RXVUDSSHORQVFHSHQGDQWTXHODUHFKHUFKHG¶XQHPHLOOHXUHHIILFDFLWpORJLVWLTXHDX
VHUYLFH GH O¶pFRQRPLH GRLW VH PHQHU FRQMRLQWHPHQW j XQH GpPDUFKH YHUWXHXVH HQ
PDWLqUHGHSURJUqVVRFLDO1RXVVDYRQVFRPELHQFHUWDLQHVSUDWLTXHVD\DQWUHFRXUVDX
GXPSLQJ VRFLDO VRQW PRQQDLH FRXUDQWH GDQV FH VHFWHXU G¶DFWLYLWp ¬ FH SURSRV LO
VHPEOH TXH FHUWDLQHV GLVSRVLWLRQV OpJLVODWLYHV VHUDLHQW GH QDWXUH j \ PHWWUH XQ
WHUPH *DJHRQV TXH OHV FRQGLWLRQV HQ QDWXUH GH PR\HQV KXPDLQV GH FRQWU{OH
SHUPHWWURQWXQHERQQHDSSOLFDWLRQGHODORL
'DQVWRXVOHVFDV/D&*7H[HUFHUDWRXWHVDYLJLODQFHHWXVHUDGHWRXVOHVPR\HQV
SRXUTXHGDQVFHVHFWHXUG¶DFWLYLWpFRPPHGDQVG¶DXWUHVIRUFHUHVWHjODORLHWDX
GURLW'HPrPHVLFHODQHVHPEOHSDVrWUHGDQVO¶DLUGXWHPSVO¶H[LJHQFHGHGURLWV
FRQYHQWLRQQHOV GH KDXW QLYHDXGRLW SUpYDORLU j ODPLVH HQ SODFH GHV RUJDQLVDWLRQV
GH WUDYDLO VXU OHV IXWXUV WHUPLQDX[ PXOWLPRGDX[ GLVVpPLQpV VXU OHV SRUWV HW D[HV
IOXYLDX[
&HV UHPDUTXHV DXUDLHQW SX GH QRWUH SRLQW GH YXH ILJXUHU DX WLWUH GH
UHFRPPDQGDWLRQVGDQVOHSUpVHQWDYLVQRXVUHJUHWWRQVTX¶LOQ¶HQVRLWSDVDLQVLFHFL
pWDQWFRPPHQRXVOHGLVLRQVHQSUpDPEXOH©O¶DYLVSUpVHQWHXQHYLVLRQFRKpUHQWH
TXHQRXVSDUWDJHRQVªOD&*7OHYRWHUD
'e&/$5$7,21'(0-($13,(55(*,52'
$XWLWUHGXSDUFQDWXUHOUpJLRQDOGHVERXFOHVGHOD6HLQHQRUPDQGH
&HWDYLVHVWLPSRUWDQWDXYXGHVIOX[GHPDUFKDQGLVHVLPSRUWDQWVTXLWUDYHUVHQWRX
YLHQQHQW GDQV QRWUH UpJLRQ /D GpFDUERQLVDWLRQ GH QRWUH pFRQRPLH QRUPDQGH
QpFHVVLWHGHSRXYRLUDYRLUUHFRXUVjGHVPR\HQVGHWUDQVSRUWPRLQVSROOXDQWVF
HVW
jGLUHSDUOHIUHWIHUURYLDLUHRXIOXYLDO&HUHQIRUFHPHQWGHFHVPR\HQVGHWUDQVSRUW
DPpOLRUHUDLWODTXDOLWpGHO¶DLUGHQRWUHUpJLRQHWODVDQWpGHVHVKDELWDQWV
5$33257
©/D GHUQLqUH GpFHQQLH GXUDQW ODTXHOOH OH SUL[ GX
SpWUROH D pWp PXOWLSOLp SDU XQ IDFWHXU WURLV DXUDLW GX
rWUH FHOOH GX UHSRUW PRGDO $X OLHX GH FHOD OH PRGH
URXWLHU UHVWH IRUWHPHQW GRPLQDQW GDQV OH WUDQVSRUW GH
PDUFKDQGLVHVª
&$63RXUXQHFRPSOpPHQWDULWpGXUDLOGHODURXWHHWGXIOHXYHQRWHG¶DQDO\VHQVHSW
3DUWLH
5HSRUWPRGDOREMHFWLIV
DPELWLHX[SHUVSHFWLYHV
OLPLWpHV
&KDSLWUH
$X[VRXUFHVGHO¶DPELWLRQPXOWLPRGDOH
/HUDSSRUWDQQXHOGHOD&RPPLVVLRQGHVFRPSWHVGHVWUDQVSRUWVGHODQDWLRQ&&71
SRUWDQWVXUO¶DQQpHIRUPXOHOHVFRQVWDWDWLRQVV\QWKpWLTXHVVXLYDQWHV
OH WUDQVSRUW LQWpULHXU IUDQoDLV VXELW XQ FRQWH[WH pFRQRPLTXH PRQGLDO HW
VXUWRXWHXURSpHQGpJUDGp
OD GHPDQGH GH WUDQVSRUW EDLVVH &HWWH GLPLQXWLRQ SURYLHQW HVVHQWLHOOHPHQW
GHVHQWUHSULVHVHWVHWUDGXLWSDUXQHEDLVVHGXWUDQVSRUWGHPDUFKDQGLVHV
OHV LQYHVWLVVHPHQWV HQ LQIUDVWUXFWXUHV GH WUDQVSRUWV UDOHQWLVVHQW PDLV VH
SRXUVXLYHQW
O¶HPSORLVHGpJUDGHPRLQVTXHGDQVG¶DXWUHVVHFWHXUV
PDOJUp GHV DPpOLRUDWLRQV OH VHFWHXU GHV WUDQVSRUWV QH SDUWLFLSH SDV HQFRUH
DVVH]DX[HIIRUWVQDWLRQDX[VXUODTXDOLWpGHO¶HQYLURQQHPHQW
/DUpSDUWLWLRQPRGDOHHQ)UDQFHDYDQWDJHURXWH
/¶pYROXWLRQ GX WUDQVSRUW WHUUHVWUH GH PDUFKDQGLVHV HQ (XURSH PRQWUH XQH
SURJUHVVLRQ FRQVWDQWH GHV IOX[ PDOJUp XQH OpJqUH GLPLQXWLRQ HQ )UDQFH GHSXLV OHV
DQQpHVYRLUJUDSKLTXHFLDSUqV
6RXUFH7',(SURSRVLWLRQVSRXUXQHQRXYHOOHSROLWLTXHHXURSpHQQHGHVWUDQVSRUWV
GpF
&RPPLVVDULDWJpQpUDODXGpYHORSSHPHQWGXUDEOH/HVFRPSWHVGHWUDQVSRUWVHQMXLOOHW
&(6(5+DXWH1RUPDQGLH
/H WUDQVSRUW LQWpULHXU WHUUHVWUH GH PDUFKDQGLVHV D GLPLQXp HQ HQ W
NP HW HQ /D EDLVVH GHV PDUFKDQGLVHV WUDQVSRUWpHV HVW
SDUWLFXOLqUHPHQWVHQVLEOHSRXUOHVSURGXLWVSpWUROLHUVHWOHVSURGXLWVPDQXIDFWXUpV
6RXUFH&&71
/HVFKLIIUHVSXEOLpVSDUOH0LQLVWqUHGHO¶(FRORJLHFRQILUPHQWODSDUWSUpSRQGpUDQWHGX
WUDQVSRUWURXWLHUHQ)UDQFHGHVIOX[LQWpULHXUVHQ&HWWHSDUWDSHXYDULp
DXFRXUVGHVGHUQLqUHVDQQpHV
6RXUFH/HVFKLIIUHVFOpVGXWUDQVSRUWpGLWLRQ
/¶DXJPHQWDWLRQGHVIOX[FRPELQpHjODSDUWGRPLQDQWHGXPRGHURXWLHURQWFRQGXLW
OHVDFWHXUVSXEOLFVjIDYRULVHUOHVPRGHVPDVVLILpVSULQFLSDOHPHQWSRXUGHVUDLVRQV
HQYLURQQHPHQWDOHV
/HV FROOHFWLYLWpV ORFDOHV RQW GpSHQVp 0GV¼ SRXUOHV WUDQVSRUWV HQ GRQW
0GV¼ SRXU OD URXWH /¶eWDW D GpSHQVp HQYLURQ 0GV¼ GRQW 0GV SRXU OH
IHUURYLDLUHHW0GVSRXUODURXWH/HVHFWHXUIHUURYLDLUHUHoRLWFKDTXHDQQpHGHV
VXEYHQWLRQV SXEOLTXHV SULQFLSDOHPHQW VRXV OD IRUPH GH VXEYHQWLRQV
G¶LQYHVWLVVHPHQWV RX G¶H[SORLWDWLRQ /D 61&) HW 5)) RQW SDU H[HPSOH SHUoX HQ
XQPRQWDQWGHSUqVGH0GV¼
/DYRORQWpG¶DJLUHQIDYHXUGHO¶HQYLURQQHPHQW
$SUqV OH *UHQHOOH PRLQV GH FRQVRPPDWLRQV HW PRLQV GH
UHMHWV
/¶LQWpUrW SRXU OD PLVH HQ °XYUH G¶XQUHSRUW PRGDO YHUV OHVPRGHV PDVVLILpV IHU HW
HDX HVW MXVWLILp SDU OD SULVH HQ FRQVLGpUDWLRQ DFFUXH GHV SUREOpPDWLTXHV
HQYLURQQHPHQWDOHV DXJPHQWDWLRQ GHV pPLVVLRQV GH &2 HW LQIUDVWUXFWXUHOOHV
VDWXUDWLRQ GH FHUWDLQV UpVHDX[ URXWLHUV /H *UHQHOOH GH O¶(QYLURQQHPHQW D SUpFLVp
TXHOHVSROLWLTXHVPHQpHVGHYUDLHQWSRUWHUODSDUWPRGDOHGXPRGHQRQURXWLHUSRXU
OHWUDQVSRUWGHPDUFKDQGLVHVjHQ(QMXLQOHPLQLVWqUHGHO¶(FRORJLH
DSUpVHQWpOHSURMHWGHORLVXUODWUDQVLWLRQpQHUJpWLTXHTXLHQWHQGGLPLQXHUGHIDoRQ
VLJQLILFDWLYH REMHFWLIV SUpFLV WRXMRXUV HQ GLVFXVVLRQ j OD GDWH GH SDUXWLRQ GH FH
UDSSRUW OD FRQVRPPDWLRQ G¶pQHUJLH HQ )UDQFH /H PrPH SURMHW UDSSHOOH TXH OHV
WUDQVSRUWVUHSUpVHQWHQWGHODFRQVRPPDWLRQpQHUJpWLTXHILQDOHHQ)UDQFH
(Q+DXWH1RUPDQGLHOH65&$(DpWppODERUpHQDSSOLFDWLRQGHODORL*UHQHOOH,,DILQ
GH GpILQLU XQH VWUDWpJLH UpJLRQDOH SHUPHWWDQW GH FRQWULEXHU DX[ HQJDJHPHQWV
QDWLRQDX[ HW LQWHUQDWLRQDX[ GH OD )UDQFH VXU OHV TXHVWLRQV GX FOLPDW GH O¶DLU HW GH
O¶pQHUJLH ,O V¶DJLW G¶XQ GRFXPHQW G¶RULHQWDWLRQ j KRUL]RQV HW 'DQV VRQ
GLDJQRVWLF OH 65&$( LQGLTXH TXH OH VHFWHXU GX WUDQVSRUW UHSUpVHQWH GHV
pPLVVLRQVGH*(6HQ+DXWH1RUPDQGLHHWGHODFRQVRPPDWLRQG¶pQHUJLHILQDOH
,O UDSSHOOH pJDOHPHQW TXH OD UpJLRQ VH FDUDFWpULVH SDU XQH TXDOLWp GH O¶DLU
©JOREDOHPHQW GpJUDGpHª QRWDPPHQW OH ORQJ GH OD YDOOpH GH OD 6HLQH OHV ]RQHV
GLWHVVHQVLEOHVFRXYUHQWGHODSRSXODWLRQ
'DQV OHV S{OHV XUEDLQV GX +DYUH HW GH 5RXHQ OHV SRLGV ORXUGV UHSUpVHQWHQW GX
WUDILFURXWLHUPDLVGHVUHMHWVGH12[R[\GHVG¶D]RWHGXVDX[WUDQVSRUWV
GHVSDUWLFXOHV30HWGHVpPLVVLRQVGH&2
/¶pYROXWLRQ WHQGDQFLHOOH UpJLRQDOH SHUPHW G¶REVHUYHU j O¶KRUL]RQ XQH
GLPLQXWLRQ JOREDOH GH GHV FRQVRPPDWLRQV pQHUJpWLTXHV HW GH GHV *(6
3DUPL OHV YDULDEOHV SHUPHWWDQW G¶H[SOLTXHU FHWWH WHQGDQFH HQWUHQW HQ FRPSWH OHV
pYROXWLRQV WHFKQRORJLTXHV DWWHQGXHV VXU OHV YpKLFXOHV SDUWLFXOLHUV j WUDYHUV
O¶DSSOLFDWLRQGHVQRUPHVHXURSpHQQHVG¶pPLVVLRQGLWHVQRUPHV(XURTXLIL[HQWGHV
VHXLOV G¶pPLVVLRQV SRXU OHV SULQFLSDX[ SROOXDQWV DWPRVSKpULTXHV /H WDEOHDX FL
7HUUD1RYD3RXUXQHPRELOLWpGXUDEOHSURMHWFRQWULEXWLRQQ
6FKpPDUpJLRQDOGXFOLPDWGHO¶DLUHWGHO¶pQHUJLH
&(6(5+DXWH1RUPDQGLH
GHVVRXV UHSUHQG OHV REMHFWLIV UHWHQXV SDU OH 65&$( SRXU OHV WUDQVSRUWV GH
PDUFKDQGLVHV
6¶\DMRXWHQWG¶DXWUHVREMHFWLIVVWUDWpJLTXHVjO¶KRUL]RQ
DWWHLQGUH GH WRQQHVNP SDU YRLH IOXYLDOH RX IHUURYLDLUHDQWLFLSDQW XQH
FURLVVDQFH JOREDOH GX WUDILF GH PDUFKDQGLVHV GH KRUV SURGXLWV
SpWUROLHUV
DPpOLRUHU GH OHV SHUIRUPDQFHV pQHUJpWLTXHV GX WUDQVSRUW URXWLHUYLD
O¶DXJPHQWDWLRQGXWDX[GHUHPSOLVVDJHGHVFDPLRQVODUpGXFWLRQGHVUHWRXUV
jYLGHOHGpYHORSSHPHQWGHO¶DFWLYLWpORJLVWLTXHUpJLRQDOHRXODPXWXDOLVDWLRQ
GHVIOX[HQWUHFKDUJHXUVODFKDUWH&2UpJLRQDOHGHVWUDQVSRUWHXUVURXWLHUV
HVWFLWpHFRPPHXQH[HPSOHG¶LQLWLDWLYHjJpQpUDOLVHU
XQH pYROXWLRQ PDMHXUH GDQV O¶RUJDQLVDWLRQ ORJLVWLTXH SRXU UHQIRUFHU OD
SHUIRUPDQFH pQHUJpWLTXH HQ MRXDQW VXU GLIIpUHQWV OHYLHUV PRGDOLWpV
G¶DPpQDJHPHQW GHV ]RQHV G¶DFWLYLWpV HW GHV ]RQHV ORJLVWLTXHV OD ORFDOLVDWLRQ
GHVVLWHVG¶DFFXHLOGHVHQWUHSULVHVODSUpVHUYDWLRQGHVHPSULVHVIHUURYLDLUHV
/DPHVXUHGHVH[WHUQDOLWpVQpJDWLYHV
/HV H[WHUQDOLWpV RX HIIHWV H[WHUQHV GpFULYHQW OHV VLWXDWLRQV R OHV GpFLVLRQV GH
FRQVRPPDWLRQRXGHSURGXFWLRQG¶XQDJHQWDIIHFWHQWGLUHFWHPHQWODVDWLVIDFWLRQRXOH
SURILW G¶DXWUHV DJHQWV VDQV TXH OH PDUFKp pYDOXH HW IDVVH SD\HU RX UpWULEXH O¶DJHQW
SRXU FHWWH LQWHUDFWLRQ $XWUHPHQW GLW FHV FRWV RX DYDQWDJHV VRQW H[WHUQHV DX
VHQV R OH V\VWqPH GH SUL[ SD\pV SDU OHV DJHQWV QH UHQG SDV FRUUHFWHPHQW FRPSWH
GHV FRWV SRXU OD FROOHFWLYLWp 3DU FRQVpTXHQW OHV SUL[ QH UHIOqWHQW SDV OD YDOHXU
VRFLDOHGHVELHQVHWVHUYLFHVFHTXLHQWUDvQHGHVLQHIILFDFLWpVPDXYDLVHVDOORFDWLRQV
GHUHVVRXUFHV
0HVXUHU OHV H[WHUQDOLWpV LPSOLTXH GRQF GH PHVXUHU GHV HIIHWV EUXLW SROOXWLRQ
FRQJHVWLRQ« TXL QH IRQW SDV O¶REMHW G¶pFKDQJHV PDUFKDQGV PDLV TXL PRGLILHQW OH
FRPSRUWHPHQW GHV DFWHXUV pFRQRPLTXHV /H &*'' V¶HVW OLYUp j O¶H[HUFLFH HQ
PRQpWDULVDQWOHVH[WHUQDOLWpV/HVUpVXOWDWVVRQWV\QWKpWLVpVGDQVOHWDEOHDXFLDSUqV
&*''/HVFRPSWHVGHWUDQVSRUWVHQWRPHPDUV
&RPPLVVDULDWJpQpUDODXGpYHORSSHPHQWGXUDEOH
%LODQGHVH[WHUQDOLWpVHWGHVSUpOqYHPHQWVSRXUOHWUDQVSRUWGH
PDUFKDQGLVHVHQF¼WNP
6LO¶RQH[FOXHO¶LQGLFDWHXU)UH\FLQHWQRQUHSUpVHQWDWLIHQUDLVRQGXWUqVIDLEOHYROXPH
GH IUHW VXU FH VHJPHQW DLQVL TXH OH IUHW DpULHQ OH WUDQVSRUW URXWLHU DSSDUDvW
QHWWHPHQW FRPPH OH PRGH GH WUDQVSRUW WHUUHVWUH FRPSRUWDQW OH SOXV G¶H[WHUQDOLWpV
QpJDWLYHVVXLYLSDUOHIHUHWOHIOHXYH
/D OLJQH ©SUpOqYHPHQWVª UHFHQVH OHV GLIIpUHQWV SUpOqYHPHQWV GLUHFWV OLpV j O¶XVDJH
GH FHV PRGHV GH WUDQVSRUWV /H UDSSURFKHPHQW DYHF OHV H[WHUQDOLWpV SHUPHW
G¶pYDOXHU j TXHOOH KDXWHXU OHV UHFHWWHV GHVGLIIpUHQWVPRGHV GH WUDQVSRUWV FRXYUHQW
OHVH[WHUQDOLWpVTXLOHXUVRQWSURSUH2QGpFRXYUHDLQVLTXHOHPRGHIOXYLDOHVWFHOXL
GRQW OHV SUpOqYHPHQWV FRXYUHQW OH SOXV ODUJHPHQW OHVFRWV H[WHUQHV j O¶LQYHUVHGX
WUDQVSRUW IHUURYLDLUH 2Q QRWHUD TX¶DXFXQ GHV PRGHV GH WUDQVSRUWV FRQVLGpUpV QH
FRXYUH HQWLqUHPHQW VHV FRWV H[WHUQHV OHV WUDQVSRUWV GH PDUFKDQGLVHV VRQW GRQF
VRXVWDULIpV
/DPXOWLPRGDOLWpXQHVROXWLRQDPLQLPD
/H VFKpPD FLDSUqV GRQQH TXHOTXHV UHSqUHV SRXU DSSUpKHQGHU OH FRQFHSW GH
PXOWLPRGDOLWpHWOHVQRWLRQVDIIpUHQWHV
&(6(5+DXWH1RUPDQGLH
6RXUFHYLDFRPELHX
/HSULQFLSDOREVWDFOHjVDPLVHHQ°XYUHUHVWHOHFRWGHVVHUYLFHVPXOWLPRGDX[YLV
jYLV GH OD URXWH DLQVL TXH OHXU PDQTXH GH VRXSOHVVH 'HV UDLVRQV WHFKQLTXHV RX
WHFKQRORJLTXHV VRQW DXVVL pYRTXpHV (QILQ OHV FRQVpTXHQFHV HQ WHUPHV G¶HPSORL
HIIHFWLIVTXDOLILFDWLRQV«GLIIqUHQWVHORQOHVPRGHVUHWHQXV
'H O¶DYLV JpQpUDO OH WUDQVSRUW PXOWLPRGDO PDQTXH GH PDWXULWp /HV RIIUHV VRQW
LQVXIILVDPPHQW VWUXFWXUpHV 8Q UDSSRUW LQWHUPLQLVWpULHO UpFHQW QH GRQQH SDV GHV
SHUVSHFWLYHVRSWLPLVWHVVXUOHVXMHW(QYRLFLOHVSULQFLSDOHVFRQFOXVLRQV
O¶HIILFDFLWppQHUJpWLTXHGXWUDQVSRUWIHUURYLDLUHHWIOXYLDOHVWSOXVGHWURLVIRLV
VXSpULHXUHjFHOOHGHODURXWH
OHV FUpDWLRQV G¶HPSORLV OLpHV j XQH PRQWpH HQ SXLVVDQFH GX UHSRUW PRGDO QH
FRPSHQVHURQW SDV OHV SHUWHV SRXU OH WUDQVSRUW URXWLHU (Q UHYDQFKH O¶HPSORL
GDQV OHV PRGHV PDVVLILpV VHUDLW SOXV TXDOLWDWLI PRLQV GH WUDMHWV ORQJXHV
GLVWDQFHVDFFLGHQWRORJLHUpGXLWH
O¶pTXLOLEUH GX IUHW IHUURYLDLUH Q¶HVW SDV DVVXUp VDQV ILQDQFHPHQWV SXEOLFV
LPSRUWDQWV
3,3$0(/HVFKDvQHVORJLVWLTXHVPXOWLPRGDOHVGDQVO¶pFRQRPLHYHUWHPDUV
GHV PHVXUHV UpJOHPHQWDLUHV LPSRUWDQWHV H[HPSOH OD FLUFXODWLRQ GHV SRLGV
ORXUGVGHWQHVRQWSDVFRKpUHQWHVDYHFOHVREMHFWLIVIL[pVSDUOH*UHQHOOH
GHO¶(QYLURQQHPHQW
/¶pWXGHIRUPXOHpJDOHPHQWWURLVVFpQDULRVG¶pYROXWLRQGHVSDUWVPRGDOHVGXWUDQVSRUW
GH PDUFKDQGLVHV /H SOXV RSWLPLVWH FRUUHVSRQG DX[ REMHFWLIV GX *UHQHOOH VRLW XQH
SDUW GX WUDQVSRUW GH PDUFKDQGLVHV QRQURXWLHU TXL DWWHLQGUDLW 0rPH GDQV FH
GHUQLHUFDVRQREVHUYHXQHFRQVRPPDWLRQG¶pQHUJLHHQDXJPHQWDWLRQSDUUDSSRUWj
ODVLWXDWLRQGHUpIpUHQFHGXIDLWGHODFURLVVDQFHGHVYROXPHVWUDQVSRUWpV/HFRQVWDW
HVWTXDVLVLPLODLUHSRXUOHVpPLVVLRQVGH&2TXLQHYDULHQWJXqUHVHORQOHVFpQDULR
pWXGLp
/D FURLVVDQFH GHV YROXPHV WUDQVSRUWpV WRXW PRGH FRQIRQGX HVW FRQILUPp SDU XQH
pWXGH SURVSHFWLYH UpFHQWH GH O¶$'(0( TXL HVWLPH TXH OHV EHVRLQV GX WUDQVSRUW
URXWLHUGHPDUFKDQGLVHVFRQWLQXHURQWGHFURvWUHDXPRLQVMXVTX¶HQ
$'(0(&RQWULEXWLRQjO¶pODERUDWLRQG¶XQHYLVLRQpQHUJpWLTXHMXLQ
&KDSLWUH
/HWUDLWHPHQWGHVIOX[VXUODYDOOpHGHOD6HLQH
6L OD +DXWH1RUPDQGLH HVW OD UpJLRQ FHQWUDOH GH OD SUpVHQWH pWXGH LO LPSRUWH GH
GpSDVVHU FH SpULPqWUH DGPLQLVWUDWLI SRXU VH FRQFHQWUHU VXU OHV JUDQGV FRUULGRUV GH
WUDQVSRUWV TXL OH WUDYHUVHQW DX SUHPLHU UDQJ GHVTXHOV OD 9DOOpH GH OD 6HLQH /HV
FKLIIUHVRQWSOXVGHVHQVjFHWWHpFKHOOH
3RXUWDQW O¶DFFqV DX[ GRQQpHV GH WUDILFV PrPH FHOOHV j FDUDFWqUH JpQpUDOLVWH HVW
VRXYHQW GLIILFLOH SRXU GLIIpUHQWHV UDLVRQV DEVHQFH G¶RXWLOV GH FRPSWDELOLVDWLRQ
DEVHQFH G¶DJUpJDWLRQ GHV GRQQpHV VHFUHW VWDWLVWLTXH /H SUREOqPH Q¶HVW SDV
VSpFLILTXHjQRWUHUpJLRQ&¶HVWFHTXHUDSSHOOHOH&*(''HQFLWDQWGLIIpUHQWVSRLQWV
GHEORFDJHV
5))SURGXLWGHVVWDWLVWLTXHVLQWHUQHVQRQSXEOLpHV
DXFXQHGRQQpHQ¶HVWSXEOLpHHQPDWLqUHGHWUDQVSRUWFRPELQpSRXUFHODXQ
UqJOHPHQW LPSRVH DX PRLQV WURLV HQWUHSULVHV VXU OH PDUFKp GRQW DXFXQH QH
GpSDVVHGHSDUWGHPDUFKp
OHV VWDWLVWLTXHV SRUWXDLUHV HQUHJLVWUHQW OHV IOX[ VHORQ OD QRPHQFODWXUH
VWDWLVWLTXH GHV WUDQVSRUWV 167 TXL FRPSWDELOLVH OHV RSpUDWLRQV GH
FKDUJHPHQWVGpFKDUJHPHQWV HW IDLW PHQWLRQ GHV SD\V G¶RULJLQHVGHVWLQDWLRQV
PDLV QH PHQWLRQQH PDOKHXUHXVHPHQW SDV OHV RULJLQHVGHVWLQDWLRQV HQ
)UDQFH
OHV VWDWLVWLTXHV GRXDQLqUHV SRUWHQW XQLTXHPHQW VXU OD YDOHXU GHV
PDUFKDQGLVHV
/HV GHUQLHUV FKLIIUHV RIILFLHOV SRXU OD UpJLRQ SXEOLpV SDU OD '5($/ YRLUFLDSUqV
SUHQQHQW SRXU DQQpHV GH UpIpUHQFH HW ,O \ D IRUW j SDULHU TXH GHV
pYROXWLRQVVHQVLEOHVVRQWLQWHUYHQXHVGHSXLV
&RQVHLOJpQpUDOGHO¶HQYLURQQHPHQWHWGXGpYHORSSHPHQWGXUDEOH9RLUOHUDSSRUWGH5HQp*HQHYRLVHW
$ODLQ*LOOH(YROXWLRQGXIUHWWHUUHVWUHjO¶KRUL]RQGHDQVMXLOOHW
/HPDUFKpXQLTXHHXURSpHQPLVHQSODFHOHHUMDQYLHUV¶HVWDFFRPSDJQpGHODVXSSUHVVLRQGHV
FRQWU{OHV DX[ IURQWLqUHV LQWpULHXUHV G¶R XQH SHUWH G¶LQIRUPDWLRQ SRXU PHVXUHU OD SDUW GX FRPPHUFH
H[WpULHXU IUDQoDLV WUDQVLWDQW SDU OHV DXWUHV SRUWV HXURSpHQV (Q OHV GRQQpHV GRXDQLqUHV VRQW GH
QRXYHDXDOOpJpHVVXSSUHVVLRQGXWRQQDJHGHVPDUFKDQGLVHVHQLQWUDFRPPXQDXWDLUH
6RXUFH'5($//HVWUDQVSRUWVGHIUHWHQ+DXWH1RUPDQGLH
'HV UHFRXSHPHQWV SOXV UpFHQWV SHXYHQW rWUH UpDOLVpV HQ H[SORLWDQW O¶XQH GHV EDVHV
GH GRQQpHV HQ OLJQH GX PLQLVWqUH GHV WUDQVSRUWV PDLV O¶DVSHFW IHUURYLDLUH UHVWH
PDQTXDQW(QRXWUHOHVRULJLQHVGHVWLQDWLRQVQHVRQWSDVPHQWLRQQpHV
5RXWH
)HU
)OHXYH
)OX[GHWUDQVSRUWVHQWUHOD+DXWH1RUPDQGLHHWOHVDXWUHVUpJLRQV
PpWURSROLWDLQHVIUDQoDLVHVFKLIIUHVHQPLOOLRQVGHWRQQHV
)OX[HQWUDQWV
)OX[VRUWDQWV
)OX[LQWHUQHV
1'
1'
1'
6RXUFH6,75$0
&(6(5+DXWH1RUPDQGLH
/HVSULQFLSDX[FRUULGRUVGHWUDQVSRUW
/D+DXWH1RUPDQGLHHVWWUDYHUVpHSDUXQFRUULGRUGHWUDQVSRUWHXURSpHQ1RUG6XG
TXL SDVVH SULQFLSDOHPHQW SDU O¶,OHGH)UDQFH PDLV SRXU OHTXHO LO H[LVWH DXVVL XQH
DOWHUQDWLYHSDUO¶2XHVWDILQGHFRQQHFWHUOHVSRUWVQRUPDQGV&HWWHYRLHDOWHUQDWLYH
Q¶HQUHJLVWUDLW TXH 0W GH PDUFKDQGLVHV HQ VRLW XQH SDUW WUqV PRGHVWH GHV
IOX[1RUG6XG3DUDLOOHXUVOHPRGHURXWLHUDEVRUEHGHVIOX[VXUFHWD[H
8Q GHX[LqPH FRUULGRU GLW ©0DQFKH$OOHPDJQHª WUDYHUVH OD UpJLRQ ,O UHOLH
O¶$WODQWLTXHjO¶$OOHPDJQHHWO¶(XURSHFHQWUDOH/D9DOOpHGH6HLQHV¶LQVFULWDXF°XUGH
FHWD[H3ULQFLSDOKDQGLFDSXQFRQWRXUQHPHQWGHO¶,OHGH)UDQFHGLIILFLOH0WRQW
WUDQVLWpVXUFHWD[HHQGRQWXQHSDUWLHSDUODYRLHG¶HDX/HGpYHORSSHPHQWGH
FHFRUULGRUUpSRQGjXQHYRORQWpQDWLRQDOHHWHXURSpHQQHGHGpYHORSSHPHQWGHVIOX[
1RUG6XG DIILUPpH GHYDQW OD &RPPLVVLRQ HXURSpHQQH SDU OHV UpJLRQV GX %DVVLQ
SDULVLHQUpXQLHVDXVHLQGHOD&
6RXUFH&
/¶8QLRQHXURSpHQQHWUDYDLOOHjODUpDOLVDWLRQG¶XQUpVHDXWUDQVHXURSpHQGHWUDQVSRUW
57(76DYRFDWLRQHVWGHPHWWUHGHO¶RUGUHGDQVODPRVDwTXHGHURXWHVGHYRLHV
IHUUpHV RX HQFRUH G¶DpURSRUWV TXL FRXYUHQW OH WHUULWRLUH HW GRQW OH PDLOODJH RX OHV
FDUDFWpULVWLTXHV WHFKQLTXHV QH VRQW SDV WRXMRXUV FRKpUHQWV ,O YLVH j HQFRXUDJHU
O¶DEDQGRQGHODURXWHDXSURILWGXUDLOHWG¶DXWUHVPRGHVGHWUDQVSRUWWDQWSRXUOHV
YR\DJHXUV TXH SRXU OHV PDUFKDQGLVHV $ O¶KRUL]RQ HVW SUpYXH OD FUpDWLRQ G¶XQ
©UpVHDXFHQWUDOªTXLIRUPHUDODFKDUSHQWHGHO¶HQVHPEOHGHVWUDQVSRUWVDXVHLQGH
O¶8QLRQ/HVILQDQFHPHQWVSURSRVpVSRXUODSpULRGHVHURQWFHQWUpVVXUOHV
JRXOHWVG¶pWUDQJOHPHQW$XWRWDOXQHGL]DLQHGHFRUULGRUVRQWpWpGpILQLV
$ FH UpVHDX FHQWUDO V¶DMRXWHUD XQ ©UpVHDX JOREDOª G¶LFL GRQW OH U{OH VHUD
G¶LUULJXHUOHSUHPLHU,OHVWFHQVpFRXYULUO¶HQVHPEOHGHO¶8(HWGRQQHUDFFqVjWRXWHV
OHVUpJLRQV
/H PpFDQLVPH SRXU O¶LQWHUFRQQH[LRQ HQ (XURSH 0,( SUpYRLW G¶DIIHFWHU PLOOLDUGV
G¶HXURV DX[ LQIUDVWUXFWXUHV GH WUDQVSRUWV HQWUH HW j GHV IRQGV
VHURQWXWLOLVpVSRXUVRXWHQLU
GHVSURMHWVSULRULWDLUHVOHORQJGHVQHXIVFRUULGRUVGXUpVHDXFHQWUDO
GHVSURMHWVOLpVDX[WHFKQRORJLHVGHO¶LQIRUPDWLRQGHW\SH(5706OHV\VWqPH
HXURSpHQGHJHVWLRQGXWUDILFIHUURYLDLUH
/D &RPPLVVLRQ HXURSpHQQH LQGLTXH TX¶HOOH SXEOLHUD UpJXOLqUHPHQW GHV DSSHOV j
SURSRVLWLRQSRXUV¶DVVXUHUTXHVHXOVOHVPHLOOHXUVSURMHWVGRQWODYDOHXUDMRXWpHSRXU
O¶8(HVWODSOXVIRUWHEpQpILFLHURQWGHVIRQGV/HVUpVHDX[(VW2XHVWVHURQWIRUWHPHQW
IDYRULVpV /¶DLGH GH O¶8( DYRLVLQHUD OHV GHV FRWV G¶LQYHVWLVVHPHQW VXU XQH
SpULRGH GH VHSW DQV /¶DLGH SRXUUD DOOHU MXVTX¶j SRXU OHV pWXGHV LQGLYLGXHOOHV
'HV H[LJHQFHV VWULFWHV G¶pOLJLELOLWp VHURQW DSSOLTXpHV H[LJHQFHV WHFKQLTXHV SRXU
IDYRULVHUO¶LQWHURSpUDELOLWpH[LJHQFHVGHVpFXULWp«
/D )UDQFH FRPSWH FLQT FRUULGRUV VXU VRQ WHUULWRLUH /D +DXWH1RUPDQGLH HVW
FRQFHUQpH SDU OH FRUULGRU $WODQWLTXH TXL UHOLH OHV SRUWV HVSDJQROV HW SRUWXJDLV
G¶$OJpVLUDV /LVERQQH HW %LOEDR WUDYHUVH O¶RXHVW GH OD )UDQFH SXLV UHMRLQW 3DULV DYHF
XQ WURQoRQ MXVTX¶DX +DYUH HW MXVTX¶j 5RXHQ 3OXV j O¶(VW LO DWWHLQW 0DQQKHLP HW
6WUDVERXUJ
8Q SUHPLHU DSSHO j SURSRVLWLRQV D pWp ODQFp GDQV OH FDGUH GX 0,( HQ IpYULHU DYHFXQHHQYHORSSHGHPLOOLDUGV¼/HVSRUWVGHO¶D[H6HLQHVROOLFLWHQWHQYLURQ
PLOOLRQV¼
5pFHSWLRQGHVWUDILFVPRQGLDX[GHPDUFKDQGLVHV
/¶DFWLYLWpGHVSRUWVPDULWLPHVGRLWrWUHUHJDUGpHDYHFDWWHQWLRQORUVTXHO¶RQWUDLWHGH
ODPXOWLPRGDOLWpFDUOHVPDUFKDQGLVHVRQWSRXURULJLQHRXGHVWLQDWLRQSULQFLSDOHVOHV
GHX[JUDQGVSRUWVPDULWLPHVGH5RXHQHWGX+DYUH
&RPPLVVLRQHXURSpHQQH0pPRQ
KWWSHFHXURSDHXWUDQVSRUWWKHPHVLQIUDVWUXFWXUHLQGH[BHQKWP
(WXGHV DFFqV IOXYLDO j 3RUW 3RUW6HLQH0pWURSROH 7UDYDX[ PRGHUQLVDWLRQ HW ILDELOLVDWLRQ GHV
pFOXVHV GH 7DQFDUYLOOH DPpOLRUDWLRQ GHV DFFqV PDULWLPHV SRUW GH 5RXHQ HW FRQVWUXFWLRQ G¶XQ WHUPLQDO
IOXYLDOj$OL]D\VRXUFH+$523$
&(6(5+DXWH1RUPDQGLH
/H +DYUH HW 5RXHQ VH FODVVHQW UHVSHFWLYHPHQW DX[ H HW H UDQJV GHV SRUWV
PpWURSROLWDLQV 7RXMRXUV GRPLQpV SDU OHV SURGXLWV SpWUROLHUV OH 3RUW GX +DYUH VH
FODVVHHQWrWHGHVSRUWVIUDQoDLVSRXUOHVWUDILFVGHFRQWHQHXUV5RXHQHVWOHSUHPLHU
SRUWHXURSpHQGHWUDILFSRXUOHVFpUpDOHV
4XHOTXHV SRLQWV GH FRPSDUDLVRQ VRQW QpDQPRLQV QpFHVVDLUHV SRXU UHPHWWUH FHV
WUDILFVHQSHUVSHFWLYH6XUODUDQJpH0DQFKH0HUGX1RUGG¶+DPERXUJDX+DYUHOH
WDEOHDXFLGHVVRXVPRQWUHOHVWDWXWGRPLQDQWGXSRUWGH5RWWHUGDPTXHFHVRLWVXU
O¶HQVHPEOHGHVWUDILFVRXVXUOHVFRQWHQHXUVVSpFLILTXHPHQW
6RXUFH'5($/+16XLYLGHOD'7$±4
/D GLUHFWLRQ JpQpUDOH GHV WUDQVSRUWV D PLV HQ SODFH XQ V\VWqPH GH VXLYL GH OD SDUW GH
PDUFKpGHVPRGHVQRQURXWLHUVSRXUOHVDFKHPLQHPHQWVjGHVWLQDWLRQHWHQSURYHQDQFH
GHVJUDQGVSRUWVPDULWLPHVjO¶H[FOXVLRQGHVPDUFKDQGLVHVDFKHPLQpHVSDUROpRGXFVRX
JD]RGXFV&HWWHSDUWHVWSDVVpHGHjHQWUHHW/DVLWXDWLRQHVW
WUqVYDULDEOHVHORQOHVSRUWVPDLVFHWWHEDLVVHHVWQRWDEOHSRXUOHVSRUWVGX+DYUHHWGH
5RXHQ FRQVpFXWLYHPHQW j OD FKXWH GHV WUDILFV GH YUDFV OLTXLGHV HW VROLGHV TX¶RQW FRQQX
FHVSRUWVGHSXLV
3DUWGHPDUFKpGHVPRGHVQRQURXWLHUVSRXUOHVDFKHPLQHPHQWVGHV*30
'HPDQLqUHSOXVSUpFLVHRQREVHUYHXQGpFOLQGXPRGHIHUURYLDLUHGqVO¶DQQpH
j5RXHQ&HGpFOLQHVWPRLQVPDUTXpHWSOXVWDUGLIVXUOHSRUWGX+DYUH/H
PRGHIOXYLDOFRQQDvWGHVSURJUHVVLRQVDVVH]VLPLODLUHVGDQVOHVGHX[SRUWV
Grand Port Maritime de Rouen –
Répartition modale des trafics susceptibles de pré- et de post-acheminement (tous trafics confondus)
2006
2007
2008
2009
2010
2011
2012
Fer
11,4%
11,3%
6,5%
6,4%
6,2%
5,2%
5,9%
Fluvial
11,6%
13,0%
13,7%
15,0%
16,9%
15,1%
16,8%
Route
77,0%
75,8%
79,8%
78,6%
76,9%
79,7%
77,4%
Modes alternatifs
23,0%
24,2%
20,2%
21,4%
23,1%
20,3%
22,6%
Grand Port Maritime du Havre Répartition modale des trafics susceptibles de pré- et de post-acheminement (tous trafics confondus)
2006
2007
2008
2009
2010
2011
2012
Fer
17,2%
17,3%
18,8%
20,0%
18,7%
15,9%
13,2%
Fluvial
15,8%
17,9%
16,7%
20,2%
17,0%
19,0%
19,8%
Route
67,0%
64,8%
64,4%
59,8%
64,3%
65,1%
67,0%
Modes alternatifs
33,0%
35,2%
35,6%
40,2%
35,7%
34,9%
33,0%
'*,701RWHG¶DQDO\VHGHVSUpHWSRVWDFKHPLQHPHQWVVXUODSpULRGHDRW
&(6(5+DXWH1RUPDQGLH
Grand Port Maritime de Rouen –
Répartition modale des trafics susceptibles de pré- et de post-acheminement (par type de trafic – année 2012)
Marchandises
Vracs liquides
Vracs solides
Conteneurs
diverses (hors
(hors oléoducs)
conteneurs)
Fer
3,4%
8,7%
0,0%
0,0%
Fluvial
3,3%
27,4%
2,0%
11,9%
Route
93,2%
63,9%
98,0%
88,1%
Modes alternatifs
6,8%
36,1%
2,0%
11,9%
Grand Port Maritime du Havre –
Répartition modale des trafics susceptibles de pré- et de post-acheminement (par type de trafic – année 2012)
Marchandises
Vracs liquides
Vracs solides
Conteneurs
diverses (hors
(hors oléoducs)
conteneurs)
Fer
50,4%
11,8%
6,6%
4,2%
Fluvial
49,6%
70,9%
12,8%
5,3%
Route
0,0%
17,2%
80,6%
90,4%
Modes alternatifs
100,0%
82,8%
19,4%
9,5%
'HV UpVXOWDWV j PHWWUH HQ SHUVSHFWLYH DYHF FHX[ GHV DXWUHV SRUWV GX 5DQJH 1RUG
YRLUJUDSKLTXHFLGHVVRXVGRQWOHVSHUIRUPDQFHVHQWHUPHVGHUHSRUWPRGDOVRQW
QHWWHPHQWPHLOOHXUHV
5pSDUWLWLRQPRGDOHGDQVOHVSULQFLSDX[SRUWVGX5DQJH1RUG
6RXUFH+$523$
&HWWH SULVH GH FRQVFLHQFH G¶XQ GpILFLW GH FRPSpWLWLYLWp GHV SRUWV IUDQoDLV HVW
DQFLHQQH /D GHUQLqUH UpIRUPH PHQpH DYDLW SRXU YRFDWLRQ GH UHGUHVVHU OD
VLWXDWLRQPDLVOHVUpVXOWDWVVHIRQWHQFRUHDWWHQGUH'HUQLqUHRSpUDWLRQHQGDWHOD
VWUDWpJLHQDWLRQDOHGHUHODQFHSRUWXDLUHPDLTXLYLVHjIDLUHGHOD)UDQFHXQ
KXEGXFRPPHUFHLQWHUQDWLRQDOHQ(XURSH
/¶DOOLDQFH GHV SRUWV GH 3DULV 5RXHQ HW /H +DYUH GDQV OH FDGUH GX JURXSHPHQW
G¶LQWpUrW pFRQRPLTXH +$523$ HVW O¶XQH GHV LOOXVWUDWLRQV GH OD YRORQWp QRXYHOOH GHV
SRUWV GH IRQFWLRQQHU HQ UpVHDX /¶DPELWLRQ SULQFLSDOH HVW GH IDLUH GH O¶D[H 6HLQH XQ
V\VWqPH ORJLVWLTXH PDMHXU HQ (XURSH /HV SURMHWV VWUDWpJLTXHV G¶+$523$ HW GHV
SRUWVV¶HQIRQWO¶pFKR
OH SURMHW VWUDWpJLTXH ©+$523$ ª YLVH XQH DXJPHQWDWLRQ GH GHV
WUDILFVPDULWLPHVSDUUDSSRUWjVRLW0WHWXQDFFURLVVHPHQWGH
j GH OD SDUW GH PDUFKp GX PXOWLPRGDO VXU OH WUDILF WHUUHVWUH GH
FRQWHQHXU
OH SURMHW VWUDWpJLTXH GX SRUW GX +DYUH VH GRQQH SRXU REMHFWLI GH
SDVVHU GH 0W GH FRQWHQHXUV WUDLWpV HQ j 0W HQ O¶DFWLYLWp
©FRQWHQHXUªGHYUDDWWHLQGUHGHSDUWPRGDOHPDVVLILpH
OHSURMHWVWUDWpJLTXHGXSRUWGH5RXHQSUpYRLWG¶DXJPHQWHUGH
j OHV WUDILFV PDULWLPHV SDU UDSSRUW j SRXU DWWHLQGUH HQWUH HW
0W HQ HW G¶DWWHLQGUH GH SDUW GH PDUFKp SRXU OHV PRGHV
DOWHUQDWLIVjODURXWH
/HVSODWHIRUPHVPXOWLPRGDOHV
(Q)UDQFHOHXUQRPEUHHVWHQFRUHIDLEOHHWSHXVRQWWULPRGDOHV
/HWHUPLQDOPXOWLPRGDOGX*UDQG3RUW0DULWLPHGX+DYUH
/H WHUPLQDO PXOWLPRGDO GX SRUW GX +DYUH GHYUDLW HQWUHU HQ VHUYLFH HQ MXLQ /¶REMHFWLI DIILFKp HVW OH GpYHORSSHPHQW GHV WUDILFV PDVVLILpV IHUURYLDLUHV HW IOXYLDX[
VXUXQODUJHKLQWHUODQGRXHVWHXURSpHQ/DSODWHIRUPHV¶pWHQGVXUXQHHPSULVH
KDDXF°XUGHOD]RQHLQGXVWULDORSRUWXDLUH/DVRFLpWpG¶LQYHVWLVVHPHQWV/+7FR
SRUWHXVHGXSURMHWDYHFOHSRUWDQQRQFHXQHFDSDFLWpGHWUDLWHPHQWGH87,
SDU DQQpH VRLW HQYLURQ FRQWHQHXUV (93 8QH VRFLpWp G¶H[SORLWDWLRQ /H
+DYUH 7HUPLQDO ([SORLWDWLRQ ± /+7( D pWp FUppH SDU OHV RSpUDWHXUV GH WUDQVSRUW
FRPELQp SUpVHQWV VXU OH SRUW SRXU DVVXUHU O¶H[SORLWDWLRQ GH OD SODWHIRUPH 6RQ
DFWLRQQDULDWHVWFRQVWLWXpGH1DYLODQG&DUJR1RYDWUDQV*UHHQPRGDOHW/RJLVHLQH
3DUPLOHVDPELWLRQVRQUHWURXYHODYRORQWpGHIDLUHGHVSRUWVGHVDUFKLWHFWHVGHVROXWLRQVORJLVWLTXHV
IDYRULVDQW OHV PR\HQV PDVVLILpV GH IDYRULVHU O¶LPSODQWDWLRQ G¶DFWLYLWpV LQGXVWULHOOHV j SUR[LPLWp GHV
SRUWVGHUHVSRQVDELOLVHUOHVSRUWVGDQVOHXUIRQFWLRQG¶DPpQDJHXUGHOHXUWHUULWRLUHQRWDPPHQWVXUOH
SODQHQYLURQQHPHQWDO
'RVVLHUGHSUHVVH/+7PDL
&(6(5+DXWH1RUPDQGLH
6RXUFH$XWRULWpHQYLURQQHPHQWDOH$YLVVXUOHSURMHWGHFKDQWLHUPXOWLPRGDO
/H VFKpPD FLGHVVRXV SHUPHW GH ELHQ FRPSUHQGUH O¶RUJDQLVDWLRQ DFWXHOOH GHV
WUDQVSRUWVPDVVLILpVVXUOD]RQHSRUWXDLUHGX+DYUHDLQVLTXHO¶pYROXWLRQSUpYXHXQH
IRLV OH WHUPLQDO RSpUDWLRQQHO QRWD O¶pODERUDWLRQ GX JUDSKLTXH GDWDQW GH FHUWDLQV RSpUDWHXUV SHXYHQW DYRLU FKDQJp &¶HVW SDU H[HPSOH OH FDV GH 1RYDWUDQV
TXLDGHSXLVIHUPpVRQWHUPLQDO
/DIDLEOHVVHGXWUDILFPXOWLPRGDODX+DYUHV¶H[SOLTXHHQGHX[SRLQWV
ODFRQILJXUDWLRQGXVLWH/HVWHUPLQDX[jFRQWHQHXUVVRQWGLVSHUVpVVXUOHSRUW
HQWUH OH SRUW DQFLHQ HW 3RUW &HV GLIIpUHQWV WHUPLQDX[ VRQW GH SHWLWHV
WDLOOHV /HV RSpUDWLRQV GH FROOHFWHV PDVVLILpHV VRQW GRQF IDVWLGLHXVHV HW
FRWHXVHV3DUDLOOHXUVODYDULpWpGHVGHVWLQDWLRQVILQDOHVHPSrFKHG¶RUJDQLVHU
GHV WUDLQV FRPSOHWV GHSXLV FKDFXQ GHV WHUPLQDX[ PDULWLPHV G¶R O¶LGpH GX
UDVVHPEOHPHQW GHV WUDLQV TXHO TXH VRLW O¶RSpUDWHXU HQ XQ PrPH SRLQW /H
PRGH IOXYLDO HVW OXL DXVVL j OD SHLQH GDQV OD PHVXUH R 3RUW Q¶HVW SDV
GLUHFWHPHQW DFFHVVLEOH /HV FRQWHQHXUV WUDQVLWHQW GRQF HQWUH 3RUW HW OH
SRUW DQFLHQ SDU XQH QDYHWWH IHUURYLDLUH TXL HIIHFWXH XQH GL]DLQH GH URWDWLRQV
FKDTXHMRXU
OD SUR[LPLWp GH OD ]RQH GH FKDODQGLVH /H SRUW GHVVHUW PDMRULWDLUHPHQW GHV
VLWHVVLWXpVjPRLQVGHNP(QGHVVRXVGHFHWWHGLVWDQFHOHPRGHURXWLHU
HVWIRUWHPHQWGRPLQDQWFDUVHVSUL[VRQWWUqVFRQFXUUHQWLHOV
/¶pWXGH G¶LPSDFW SUpFLVH TXH ©OHV WUDILFV GH PDUFKDQGLVHV TXL VHURQW RSpUpV VXU OH
VLWH H[LVWHQW GpMj VXU OH SRUW GX +DYUHª TX¶LO V¶DJLVVH GHV PRGHV IOXYLDO HW RX
IHUURYLDLUH ,O V¶DJLW GDYDQWDJH GH ©UpRUJDQLVHU OHV WUDQVSRUWV GH FRQWHQHXUV SRXU
DERXWLU j XQH JHVWLRQ SOXV JOREDOH HW SOXV RSWLPDOHª $ O¶DFKqYHPHQW FRPSOHW GX
$QWHD*URXS(WXGHG¶LPSDFWVXUO¶HQYLURQQHPHQWGXSURMHWGHFKDQWLHUPXOWLPRGDOMXLQ
SURMHW LO HVW SUpYX PRXYHPHQWV GH WUDLQVMRXU VXU OD OLJQH GpGLpH DX IUHW GH OD
]RQHG¶pWXGHFRQWUHDXMRXUG¶KXL
/D FRQMRQFWXUH pFRQRPLTXH GpIDYRUDEOH D UHWDUGp O¶RXYHUWXUH GX WHUPLQDO GH
SOXVLHXUV PRLV OHV 87, DWWHQGXV HQ SUHPLqUH DQQpH G¶H[SORLWDWLRQ Q¶pWDQW
SDVDXUHQGH]YRXV$XWUHIUHLQODUpGXFWLRQGHVDLGHVG¶(WDWDXWUDQVSRUWFRPELQp
SDVVpHVHQGHj¼SDUFRQWHQHXU
/HVDXWUHVSODWHIRUPHVPXOWLPRGDOHV
/D 9DOOpH GH OD 6HLQH FRPSWH G¶DXWUHV SODWHIRUPHV PXOWLPRGDOHV $ O¶pYLGHQFH OHV
WHUPLQDX[ GHV JUDQGV SRUWV PDULWLPHV GH 5RXHQ HW GX +DYUH VRQW WRXV GHV
SODWHIRUPHV PXOWLPRGDOHV GHVVHUYLV SDU DX PRLQV GHX[ PRGHV URXWLHU HW IOXYLR
PDULWLPH/HORQJGHOD6HLQHRQQRWHDXVVLODSUpVHQFHG¶+RQIOHXU3RUW-pU{PH
6DLQW:DQGULOOH/H7UDLW596/3RUW$QJRW/LPD\*HQQHYLOOLHUV«'¶DXWUHVVRQWHQ
SURMHW j O¶LQVWDU GH ©3RUW 6HLQH 0pWURSROHª LQIUDVWUXFWXUH SRUWXDLUH PXOWLPRGDOH
VLWXpHHQSDUWLHVXUODFRPPXQHG¶$FKqUHVPDLVDXVVL6HLQH6XG3LWUHV/H0DQRLU
7KXLW(EHUW 0p]LGRQ&DQRQ« &LWRQV HQILQ OH SURMHW SRUWp SDU (LIIDJH GH FRQVWUXLUH
VXU O¶DQFLHQ VLWH GH OD UDIILQHULH 3HWURSOXV GH 3HWLW&RXURQQH XQH SODWHIRUPH
ORJLVWLTXHPXOWLPRGDOH VpFXULVpH GHVWLQpH DX[ LQGXVWULHOV HW j OD JUDQGH GLVWULEXWLRQ
OLYUDLVRQSUpYXHDXHUWULPHVWUH
2Q QH FRPSWH SOXV HQ UHYDQFKH OHV SODWHIRUPHV ORJLVWLTXHV PRQRPRGDOHV GRQW OH
VXFFqVHVWVRXYHQWDXUHQGH]YRXV$LQVLj%RXUJ$FKDUGDXFURLVHPHQWGHO¶$HW
GH O¶$ OH SDUF G¶DFWLYLWp GX 5RXPRLV QH GpVHPSOLW SDV /DQFpH SDU OD
FRPPXQDXWp GH FRPPXQHV GX 5RXPRLV 1RUG GH QRPEUHXVHV HQWUHSULVHV GH
WUDQVSRUW URXWLHU V¶\ VRQW GpMj LQVWDOOpHV 3UqV GH OD PRLWLp GH OD VXUIDFH WRWDOH KD HVW GpGLpH DX[ DFWLYLWpV ORJLVWLTXHV /D FUpDWLRQ D pWp UpDOLVpH VRXV OD IRUPH
G¶XQH]RQHG¶DFWLYLWpFRQFHUWpH=$&GH4XLFDQJURJQH
,ELG
/H0DULQMDQYLHU
*pUp HQ SDUWHQDULDW DYHF OD &&, GX 3D\V G¶$XJH FHWWH SODWHIRUPH HVW FRQQXH VRXV OH QRP GH SDUF
G¶DFWLYLWp&DOYDGRV+RQIOHXU
/HVLWHUHJURXSHOHVSODWHIRUPHVGLWHV©3RUW-pU{PHªTXLFRPSUHQGQRWDPPHQWODUDIILQHULH([[RQ
0RELOHW©3RUW-pU{PHªDYHFOHWHUPLQDOSRUWXDLUHGH5DGLFDWHO
(PEUDQFKpIHUOHVLWHHVWLQVWDOOpMXVWHHQDPRQWGX3RQWGH%URWRQQH
$GRVVpH DX WHUPLQDO ©FRQWHQHXUV HW PDUFKDQGLVHV GLYHUVHVª GH *UDQG&RXURQQH 5RXHQ 9DOOpH GH
6HLQH/RJLVWLTXH596/HVWO¶XQHGHVUDUHVSODWHIRUPHVTXDGULPRGDOHVGHODUpJLRQ
*pUpSDUOD&&,G¶(OEHXIOHVLWHDJpQpUpWGHWUDILFSRXUO¶DQQpH
3URMHW GH =$& KD SRUWp SDU OD &5($ VXU OHV FRPPXQHV G¶2LVVHO 6DLQW(WLHQQHGX5RXYUD\ HW
6RWWHYLOOH/qV5RXHQ ,O UHSRVH VXU OD UHFRQYHUVLRQ GH IULFKHV LQGXVWULHOOHV &RW GH O¶DPpQDJHPHQW
0¼ /HV WUDYDX[ HW OD FRPPHUFLDOLVDWLRQ GHV SDUFHOOHV GHYUDLHQW GpPDUUHU FRXUDQW DYHF
O¶DPpQDJHPHQWGHOD=$&GX+DODJHKDj6DLQW(WLHQQHGX5RXYUD\HWOD=$&GHOD6DEORQQLqUH
KDj2LVVHO
6XLWHjODUHSULVHGHODSDSqWHULHG¶$OL]D\SDUOHJURXSH'RXEOH$OH*305DDQQRQFpODFRQVWUXFWLRQ
G¶XQWHUPLQDOIOXYLDOj$OL]D\ILQDQFpSDUOH&3,(5jKDXWHXUGHPLOOLRQVG¶HXURV
/HV]RQHVG¶DFWLYLWpVDUWLVDQDOHVLQGXVWULHOOHVFRPPHUFLDOHVSRUWXDLUHVHWFVRQWGHVVLWHVUpVHUYpV
j O¶LPSODQWDWLRQ G¶HQWUHSULVHV JpUpV SDU XQH FROOHFWLYLWp SXEOLTXH VXU OH WHUULWRLUH GH ODTXHOOH HOOHV VRQW
LPSODQWpHV (OOHV VRQW JpQpUDOHPHQW SODFpHV VRXV OH UpJLPH MXULGLTXH GH OD =$& ]RQH G¶DPpQDJHPHQW
FRQFHUWpH
/HV =$& VRQW GHV RSpUDWLRQV SXEOLTXHV G¶DPpQDJHPHQW DUW / GX FRGH GH O¶XUEDQLVPH (OOHV
SHUPHWWHQW j XQH FROOHFWLYLWp SXEOLTXH G¶HQJDJHU XQH RSpUDWLRQ LPSRUWDQWH FRPSOqWH HW FRKpUHQWH
G¶DPpQDJHPHQWGHO¶HVSDFHVRXUFH&(578
&(6(5+DXWH1RUPDQGLH
'¶DXWUHVPRGqOHVYLVDQWjSURPRXYRLUODPDVVLILFDWLRQGHVPDUFKDQGLVHVH[LVWHQW$
%RORJQH HQ ,WDOLH XQ VLWH EDSWLVp © ,QWHUSRUWRª DOOLH OH FRQFHSW GH SODWHIRUPH
ORJLVWLTXHHWGHSODWHIRUPHPXOWLPRGDOHHQSURSRVDQWDXF°XUGHOD3ODLQHGX3R
GX IRQFLHU GpGLp DX VWRFNDJH GHV PDUFKDQGLVHV FRPELQp j XQ KDXWQLYHDX GH
VHUYLFHV ORJLVWLTXHV /¶HPEUDQFKHPHQW IHU HW GHV GHVWLQDWLRQV YHUV O¶(XURSH HQWLqUH
OD VpFXULWp HW OHV VHUYLFHV UHVWDXUDWLRQ FDUEXUDQWV« DX[ WUDQVSRUWHXUV VRQW OHV
DWRXWVPDMHXUVGHFHWWHLQIUDVWUXFWXUH
/HVLPSODQWDWLRQVORJLVWLTXHV
/¶RUJDQLVDWLRQ ORJLVWLTXH DFWXHOOH GpWHUPLQH HQ JUDQGH SDUWLH OH FKRL[ GX PRGH GH
WUDQVSRUWV/HVFRWVGHVWRFNDJHHWO¶H[LJHQFHGHUDSLGLWpGDQVOHVOLYUDLVRQVRQWIDLW
GX©MXVWHjWHPSVªOHSULQFLSHGHUpIpUHQFHGHODORJLVWLTXHPRGHUQH/DGHPDQGH
FURLVVDQWH GHV FKDUJHXUV HQ IDYHXU GH FRQYRLV GH SHWLWHV WDLOOHV VRXYHQW QRQ
SURJUDPPDEOHV RQW SURSXOVp OD URXWH DX UDQJ GH PRGH XOWUDGRPLQDQW SRXU
O¶DFKHPLQHPHQWGHVPDUFKDQGLVHV
&RQVpTXHQFH GH FHWWH RUJDQLVDWLRQ OH WHUULWRLUH V¶HVW SURJUHVVLYHPHQW FRXYHUW
G¶HQWUHS{WV TXL UpSRQGHQW DX[ H[LJHQFHV ORJLVWLTXHV SODWHIRUPHV ORJLVWLTXHV
HQWUHS{WVGHFURVVGRFNLQJHQWUHS{WVIULJRULILTXHV«9RLUFDUWHFLDSUqV
/¶HVSDFHORJLVWLTXHGHO¶D[H6HLQH
6RXUFH//HYrTXHHWDOLL/HSDVVDJHSRUWXDLUH
*pQpUDOHPHQWVLWXpHVjSUR[LPLWpGHVOLHX[GHGLVWULEXWLRQRXG¶XQQ°XGLQIUDVWUXFWXUHOPDMHXU
(QWUHS{WV FRQVWLWXpV GH TXDLV GLVSRVpV HQ YLVjYLV HW G¶XQH ]RQH WDPSRQ GH VWRFNDJH DX FHQWUH ,OV
SHUPHWWHQW GH FRQVROLGHU VXU XQ PrPH OLHX GHV SURGXLWV GH IRXUQLVVHXUV HW GH GHVWLQDWLRQV ILQDOHV
GLIIpUHQWHVVRXUFH//HYrTXHHWDOLL/HSDVVDJHSRUWXDLUH
/DSODWHIRUPHORJLVWLTXHGpILQLWLRQ
6RXYHQWHPSOR\pSRXUGpVLJQHUGHVUpDOLWpVGLIIpUHQWHVOHWHUPHGHSODWHIRUPHORJLVWLTXHUHFRXYUH
SRXUWDQWXQHVLWXDWLRQSUpFLVH$LQVL
O¶pWDEOLVVHPHQW RX O¶HQWUHS{W HVW OH OLHX GH VWRFNDJH FRQVWUXLW SDU XQ LQGXVWULHO RX XQ
RSpUDWHXUORJLVWLTXH
OD SODWHIRUPH ORJLVWLTXH HVW XQ VLWH VSpFLDOHPHQW DPpQDJp SRXU DFFXHLOOLU GHV DFWLYLWpV
ORJLVWLTXHVJpQpUDOHPHQWVRXVODIRUPHGH]RQHG¶DPpQDJHPHQWFRQFHUWp=$&GRQWWRXW
RX SDUWLH HVW GpGLp j OD ORJLVWLTXH O¶DPpQDJHXU HVW HQ JpQpUDO XQH FROOHFWLYLWp ORFDOH
&HUWDLQHVSHXYHQWrWUHPXOWLPRGDOHV
OHS{OHORJLVWLTXHHVWXQHFRQFHQWUDWLRQGHSOXVLHXUVSODWHIRUPHVORJLVWLTXHVGDQVXQPrPH
SpULPqWUH
/¶2EVHUYDWRLUHORJLVWLTXH3DULV6HLQH1RUPDQGLHPLVHQSODFHSDU/61IDLWpWDWHQGH
KDGHIRQFLHUORJLVWLTXHGLVSRQLEOHVXU]RQHVG¶DFWLYLWpV
6RXUFH//HYHTXH805,'((6
/RJLVWLTXHXUEDLQH
/D ORJLVWLTXH XUEDLQH HVW OD IDoRQ G¶DFKHPLQHU GDQV OHV PHLOOHXUHV FRQGLWLRQV OHV
IOX[ GH PDUFKDQGLVHV TXL HQWUHQW VRUWHQW HW FLUFXOHQW GDQV OD YLOOH &HV FRQGLWLRQV
&(6(5+DXWH1RUPDQGLH
LQWqJUHQWGHVSUREOpPDWLTXHVGHVpFXULWpGHSDUWDJHGHODYRLULHGHFRQJHVWLRQGH
EUXLWRXGHSROOXWLRQ
'HV RXWLOV YDULpV RQW GpMj pWp H[SpULPHQWpV DYHF SOXV RX PRLQV GH VXFFqV HQ
IRQFWLRQGHVWHUULWRLUHV
FHQWUHGHGLVWULEXWLRQGpJURXSDJHXUEDLQ&'8
SRLQWG¶DFFXHLOGHVPDUFKDQGLVHV3$0RXEXUHDX[GHYLOOHH[SRLQWVUHODLV
FROLVGH.LDOD
HVSDFHGHOLYUDLVRQGHSUR[LPLWp(/3
FRQVLJQHXUEDLQHRXERvWHORJLVWLTXHXUEDLQH%/8
OLYUDLVRQGHFROLVHQWUDQVSRUWVHQFRPPXQ
/HV VHUYLFHV GH ORJLVWLTXH XUEDLQH H[LVWDQW HQ )UDQFH VRQW VHORQ O¶$'(0(
PDMRULWDLUHPHQW G¶LQLWLDWLYHV SULYpHV 1pDQPRLQV OHV H[SpULHQFHV UHOHYpHV GH
JRXYHUQDQFH SURXYHQW TXH OHV SDUWHQDULDWV HQWUH DFWHXUV SXEOLFV HW SULYpV VRQW
LQGLVSHQVDEOHV
(Q XQH pWXGH VXU O¶LPSODQWDWLRQ G¶XQ &'8 j 5RXHQ D SHUPLV GH GpJDJHU
TXHOTXHV pOpPHQWV G¶pWDW GHV OLHX[ GH O¶DFWLYLWp PHVVDJHULH GDQV O¶K\SHUFHQWUH
URXHQQDLV ULYH GURLWH HW ULYH JDXFKH HQYLURQ W GH PDUFKDQGLVHV VRQW
DFKHPLQpHV FKDTXH MRXU SDU YpKLFXOHV SULQFLSDOHPHQW j GHVWLQDWLRQ GHV
FRPPHUoDQWV HW GDQV XQH ODUJH PHVXUH HQWUH K HW K OH PDWLQ /¶pWXGH D
SRXUWDQWFRQFOXDXPDQTXHGHSHUWLQHQFHWDQWVXUOHSODQWHFKQLTXHTX¶pFRQRPLTXH
G¶XQH WHOOH LPSODQWDWLRQ j 5RXHQ (Q FDXVH GHV SUREOpPDWLTXHV GH UHVSRQVDELOLWp
TXDQG OD SODWHIRUPH GH GpJURXSDJH HVW H[SORLWpH SDU XQH DXWUH HQWLWp TXH OH
WUDQVSRUWHXUOXLPrPH
6RXUFH$'(0(
(QWUHHWjO¶RFFDVLRQGHVWUDYDX[GX7(25XQHH[SpULHQFHG¶(/3©/D3HWLWH5HLQHªDpWp
FRQGXLWH j 5RXHQ SRXU LQVWDOOHU XQ VHUYLFH GH OLYUDLVRQV WHUPLQDOHV SDU YpOR pOHFWULTXHV SRXYDQW
WUDQVSRUWHUMXVTX¶jNJGHPDUFKDQGLVHV/HVHUYLFHDpWpSpUHQQLVpPDLVV¶HVWLQWHUURPSXHQ
IDFHDXPDQTXHGHUHQWDELOLWp
2SWLPLVDWLRQGXWUDQVSRUWGHPDUFKDQGLVHVHQYLOOHHQ+DXWH1RUPDQGLHGpF
/D PHVVDJHULH HVW XQ VHFWHXU GX WUDQVSRUW GH PDUFKDQGLVHV TXL WUDLWH OHV HQYRLV GH PRLQV GH WURLV
WRQQHV FRQVWLWXpV GH FROLV IDLVDQW O¶REMHW j OD IRLV G¶XQ JURXSDJH VXU XQ TXDL G¶XQ WUDQVSRUW G¶XQ
GpJURXSDJHHWG¶XQHRSpUDWLRQGHGLVWULEXWLRQVRXUFHO¶8VLQH1RXYHOOH
3DUWLH
/HVPRGHVGHWUDQVSRUWjOD
ORXSH
&KDSLWUH
/DURXWHYRLHUR\DOHGXIUHW
3RXUWHQWHUGHOLPLWHUOHGpILFLWFURLVVDQWGXFKHPLQGHIHUO¶(WDWMHWWHOHVEDVHVGDQV
OHV DQQpHV G¶XQ HQFDGUHPHQW VWULFW GX VHFWHXU GX WUDQVSRUW URXWLHU GH
PDUFKDQGLVHV TXL VH WUDGXLUD DSUqVJXHUUH SDU XQ FRQWLQJHQWHPHQW GHV OLFHQFHV HW
OH V\VWqPH GH OD WDULILFDWLRQ URXWLqUH REOLJDWRLUH 752 TXL SHUPHWWDLW j
O¶DGPLQLVWUDWLRQGHIL[HUOHSUL[GXWUDQVSRUW/DOLEpUDOLVDWLRQLQWHUYLHQWWRXWDXORQJ
GHVDQQpHVHQWUDvQDQWXQHIRUWHFRQFXUUHQFHHQWUHOHVQRXYHOOHVHQWUHSULVHVHW
XQH GpJUDGDWLRQ GHV FRQGLWLRQV GH WUDYDLO HW GH VpFXULWp 8Q FRQVWDW DFWp SDU OH
©FRQWUDW GH SURJUqVª GH PDUV TXL RXYUH OD SRUWH j XQ HQFDGUHPHQW GX
VHFWHXU R OH SUL[ GX WUDQVSRUW UHVWH OLEUH PDLV R O¶(WDW UpJOHPHQWH OHV FRQGLWLRQV
G¶DFFqVjODSURIHVVLRQHWFRQWU{OHOHVWHPSVGHFRQGXLWH
*pQpUDOLWpVVXUOHWUDQVSRUWURXWLHUGHPDUFKDQGLVHV
/HWUDQVSRUWLQWpULHXUURXWLHUGHPDUFKDQGLVHVSURJUHVVHGHHQDSUqVXQH
EDLVVH WUqV IRUWH HQ /D URXWH GRPLQH WRXMRXUV WUqV ODUJHPHQW OH
WUDQVSRUW GH PDUFKDQGLVHV HQ PDLV VD SDUW VHPEOH OpJqUHPHQW
V¶LQIOpFKLUGHSXLV
6RXUFH&&71
/DWHQGDQFHHVWLGHQWLTXHHQ+DXWH1RUPDQGLHROHWUDILFURXWLHUGHPDUFKDQGLVHV
Q¶DMDPDLVUHWURXYpOHVQLYHDX[DWWHLQWVHQYRLUWDEOHDXFLDSUqV
&ODXGH$EUDKDP3RXUXQHUpJXODWLRQGXUDEOHGXWUDQVSRUWURXWLHUGHPDUFKDQGLVHV
&(6(5+DXWH1RUPDQGLH
6DQV VXUSULVH OHV FRXUWHV GLVWDQFHV VRQW SULYLOpJLpHV SXLVTXH OD +DXWH1RUPDQGLH
pFKDQJH EHDXFRXS DYHF OHV UpJLRQV OLPLWURSKHV ,OHGH)UDQFH HW 3LFDUGLH
QRWDPPHQW
/D+DXWH1RUPDQGLHFRPSWHNPG¶DXWRURXWHVDXHUMDQYLHUVRLWGX
UpVHDX IUDQoDLV 3OXV JpQpUDOHPHQW OH UpVHDX DXWRURXWLHU GH O¶D[H 6HLQH GRQW OD
FRORQQHYHUWpEUDOHHVWO¶$HVWJpUpSDUOD6RFLpWpGHV$XWRURXWHV3DULV1RUPDQGLH
6$31 /D &RXU GHV &RPSWHV GDQV O¶XQ GH VHV GHUQLHUV UDSSRUWV D YLYHPHQW
FULWLTXp FHUWDLQHV pYROXWLRQV OLpHV DX[ PpFDQLVPHV GH SpDJHV QRWDPPHQW OHXU OLHQ
DYHF OH FRW G¶H[SORLWDWLRQ UpHO GHV DXWRURXWHV /D &RXU QRWH DLQVL TXH OD 6$31 D
UHOHYp OHV WDULIV GH O¶$ HQ PR\HQQH GH SDU DQ GHSXLV HW TX¶HOOH
DSSOLTXH VXU FHUWDLQV WURQoRQV GHV WDULIV LGHQWLTXHV DX[ SRLGV ORXUGV HW DX[
YpKLFXOHV OpJHUV &HWWH GHUQLqUH REVHUYDWLRQ SRVH OD TXHVWLRQ GX MXVWH SDLHPHQW GH
O¶LQIUDVWUXFWXUHSDUO¶XWLOLVDWHXUHQIRQFWLRQGHVFRWVG¶HQWUHWLHQJpQpUpVYRLUDXVVL
OHFKDSLWUHVXUO¶pFRWD[HSRLGVORXUGV
'DQVXQHpWXGHVXUODFRXYHUWXUHGXFRWGHVLQIUDVWUXFWXUHVURXWLqUHVOH0LQLVWqUH
GHV WUDQVSRUWV D SURFpGp j O¶pYDOXDWLRQ GHV FRWV FRPSOHWV UDWLRQ UHFHWWHVFRWV
VXUGLIIpUHQWHVVHFWLRQVURXWLqUHV
VXU O¶HQVHPEOH GX UpVHDX QDWLRQDO FRQFpGp HW QRQFRQFpGp OH WUDQVSRUW
URXWLHU GH PDUFKDQGLVHV FRXYUH GHV FRWV FRPSOHWVFRQWUH SRXU
OHVYpKLFXOHVOpJHUV
VXUO¶HQVHPEOHGHVUpVHDX[URXWLHUVQDWLRQDX[HWORFDX[XQHVRXVWDULILFDWLRQ
QHWWH GX WUDQVSRUW URXWLHU GH PDUFKDQGLVHV DSSDUDvW SXLVTXH OHV SRLGVORXUGV
QHFRXYUHQWSOXVTXHGHVFRWVFRPSOHWVFRQWUHSRXUOHVYpKLFXOHV
OpJHUV
/HFRQWRXUQHPHQW(VWGHO¶DJJORPpUDWLRQURXHQQDLVH
3DUPL OHV SURMHWV URXWLHUV HQ FRXUV VXU OH WHUULWRLUH OD OLDLVRQ $$ FRQFHUQH DX
SUHPLHU SODQ OH WUDQVSRUW GH PDUFKDQGLVHV 6HORQ OH PDvWUH G¶RXYUDJH HQ
O¶RFFXUUHQFH O¶(WDW FHWWH QRXYHOOH LQIUDVWUXFWXUH GRLW SHUPHWWUH GH GpWRXUQHU OHV
WUDILFV GH WUDQVLW TXL WUDYHUVHQW DXMRXUG¶KXL OH F°XU GH O¶DJJORPpUDWLRQ URXHQQDLVH
/DVROXWLRQSURSRVpHFRQVLVWHHQODFUpDWLRQG¶XQHOLDLVRQDXWRURXWLqUHUHOLDQWO¶$j
O¶$DYHFXQEDUUHDXGHUDFFRUGHPHQWVXUOD5'jKDXWHXUGXFDUUHIRXUGLWGX
©URQGSRLQW DX[ YDFKHVª /D UpDOLVDWLRQ HVW HVWLPpH j PLOOLDUG ¼ SRXU XQH
/¶RXYHUWXUH GX FDSLWDO SXLV OD SULYDWLVDWLRQ GHV DXWRULWpV JHVWLRQQDLUHV GHV DXWRURXWHV
IUDQoDLVHVRQWSURIRQGpPHQWPRGLILpODUHODWLRQHQWUHO¶eWDWTXLHVWSURSULpWDLUHGHO¶LQIUDVWUXFWXUHHWOHV
RSpUDWHXUVTXLHQDVVXUHQWODJHVWLRQ
&RXUGHV&RPSWHV5DSSRUWSXEOLFDQQXHO
0(7/70&RXYHUWXUHGHVFRWVGHVLQIUDVWUXFWXUHVURXWLqUHVVHSWHPEUH
RXYHUWXUH SUpYXH HQ 6HORQ OHV VHFWHXUV j YpKLFXOHV SDU MRXU VRQW
DWWHQGXV
3DUPLOHVREMHFWLIVGXSURMHWGHOLDLVRQ$$
GpFRQJHVWLRQQHU O¶HQVHPEOH GHV D[HV URXWLHUV GH OD SDUWLH (VW GH
O¶DJJORPpUDWLRQ URXHQQDLVH QRWDPPHQW OH WXQQHO GH OD *UDQG0DUH YpKLFXOHVMRXU GRQW GH SRLGVORXUGV 'HV ERXFKRQV UpFXUUHQWV VH
IRUPHQW DX[ KHXUHV GH SRLQWHV GH O¶DYDO GX WXQQHO MXVTX¶DX 3RQW 0DWKLOGH
YpKLFXOHVMRXUHQWUDvQDQWODIHUPHWXUHGXWXQQHOSRXUGHVUDLVRQVGH
VpFXULWp HQYLURQ IRLV SDU DQ /HV SUpYLVLRQV IRQW pWDWGH FDPLRQV HQ
PRLQVSDUMRXUGDQVOHWXQQHOXQHIRLVOHFRQWRXUQHPHQWUpDOLVp
GpWRXUQHU OH WUDILF GH WUDQVLW GH OD YRLULH ORFDOH '¶DSUqV OH &(7( 1RUPDQGLH
&HQWUHGHVWUDILFVGHSRLGVORXUGVHQWUDQVLWTXLHPSUXQWHQWOHF°XUGH
O¶DJJORPpUDWLRQVRQWVXFHSWLEOHVG¶rWUHFDSWpVSDUOHSURMHW
RULHQWHU OHV WUDILFV OLpV DX[ ]RQHV SRUWXDLUHV HW ORJLVWLTXHV YHUV GHV D[HV
VpFXULVpV/¶DFFLGHQWG¶XQFDPLRQG¶K\GURFDUEXUHVXUOH3RQW0DWKLOGHHVWYHQX
UDSSHOHUOHVGDQJHUVGHFHVWUDILFVHQWUDQVLWSRXUOHF°XUG¶DJJORPpUDWLRQ
(FDUWVGHWUDILFVMRXUQDOLHUGHVSRLGVORXUGVj
O¶KRUL]RQGHPLVHHQVHUYLFHGXSURMHW
6RXUFH'5($/+DXWH1RUPDQGLH
,O VHPEOH TXH OD FRQVWUXFWLRQ GX 3RQW )ODXEHUW RXYHUW HQ YpKLFXOHVMRXU j O¶RXHVW GH
5RXHQQ¶DLWSDVSHUPLVGHUpVRUEHUODFRQJHVWLRQGHO¶DJJORPpUDWLRQGDQVVDSDUWLH(VWOHVWUDILFVGHOD
51GHOD5'HWGX3RQW0DWKLOGHDXJPHQWHQWGHSXLV
&KDSLWUH
/DUHGpFRXYHUWHGXIOHXYH
2Q REVHUYH XQH OpJqUH SURJUHVVLRQ GH O¶DFWLYLWp IOXYLDOH GHSXLV TXHOTXHV DQQpHV /D
W\SRORJLH GHV SURGXLWV WUDQVSRUWpV pYROXH DXWUHIRLV FDQWRQQp DX[ SRQGpUHX[
PDWpULDX[SRXUOH%73FpUpDOHV«OHIOXYLDOLQYHVWLWOHPRQGHGXFRQWHQHXUHWGHV
SURGXLWVUHF\FODEOHV
6XUOHEDVVLQGHOD6HLQHO¶DFWLYLWpUHVWHG\QDPLTXHDYHFXQHSURJUHVVLRQHQDQV
GHHQWNPHWGHHQWRQQHVWUDQVSRUWpHV/¶DFWLYLWpFRQWHQHXUWRXMRXUVDX
HUDQJGHVSURGXLWVWUDQVSRUWpVDFHVVpVDSURJUHVVLRQHQDYHFXQWRWDOGH
(93WUDQVSRUWpV
/HVDWRXWVGXPRGHIOXYLDOVRQWQRPEUHX[XQFRQYRLIOXYLDOpTXLYDXWjFDPLRQV
HQPRLQV VXU OHVURXWHV LOFRQVRPPH IRLV PRLQVGH FDUEXUDQW HWUHMHWWH IRLV
PRLQVGH&2TXHOHWUDQVSRUWURXWLHU
6XSSO\&KDLQ0DJD]LQH7UDQVSRUWPRGDOGHVLQIUDVWUXFWXUHVjGpYHORSSHUQGpFHPEUH
(YROXWLRQGXWUDILFIOXYLDOVXUOHEDVVLQGHOD6HLQH
6RXUFH91)
/¶HQJRXHPHQWUpFHQWSRXUOHIOXYLDOSHXWV¶H[SOLTXHUSDU
OH GpYHORSSHPHQW GHV SODWHIRUPHV SRUWXDLUHV VXU OD 6HLQH j /LPD\ RX
*HQQHYLOOLHUV
O¶DSSDULWLRQGHQDYHWWHVFRQWHQHXUVUpJXOLqUHV0DUIUHW/RJL6HLQH06&HWF
GRQWXQHUHMRLQWGLUHFWHPHQW3RUW)OXYLR)HHGHUH[SORLWpSDU0DUIUHWDX[
F{WpVGHO¶DUPHPHQW0DHUVN
/D6HLQH
/D6HLQHHVWXQIOHXYHQDYLJDEOHGHO¶(VWXDLUHMXVTX¶j7UR\HV91)HVWUHVSRQVDEOHGX
UpVHDXMXVTX¶DXSRQW%RLHOGLHXj5RXHQ&RPPHQFHHQVXLWHODSDUWLHPDULWLPHGHOD
6HLQHSODFpHVRXVODUHVSRQVDELOLWpGXSRUWGH5RXHQ/D%DVVH6HLQHHQWUH5RXHQ
HW/H+DYUHHVWDFFHVVLEOHDX[QDYLUHVGHKDXWHPHUHWRIIUHXQWLUDQWG¶HDXGH
PqWUHV/HIOHXYHHVWFRQVWDPPHQWGUDJXpSRXUPDLQWHQLUFHWWHSURIRQGHXU
(QWUH5RXHQHW3DULVOD6HLQHDpWpDPpQDJpHDXHVLqFOH&HODVHWUDGXLWSDUVHSW
EDUUDJHV pFOXVpV 3RVHV$PIUHYLOOHVRXVOHV0RQWV 1RWUH'DPHGHOD*DUHQQH
0pULFRXUW$QGUpV\%RXJLYDO&KDWRXHW6XUHVQHV/HVDXWRPRWHXUVOHVFRQYRLVGH
EDUJHVSRXVVpHVRXGHVFDERWHXUVIOXYLRPDULWLPHVSHXYHQW\QDYLJXHU/HVDFWLRQV
SUpYXHV DX &3(5 RQW SHUPLV OD PRGHUQLVDWLRQ GHV RXYUDJHV pFOXVHV HW
EDUUDJHV GH OD 6HLQH$YDO 3RVHV HW 1RWUH'DPHGHOD*DUHQQH 'H QRXYHOOHV
RSpUDWLRQVG¶HQWUHWLHQRXG¶DPpOLRUDWLRQVRQWLQVFULWHVGDQVOH&3,(5
/D SULQFLSDOH GLIILFXOWp GH QDYLJDWLRQ WLHQW j O¶DEVHQFH GH OLDLVRQ GLUHFWH HQWUH 3RUW
HW OH IOHXYH /HV FRQGLWLRQV GH QDYLJDWLRQ HVWXDULHQQH pWDQW VRXPLVHV j GHV
3DUPLOHVRSpUDWLRQV LQVFULWHVUHKDXVVHPHQWGH ODSDVVHUHOOHGH3RVHV$PIUHYLOOH0¼pFOXVHV
GH1RWUH'DPHGHOD*DUHQQH0¼VXSSUHVVLRQGHODSRUWHOHYDQWH1'*0¼DOORQJHPHQW
GH O¶pFOXVH G¶$PIUHYLOOH 0¼ EDUUDJH GH 3RVHV 0¼ EDUUDJH GH 3RUW 0RUW 0¼
UpJpQpUDWLRQG¶RXYUDJHVHQVHUYLFHV0¼pFOXVHVGH6XUHVQHV%RXJLYDOHW0pULFRXUW0¼
EDUUDJHVGH6XUHVQHV%RXJLYDO0pULFRXUW$QGUpV\0¼
&(6(5+DXWH1RUPDQGLH
UqJOHV VSpFLILTXHV XQ FRQYRL GH EDUJHV VWDQGDUG QH SHXW SDV FLUFXOHU GLUHFWHPHQW
QLSDUODYRLH1RUGQLSDUODYRLH6XGYHUV3RUW&HVUHVWULFWLRQVLPSRVHQW
XQ SDVVDJH SDU OH &DQDO GH 7DQFDUYLOOH GRQW OHV SUREOqPHV G¶HQJRUJHPHQW
VRQWFRQQXVO¶pFOXVHQ¶pWDQWRXYHUWHTXHKVXU
XQ GpFKDUJHPHQW GH OD PDUFKDQGLVH VXU OH TXDL IOXYLDO GX WHUPLQDO GH
O¶(XURSH SXLV XQ DFKHPLQHPHQW MXVTX¶j 3RUW YLD OH VHUYLFH IHUURYLDLUH
RSpUpSDUOD6$,7+
/HV RSpUDWHXUV IOXYLDX[ FRQWRXUQHQW DXMRXUG¶KXL OH SUREOqPH SXLVTXH OD SOXSDUW RQW
IDLW O¶DFTXLVLWLRQ G¶DXWRPRWHXUV VSpFLILTXHV FDSDEOHV GH QDYLJXHU HQ PHU PDLV OHXU
FRWGHO¶RUGUHGHPLOOLRQV¼SLqFHHWOHVIUDLVGHPDLQWHQDQFHDIIpUHQWVSODLGHQW
DXVVLHQIDYHXUGHO¶XWLOLVDWLRQGHEDWHDX[HWGHEDUJHVFODVVLTXHV'¶DSUqVOHSRUWGX
+DYUHOHWHUPLQDOPXOWLPRGDOHQFRXUVG¶DFKqYHPHQWGHYUDLWUpVRXGUHODSOXSDUWGHV
GLIILFXOWpV
$XWUHVROXWLRQODFRQVWUXFWLRQG¶XQHFKDWLqUHXQHEUqFKHjO¶RXHVWGHVHQWUHS{WVGH
OD&,0GRQWOHSULQFLSHHVWWRXMRXUVjO¶pWXGH/¶RXYUDJHSHUPHWWUDLWOHSDVVDJHGHV
EDUJHV HW DXWUHV HQJLQV IOXYLDX[ TXHOOH TXH VRLW OHXU FDWpJRULH HQWUH OH SRUW
KLVWRULTXH HW 3RUW /D VHXOH UHVWULFWLRQ FRQFHUQHUDLW GH PDXYDLVHV FRQGLWLRQV
PpWpRKRXOHHWHPSrFKHUDLWOHSDVVDJHjMRXUVSDUDQ/HSRUWGX+DYUHQ¶HVW
SDV IDYRUDEOH j FHWWH VROXWLRQ GDQV OD PHVXUH R HOOH REpUHUDLW XQH pYHQWXHOOH
SURORQJDWLRQGH3RUWOHORQJGHODGLJXHQRUG
/HUpJLPHGHVHDX[HVWXDULHQQHVHVWFRPSOH[HFDULOPpODQJHGHVUqJOHVG¶RULJLQHVYDULpHV'HPDQLqUH
JpQpUDOHXQHREOLJDWLRQGHSLORWDJHHVWLPSRVpHVXUOHVHDX[IOXYLRPDULWLPHV(Q)UDQFHFHWWHREOLJDWLRQ
HVWLPSRVpHSDUOHGpFUHWDUW&¶HVWHQVXLWHDX[SUpIHWVGHUpJLRQG¶LQVWDXUHUO¶REOLJDWLRQGH
SLORWDJH 6XU OD 6HLQH OH SLORWDJH HVW REOLJDWRLUH SRXU OHV EDWHDX[ FRQYRLV HW DXWUHV HQJLQV IORWWDQWV
IOXYLDX[TXLQDYLJXHQWGDQVO¶(VWXDLUHHWVXUOD6HLQHMXVTX¶DXSRQW-HDQQHG¶$UFSUHPLHUREVWDFOHjOD
QDYLJDWLRQ UHQFRQWUp SDU OHV QDYLUHV 0DLV GHV H[HPSWLRQV VRQW SUpYXHV DLQVL FHUWDLQV EDWHDX[
SHXYHQW rWUH DIIUDQFKLV GH O¶REOLJDWLRQ GH SUHQGUH XQ SLORWH j FRQGLWLRQ TXH OH FRQGXFWHXU DLW GpMj XQH
OLFHQFHGHSDWURQSLORWHGpOLYUpHSDUOHSUpIHWGXGpSDUWHPHQW/¶REWHQWLRQGHFHWWHOLFHQFHHVWUpVHUYpH
DX[ WLWXODLUHV GX FHUWLILFDW GH FRQGXLWH HXURSpHQ GX JURXSH $ XQ FHUWLILFDW TXL SHUPHW GH QDYLJXHU VXU
WRXWHVOHVYRLHVG¶HDXHXURSpHQQHV\FRPSULVOHVYRLHVPDULWLPHV&HWWHFRQGLWLRQHVWFRQWHVWpHSDUOHV
DUPDWHXUVIOXYLDX[GDQVODPHVXUHRODGLUHFWLYHHXURSpHQQHQHFODVVHSDVOD6HLQHSDUPL OHV
YRLHVPDULWLPHVHWTXHODFRQGXLWHGHVEDWHDX[VXUFHIOHXYHQHUHTXLHUWGRQFTX¶XQFHUWLILFDWGXJURXSH
% 3DUDOOqOHPHQW OHV DUPHPHQWV IOXYLDX[ FRQVLGqUHQW TXH OH FHUWLILFDW GH FRQGXLWH HXURSpHQ OHXU HVW
VXIILVDQWSRXUQDYLJXHUVXUOD6HLQHVDQVODFRQWUDLQWHGXSLORWDJH6RXUFH,'((5,6&
(QOH&RPLWpLQWHUPLQLVWpULHOG¶DPpQDJHPHQWHWGHGpYHORSSHPHQWGXWHUULWRLUH&,$'7GpFLGH
GHODUpDOLVDWLRQG¶XQHpFOXVHIOXYLDOHXQDFFqVGLUHFWHQWUH3RUWHWODGDUVHGHO¶RFpDQ/H0LQLVWUH
GHV7UDQVSRUWVFRQILUPHODGpFLVLRQHQHWPDQGDWHOH3UpIHWGH5pJLRQSRXUDOOHUSOXVORLQPDLVOD
SULRULVDWLRQG¶DXWUHVSURMHWVG¶LQYHVWLVVHPHQWVQ¶DSDVFRQGXLWjO¶LQVFULSWLRQGHO¶pFOXVHGDQVOH&3(5HQ
GLVFXVVLRQ 3OXV UpFHPPHQW OH SURMHW VWUDWpJLTXH GX *30+ LQGLTXH TXH GHV pWXGHV
WHFKQLTXHV HW XQH pWXGH G¶LPSDFW VRFLRpFRQRPLTXH VXU XQH FKDWLqUH VRQW SURJUDPPpHV VXU OD SpULRGH
VRXVUpVHUYHG¶XQSODQGHILQDQFHPHQWSDUWHQDULDO&HVpWXGHVVRQWDXVVLPHQWLRQQpHVGDQV
OH &3,(5 SRXU XQ PRQWDQW GH 0¼ /D GpFLVLRQ ILQDOH GpSHQGUD QRWDPPHQW GX YROXPH
JOREDOGHWUDILFIOXYLDOGHFRQWHQHXUVHWGHODFDSDFLWpG¶DFFXHLOGHVEDWHDX[IOXYLDX[SDUOHVWHUPLQDX[GH
3RUW
/¶H[HPSOHG¶830.\PPHQH
)DFHjO¶LPDJHHQYLURQQHPHQWDOHGpJUDGpHGXVHFWHXUSDSHWLHUDXGpEXWGHVDQQpHVGpIRUHVWDWLRQ
OH JURXSH ILQODQGDLV 830 .\PPHQH GpFLGH G¶XWLOLVHU OD 6HLQH SRXU O¶DFKHPLQHPHQW GX SDSLHU GHSXLV VRQ
XVLQHGH*UDQG&RXURQQH&KDSHOOH'DUEOD\TXLSURGXLWGXSDSLHUQRQFDUWRQQLHUSDSLHUMRXUQDO
/HSDSLHUSURGXLWpWDLWDFKHPLQpSDUOD6HLQHGH*UDQG&RXURQQHj3DULVSXLVOHVYLHX[SDSLHUVUHYHQDLHQW
YHUV&KDSHOOH'DUEOD\SRXUrWUHHQVXLWHHQYR\pVYHUVOD&KLQH'HQRPEUHX[SDUWHQDLUHVRQWpWpDVVRFLpV
SDUPLOHVTXHOV
OH6<7&20V\QGLFDWGHWUDLWHPHQWGHVRUGXUHVPpQDJqUHVGHO¶DJJORPpUDWLRQSDULVLHQQH
O¶DUPDWHXU 0DUIUHW TXL D SDUWLFLSp DX GpYHORSSHPHQW G¶XQ QRXYHDX W\SH GH FRQWHQHXU DGDSWp j
FHWWHSURGXFWLRQ
(XURSRUWH:HVWHUOXQGPDQXWHQWLRQQDLUHSRUWXDLUH
/DQFpHQOHSURMHWDGXUpFLQTDQV0DOJUpFDPLRQVSDUDQHQPRLQVVXUOHVURXWHVOHVVXUFRWV
SRXU O¶HQWUHSULVH DYRLVLQDLHQW OHV 6DQV FRPSWHU XQ DOpD PDMHXU GH FRQMRQFWXUH OD EDLVVH GH OD
SURGXFWLRQ SDSHWLqUH HQ )UDQFH HW OD GpORFDOLVDWLRQ GH O¶LPSUHVVLRQ GHV MRXUQDX[ HQ %HOJLTXH HW HQ ,WDOLH
&RQVpTXHQFHOHSDSLHUWUDLWpj5RXHQDUULYHGpVRUPDLVSDU$QYHUV
/HFDQDO6HLQH1RUG(XURSH
(Q FRXUV GH UpIOH[LRQ OH SURMHW GH &DQDO 6HLQH1RUG (XURSH YLVH OD UpDOLVDWLRQ G¶XQ
OLHQ IOXYLDO HQWUH OD 6HLQH HW O¶(VFDXW /HV EDVVLQV GH OD 6HLQH HW GX 1RUG3DVGH
&DODLV VRQW HQ HIIHW UHOLpV SDU OH VHXO &DQDO GX 1RUG j SHWLW JDEDULW W
PD[LPXP/¶REMHFWLIHVWGRQFG¶RXYULUODYRLHjGHVFRQYRLVDWWHLJQDQWWHQWUH
OD)UDQFHOD%HOJLTXHHWOHV3D\V%DV
/HUpVHDXIOXYLDOGDQV
VDFRQILJXUDWLRQDFWXHOOH
6RXUFH91)
&(6(5+DXWH1RUPDQGLH
/HSURMHWDpWpSURIRQGpPHQWUHPDQLpDXFRXUVGHVGHUQLHUVPRLV(QFDXVHOHFRW
GH O¶LQIUDVWUXFWXUH GDQV OH SURMHW LQLWLDO LQLWLDOHPHQW HVWLPp j 0GV ¼ PDLV
UppYDOXpjHQYLURQ0GVYRLUH0GVVHORQFHUWDLQHVHVWLPDWLRQV8QQRXYHDXWRXU
GH WDEOH ILQDQFLHU HW XQ DPpQDJHPHQW GX SURMHW RQW SHUPLV GH UpGXLUH OH FRW j
HQYLURQ PLOOLDUGV ¼ GRQW SRXUUDLHQW rWUH ILQDQFpV SDU O¶8QLRQ HXURSpHQQH
/HVWUDYDX[SRXUUDLHQWGpEXWHUHQSRXUDFKqYHPHQWHQ
/H SULQFLSH PrPH GX FDQDO 6HLQH1RUG (XURSH D ORQJWHPSV pWp FRQWHVWp SDU OHV
SRUWVGX+DYUHHWGH5RXHQTXL\YR\DLHQWXQHPHQDFHSRXUOHXUKLQWHUODQGQDWXUHO
0DLVFHGLVFRXUVDpYROXp/HVFUDLQWHVVRQWPRLQVYLYHVFDUOH&61(Q¶HVWSDVFRQoX
SRXU OH WUDQVSRUW GHV FRQWHQHXUV GX IDLW GHV KDXWHXUV GH SRQWV LQVXIILVDQWHV (Q
UHYDQFKH LOVHUD LGpDO SRXU OHWUDQVSRUW GHV JUDQXODWV GHV GpFKHWV GHFKDQWLHUV RX
GHV PDWpULDX[ UHF\FODEOHV VHJPHQWV VXU OHVTXHOV OHV SRUWV GX 1RUG FRQFXUUHQFHQW
GpMjOHVSRUWVGHO¶D[H6HLQHSDUFRQVpTXHQWOHFDQDOHQSHUPHWWDQWXQHGHVVHUWH
ILQH HW ORFDOH GHV UpJLRQV IUDQoDLVHV WUDYHUVpHV RXYULUD DX[ SRUWV IUDQoDLV XQ
VHJPHQWGHPDUFKpVXUOHTXHOLOVVRQWSHXFRPSpWLWLIVDXMRXUG¶KXL
/DPLVVLRQ GHUHFRQILJXUDWLRQ FRQILpH DX GpSXWp 5pPL 3DXYURV D FRQVXOWp OHVSRUWV
GHO¶D[H6HLQHVXUOHXUYLVLRQGX&61(
OH SRUW GX +DYUH HQ UDLVRQ GH VD IDLEOH LQWpJUDWLRQ GDQV OHV FKDvQHV
ORJLVWLTXHV FRQVLGqUH FRPPH SOXW{W SRVLWLYH OD FRQVWUXFWLRQ GX &61( FDU LO
SHUPHWWUDLW G¶pODUJLU VRQ KLQWHUODQG SDU OD FRQVWUXFWLRQ GH SODWHIRUPHV
ORJLVWLTXHVDWWUDFWLYHV
OH SRUW GH 5RXHQ HVWLPH TXH O¶LPSDFW GX &61( VXU VRQ DFWLYLWp VHUDLW SOXW{W
QHXWUH 6L OH FDQDO SRXUUD OXL SHUPHWWUH G¶pODUJLUVHQVLEOHPHQW VRQ KLQWHUODQG
FpUpDOLHUQRWDPPHQWYHUVODUpJLRQ&KDPSDJQH$UGHQQHODUpVXOWDQWHVHUD
pJDOHPHQWXQHFRPSpWLWLRQDFFUXHDYHFOHVSRUWVGXUDQJH1RUG
3UREOpPDWLTXHVKDYUDLVHV
'H 3RUW DX FOLHQW OH SDUFRXUV G¶XQ FRQWHQHXU SDU OD
YRLHIOXYLDOH
8QH HQWUHSULVH GH OD UpJLRQ SDULVLHQQH VLWXpH SDU H[HPSOH GDQV OHV HQYLURQV GH
*HQQHYLOOLHUV GRLW VH IDLUH OLYUHU XQ FRQWHQHXU GH PDUFKDQGLVHV HQ SURYHQDQFH
G¶$VLH/HFRQWHQHXUDUULYHYLD3RUW6LFHWWHHQWUHSULVHRXOHWUDQVLWDLUHjTXL
HOOH D IDLW DSSHO FKRLVLW OD YRLH IOXYLDOH SRXU DFKHPLQHU OH FRQWHQHXU FH GHUQLHU
UHQFRQWUHUDSOXVLHXUVGLIILFXOWpVVXUVRQFKHPLQ
8QH PLVVLRQ GH UHFRQILJXUDWLRQ D UHQGX VHV FRQFOXVLRQV HQ GpFHPEUH UHFRPPDQGDQW OD
UpDOLVDWLRQ LPPpGLDWH GX FDQDO VXU OD EDVH G¶XQH UpGXFWLRQ GH O¶HQYHORSSH ILQDQFLqUH JUkFH j XQH
PRLQGUHHQYHUJXUHGXSURMHWGHVDGDSWDWLRQVGXWUDFpHWOHSRUWDJHSDUXQHVRFLpWpGHSURMHWHQOLHXHW
SODFHG¶XQFRQWUDWGHSDUWHQDULDW
/HVFHSWLFLVPHHVWG¶DLOOHXUVWRXMRXUVGHPLVH'DQVXQHWULEXQHHQGDWHGXPDUVSDUXHGDQV
/HV(FKRVOHPDLUHGX+DYUH(GRXDUG3KLOLSSHVHGHPDQGHVLODFRQVWUXFWLRQGXFDQDOQHVLJQHSDV©OD
ILQGHVDPELWLRQVSRUWXDLUHVIUDQoDLVHVª,OGpSORUHHQWUHDXWUHVOHJLJDQWLVPHGXSURMHWTXLPRELOLVHUD
OHVIRQGVHXURSpHQVDXGpWULPHQWG¶DXWUHVSURMHWVQRWDPPHQWIHUURYLDLUHV,ODMRXWHHQILQTXH OHFDQDO
FRQIRUWHUD ©$QYHUV HW 5RWWHUGDP FRPPH OHV SRUWHV G¶HQWUpH GH O¶(XURSH DX GpWULPHQW GX +DYUH GH
'XQNHUTXHHWGH&DODLVª
53DXYURV0LVVLRQGHUHFRQILJXUDWLRQGX&DQDO6HLQH1RUG(XURSHGpF
•
8QHVXUWD[HGqVO¶DUULYpH«
/HFRQWHQHXUHVWGpFKDUJpVXUOHVTXDLVGH3RUW3RXUrWUHHQVXLWHWUDQVIpUpVXU
XQH EDUJH LO GHYUD V¶DFTXLWWHU GHV IUDLV GH PDQXWHQWLRQ VXU EDUJH VSpFLILTXHV DX
PRGH IOXYLDO DX[TXHOV QH VRQW SDV VRXPLV OHV PRGHV URXWLHUV HW IHUURYLDLUHV FDU
GpMj LQWpJUpV GDQV OHV IUDLV VXSSRUWpV SDU O¶DUPHPHQW PDULWLPH SRXU OH SDVVDJH
SRUWXDLUH GHV FRQWHQHXUV &RW SDU FRQWHQHXU VXSSRUWp SDU O¶RSpUDWHXU IOXYLDO
HQYLURQ¼
/DPXWXDOLVDWLRQGHVIUDLVGHPDQXWHQWLRQF¶HVWjGLUHOHSDUWDJHHQWUHOHVGLIIpUHQWV
PRGHV GX VXUFRW OLp DX IOXYLDO HVW XQH VROXWLRQ LGHQWLILpH HW GpEDWWXH GHSXLV
ORQJWHPSV VDQV DYDQFpH FRQFUqWH &HWWH PXWXDOLVDWLRQ GHV IUDLV HQWUH PRGHV HVW
XQHUpDOLWpGDQVOHVSD\VGXQRUGGHO¶(XURSHFHTXLSHXWH[SOLTXHUHQSDUWLHOHXUV
WUqVERQVQLYHDX[GHUHSRUWPRGDO
•
9RLH1RUGYRLHIHUUpH9RLH6XGWURLVLWLQpUDLUHVWURLVSUREOqPHV
6RXUFH53DXYURV0LVVLRQGHUHFRQILJXUDWLRQGXFDQDO61(GpF
/HV LWLQpUDLUHV ©1RUGª HW IHUURYLDLUH DFFXHLOOHQW OD JUDQGH PDMRULWp GHV (93 j
GHVWLQDWLRQ RX HQ SURYHQDQFH GHV WHUPLQDX[ GH 3RUW YRLU JUDSKLTXH FL
GHVVRXV
&(6(5+DXWH1RUPDQGLH
6RXUFH+$523$
$YDQW GH UHMRLQGUH OD 6HLQH OH FRQWHQHXU GRLW VRUWLU GX SRUW 8QH RSpUDWLRQ SHX
DLVpH$XFXQHVROXWLRQQHSHUPHWGHTXLWWHU3RUWIDFLOHPHQW
OD VROXWLRQ ©YRLH 1RUGª SRXU UHMRLQGUH OH SRUW KLVWRULTXH SXLV OH FDQDO GH
7DQFDUYLOOH OH FRQWHQHXU GRLW rWUH FKDUJp VXU XQ DXWRPRWHXU XQ EDWHDX
VSpFLILTXH TXL SHUPHW GH QDYLJXHU HQ PHU SXLVTX¶LO GRLW VRUWLU GH 3RUW SRXUDFFpGHUDXSRUWKLVWRULTXHFRWSDUFRQWHQHXU¼
OD VROXWLRQ ©6$,7+ª XQH VRFLpWp IHUURYLDLUH UpFXSqUH OH FRQWHQHXU VXU OH
TXDL GH 3RUW SRXU O¶DFKHPLQHU YHUV XQ TXDL IOXYLDO GpGLp VXU OH TXDL GH
O¶(XURSHFRWSDUFRQWHQHXUHQWUHHW¼HWG¶LFLTXHOTXHWHPSVYHUV
ODSODWHIRUPHPXOWLPRGDOH
OD VROXWLRQ ©YRLH 6XGª OD EDUJH FRQWRXUQH 3RUW SRXU DFFpGHU
GLUHFWHPHQW j O¶HVWXDLUH SXLV j OD 6HLQH &HWWH VROXWLRQ DSSDUHPPHQW
VpGXLVDQWHSXLVTX¶HOOHSHUPHWG¶pYLWHUOHVUXSWXUHVGHFKDUJHVLQKpUHQWHVDX[
GHX[VROXWLRQVSUpFpGHQWHVHVWHQIDLWFRPSOH[HjPHWWUHHQ°XYUHSRXUGHV
UDLVRQVUqJOHPHQWDLUHV/HVEDUJHVQ¶D\DQWSDVOHGURLWGHQDYLJXHUHQKDXWH
PHU SRXU GHV UDLVRQV pYLGHQWHV GH VpFXULWp OHV DUPDWHXUV IOXYLDX[ GRLYHQW
XWLOLVHU GHV EDWHDX[ UpSRQGDQW j GHV FDUDFWpULVWLTXHV WHFKQLTXHV VSpFLILTXHV
UpFHPPHQWDVVRXSOLHVSDUOHGpFUHWGXGpFHPEUH/HVXQLWpVIOXYLDOHV
DXWRULVpHV j DFFpGHU j 3RUW VRQW GH WRXWH IDoRQ VRXPLVHV j GH IRUWHV
UHVWULFWLRQV SRXU QDYLJXHU HQ PHU OHV FRQGLWLRQV PpWpRURORJLTXHV
QRWDPPHQWQ¶DXWRULVHQWXQDFFqVj3RUWTXHGXWHPSV&HFKLIIUH
QH SHUPHW SDV DX[ DUPDWHXUV IOXYLDX[ G¶RIIULU j OHXUV FOLHQWV OD ILDELOLWp TX¶LOV
SHXYHQWDWWHQGUH(QILQOHFKHQDOG¶DFFqVj3RUWSDUO¶HVWXDLUHREOLJHOHV
FRQYRLV j IDLUH XQ ORQJ GpWRXU HQ PHU DYDQW GH SpQpWUHU GDQV OH SRUW j
FRQWHQHXUV
4X¶LOV FKRLVLVVHQW OD YRLH 6XG RX OD YRLH 1RUG OHV SLORWHV GHV DXWRPRWHXUV GHYURQW
rWUHWLWXODLUHVGHODOLFHQFHGLWH©YRLH1RUGªRX©YRLH6XGªGpOLYUpHSDUOHVSLORWHV
GXSRUWGX+DYUH3RXUODQDYLJDWLRQHQ6HLQHLOOHXUIDXGUDrWUHWLWXODLUHGXFHUWLILFDW
GHFRQGXLWHHXURSpHQGXJURXSH$
6LOHFRQWHQHXUSDVVHSDUOHSRUWKLVWRULTXHLOGHYUDSRXUUHMRLQGUHOD6HLQHORQJHU
OH &DQDO GH 7DQFDUYLOOH MXVTX¶j O¶pFOXVH TXL Q¶HVW RXYHUWH TXH K VXU HQ UDLVRQ
GHV PRXYHPHQWV GH OD PDUpH FHV DPSOLWXGHV KRUDLUHV UpGXLWHV JpQqUHQW GHV
HQFRPEUHPHQWV DX QLYHDX GH O¶pFOXVH /H &DQDO GH 7DQFDUYLOOH UHVWH PDOJUp WRXW OD
VHXOH IDoRQ RIIHUWH j XQ FRQYRL GH W\SH SRXVVHXU DYHF EDUJHV SRXU DFFpGHU j 3RUW
&RPSDUDWLIGHVSUL[GHWUDQVSRUWG¶XQFRQWHQHXU
HQWUH3RUWHWOHSRUWKLVWRULTXH
6RXUFH+$523$
•
(WPrPHVXUOD6HLQH
/HV DUPDWHXUV IOXYLDX[ VH SODLJQHQW GH O¶LQDGDSWDWLRQ GHV pFOXVHV RX GH OHXUV
GpIDLOODQFHV j UpSpWLWLRQ (Q RXWUH OH WLUDQW G¶DLU F¶HVWjGLUH OD KDXWHXU GLVSRQLEOH
VRXVOHVSRQWVHVWUpJXOLqUHPHQWUpGXLWHQUDLVRQGHWUDYDX[GHPDLQWHQDQFHVXUOHV
GLIIpUHQWV RXYUDJHV GX SDUFRXUV 2U FH WLUDQW G¶DLU FRQGLWLRQQH OH QRPEUH GH
FRQWHQHXUVTXLSHXYHQWrWUHHPSLOpV$SUqVXQHXOWLPHPDQXWHQWLRQSDVVDJHGHOD
EDUJH DX FDPLRQ SRXU OH WUDQVSRUW ILQDO OH FRQWHQHXU DUULYH HQILQ j GHVWLQDWLRQ
(QWUHWHPSVOHVDUPDWHXUVIOXYLDX[DXURQWGVXSSRUWHUXQHEDLVVHGH©O¶DLGHjOD
SLQFHªXQHDLGHG¶(WDWVXUOHVRSpUDWLRQVGHPDQXWHQWLRQ
&RW WRWDO PR\HQ ¼ ,O HQ FRWHUD SHX RX SURX OH PrPH SUL[ VL O¶HQWUHSULVH
DYDLW FKRLVL GH IDLUH SDVVHU VD PDUFKDQGLVH SDU OD URXWH OHV DUPDWHXUV IOXYLDX[
DOLJQDQWOHXUSUL[VXUOHXUVFRQFXUUHQWVURXWLHUV
&RPSDUDWLIGHVSUL[GHWUDQVSRUWSDUURXWHHWSDUIHUIOHXYHHQWUH/H+DYUHHW
3DULV
©3URMHWGHFKDQWLHUPXOWLPRGDOpWXGHG¶LPSDFWMXLQª
&(6(5+DXWH1RUPDQGLH
)RFXVVXUOHV7HUPLQDO+DQGOLQJ&KDUJHV7+&
3RXUPLHX[FRPSUHQGUHOHVVXUFRWVTXLSqVHQWVXUOHPRGHIOXYLDOLOIDXWGLVWLQJXHU
GHX[QRWLRQV
OHV &6& &RQWDLQHU 6HUYLFHV &KDUJHV UHSUpVHQWHQW OHV SUHVWDWLRQV IDFWXUpHV
SDU OH PDQXWHQWLRQQDLUH j VRQ FOLHQW DUPDWHXU PDULWLPH (OOHV LQFOXHQW OD
WUDYHUVpH SK\VLTXH GX WHUPLQDO HW OD PLVHGpPLVH GHV FRQWHQHXUV VXU OHV
PR\HQV G¶pYDFXDWLRQ WHUUHVWUH URXWH HW IHU HQ )UDQFH URXWH IHU HW IOHXYH
GDQVOHVSD\VG¶(XURSHGX1RUG&HWWHQRQLQFOXVLRQGXIOXYLDOGDQVOHV&6&
IUDQoDLV UpVXOWH GH OD FUDLQWH GHV PDQXWHQWLRQQDLUHV GH SHUGUH HQ
FRPSpWLWLYLWp DXSUqV GHV DUPDWHXUV &HWWH GpFLVLRQ D pWp FRPSHQVpH SDU
O¶DWWULEXWLRQ G¶XQH VXEYHQWLRQ GX PLQLVWqUH GHV 7UDQVSRUWV PDLV GHSXLV OD
UpIRUPHSRUWXDLUHOHFRWGXSDVVDJHIOXYLDODIRUWHPHQWDXJPHQWp
OHV 7+& 7HUPLQDO +DQGOLQJ &KDUJHV UHSUpVHQWHQW OH FRW GX SDVVDJH
SRUWXDLUH IDFWXUp SDU O¶DUPDWHXU j VRQ FOLHQW FKDUJHXU (OOHV LQFOXHQW HQWUH
DXWUHVOHV&6&
/HVRSpUDWHXUVGHWUDQVSRUWFRPELQpIOXYLDX[VRQWGDQVO¶LPSRVVLELOLWpGHUpSHUFXWHU
j OHXU FOLHQW FH VXUFRW SRXU PDLQWHQLU OHXUFRPSpWLWLYLWp YLVjYLV GX PRGH URXWLHU
,OVQHSHXYHQWSDVGDYDQWDJHIDLUHMRXHUODFRQFXUUHQFHHQWUHPDQXWHQWLRQQDLUHVOH
FKRL[GHFHGHUQLHUpWDQWLPSRVpSDUO¶DUPDWHXUOXLPrPHFKRLVLSDUOHFOLHQWRXOH
FRPPLVVLRQQDLUH
/HSURMHW(0(5+2'(
&RQIURQWpjXQPDQTXHGHVXUIDFHVDPpQDJHDEOHVHWjGHVGLIILFXOWpVGHFLUFXODWLRQ
GDQV O¶HQFHLQWH GX SRUW HW GH OD =,3 OLpHV j O¶RXYHUWXUH GHV SRQWV OH SURMHW
(0(5+2'(DVRXPLVjODFRQFHUWDWLRQHQGHX[RSWLRQV
OHSURORQJHPHQWGX*UDQG&DQDO
OHUHKDXVVHPHQWGHVSRQWVURXWLHUV
(Q MXLQ VXLWH DX 'pEDW 3XEOLF OH *30+ D UHQGX VD GpFLVLRQ GH SRXUVXLYUH
O¶pODERUDWLRQGXSURMHWG¶H[WHQVLRQGHVLQIUDVWUXFWXUHVSRUWXDLUHVHWGHSURORQJHPHQW
GX*UDQG&DQDOGX+DYUH'HVpWXGHVFRPSOpPHQWDLUHVRQWpWpPHQpHVHQHW
(Q GpFHPEUH OH JUDQG SRUW PDULWLPH GX +DYUH *30+ D DQQRQFp XQ
UHSRUW GX SURMHW H[SOLTXDQW TX¶LO VRXKDLWDLW FRPSOpWHU OHV pWXGHV PHQpHV VXU OHV
JUDQGVRXYUDJHVPRELOHV$XFXQHGDWHQ¶DpWpDYDQFpHSRXUODILQGHFHVpWXGHV
/H SRUW GX +DYUH HVWLPH j XQ PLOOLRQ G¶KHXUHV OH WHPSV SHUGX GDQV OD FRQJHVWLRQ URXWLqUH OLpH j
O¶RXYHUWXUHGHVSRQWV
6RXUFH&1'3
&KDSLWUH
/HOHQWGpFOLQGXIHU
$X UHJDUG GH OD VLWXDWLRQ GHV DXWUHV SD\V HXURSpHQV R OH IUHW IHUURYLDLUH HVW
FRQVLGpUp FRPPH XQH DFWLYLWp G\QDPLTXH HW UHQWDEOH 5R\DXPH8QL $OOHPDJQH
6XqGH« RQ QH SHXW TXH V¶LQWHUURJHU VXU OHV UDLVRQV GH VRQ GpFOLQ SURJUHVVLI HQ
)UDQFH$XMRXUG¶KXLVRXVODEDUUHGHVGHSDUWPRGDOHOHIUHWIHUURYLDLUHVHORQ
OHV VSpFLDOLVWHV GX VHFWHXU D SkWL HVVHQWLHOOHPHQW GHV FRWV GH VWUXFWXUH GH OD
PDXYDLVH JHVWLRQ GHV VLOORQV HW GH WUDILFV SRUWXDLUHV SULQFLSDX[ OLHX[ GH
PDVVLILFDWLRQHQFRUHWLPLGHV
GpF
/HVSHUVSHFWLYHVSRXUOHIUHWIHUURYLDLUHQHSHXYHQWSDVrWUHGLVVRFLpHVGHODVLWXDWLRQ
ILQDQFLqUHFULWLTXHGH5pVHDX)HUUpGH)UDQFH5))GHYHQX61&)5pVHDXHQ
(Q OD GHWWH GX UpJXODWHXU IHUURYLDLUH DWWHLJQDLW PLOOLDUGV G¶HXURV HQ
KDXVVH SDU UDSSRUW j /D EDLVVH GHV UHFHWWHV GH SpDJHV HW OHV QpFHVVDLUHV
WUDYDX[ GH PRGHUQLVDWLRQ GX UpVHDX JpQqUHQW XQ LQGpQLDEOH HIIHW FLVHDX 6HORQ VRQ
3UpVLGHQW -DFTXHV 5DSRSRUW OD GHWWH GHYUDLW FRQWLQXHU G¶DXJPHQWHU MXVTX¶HQ SRXUDWWHLQGUHPLOOLDUGVG¶HXURVDYDQWGHFRPPHQFHUjGpFURvWUH
/¶RXYHUWXUHGXIUHWIHUURYLDLUHjODFRQFXUUHQFHDUDUpILpOHVGRQQpHVGLVSRQLEOHVVXU
OHWUDILFGXIDLWGXVHFUHWVWDWLVWLTXHFRPPHUFLDODSSOLFDEOHjWRXVOHVRSpUDWHXUV
-HDQ0LFKHO1RUPDQG/HUHWDUGGXIUHWIHUURYLDLUHXQHH[FHSWLRQIUDQoDLVH/H0RQGHMXLQ
/H0RQGH5))ODGHWWHV¶DFFURvWWRXMRXUVPDUV
&(6(5+DXWH1RUPDQGLH
4XHOTXHVFKLIIUHVSRXUOD+DXWH1RUPDQGLH
/RQJXHXUWRWDOHGHOLJQHV
/RQJXHXUWRWDOHGHYRLHV
'RQWYRLHVpOHFWULILpHV
NP
NP
NPVRLWGHV
OLJQHV
NPVRLWGHV
OLJQHV
NP
'RQWOLJQHVRXYHUWHVDXWUDILF
©YR\DJHXUVª
'RQWOLJQHVGpGLpHVDXIUHW
/¶DFWLYLWpGXIUHWjO¶XQLVVRQGHODWHQGDQFHQDWLRQDODFRQQXXQQHWUHSOLHQWUH
HWYRLUWDEOHDXFLGHVVRXV
)HUHQWRQQHV
(QWUpHV
6RUWLHV
,QWHUQH
727$/
1DWXUHGHVPDUFKDQGLVHVDFKHPLQpHVSDUPRGHIHUURYLDLUHHQ+DXWH1RUPDQGLH
HQ
/¶DFWLYLWp GX IUHW IHUURYLDLUH HVW SDUWLFXOLqUHPHQW FRQFHQWUpH GHV FOLHQWV
UHSUpVHQWHQW GHV WUDILFV 8QH JUDQGH SDUWLH GHO¶DFWLYLWp HVW LUUpJXOLqUH GX IDLW
GHODVDLVRQQDOLWpGHFHUWDLQVSURGXLWVQRWDPPHQWFpUpDOLHUV
/61/HVIOX[ORJLVWLTXHVHQ+DXWH1RUPDQGLH
/HWUDQVSRUWFRPELQpUDLOURXWH7&55
6RXUFH&&71
8QH HQWUHSULVH GH WUDQVSRUW FRPELQp DVVXUH OHV SUHVWDWLRQV LQWHUPRGDOHV OLpHV j
O¶DFKHPLQHPHQW G¶XQ SURGXLW GH SRLQW j SRLQW YLD GHV FKDQWLHUV GH WUDQVSRUW
FRPELQp /D SDUWLH SULQFLSDOH GX WUDMHW HVW UpDOLVp SDU OH FKHPLQ GH IHU /¶RSpUDWHXU
SHXW DOOHU MXVTX¶j DVVXUHU OHSUp HW OH SRVWDFKHPLQHPHQWV GHVHVFOLHQWV FKDUJHXUV
SRUWH j SRUWH 'DQV WRXV OHV FDV LO GRLW IDLUH DSSHO j XQH HQWUHSULVH IHUURYLDLUH
FKDUJpHGHODWUDFWLRQGXWUDLQFRPPHUFLDOLVp
/¶RSpUDWHXU GH WUDQVSRUW FRPELQp HVW O¶HQWUHSULVH RX OH JURXSHPHQW G¶HQWUHSULVHV
TXLVXSSRUWHDXPRLQVVXUOHPDLOORQFHQWUDOGHWUDQVSRUWHQWUHWHUPLQDX[WHUUHVWUHV
HWRX PDULWLPHV OH ULVTXH ILQDQFLHU G¶RUJDQLVHU XQ VHUYLFH IHUURYLDLUH IOXYLDO RX
PDULWLPHFRXUWHGLVWDQFHFRPSOHWGDQVXQHFKDvQHGHWUDQVSRUWFRPELQp
2QGLVWLQJXH
OH 7&55 FRQWLQHQWDO GH FDLVVHV PRELOHV UpDOLVp HQWUH WHUPLQDX[ WHUUHVWUHV
VRQ PRGqOH pFRQRPLTXH HVW IUDJLOH FDU VRXPLV GLUHFWHPHQW j OD FRQFXUUHQFH
GHODURXWH2QFRQVLGqUHTX¶LOQHSHXWrWUHFRPSpWLWLITXHVXUXQHGLVWDQFHGH
SOXVGHNP
OH 7&55 PDULWLPH GH FRQWHQHXUV LO HVW PRLQV YXOQpUDEOH j OD FRQFXUUHQFH
URXWLqUH FDU LO V¶RUJDQLVH j SDUWLU GHV SRUWV PDULWLPHV R OHV IOX[ VRQW SUp
PDVVLILpV ,O SHXW SDU FRQVpTXHQW rWUH FRPSpWLWLI VXU GH PRLQV ORQJXHV
GLVWDQFHV
/HFRWGHODPDQXWHQWLRQDXWHUPLQDOF¶HVWjGLUHOH©SDVVDJHFKDQWLHUªGXIHUj
ODURXWHHVWHVWLPpj¼87,(Q©O¶DLGHjODSLQFHªYHUVpHSDUO¶pWDWj
XQRSpUDWHXUGHWUDQVSRUWFRPELQpV¶pOqYHj¼87,+7RX¼HQFDVGHSDVVDJH
SDUXQSRLQWQRGDORXGHPDVVLILFDWLRQ$QRWHUTXHOHFRWQHFRQVWLWXHSOXVOHVHXO
&*(''/¶DFFqVDX[WHUPLQDX[GHWUDQVSRUWFRPELQpGpF
,ELG
&(6(5+DXWH1RUPDQGLH
FULWqUHGHODFRPSpWLWLYLWpGXWUDQVSRUWFRPELQpPDLVTXHELHQG¶DXWUHVSDUDPqWUHV
HQWUHQW HQ MHX YRLHV IHUUpHV HW VLOORQV GHVVHUWHV IHUURYLDLUHV HW URXWLqUHV HVSDFHV
GHVWRFNDJH
(Q)UDQFHLOH[LVWHGLIIpUHQWVW\SHVGHWHUPLQDX[
OHV VLWHV 5)) VXU OH GRPDLQH SXEOLF IHUURYLDLUH ,OV VRQW DXMRXUG¶KXL
PDMRULWDLUHPHQWRFFXSpVSDU1RYDWUDQVHW1DYLODQG&DUJR
OHVVLWHVSULYpVjO¶LQVWDUGHODSODWHIRUPH'HOWDj'RXUJHV&HWWHGHUQLqUHD
YX OH MRXU VXU XQH LQLWLDWLYH GHV FROOHFWLYLWpV WHUULWRULDOHV DJLVVDQW SRXU
GpVHQJRUJHU O¶DJJORPpUDWLRQ OLOORLVH 'HVVHUYLH SDU O¶DXWRURXWH OH IHU HW XQ
FDQDOjJUDQGJDEDULWHOOHDQpFHVVLWpGHVILQDQFHPHQWVSXEOLFVLPSRUWDQWVHW
GHQRPEUHXVHVLQQRYDWLRQVWHFKQLTXHV
OHV VLWHV VXU OH GRPDLQH SXEOLF IOXYLDO TXL UHOqYHQW VRXYHQW GH SRUWV
DXWRQRPHVIOXYLDX[H[*HQQHYLOOLHUV
OHV SURMHWV GH JUDQGV WHUPLQDX[ HQ VLWH SRUWXDLUH PDULWLPH H[HPSOH OH
WHUPLQDO PXOWLPRGDO GX +DYUH ([LJHDQW GHV LQYHVWLVVHPHQWV ORXUGV HW
IRUWHPHQW VXEYHQWLRQQpV FHV VLWHV RSqUHQW j OD MRQFWLRQ GHV PDLOORQV
PDULWLPHVSUpPDVVLILpVHWGHVPDLOORQVWHUUHVWUHV
8QVHXOFKDQWLHUGHWUDQVSRUWFRPELQpH[LVWHHQUpJLRQDX+DYUHTXDWUHRSpUDWHXUV
IHUURYLDLUHV VRQW SUpVHQWV 1DYLODQG &DUJR *UHHQPRGDO 7UDQVSRUW )HURYHUJQH HW
*URXSH &KDUOHV $QGUp *&$ (Q LOV H[SORLWHQW QDYHWWHV IHUURYLDLUHV
SULQFLSDOHPHQWYHUVOD)UDQFHPDLVDXVVLYHUVO¶$OOHPDJQH/XGZLJVKDIHQHWOHQRUG
GHO¶,WDOLH
,ELG
%RUGHDX[/\RQ3DULV&RJQDF6WUDVERXUJ0DUVHLOOH&OHUPRQW)HUUDQG'LMRQHW&KkORQV
(QOHFRPELQpUHSUpVHQWDLWGXWUDILFIHUURYLDLUHHQ+DXWH1RUPDQGLH
/HVLWLQpUDLUHV
3OXVLHXUV JUDQGHV URXWHV IHUURYLDLUHV H[LVWHQW HQ 1RUPDQGLH j GHVWLQDWLRQ TXDVL
H[FOXVLYHGHVSRUWV
O¶D[H/H+DYUH±5RXHQ±0DQWHVOD-ROLH±,OHGH)UDQFHLOVXSSRUWHUDLWSOXV
GHVGXWUDILFIHUURYLDLUHJpQpUpSDUOHVSRUWVGX+DYUHHWGH5RXHQ
O¶D[H /H +DYUH ± $PLHQV ± 'RXDL SHUPHW OD GHVVHUWH GLUHFWH GH O¶(VW GH OD
)UDQFH HW GH O¶(XURSH DXVVL SRVVLEOH HQ SDVVDQW SDU O¶,OHGH)UDQFH FHW D[H
UHVWH SHX XWLOLVp GDQV OD PHVXUH R OD VHFWLRQ $PLHQV&KDORQV Q¶HVW SDV
pOHFWULILpH
SRXU UDOOLHU O¶2XHVW OH 6XG2XHVW HW OH &HQWUH OHV WUDLQV HPSUXQWHQW
O¶LWLQpUDLUH SULQFLSDO MXVTX¶j OD JUDQGH FHLQWXUH GH O¶,OHGH)UDQFH TX¶LOV
FRQWRXUQHQW SDU 9DOHQWRQ HW O¶LWLQpUDLUH 6XG RX ELHQ VRUWHQW GH O¶LWLQpUDLUH
SULQFLSDOj(S{QHV0p]LqUHVSHXDSUqV0DQWHVSRXUGHVFHQGUHYHUV&KDUWUHV
YLD3ODLVLU*ULJQRQ
YHUVO¶2XHVWODOLDLVRQ0H]LGRQ±$OHQoRQ±/H0DQV±7RXUVQRQHOHFWULILpH
&(6(5+DXWH1RUPDQGLH
/H IUHW GHV SRUWV QRUPDQGV SHXW rWUH DFKHPLQp HQ UpJLRQ SDULVLHQQH SDU GHX[
LWLQpUDLUHV
O¶LWLQpUDLUHKLVWRULTXH/H+DYUH±9DOHQWRQTXLSHXWDFFXHLOOLUMXVTX¶jWUDLQV
SDUMRXUGDQVOHVGHX[VHQV
O¶LWLQpUDLUH/H+DYUH±$PLHQV±&UHLO±9DOHQWRQTXLSHXWDFFXHLOOLUMXVTX¶j
WUDLQVSDUMRXUGDQVOHVGHX[VHQV
6HORQ +$523$ OHV FLUFXODWLRQV GH IUHW IHUURYLDLUH GHYHUV OD +DXWH1RUPDQGLH
UHSUpVHQWHQWHQPR\HQQHWUDLQVUpJXOLHUVKHEGRPDGDLUHV3DUPLFHVWUDLQV
HPSUXQWHQWO¶D[H6HLQH/HVSRUWVJpQqUHQWODJUDQGHPDMRULWpGHFHVWUDILFV
0R\HQQHGHVFLUFXODWLRQVIHUURYLDLUHVHQVRXUFH+$523$
3RUWGX+DYUH
WUDLQVSDUVHPDLQHGRQW
SDVVDQWSDUO¶,OHGH)UDQFH
SDVVHQW SDU O¶D[H
KLVWRULTXH GRQW SRXUGXFRPELQp
HPSUXQWHQW O¶D[H
$PLHQV&UHLO GRQW SRXUGXFRPELQp
3RUWGH5RXHQ
$XWUHV,7(KDXWQRUPDQGHV
WUDLQV SDU VHPDLQH WUDLQVSDUVHPDLQH
GHYHUV OH SRUW GH
5RXHQ GRQW VXU
O¶D[H6HLQH
WUDLQV SDU VHPDLQH
GHYHUV 1RWUH'DPH
GH*UDYHQFKRQ GRQW
GHYHUV O¶,OHGH
)UDQFH
/HVWUDYDX[
3OXVLHXUV WUDYDX[ G¶LQIUDVWUXFWXUHV RQW pWp UpDOLVpV RXVRQW HQFRXUV SRXU RIIULUSOXV
GHVLOORQVDXIUHWIHUURYLDLUH
XQLWLQpUDLUHDOWHUQDWLIjO¶D[HKLVWRULTXH/H+DYUH5RXHQ3DULVHVWHQYRLHGH
ILQDOLVDWLRQ /H WURQoRQ 0RWWHYLOOH ± 0RQWpUROLHU%XFK\ D pWp UpRXYHUW HQ
DSUqV GHV WUDYDX[ G¶DPpQDJHPHQW UHQRXYHOOHPHQW GH OD YRLH HW GX
EDOODVW ± pOHFWULILFDWLRQ O¶LWLQpUDLUH GH FRQWRXUQHPHQW QH VHUD FRPSOHW TXH
ORUVTXH OD PRGHUQLVDWLRQ GX WURQoRQ 6HUTXHX[*LVRUV DXUD pWp DFKHYpH HQ
VHORQ 5)) &H GHUQLHU HVW DXMRXUG¶KXL HQ VHUYLFH SRXU GHV WUDLQV
YR\DJHXUVPDLVVRQRSpUDWLRQQDOLWpSRXUOHIUHWHVWFRQGLWLRQQpHQRWDPPHQW
j VRQ pOHFWULILFDWLRQ HW j OD PLVH HQ SODFH G¶XQ UDFFRUG HQ JDUH GH 6HUTXHX[
SRXU pYLWHU OHV UHEURXVVHPHQWV XQH IRLV PRGHUQLVp O¶LWLQpUDLUH SRXUUD
DFFXHLOOLU WUDLQV GH IUHW DX PD[LPXP FKDTXH MRXU GDQV XQ VHQV GDQVO¶DXWUHOHWUDILFUpHOGpSHQGUDGHVEHVRLQVGHVHQWUHSULVHVIHUURYLDLUHV
GH WUDQVSRUWGHPDUFKDQGLVHV TXLGHVVHUYHQW OHSRUWGX +DYUHG¶DSUqV 5))
/¶RSpUDWLRQHVWLQVFULWHDX&3,(5
OD PRGHUQLVDWLRQ GH FHW D[H GHYUDLW SHUPHWWUH GH UpSRQGUH DX[ EHVRLQV GX
*30+MXVTX¶HQHQYLURQ
LQGLUHFWHPHQW OH SURMHW GH /LJQH 1RXYHOOH 3DULV1RUPDQGLH FRPSRUWH SDUPL
VHV IRQFWLRQQDOLWpV OD PLVH j GLVSRVLWLRQ GH VLOORQV VXSSOpPHQWDLUHV SRXU OH
IUHW HQ OLEpUDQW O¶LWLQpUDLUH KLVWRULTXH GHV OLDLVRQV YR\DJHXUV ORQJXHV
GLVWDQFHV
GHV LQYHVWLVVHPHQWV UpFHQWV VRQW VSpFLILTXHPHQW SRUWXDLUHV $LQVL DX +DYUH
PLOOLRQVG¶HXURVRQWpWpGpSHQVpVSRXUOHIUHWLQFOXDQWOHUDFFRUGHPHQWGH
OD%UqTXH
'¶DXWUHVWUDYDX[QHVRQWHQFRUHTX¶jO¶pWDWGHSURMHW
O¶pOHFWULILFDWLRQ GX WURQoRQ $PLHQV&KDORQV LQVFULWH GDQV OHV ©pWXGHVª GH
O¶(QJDJHPHQWQDWLRQDOSRXUOHIUHWIHUURYLDLUH
O¶pOHFWULILFDWLRQ GX WURQoRQ 0p]LGRQ7RXUV LQVFULWH GDQV OH SURMHW ©0DLOORQ
2XHVWªSRUWpSDUOD&
OD OLDLVRQ 5RXHQ(YUHX['UHX[&KDUWUHV DXMRXUG¶KXL IHUPpH j OD FLUFXODWLRQ
PDLVLQVFULWHDX&3(5&HQWUHSRXUODOLDLVRQ&KDUWUHV2UOpDQV
OH UDFFRUGHPHQW 6XG GX SRUW GH 5RXHQ SHUPHWWDQW G¶pYLWHU OD IXWXUH JDUH
6DLQW6HYHUGHVpWXGHVGHIDLVDELOLWpVRQWHQFRXUV
*UDQGHVpYROXWLRQVQDWLRQDOHV
/¶RXYHUWXUHjODFRQFXUUHQFH
(Q)UDQFHOHVHFWHXUGXIUHWIHUURYLDLUHDpWpRXYHUWjODFRQFXUUHQFHHQ&HWWH
pYROXWLRQUpVXOWHGHODYRORQWpGHO¶8QLRQHXURSpHQQHGHPRGHUQLVHUOHIUHWDILQTX¶LO
UHJDJQH GHV SDUWV GH PDUFKp VXU OD URXWH /HV QRXYHDX[ HQWUDQWV RQW JOREDOHPHQW
SULVGHVSDUWVGHPDUFKpGHO¶RSpUDWHXUKLVWRULTXH)UHW61&)&HWWHSURSRUWLRQ
VHUDLWjSHXSUqVLGHQWLTXHSRXUOD1RUPDQGLH
/HXURIIUHWDULIDLUHDWWUDFWLYHOHXUDSHUPLVGHFDSWHUGHVWUDILFVVXU)UHW61&)PDLV
OHXUDUULYpHQ¶DSDVSHUPLVG¶HQUD\HUODFKXWHGXWUDQVSRUWSDUYRLHIHUUpH$ORUVTXH
FHWWHSDUW DDXJPHQWp GDQVWRXV OHVSD\VG¶(XURSHGHSXLV OHV GL[GHUQLqUHV DQQpHV
j O¶LQVWDUGH O¶$OOHPDJQH OD)UDQFHIDLW ILJXUH G¶H[FHSWLRQHQ SHUGDQW
GH SDUW GH WUDILF VXU FH PRGH /¶pYROXWLRQ HVW VLPLODLUH HQ +DXWH1RUPDQGLH R OD
SDUWPRGDOHGXIHUHVWSDVVpHGHjHQWUHHW
/¶HQJDJHPHQWQDWLRQDOSRXUOHIUHWIHUURYLDLUH
(Q O¶(WDW D ODQFp ©O¶HQJDJHPHQW QDWLRQDO SRXU OH IUHW IHUURYLDLUHª XQ
SURJUDPPHG¶LQYHVWLVVHPHQWGH0GV¼SRXUUHG\QDPLVHUOHVHFWHXU/HVHIIRUWVRQW
SRUWp SULQFLSDOHPHQW VXU OH GpYHORSSHPHQW GHV DXWRURXWHV IHUURYLDLUHV HW OHV
RSpUDWHXUVIHUURYLDLUHVGHSUR[LPLWp2)3
6RXUFHZZZPRGHUQLVDWLRQOLJQHVHUTXHX[JLVRUVIU
7UDQVYHUVDOHV$QDO\VHHWHQMHX[GXIUHWIHUURYLDLUHGDQVODUpJLRQ1RUPDQGLH
&(6(5+DXWH1RUPDQGLH
/HVDXWRURXWHVIHUURYLDLUHV
/HV DXWRURXWHV IHUURYLDLUHV FRQVLVWHQW j WUDQVSRUWHU GHV SRLGV ORXUGV VXU GHV WUDLQV
VSpFLDX[(Q)UDQFHGHX[OLDLVRQVVRQWHQVHUYLFH
O¶DXWRURXWHIHUURYLDLUHDOSLQHTXLWUDYHUVHOHV$OSHVYHUVO¶,WDOLH6XUNP
HOOH WUDQVSRUWH QRWDPPHQW GHV PDWLqUHV GDQJHUHXVHV OHXU pYLWDQW DLQVL OHV
GpVDJUpPHQWV GH O¶HQYLURQQHPHQW DOSLQ SRLGV ORXUGV RQW pWp
WUDQVSRUWpVGHSXLVVDFUpDWLRQHQ
O¶DXWRURXWH/X[HPERXUJ3HUSLJQDQLQDXJXUpHHQTXLQHWUDQVSRUWHTXH
GHV UHPRUTXHV 6XU FH GHUQLHU WURQoRQ OH VHUYLFH RSpUp SDU /RUU\5DLO XQH
ILOLDOHGHOD61&)RIIUHQDYHWWHVSDUMRXU/HVWUDLQVHQFLUFXODWLRQPHVXUHQW
MXVTX¶j P SRLGV ORXUGV RQW pWp WUDQVSRUWpV HQ /D PrPH
DQQpHWRQQHVGHJD]jHIIHWGHVHUUHDXUDLHQWDLQVLpWppFRQRPLVpHV
/HPLQLVWqUHGHVWUDQVSRUWVDDQQRQFpHQVHSWHPEUHXQSURMHWG¶RXYHUWXUHGH
GHX[QRXYHOOHVDXWRURXWHVIHUURYLDLUHVHQWUH/LOOHHW%D\RQQHG¶XQHSDUWHWHQWUHOD
&{WHG¶2SDOHHW/H%RXORXG¶DXWUHSDUW/D&RXUGHV&RPSWHVDQpDQPRLQVHVWLPp
GDQV VRQ UDSSRUW DQQXHO TXH OH FRQFHSW GH O¶DXWRURXWH IHUURYLDLUH SHLQDLW j
IDLUHVHVSUHXYHVVXUOHVSODQVpFRQRPLTXHHWILQDQFLHUHWTX¶LOQ¶DYDLWSDVGpPRQWUp
VDFDSDFLWpjIRQFWLRQQHUVDQVDLGHSXEOLTXHUpFXUUHQWH
/HVRSpUDWHXUVIHUURYLDLUHVGHSUR[LPLWp
/HV RSpUDWHXUV IHUURYLDLUHV GH SUR[LPLWp 2)3 VRQW GHV HQWUHSULVHV IHUURYLDLUHV GH
VWDWXW SULYp TXL DVVXUHQW ORFDOHPHQW XQ WUDQVSRUW GH IUHW GH SUR[LPLWp HW JqUHQW
O¶LQIUDVWUXFWXUHGpGLpH ,OV RQW YRFDWLRQjIDLUH OD MRQFWLRQDYHFXQRSpUDWHXUIUHWGH
ORQJXH GLVWDQFH HQ WUDQVSRUWDQW VHV ZDJRQV jSDUWLUG¶XQ SRLQWG¶pFKDQJH MXVTX¶DX
OLHX G¶DUULYpH &HUWDLQV SRUWV SDU H[HPSOH RQW FKRLVL GH JpUHU GH FHWWH PDQLqUH
OHXUV WUDILFV IHUURYLDLUHV &¶HVW OH FDV GX +DYUH R O¶RSpUDWHXU 1RUPDQGLH 5DLO
6HUYLFHV 156 ILOLDOH GH 61&) *HRGLV HVW RSpUDWLRQQHO GHSXLV RFWREUH ,O
UHJURXSH OHV DFWLYLWpV GH 1DYLODQG &DUJR HW GH )UHW 61&) /D GHVVHUWH HVW DVVXUpH
MXVTX¶j*UDYHQFKRQ±3RUW-pU{PH
0LQLVWqUHGHV7UDQVSRUWV'RVVLHUGHSUHVVH©DXWRURXWHVIHUURYLDLUHVªVHSWHPEUH
6RXUFHKWWSZZZGHYHORSSHPHQWGXUDEOHJRXYIU
&(6(5+DXWH1RUPDQGLH
/DUpRUJDQLVDWLRQGXIUHWIHUURYLDLUH
(Q 1RUPDQGLH FRPPH DLOOHXUV HQ )UDQFH OH IUHW IHUURYLDLUH V¶HVW FRQVLGpUDEOHPHQW
UpRUJDQLVpIDFHjODIDLEOHVVHGHVWUDILFV7URLVFHQWUHVGHWULDJH0p]LGRQ6RTXHQFH
HW 6RWWHYLOOH VRQW IHUPpV GHSXLV /¶HQVHPEOH GH O¶DFWLYLWp GH ORWLVVHPHQW
ZDJRQ LVROp D pWp WUDQVIpUpH VXU OH VLWH GX %RXUJHW GDQV OH FDGUH GH OD
UHFRQILJXUDWLRQQDWLRQDOHGXUpVHDX
/DILQGXZDJRQLVROp
/DPHVVDJHULHIHUURYLDLUHRXWUDQVSRUWSDUORWLVVHPHQWGLW©ZDJRQLVROpªFRQVLVWH
j RUJDQLVHU GHV WUDLQV FRPSOHWV j SDUWLU GH ZDJRQV SURYHQDQW GH GLYHUV FKDUJHXUV
/¶DVVHPEODJH GHV WUDLQVV¶HIIHFWXH HQVXLWH GDQV GHVJDUHVGHWULDJH 5HEXWpSDU OHV
FRWV GH WUDLWHPHQW ORJLVWLTXH OLpV j O¶RIIUH GX ZDJRQ LVROp )UHW 61&) D GpFLGp GH
UpRUJDQLVHU OH VHFWHXU HQ PHWWDQW HQ SODFH XQH QRXYHOOH RIIUH GLWH ©PXOWLORWV
PXOWLFOLHQWVª 0/0& /H VHUYLFH GH ZDJRQ j OD GHPDQGH D GRQF SULV ILQ HQ
GpFHPEUHUHPSODFpSDUXQHRIIUHGHVHUYLFHG¶D[HVHQWUH]RQHVpFRQRPLTXHV
SHUPHWWDQWG¶HIIHFWXHUDXPRLQVWURLVDOOHUVUHWRXUVSDUVHPDLQH
/HVSHUWHVGHPDUFKpVGXPRGHIHUURYLDLUHGHFHVGHUQLqUHVDQQpHVFRUUHVSRQGUDLHQW
HVVHQWLHOOHPHQWjO¶DEDQGRQGHFHW\SHGHWUDILF
6RXUFH62H6/HVWUDQVSRUWVHQ
/HUpWUpFLVVHPHQWGXUpVHDXVHFRQGDLUH
/D+DXWH1RUPDQGLHFRPSWHLQVWDOODWLRQVWHUPLQDOHVHPEUDQFKpHV,7(VXUVRQ
WHUULWRLUHHQ6HLQH0DULWLPHHWGDQVO¶(XUH&HFKLIIUHLQFOXWOHV,7(GHVSRUWV
2EMHFWLI2)3/DOHWWUHG¶LQIRUPDWLRQQPDUV
GH 5RXHQ HW GX +DYUH /D 6HLQH0DULWLPH HVW DLQVL OH H GpSDUWHPHQW
IUDQoDLV GHUULqUH OH 1RUG SRXU VD GHQVLWp HQ ,7( &HWWH VSpFLILFLWp RIIUH GHV
GLVSRVLWLRQV SDUWLFXOLqUHPHQW IDYRUDEOHV SRXU OD FRQVWLWXWLRQ GH WUDLQV HQWLHUV $
O¶pFKHOOHGHOD1RUPDQGLHG¶HQWUHHOOHVFRQFHUQHQWGHVFDUULqUHV%73GRQW
UpDOLVHQWGHVWUDILFV
'HSXLV VHSWHPEUH OH PLQLVWqUH GHV WUDQVSRUWV D LQVWDOOp GHV ©FRQIpUHQFHV
SpULRGLTXHVª SRXU OD UHODQFH GX IUHW IHUURYLDLUH j O¶LVVXH GHVTXHOOHV SOXVLHXUV
PHVXUHVVRQWHVTXLVVpHVWHOOHVTXH
ODFUpDWLRQGHFOXVWHUVIUHWIHUURYLDLUHVXUGHVWHUULWRLUHVYRORQWDLUHVSRXUIDLUH
pPHUJHUXQPRGqOHDGDSWpDX[EHVRLQVGHO¶pFRQRPLHORFDOH
OD FUpDWLRQ G¶XQ REVHUYDWRLUH QDWLRQDO GH OD GHPDQGH GH WUDQVSRUW GH IUHW
IHUURYLDLUH
OD FUDWLRQ G¶XQ pYpQHPHQW DQQXHO DXWRXU GX IUHW IHUURYLDLUH SRXU VH IDLUH
UHQFRQWUHUO¶RIIUHHWODGHPDQGH«
'¶DSUqVXQGLDJQRVWLFUpDOLVpSDU5))VXUNPGHOLJQHVRXYHUWHVjODFLUFXODWLRQ
HQ )UDQFH YRLHQW SDVVHU PRLQV G¶XQ WUDLQ SDU MRXU HW NP SUpVHQWHQW XQ
ULVTXH GH IHUPHWXUH G¶LFL j DQV IDXWH GH UpKDELOLWDWLRQ 6HORQ OH PLQLVWqUH
O¶HQWUHWLHQ GH FHV OLJQHV GH IUHW ORFDOHV SRXUUDLHQW j O¶DYHQLU rWUH ILQDQFp SDU OHV
HQWUHSULVHVFRQFHUQpHVHWSDUFHUWDLQHVFROOHFWLYLWpVDXSUHPLHUUDQJGHVTXHOOHVOHV
5pJLRQV GDQV OH FDGUH GH OHXU FRPSpWHQFH pFRQRPLTXH 3RXU O¶$87) TXL FUDLQW GH
YRLU OD FKDUJH GH FHV OLJQHV UHYHQLU DX[ HQWUHSULVHV XQ UpIpUHQWLHO VSpFLILTXH GRLW
rWUH PLV HQ SODFH SRXU GLPLQXHU OH FRW GH OD PDLQWHQDQFH VXU FHV YRLHV HQ OHV
SODoDQWVRXVODUHVSRQVDELOLWpG¶XQJHVWLRQQDLUHGpGLp
/H GpFODVVHPHQW HVW GpMj HIIHFWLI SRXU GH QRPEUHXVHV OLJQHV HQ +DXWH1RUPDQGLH
$LQVLXQH VHFWLRQGH OD OLJQH UHOLDQW *LVRUVHPEUDQFKHPHQW j3RQW GH O¶$UFKHD pWp
GpFODVVpHHQ/HWURQoRQUHOLDQW(WUpSDJQ\j3RQWGHO¶$UFKHUHVWHRSpUDWLRQQHO
JUkFHjODVXFUHULHG¶(WUpSDJQ\
'HVVLOORQVWUqVVROOLFLWpV
3OXVLHXUVJRXORWVG¶pWUDQJOHPHQWH[LVWHQWHQ1RUPDQGLHHWDX[DERUGVGH3DULV
OH Q°XG URXHQQDLV VHXOH WUDYHUVpH GH OD 6HLQH HQ 1RUPDQGLH YLDGXF
G¶(DXSOHWMXVTX¶j0DQWHV
OH Q°XG PDQWRLV JDUH GH 0DQWHV HW OLDLVRQ 3DULV ± 0DQWHV XWLOLVpH SDU GH
QRPEUHX[WUDLQV
2EVHUYDWRLUH5pJLRQDOGHV7UDQVSRUWVHWGHV0RELOLWpV/HVWUDQVSRUWVGHIUHWHQ+DXWH1RUPDQGLHMXLQ
/RFDOWLVGpFHPEUH
&HV OLJQHV GH IUHW FDSLOODLUHV IRQW DXMRXUG¶KXL SDUWLHV GX UpIpUHQWLHO QDWLRQDO JpUp SDU 5)) /H FRW GH OHXU
HQWUHWLHQHVWFDOpVXUFHOXLGXUpVHDXQDWLRQDOGRQWOHFDKLHUGHVFKDUJHVHQPDWLqUHGHVpFXULWpHVWIRUWHPHQW
FRQWUDLJQDQW2UOHVFLUFXODWLRQVGHWUDLQVVXUFHVYRLHVQHVRQWTX¶pSLVRGLTXHVHWjIDLEOHYLWHVVHVRXUFH:.
7UDQVSRUW/RJLVWLTXHMXLOOHW
&(6(5+DXWH1RUPDQGLH
$FHODV¶DMRXWHQWGHVVLOORQVSDUIRLVQRQXWLOLVpVFHUWDLQVRSpUDWHXUVRQWFRXWXPHGH
GRXEOHU OHXU GHPDQGH DXSUqV GH 5)) SRXU V¶DVVXUHU GHV D[HV GH SDVVDJH 6DQV
FRPSWHUOHVQRPEUHX[WUDYDX[UpDOLVpVFKDTXHDQQpHVXUOHUpVHDX
9HUVGHVWUDLQVSOXVORQJV
3RXUODSUHPLqUHIRLVHQ)UDQFHXQWUDLQGHIUHWG¶XQHORQJXHXUGHPDFLUFXOp
VXU O¶DXWRURXWH IHUURYLDLUH 3HUSLJQDQ/X[HPERXUJ &¶pWDLW HQ GpFHPEUH DORUV
TXH OD OLPLWH pWDLW MXVTX¶j DORUV IL[pH j P /HV pYROXWLRQV WHFKQLTXHV GHYUDLHQW
SHUPHWWUHSURFKDLQHPHQWODFLUFXODWLRQGHWUDLQVGHSOXVGHP
3DUWLH
,PSDFWVVRFLRpFRQRPLTXHV
HWHQYLURQQHPHQWDX[GX
UHSRUWPRGDO
&KDSLWUH
8QPRGqOHpFRQRPLTXHIUDJLOH
/HVDLGHVDXUHSRUWPRGDO
/HV GLIILFXOWpV pFRQRPLTXHV UHQFRQWUpHV GDQV OD PLVH HQ °XYUH G¶XQ UHSRUW PRGDO
RQW JpQpUp O¶DSSDULWLRQ G¶DLGHV GLYHUVHV DX SURILW GHV FKDUJHXUV RX GHV RSpUDWHXUV
pPDQDQW GH O¶(XURSH GH O¶(WDW HW GH VHV DJHQFHV RX GX QLYHDX UpJLRQDO (OOHV
FRQFHUQHQWOHVpWXGHVOHVLQYHVWLVVHPHQWVRXO¶H[SORLWDWLRQ
3DQRUDPDQRQH[KDXVWLIGHTXHOTXHVDLGHVDXUHSRUWPRGDO
$LGH
$LGHj
O¶H[SORLWDWLRQGHV
VHUYLFHVUpJXOLHUV
GHWUDQVSRUW
FRPELQp
$LGHVjODGpFLVLRQ
$LGHVj
O¶LQYHVWLVVHPHQW
&HUWLILFDW
G¶pFRQRPLH
G¶pQHUJLH
3ODQG¶DLGHDX
UHSRUWPRGDO
$WWULEXWHXU 'HVFULSWLI
(WDW
%pQpILFLDLUHVRSpUDWHXUVGHWUDQVSRUWFRPELQp
'*,70
FRPPLVVLRQQDLUHVGHWUDQVSRUW
3ULQFLSHYHUVHPHQWG¶XQHDLGHIRUIDLWDLUHSDUXQLWpGH
WUDQVSRUWLQWHUPRGDO87,FRQWHQHXUVFDLVVHVPRELOHVVHPL
UHPRUTXHVUHPRUTXHVWUDQVERUGpHGDQVXQWHUPLQDO
WHUUHVWUHRXSRUWXDLUHVLWXpVXUOHWHUULWRLUHIUDQoDLV
PpWURSROLWDLQHWLQWpJUpGDQVXQHFKDvQHGHWUDQVSRUWLQFOXDQW
XQSUpHWSRVWDFKHPLQHPHQWURXWLHUDX[H[WUpPLWpVGX
PDLOORQSULQFLSDOHWSDU87,SDVVDQWSDUXQSRLQWQRGDOSRXU
OHVWUDILFVWHUUHVWUHVQDWLRQDX[HWLQWHUQDWLRQDX[HQ
LPSRUWH[SRUWD\DQWXQWUDQVERUGHPHQWVXUOHWHUULWRLUH
IUDQoDLVPpWURSROLWDLQ
1RWHDSSHOpH©FRXSGHSLQFHªGDQVOHMDUJRQGHV
WUDQVLWDLUHVO¶DLGHUHSUpVHQWHUDLWGHjGXFKLIIUH
G¶DIIDLUHVGHVRSpUDWHXUVGHWUDQVSRUWFRPELQp/H
UpJLPHGHO¶DLGHGRLWrWUHDSSURXYpSpULRGLTXHPHQWSDUOD
&RPPLVVLRQHXURSpHQQHSRXUpFKDSSHUjODTXDOLILFDWLRQ
G¶DLGHG¶(WDW/HYHUVHPHQWGHO¶DLGHSRXUO¶DQQpHD
GRQQpOLHXjXQIRUWPpFRQWHQWHPHQWGHVSURIHVVLRQQHOV
SXLVTXHO¶DLGHXQLWDLUHHVWSDVVpHGHj¼DORUVTXH
OHVRSpUDWHXUVDYDLHQWFRQVWUXLWOHXUEXGJHWVXUODEDVH
GH¼
$'(0(
%pQpILFLDLUHVFKDUJHXUV
3ULQFLSHDLGHVSRXUOHVSUpGLDJQRVWLFVGLDJQRVWLFVpWXGHV«
QRWDPPHQWHQPDWLqUHG¶RSWLPLVDWLRQORJLVWLTXHGXWUDQVSRUW
$'(0(
%pQpILFLDLUHVHQWUHSULVHVFKDUJHXUV
3ULQFLSHFRQFHUQHOHVRSpUDWLRQVH[HPSODLUHVGH
GpYHORSSHPHQWGXUHSRUWPRGDO
$'(0(
%pQpILFLDLUHVHQWUHSULVHVWUDQVSRUWHXUVRXRSpUDWHXUVGH
WUDQVSRUWFRPELQp
3ULQFLSHREWHQWLRQG¶XQ&((SRXYDQWrWUHUHYHQGXjXQ
©REOLJpªSHUPHWWDQWDLQVLXQHYDORULVDWLRQFRPSOpPHQWDLUH
91)
%pQpILFLDLUHVFKDUJHXUVHWORJLVWLFLHQV
3ULQFLSHSDUWLFLSDWLRQILQDQFLqUHDX[pWXGHVGHORJLVWLTXH
IOXYLDOHDX[H[SpULPHQWDWLRQVIOXYLDOHVHWjO
LQVWDOODWLRQ
G
RXWLOODJHVGHPDQXWHQWLRQ
&(6(5+DXWH1RUPDQGLH
3ODQG¶DLGHjOD
PRGHUQLVDWLRQHWj
O¶LQQRYDWLRQ
91)
$SSHOjSURMHW
(QHUJLHV
&RQVHLO
UpJLRQDOGH
+DXWH
1RUPDQGLH
%pQpILFLDLUHVWUDQVSRUWHXUVIOXYLDX[
3ULQFLSHDFFRPSDJQHUODFURLVVDQFHGXWUDQVSRUWIOXYLDOHQ
SDUWLFLSDQWILQDQFLqUHPHQWDX[WUDYDX[GHPRGHUQLVDWLRQGHOD
FDOHH[LVWDQWHjODFRQVWUXFWLRQGHEDWHDX[GHFDSDFLWp
VXIILVDQWHSRXUUpSRQGUHjGHQRXYHDX[PDUFKpVDLQVLTX
j
O
DFKDWGHODSUHPLqUHXQLWpIOXYLDOG
XQQRXYHOHQWUDQWRXG
XQ
MHXQHUHSUHQHXU
%pQpILFLDLUHVO¶pGLWLRQV¶DGUHVVHDX[HQWUHSULVHVHWDX[
RUJDQLVPHVGHUHFKHUFKH
3ULQFLSHVRXWHQLUODUHFKHUFKHHWO
LQQRYDWLRQHWHQFRXUDJHUOD
SURGXFWLRQGHVRXUFHVG¶pQHUJLHVDOWHUQDWLYHVSDUWRXWRFHOD
HVWSRVVLEOHQRWDPPHQWGDQVOHVWUDQVSRUWV
(QOHSURJUDPPH0DUFR3ROR,,DSULVILQ0LVHQSODFHSDUO¶8QLRQHXURSpHQQH
HQ LO Q¶D SDV UHQFRQWUp O¶HIILFDFLWp HVFRPSWpH /D &RXU GHV FRPSWHV
HXURSpHQQHHQDSXUHPHQWHWVLPSOHPHQWVXJJpUpO¶DEDQGRQHWLOQHVHPEOHSDVj
FHMRXUTX¶LOGRLYHrWUHUHFRQGXLW
(QILQXQHDLGHDXGpPDUUDJHGHQRXYHOOHVOLJQHVPDULWLPHVjFRXUWHGLVWDQFHDYDLW
pWpPLVHHQSODFHSDUOH*RXYHUQHPHQWHQ/HVFDQGLGDWXUHVpWDLHQWUHFHYDEOHV
MXVTX¶HQ
/HVHQWUHSULVHVHWO¶HPSORL
(QODVLWXDWLRQGHO¶HPSORLVDODULpHVWjODEDLVVHGDQVOHVHFWHXUGHVWUDQVSRUWV
HQWUHILQHWILQ/HUHFXOFRQFHUQHOHWUDQVSRUWURXWLHUGHIUHW
OH IHUURYLDLUH PDLV DXVVL O¶RUJDQLVDWLRQ GX WUDQVSRUW GH IUHW GHV VDODULpV GX VHFWHXU ILQ pWDLHQW LQWpULPDLUHV SHUVRQQHV /D
EDLVVH GHV RIIUHV G¶HPSORL HQ HW HQ PHW ILQ j OD
UHSULVHHQWDPpHHQ
/¶DUWLFXODWLRQGXGURLWVRFLDOIUDQoDLVDYHFOHVUqJOHVHXURSpHQQHVGXWUDQVSRUWUHVWH
XQHQMHXIRUW/HVGpEDWVSRUWHQWQRWDPPHQWVXUODGXUpHGHWUDYDLOGHVFRQGXFWHXUV
URXWLHUV RX HQFRUH VXU OHV UqJOHV GH FDERWDJH /¶H[SOLFDWLRQ OD SOXV FRXUDPPHQW
IRXUQLHSRXUH[SOLTXHUOHUHFXOGXSDYLOORQIUDQoDLVHQ)UDQFHFRPPHjO¶LQWHUQDWLRQDO
HVWFHOOHG¶XQHGpWpULRUDWLRQGHODFRPSpWLWLYLWp
(QWUH HW TXHOTXHV PLOOLRQV G¶HXURV RQW pWp GLVWULEXpV YLD FH SURJUDPPH GRQW OD
&RPPLVVLRQ HXURSpHQQH HVWLPH TX¶LO DXUD SHUPLV OH UHSRUW G¶HQYLURQ PLOOLRQV GH WRQQHV YHUV OHV
PRGHV PDULWLPHV HW IOXYLDX[ /D &RXU GHV FRPSWHV D DX FRQWUDLUH FRQVWDWp XQ UHQIRUFHPHQW GX PRGH
URXWLHUGHSXLVOHGpEXWGXODQFHPHQWGXSURJUDPPHHWXQIRUWHIIHWG¶DXEDLQH
/H FDERWDJH HVW O¶DFWLYLWp FRQVLVWDQW SRXU XQ WUDQVSRUWHXU GH PDUFKDQGLVHV SDU URXWH SRXU FRPSWH
G¶DXWUXLWLWXODLUHGHODOLFHQFHFRPPXQDXWDLUHjHIIHFWXHUjWLWUHWHPSRUDLUHGHVWUDQVSRUWVQDWLRQDX[GH
PDUFKDQGLVHV SDU URXWH SRXU FRPSWH G¶DXWUXL GDQV XQ DXWUH (WDW PHPEUH VDQV \ rWUH pWDEOL VRXUFH
UqJOHPHQW &(( Q FLWp GDQV OH UDSSRUW GH & $EUDKDP ©3RXU XQH UpJXODWLRQ GXUDEOH GX
WUDQVSRUWURXWLHUGHPDUFKDQGLVHVª
8QHpWXGHUpDOLVpHHQSDUOH&15DPRQWUpTXHOHFRWXQLWDLUHGHO¶KHXUHGHFRQGXLWHHQ)UDQFH
pWDLWOHSOXVpOHYpGHVGLIIpUHQWVSD\VHXURSpHQVFRPSDUpV
/D OpJLVODWLRQ DXWRULVH DFWXHOOHPHQW XQ WUDQVSRUWHXU URXWLHU pWUDQJHU j UpDOLVHU WURLV
RSpUDWLRQVGH FKDUJHPHQW HWGH GpFKDUJHPHQWVXU OHVROIUDQoDLV GDQV OD OLPLWH GH
VHSWMRXUV/HVUqJOHVGXGURLWVRFLDOIUDQoDLVQHOXLVRQWSDVDSSOLFDEOHV
GpF
/H JUDSKLTXH FLGHVVXV PRQWUH XQH QHWWH VpSDUDWLRQ HQ (XURSH HQWUH SD\V GLWV
©FDERWpVª GRQW OD )UDQFH IDLW SDUWLH HW SD\V GLWV ©FDERWHXUVª VLWXpV SRXU OD
SOXSDUWHQ(XURSHGHO¶(VW
8Q DUWLFOH GX SURMHW GH ORL ©SRXU OD FURLVVDQFH O¶DFWLYLWp HW O¶pJDOLWp GHV FKDQFHV pFRQRPLTXHVª GLW
SURMHWGHORL©0DFURQªSUpFLVHOHVPRGDOLWpVG¶DSSOLFDWLRQGHVUqJOHVGXGpWDFKHPHQWGHVDODULpVGDQV
OHGRPDLQHGXWUDQVSRUWURXWLHUHWGXWUDQVSRUWIOXYLDO,OSUpYRLWTXHOHVFKDXIIHXUVpWUDQJHUVGHSDVVDJH
GDQVHQ)UDQFHHWUpDOLVDQWXQHRSpUDWLRQGHFDERWDJHVHYRLHQWDSSOLTXpVOHVUqJOHVVRFLDOHVIUDQoDLVHV
QRWDPPHQWOH60,&
&KDSLWUH
(QYLURQQHPHQW
(PLVVLRQVGHJD]jHIIHWGHVHUUH
8QHVWDWLVWLTXHFRPPXQpPHQWDGPLVHLQGLTXHTXHORUVTXHOH3,%FURLWGHSRLQWOH
WUDQVSRUWFURLWGHSRLQW/HVHFWHXUGHVWUDQVSRUWVGHPHXUHOHVHXOGRPDLQHDX
QLYHDXHXURSpHQSRXUOHTXHOOHVpPLVVLRQVGH&2FRQWLQXHQWGHFURvWUH
/HVLQVWDQFHVHXURSpHQQHVH[HUFHQWXQHIRUWHSUHVVLRQjODUpGXFWLRQHOOHVRQWIL[p
SRXU REMHFWLI XQH UpGXFWLRQ GH GHV pPLVVLRQV GH &2 j O¶KRUL]RQ WRXW
FRPPHOH*UHQHOOHGHO¶(QYLURQQHPHQW
/HWUDQVSRUWpPHWTXDWUHJD]jHIIHWGHVHUUHGLIIpUHQWV
OHGLR[\GHGHFDUERQH&2
OHSURWR[\GHG¶D]RWH12
OHPpWKDQH&+
OHVK\GURIOXRURFDUEXUHV+)&
$ OXL VHXO OH &2 UHSUpVHQWH GHV pPLVVLRQV /D WRQQH pTXLYDOHQW &2 HVW GRQF
O¶XQLWpGHPHVXUHFRQYHQWLRQQHOOH
/DGLPLQXWLRQOpJqUHPDLVUpJXOLqUHGHVpPLVVLRQVGH*(6DpWpQRWDPPHQWSHUPLVH
SDU OHV QRUPHV (XUR HW OHV SURJUqV WHFKQLTXHV HQJHQGUDQW XQH EDLVVH GH OD
FRQVRPPDWLRQGHFDUEXUDQWHWGRQFGHO¶HQVHPEOHGHVUHMHWVJD]HX[
0LOLHX[QDWXUHOV
/HV LQIUDVWUXFWXUHV GH WUDQVSRUW UHSUpVHQWHQW HQYLURQ GHV VXUIDFHV
DUWLILFLDOLVpHV /HV FRQVpTXHQFHV SRXU O¶HQYLURQQHPHQW VRQW PXOWLSOHV /HV VXUIDFHV
UHYrWXHV VRQW SRXU OD SOXSDUW LPSHUPpDEOHV HW SHUWXUEHQW OH F\FOH GH O¶HDX /HV
LQIUDVWUXFWXUHV OLQpDLUHV FRQGXLVHQW j OD IUDJPHQWDWLRQ HW DX FORLVRQQHPHQW GHV
HVSDFHV QDWXUHOV (QWUH HW OHV VXUIDFHV OLpHV DX[ WUDQVSRUWV RQW
DXJPHQWpG¶HQYLURQKD
6RXUFH&RPPLVVDULDWJpQpUDODXGpYHORSSHPHQWGXUDEOH/HVFRPSWHVGHWUDQVSRUWVHQMXLOOHW
&KDSLWUH
)LVFDOLWpHWUHFHWWHVSXEOLTXHVOLpHVDX[WUDQVSRUWV
(Q OHV SULQFLSDOHV UHFHWWHV OLpHV DX[ WUDQVSRUWV SUpOHYpHV SDU OHV
DGPLQLVWUDWLRQVV¶pOqYHQWj0G¼
/D7,&3(
3DUPL OHV WD[HV HW UHGHYDQFHV GLYHUVHV RQ SHXW FLWHU OD WD[H LQWpULHXUH GH
FRQVRPPDWLRQGHVSURGXLWVpQHUJpWLTXHV7,&3(H[7,33DVVLVHVXUODTXDQWLWpGH
SURGXLWV SpWUROLHUV DFKHWpV &¶HVW OD SULQFLSDOH UHFHWWH OLpH DX[ WUDQVSRUWV GHV
DGPLQLVWUDWLRQVSXEOLTXHV0G¼HQGRQW0GSRXUOHILQDQFHPHQWGHV
DLGHVDX[HQWUHSULVHVSDUOHV5pJLRQV
/D5pJLRQ+DXWH1RUPDQGLH
GHYUDLWSHUFHYRLU0¼DXWLWUHGHOD7,33SRXUO¶DQQpH
DRSWpSRXUOHVWDX[PD[LPXPGHODSDUWPRGXODEOH
DRSWpSRXUOHVWDX[PD[LPXPGHOD7,33©*UHQHOOHªRXDXVVLDSSHOpH7,33
/DWD[HjO¶HVVLHX
(OOHQHV¶DSSOLTXHTX¶DX[SRLGVORXUGV(QODUHFHWWHV¶HVWpOHYpHjPLOOLRQV
G¶HXURV
/¶pFRWD[HSRLGVORXUGV
/HGHUQLHUJUDQGFKDQWLHUILVFDOYLVDQWjIDYRULVHUOHUHSRUWPRGDOFRQFHUQHO¶pFRWD[H
SRLGV ORXUGV ,QVFULWHGDQV OD ORL *UHQHOOH ,HW GHYDQW LQLWLDOHPHQW V¶DSSOLTXHU DX HU
MDQYLHU VRQ DSSOLFDWLRQ D pWp UHSRUWpH VLQH GLH HQ RFWREUH VXLWH j XQ
PRXYHPHQWGHFRQWHVWDWLRQGHVWUDQVSRUWHXUVURXWLHUV6RQSULQFLSHWD[HUOHVSRLGV
ORXUGV FLUFXODQW VXU OH UpVHDX IUDQoDLV (OOH YLVDLW DXVVL j IDLUH SD\HU O¶XVDJH GHV
'HSXLVXQGLVSRVLWLIFRQFHUQDQWOD7,&3(HVWLQVWLWXpSRXUDSSRUWHUDX[5pJLRQVXQILQDQFHPHQW
GDQV OH FDGUH GX WUDQVIHUW GH FRPSpWHQFH SUpYX SDU ORL GX DRW /HV 5pJLRQV VRQW GRQF
DXWRULVpHVjDSSOLTXHUXQHVXUWD[DWLRQRXXQHGpFRWHGH¼SDUKHFWROLWUHVXUOD7,&3(GXJD]ROHHW
¼ VXU OH VXSHU 'HSXLV HW HQ YHUWX GX *UHQHOOH GH O¶(QYLURQQHPHQW OHV &RQVHLOV UpJLRQDX[
SHXYHQW PDMRUHU j O¶DLGH G¶XQH GHX[LqPH PRGXODWLRQ OH WDULI GH OD WD[H LQWpULHXUH GH FRQVRPPDWLRQ
DSSOLFDEOHDX[FDUEXUDQWVYHQGXVDX[FRQVRPPDWHXUVILQDOVVXUOHXUWHUULWRLUH
URXWHVSDUO¶XWLOLVDWHXUUpHOWRXWHQGpJDJHDQWGHVUHFHWWHVSRXUILQDQFHUGHVPRGHV
DOWHUQDWLIV GH WUDQVSRUWV WHOV TXH OH IHU HW OH IOXYLDO (OOH FRQFHUQDLW pJDOHPHQW OHV
FDPLRQVYLGHVSRXULQFLWHUOHVWUDQVSRUWHXUVjUDWLRQDOLVHUOHXUVpFKDQJHV
3D\pHSDUOHVWUDQVSRUWHXUVURXWLHUVHOOHDXUDLWpWpUpSHUFXWpHVXUOHVFKDUJHXUV/HV
URXWHVVRXPLVHVjO¶pFRWD[HDXUDLHQWpWpOHVLWLQpUDLUHVQDWLRQDX[QRQSD\DQWVHWOHV
URXWHVGpSDUWHPHQWDOHVTXLFRQWRXUQHQWOHVLWLQpUDLUHVSD\DQWVVRLWNP/HV
SRLGV ORXUGV pWUDQJHUV DXUDLHQW pWp WD[pV DX PrPH WLWUH TXH OHV WUDQVSRUWHXUV
QDWLRQDX['¶DSUqVOH*RXYHUQHPHQWOHSUL[GXWUDQVSRUWVXUURXWHDXUDLWDXJPHQWp
GH DSUqV OD PLVH HQ SODFH GH O¶pFRWD[H 'DQV OH SURMHW LQLWLDO O¶pFRWD[H pWDLW
FHQVpH UDSSRUWHU 0G¼ SDU DQ UHYHUVpV j $),7) /D SDUW SURYHQDQW GH OD
FLUFXODWLRQ VXU OHV URXWHV GpSDUWHPHQWDOHV HW FRPPXQDOHV GHYDLW rWUH UHYHUVpH DX[
FROOHFWLYLWpVORFDOHVFRQFHUQpHV
8QHUHPLVHjSODWGXGLVSRVLWLIHVWjO¶pWXGH/HVHFUpWDLUHG¶(WDWDX[WUDQVSRUWV$ODLQ
9LGDOLHV D IL[p DX HU MDQYLHU O¶pFKpDQFH SRXU WURXYHU XQ GLVSRVLWLI SpUHQQH
SHUPHWWDQWOHILQDQFHPHQWGHODPXOWLPRGDOLWp3RXUFRPSHQVHUOHPDQTXHjJDJQHU
GH O¶$),7) HQ UDLVRQ GH O¶DMRXUQHPHQW GH O¶pFRWD[H XQH DXJPHQWDWLRQ GHV SUL[ GX
JD]ROHDpWpYRWpHDXEXGJHW
$JHQFHGHILQDQFHPHQWGHVLQIUDVWUXFWXUHVGHWUDQVSRUWGH)UDQFH
/¶$QWHQQHQRYHPEUH
&KDSLWUH
1RXYHOOHVWHFKQRORJLHV
7HFKQRORJLHVGHWUDoDELOLWp
/HVRXWLOVWHFKQRORJLTXHVG¶LQWHUIDoDJHHWGHWUDoDELOLWpFRQVWLWXHQWGHVpOpPHQWVGH
VLPSOLILFDWLRQGDQVODFKDvQHGHWUDQVSRUWDSWHVjIDFLOLWHUODGpFLVLRQYHUVXQUHSRUW
PRGDO /¶LQQRYDWLRQ ORJLVWLTXH SRUWH DXMRXUG¶KXL PDMRULWDLUHPHQW VXU OD JHVWLRQ GHV
IOX[ G¶LQIRUPDWLRQV TXL SHUPHWWHQW GH SLORWHU OHV IOX[ SK\VLTXHV 2Q UHJURXSH DLQVL
VRXV OH YRFDEOH ©LQIRORJLVWLTXHª O¶HQVHPEOH GHV RXWLOV HW VROXWLRQV WHFKQRORJLTXHV
TXLSHUPHWWHQWOHSLORWDJHLQIRUPDWLRQQHOGHVPDUFKDQGLVHV
/¶KpWpURJpQpLWp GHV V\VWqPHV G¶LQIRUPDWLRQ GHV GLIIpUHQWV DFWHXUV GH OD FKDvQH
ORJLVWLTXH D FRQGXLW DX GpYHORSSHPHQW GH SURWRFROHV G¶pFKDQJHV VpFXULVpV GH
GRQQpHV LQIRUPDWLTXHV /D SOXSDUW GHV JUDQGV SRUWV LQWHUQDWLRQDX[ RQW DLQVL
GpYHORSSpOHXUV\VWqPHLQIRUPDWLTXHFRPPXQDXWDLUHOHVFDUJRFRPPXQLW\V\VWHP
/HVSRUWVGX+DYUH5RXHQHW*HQQHYLOOLHUVVRQWJpUpVSDUOHV\VWqPH©62QHªTXL
SHUPHWGHVXLYUHO¶HQVHPEOHGHVPRXYHPHQWVG¶XQHPDUFKDQGLVH
,O H[LVWH pJDOHPHQW GHV SODWHIRUPHV pOHFWURQLTXHV PXOWLPRGDOHV DXWUHPHQW GLW GHV
SRUWDLOV XQLTXHV GRQQDQW DFFqV j XQ PD[LPXP G¶LQIRUPDWLRQV GXUDQW WRXWHV OHV
pWDSHV G¶XQ WUDQVSRUW PXOWLPRGDO H[HPSOH 6,667(06 'HV WUDFHXUV SHUPHWWHQW
GHVXLYUHODSRVLWLRQG¶XQHPDUFKDQGLVHWRXWDXORQJGXSURFHVVXVGHWUDQVSRUW'HV
WHFKQRORJLHV UpVHDX[ *36 RX GHV FDSWHXUV 5),' WUDQVPHWWHQW GHV LQIRUPDWLRQV
LQVWDQWDQpHVDXV\VWqPHLQIRUPDWLTXHDVVRFLp
/HV SRXYRLUV SXEOLFV FRPSWHQW DXMRXUG¶KXL VXU FHV QRXYHOOHV WHFKQRORJLHV SRXU
UpGXLUH O¶HPSUHLQWH pFRORJLTXH GHV DFWLYLWpV GH WUDQVSRUWV 'H IDLW OHV RXWLOV j
GLVSRVLWLRQ SHUPHWWHQW GH UDWLRQDOLVHU OHV GLIIpUHQWV IOX[ WDX[ GH UHPSOLVVDJH
WUDQVIHUWV PRGDX[« 2Q DVVLVWH DLQVL j O¶pPHUJHQFH G¶XQ ©LQWHUQHW GHV REMHWVª
F¶HVWjGLUHO¶DIIHFWDWLRQDX[REMHWVSDOHWWHVFRQWHQHXUV«G¶XQHFHUWDLQHDXWRQRPLH
GHGpFLVLRQ
/D+DXWH1RUPDQGLHSHXWV¶DSSX\HUVXUODSUpVHQFH
GX S{OH GH FRPSpWLWLYLWp 1RYDORJ GpGLp j OD ORJLVWLTXH HW j OD VXSSO\ FKDLQ
3DUPL VHV GRPDLQHV G¶DFWLRQV VWUDWpJLTXHV RQ UHWURXYH O¶LQWHURSpUDELOLWp OD
WUDoDELOLWpGHVIOX[HWODPXOWLPRGDOLWp
GX JUDQG UpVHDX GH UHFKHUFKH *55 ©7UDQVSRUW /RJLVWLTXH 7HFKQRORJLHV GH
O¶,QIRUPDWLRQª TXL FRQWULEXH DX GpYHORSSHPHQW GH PR\HQV G¶DQDO\VHV HW GH
VWUXFWXUDWLRQ GH O¶LQIRUPDWLRQ G¶DLGHV j OD GpFLVLRQ HWF GDQV GLIIpUHQWV
PpWLHUV
3,3$0(/¶LPSDFWGHVWHFKQRORJLHVGHO¶LQIRUPDWLRQVXUODORJLVWLTXHQRY
/61*XLGHGHUHFRPPDQGDWLRQVGXWUDQVSRUW
,ELG
3,3$0(/¶LPSDFWGHVWHFKQRORJLHVGHO¶LQIRUPDWLRQVXUODORJLVWLTXHQRY
/RUVTXH OHVDOWHUQDWLYHV j OD URXWH QH VRQW SDVSRVVLEOH LO HVWSRVVLEOH GH MRXHU VXU
GHV pYROXWLRQV WHFKQLTXHV PRWHXUV pOHFWULTXHV DPpOLRUDWLRQ GHV PRWHXUV
WKHUPLTXHV
7HFKQRORJLHVGHWUDQVSRUW
'HV H[SpULPHQWDWLRQVVRQW PHQpHVSRXU DPpOLRUHU O¶HIILFDFLWp GHVPRGHV WHUUHVWUHV
/H 3UHGLW D DLQVL ODQFp XQH GpPDUFKH EDSWLVpH ,QQR)UHW TXL DVVRFLH FKHUFKHXUV HW
LQGXVWULHOV SRXU GpYHORSSHU GH QRXYHDX[ V\VWqPHV GH WUDQVSRUW LQWHUXUEDLQ 3DUPL
OHVSURMHWVUHWHQXVGDQVOHFDGUHG¶XQDSSHOjSURSRVLWLRQVRQUHWURXYH
9pKLFXOHV $XWRPDWLTXHV 0DUFKDQGLVHV 9$0 3RUWp SDU (JLV FH V\VWqPH
HQYLVDJHOHIRQFWLRQQHPHQWGHZDJRQVDXWRPRWHXUVLQGpSHQGDQWOHVXQVGHV
DXWUHV /¶REMHFWLI HVW GH V¶DIIUDQFKLU GH OD QpFHVVDLUH PDVVLILFDWLRQ GDQV OH
WUDQVSRUWIHUURYLDLUHOHSURMHWQ¶DSDVpWpSRXUVXLYL
0DUFKDQGLVHV VXU URXWH pOHFWULTXH 0$5(/ 3RUWp SDU OH &RPPLVVDULDW j
O¶(QHUJLH $WRPLTXH OH SURMHW XWLOLVH XQ FDSWDJH pOHFWULTXH SRXU OHV SRLGV
ORXUGV VLWXp GDQV O¶LQIUDVWUXFWXUH URXWLqUH (Q $OOHPDJQH OH SURMHW (18%$
GpMj WHVWp HVW VLPLODLUH LO FRQVLVWH j pOHFWULILHU OHV D[HV URXWLHUV HQ
SHUPHWWDQWDX[YpKLFXOHVGHFDSWHUO¶pQHUJLHSDUYRLHDpULHQQH/DSURSXOVLRQ
pOHFWULTXH DLQVL SHUPLVH VHUDLW FRPSDUDEOHV j FHOOH GHV PRWHXUV WKHUPLTXHV
DFWXHOOHPHQWVXUOHPDUFKp6LHPHQVDGpSRVpXQEUHYHW
$QQH[HV
/HWWUHGHVDLVLQHGX3UpVLGHQWGX&RQVHLOUpJLRQDO
&(6(5+DXWH1RUPDQGLH
/LVWHGHVVLJOHV
$'(0(
$),7)
«««««
«««««
$87)
&
&&,
&'8
&3(5
&5'(
&5,77
&61(
'$7$5
«««««
«««««
«««««
«««««
«««««
«««««
«««««
«««««
«««««
'5($/
«««««
(5706
(93
*(6
*30+
*305
*55
+$523$
,',7
,7(
/131
/61
0,(
2)3
5))
57(7
6$31
65$''7
«««««
«««««
«««««
«««««
«««««
«««««
«««««
«««««
«««««
«««««
«««««
«««««
«««««
«««««
«««««
«««««
«««««
65&$(
65,7
67,)
7&55
7+&
7,&3(
«««««
«««««
«««««
«««««
«««««
«««««
7,33
91)
=$&
=,3
«««««
«««««
«««««
«««««
$JHQFHGHO¶(QYLURQQHPHQWHWGHOD0DvWULVHGHO¶(QHUJLH
$JHQFHGH)LQDQFHPHQWGHV,QIUDVWUXFWXUHVGH7UDQVSRUWVGH
)UDQFH
$VVRFLDWLRQGHV8WLOLVDWHXUVGH7UDQVSRUWVGH)UDQFH
&RQIpUHQFHGHV+XLW5pJLRQV
&KDPEUHGH&RPPHUFHHWG¶,QGXVWULH
&HQWUHGH'pJURXSDJH8UEDLQ
&RQWUDWGH3URMHW(WDW5pJLRQ
&RQWUDW5pJLRQDOGH'pYHORSSHPHQW(FRQRPLTXH
&HQWUH5pJLRQDOG¶,QQRYDWLRQHWGH7UDQVIHUWGH7HFKQRORJLH
&DQDO6HLQH1RUG(XURSH
'pOpJDWLRQLQWHUPLQLVWpULHOOHjO¶DPpQDJHPHQWGXWHUULWRLUHHW
jO¶DWWUDFWLYLWpUpJLRQDOH
'LUHFWLRQ5pJLRQDOHGHO¶(QYLURQQHPHQWGHO¶$PpQDJHPHQW
HWGX/RJHPHQW
(XURSHDQ5DLO7UDIILF0DQDJHPHQW6\VWHP
(TXLYDOHQWV9LQJW3LHGV
*D]j(IIHWGH6HUUH
*UDQG3RUW0DULWLPHGX+DYUH
*UDQG3RUW0DULWLPHGH5RXHQ
*UDQGV5pVHDX[GH5HFKHUFKH
/H+DYUH5RXHQ3DULV
,QVWLWXWGX'URLW,QWHUQDWLRQDOGHV7UDQVSRUWV
,QVWDOODWLRQ7HUPLQDOH(PEUDQFKpH
/LJQH1RXYHOOH3DULV1RUPDQGLH
/RJLVWLTXH6HLQH1RUPDQGLH
0pFDQLVPHSRXUO¶LQWHUFRQQH[LRQHQ(XURSH
2SpUDWHXU)HUURYLDLUHGH3UR[LPLWp
5pVHDX)HUUpGH)UDQFH
5pVHDX7UDQVHXURSpHQGH7UDQVSRUWV
6RFLpWpGHV$XWRURXWHV3DULV1RUPDQGLH
6FKpPD5pJLRQDOG¶$PpQDJHPHQWHWGH'pYHORSSHPHQW
'XUDEOHGX7HUULWRLUH
6FKpPD5pJLRQDO&OLPDW$LU(QHUJLH
6FKpPD5pJLRQDOGHV,QIUDVWUXFWXUHVGH7UDQVSRUWV
6\QGLFDWGHV7UDQVSRUWVG¶,OHGH)UDQFH
7UDQVSRUW&RPELQp5DLO5RXWH
7HUPLQDO+DQGOLQJ&KDUJHV
7D[H,QWpULHXUHGH&RQVRPPDWLRQVXUOHV3URGXLWV
(QHUJpWLTXHV
7D[H,QWpULHXUVXUOHV3URGXLWV3pWUROLHUV
9RLHV1DYLJDEOHVGH)UDQFH
=RQHG¶$PpQDJHPHQW&RQFHUWp
=RQH,QGXVWULDOR3RUWXDLUH
6RXUFHVGRFXPHQWDLUHV
3UHVVH5HYXHV
Ͳ )LO)D[
Ͳ /¶$QWHQQH
Ͳ /¶8VLQH1RXYHOOH
Ͳ /D&KURQLTXHGH1RUPDQGLH
Ͳ /D/HWWUHGH+DXWH1RUPDQGLH
Ͳ /H0DULQ
Ͳ /H0RQGH
Ͳ /HVeFKRV
Ͳ 3DULV1RUPDQGLH
Ͳ 6XSSO\&KDLQ0DJD]LQH
Ͳ :.7UDQVSRUW/RJLVWLTXH
(WXGHVHWUDSSRUWV
Ͳ $EUDKDP&3RXUXQHUpJXODWLRQGXUDEOHGXWUDQVSRUWURXWLHUGH
PDUFKDQGLVHV
Ͳ $'(0(&RQWULEXWLRQjO¶pODERUDWLRQG¶XQHYLVLRQpQHUJpWLTXHMXLQ
Ͳ $QWHD*URXS(WXGHG¶LPSDFWVXUO¶HQYLURQQHPHQWGXSURMHWGHFKDQWLHU
PXOWLPRGDOMXLQ
Ͳ &$63RXUXQHFRPSOpPHQWDULWpGXUDLOGHODURXWHHWGXIOHXYHQRWH
G¶DQDO\VHQVHSW
Ͳ &*''/HVFRPSWHVGHWUDQVSRUWVHQPDUV
Ͳ &*''/HVFRPSWHVGHWUDQVSRUWVHQMXLOO
Ͳ &*(''/¶DFFqVDX[WHUPLQDX[GHWUDQVSRUWFRPELQpGpF
Ͳ &RXUGHV&RPSWHV5DSSRUWSXEOLFDQQXHO
Ͳ '*,701RWHG¶DQDO\VHGHVSUpHWSRVWDFKHPLQHPHQWVVXUODSpULRGH
DRW
Ͳ *HQHYRLV5eYROXWLRQGXIUHWWHUUHVWUHjO¶KRUL]RQGHDQVMXLOO
Ͳ /HYrTXH/HW$OLL/H3DVVDJHSRUWXDLUH
Ͳ /131'RVVLHUGXPDvWUHG¶RXYUDJH
Ͳ /61/HVIOX[ORJLVWLTXHVHQ+DXWH1RUPDQGLH
Ͳ /612EVHUYDWRLUHGHVFDSDFLWpVG¶DFFXHLOORJLVWLTXHVIpYU
Ͳ /612SWLPLVDWLRQGXWUDQVSRUWGHPDUFKDQGLVHVHQYLOOHIpYU
Ͳ 0(7/0&RXYHUWXUHGHVFRWVGHVLQIUDVWUXFWXUHVWHUUHVWUHVVHSW
Ͳ 257H0/HVWUDQVSRUWVGHIUHWHQ+DXWH1RUPDQGLHMXLQ
Ͳ 3DXYURV50LVVLRQGHUHFRQILJXUDWLRQGX&DQDO6HLQH1RUG(XURSHGpF
Ͳ 3,3$0(/¶LPSDFWGHVWHFKQRORJLHVGHO¶LQIRUPDWLRQVXUODORJLVWLTXHQRY
Ͳ 3,3$0(/HVFKDvQHVORJLVWLTXHVGDQVO¶pFRQRPLHYHUWHPDUV
Ͳ 7UDQVYHUVDOHV$QDO\VHHWHQMHX[GXIUHWIHUURYLDLUHGDQVODUpJLRQ1RUPDQGLH
PDUV
'RFXPHQWVVWUDWpJLTXHV
Ͳ &3(5+DXWH1RUPDQGLH
&(6(5+DXWH1RUPDQGLH
Ͳ
Ͳ
Ͳ
Ͳ
&3(5+DXWH1RUPDQGLH
&3,(59DOOpHGH6HLQH
3URMHW6WUDWpJLTXH+$523$
65&$(+DXWH1RUPDQGLH
6LWHV,QWHUQHW
Ͳ HXURSDHX
Ͳ KDXWHQRUPDQGLHDGHPHIU
Ͳ KDURSDSRUWVFRPIUOHKDYUH
Ͳ KDURSDSRUWVFRPIUURXHQ
Ͳ PRGHUQLVDWLRQOLJQHVHUTXHX[JLVRUVIU
Ͳ GHYHORSSHPHQWGXUDEOHJRXYIU
Ͳ KDXWHQRUPDQGLHIU
/H&(6(5HQTXHOTXHVPRWV
♦ /H&(6(5HVWXQOLHXG¶pFKDQJHVHWGHGLDORJXH«
&RQVWLWXp GH SHUVRQQHV LVVXHV GH OD VRFLpWp FLYLOH HW UHFRQQXHV SRXU OHXUV
FRPSpWHQFHV OHXU VHQV GH O¶LQWpUrW JpQpUDO HW OHXU H[SpULHQFH OH &(6(5 HVW XQ
YpULWDEOHODERUDWRLUHG¶LGpHVSRXUUpSRQGUHDX[EHVRLQVGHVFLWR\HQV
3DUODGLYHUVLWpGHVHVPHPEUHVOH&(6(5HVWXQOLHXGHGLVFXVVLRQGHSDUWDJH
G¶LGpHV GH UpIOH[LRQ SHUPHWWDQW G¶DERXWLU j GHV DYLV HW SURSRVLWLRQV FRQFUqWHV
UHIOpWDQWOHVRXFLGHO¶LQWpUrWFROOHFWLIGHOD+DXWH1RUPDQGLH
,O D SRXU PLVVLRQ SULQFLSDOH G¶DSSRUWHU DX[ GpFLGHXUV SROLWLTXHV XQH YLVLRQ GHV
HQMHX[IRQGDPHQWDX[SRXUODUpJLRQHWDLQVLG¶pFODLUHUOHXUFKRL[SRXUO¶DYHQLUGHV
KDXWQRUPDQGVVDQVVHVXEVWLWXHUDXSRXYRLUSROLWLTXHVHXOKDELOLWpjGpFLGHU
♦ «TXLpPHWGHVDYLVVXUOHVJUDQGVGRVVLHUVUpJLRQDX[
/H&(6(5PqQHGHVpWXGHVSUpVHQWHGHVUDSSRUWVHWpPHWGHVDYLVVXUWRXWVXMHW
UHOHYDQW GH OD FRPSpWHQFH GX &RQVHLO UpJLRQDO RX OLp j OD JHVWLRQ HW DX
GpYHORSSHPHQWpFRQRPLTXHVRFLDOVDQLWDLUHpGXFDWLIHWFXOWXUHOGHODUpJLRQ
/HVVXMHWVG¶pWXGHUHOqYHQWGHSURFpGXUHVGpILQLHVSDUODORL
/HVVDLVLQHVREOLJDWRLUHV
3UpDODEOHPHQW j OHXU H[DPHQ SDU OH &RQVHLO UpJLRQDO OH &(6(5 HVW
REOLJDWRLUHPHQWVDLVLSRXUDYLVGHVGRFXPHQWVUHODWLIV
jODSUpSDUDWLRQHWjO¶H[pFXWLRQGDQVODUpJLRQGXSODQGHODQDWLRQ
DXSURMHWGHSODQGHODUpJLRQHWjVRQELODQDQQXHOG¶H[pFXWLRQDLQVLTX¶j
WRXWGRFXPHQWGHSODQLILFDWLRQHWDX[VFKpPDVGLUHFWHXUVTXLLQWpUHVVHQWOD
UpJLRQ
DX[GLIIpUHQWVGRFXPHQWVEXGJpWDLUHVGHODUpJLRQSRXUVHSURQRQFHUVXU
OHXUVRULHQWDWLRQVJpQpUDOHV
DX[ RULHQWDWLRQV JpQpUDOHV GDQV OHV GRPDLQHV VXU OHVTXHOV OH &RQVHLO
UpJLRQDOHVWDSSHOpjGpOLEpUHUpGXFDWLRQIRUPDWLRQWUDQVSRUWVHWF
DX[RULHQWDWLRQVJpQpUDOHVGDQVOHGRPDLQHGHO¶HQYLURQQHPHQW
/HVVDLVLQHVIRUPXOpHVSDUOH3UpVLGHQWGX&RQVHLOUpJLRQDO
$ O¶LQLWLDWLYH GX 3UpVLGHQW GX &RQVHLO UpJLRQDO OH &(6(5 SHXW rWUH VDLVL GH
GHPDQGHVG¶DYLVHWG¶pWXGHVVXUWRXWSURMHWjFDUDFWqUHpFRQRPLTXHVRFLDO
RXFXOWXUHORXLQWpUHVVDQWO¶HQYLURQQHPHQWGHODUpJLRQ
/HVDXWRVDLVLQHV
/H&(6(5SHXWSUHQGUHO¶LQLWLDWLYHGHUpDOLVHUGHVUDSSRUWVHWGRQQHUGHVDYLV
VXU WRXWH TXHVWLRQ HQWUDQW GDQV OHV FRPSpWHQFHV GH OD UpJLRQ RX GH WRXW
GRVVLHUTXLOXLSDUDLWrWUHG¶LQWpUrWUpJLRQDO

Rapport et avis pour site internet - Ceser

Transcription

Documents pareils

FS01 Performance Report Equity

Cours et devoir d`Hubert DUVAL hébergés par le Site Eric Ranguin

CA4314

Plan de déplacements urbains (PDU)

Le Soldat Rose - pdfMachine from Broadgun Software, http