Vous êtes sur la page 1sur 266

0$18(/ '( /¶e78',$17± 

&DWDORJXH DYDQW SXEOLFDWLRQ GH %LEOLRWKqTXH HW


$UFKLYHV &DQDGD
&RXUV FDQDGLHQ GH VpFXULWp GDQV OH PDQLHPHQW GHV DUPHV j IHX  0DQXHO GH O¶pWXGLDQW
H pGLWLRQ

$OVR DYDLODEOH LQ (QJOLVK XQGHU WKH WLWOH &DQDGLDQ )LUHDUPV 6DIHW\ &RXUVH 6WXGHQW
+DQGERRN WK (GLWLRQ

,6%1 
1R GH FDWDORJXH  36)
 $UPHV j IHX&DQDGD6pFXULWp
 $UPHV j IHX3RVVHVVLRQ&DQDGD
 $UPHV j IHX6pFXULWp0HVXUHV
 $UPHV j IHX &RQWU{OH&DQDGD
, *HQGDUPHULH UR\DOH GX &DQDGD *5& 3URJUDPPH FDQDGLHQ GHV DUPHV j IHX 3&$)
76& 

‹  6$ 0$-(67e /$ 5(,1('8&+()'8&$1$'$ UHSUpVHQWpHSDUOD


*HQGDUPHULH UR\DOH GX &DQDGD *5& 
/D UHSURGXFWLRQ HQ WRXW RX HQ SDUWLH SHXW rWUH DXWRULVpH DYHF OHV PHQWLRQV
DSSURSULpHV SRXUYX TX¶DXFXQ FKDQJHPHQW QH VRLW DSSRUWp DX FRQWHQX HW TX¶LO QH VHUYH
SDV j GHV ILQV OXFUDWLYHV 3RXU REWHQLU FHWWH DXWRULVDWLRQ LO IDXW SUpVHQWHU XQH
GHPDQGH IRUPHOOH j OD *5&3&$)

&HWWH pGLWLRQ GX &RXUV FDQDGLHQ GH VpFXULWp GDQV OH PDQLHPHQW GHV DUPHV j IHX HVW
UpDOLVpH SDU 

'LUHFWLRQ JpQpUDOH *5&


2WWDZD 21 .$ 5
&DQDGD

7pOpFRSLHXU  



35e)$&(

35e)$&(
5HPHUFLHPHQWV
'H QRPEUHX[ RUJDQLVPHV TXL V¶LQWpUHVVHQW DX PDQLHPHQW VpFXULWDLUH GHV DUPHV j IHX
RQW RIIHUW EpQpYROHPHQW OHXU WHPSV SRXU pWXGLHU OH SUpVHQW PDQXHO HW IRUPXOHU GHV
FRPPHQWDLUHV DX[ pWDSHV GH UpYLVLRQ 1RXV UHPHUFLRQV OHV GLYHUVHV SHUVRQQHV TXL RQW
SDUWLFLSp j FH WUDYDLO GH OHXUV HIIRUWV HW GH OHXU DLGH 6DQV OHXU FRQFRXUV HW FHOXL GHV
RUJDQLVPHV PHQWLRQQpV FLGHVVRXV QRXV Q¶DXULRQV SDV SX UpDOLVHU OH SUpVHQW PDQXHO 

x /HV FRQWU{OHXUV GHV DUPHV j IHX HW OHXU SHUVRQQHO

x %DOGZLQ &KULV JHVWLRQQDLUH VHUYLFHV GH OD )DXQH VHFWLRQ pGXFDWLRQ GLYLVLRQ YLH


VDXYDJH 7HUUH1HXYHHW/DEUDGRU

x %DWWHQ 6KHOO\ JHVWLRQQDLUH GHV RSpUDWLRQV )6(62 )LUHDUPV 6DIHW\ (GXFDWLRQ


6HUYLFH RI 2QWDULR

x &RRSHU $& 7RQ\  )6(62 )LUHDUPV 6DIHW\ (GXFDWLRQ 6HUYLFH RI 2QWDULR

x +DOYRUVRQ 7RQ\ PDvWUHLQVWUXFWHXU &&60$)&&60$)$5 ÍOHGX3ULQFHeGRXDUG

x -RQHV 'RQ LQVWUXFWHXU HQ FKHI UHWUDLWp )6(62 )LUHDUPV 6DIHW\ (GXFDWLRQ 6HUYLFH
RI 2QWDULR

x 0DUWLQ $OODQ SUpVLGHQW ,2)6$ ,QVWUXFWRUV RI )LHDUP 6DIHW\ $VVRFLDWLRQ GH OD


&RORPELH%ULWDQQLTXH PDLWUH LQVWUXFWHXU &&60$)&&60$)$5

x 6DGDXVNDV 6KHUULH 0F$GDP  3UpSRVpH DX[ DUPHV j IHX SURYLQFLDOH +DOWRQ


5HJLRQDO 3ROLFH 6HUYLFH &KHI LQVWUXFWULFH )6(62 )LUHDUPV 6DIHW\ (GXFDWLRQ
6HUYLFH RI 2QWDULR

x 9DOLTXHWWH -HDQ PDvWUHLQVWUXFWHXU SRXU OD )pGpUDWLRQ TXpEpFRLVH GHV FKDVVHXUV HW


SrFKHXUV 6pFXULWp QDWXUH SRXU OD SURYLQFH GX 4XpEHF

6XUWRXW OH 3URJUDPPH FDQDGLHQ GHV DUPHV j IHX 3&$) GH OD *HQGDUPHULH UR\DOH


GX &DQDGD *5& WLHQW j VRXOLJQHU OH WDOHQW HW OH VDYRLUIDLUH GHV LQVWUXFWHXUV EUHYHWpV
GX &RXUV FDQDGLHQ GH VpFXULWp GDQV OH PDQLHPHQW GHV DUPHV j IHX G·XQ SHX SDUWRXW DX
&DQDGD GRQW EHDXFRXS RQW SULV OH WHPSV GH IRUPXOHU SDU pFULW GHV VXJJHVWLRQV HW GHV
UHFRPPDQGDWLRQV UHODWLYHPHQW j O·pODERUDWLRQ GX GRFXPHQW



0$18(/ '( /¶e78',$17± 

$YHUWLVVHPHQW
/¶XWLOLVDWLRQ QpJOLJHQWH GHV DUPHV j IHX ULVTXH GH FDXVHU GHV EOHVVXUHV JUDYHV /HV
UHQVHLJQHPHQWV IRXUQLV GDQV OH SUpVHQW PDQXHO YLVHQW j GpPRQWUHU OHV WHFKQLTXHV GH
PDQLHPHQW VpFXULWDLUH GDQV OXWLOLVDWLRQ GHV DUPHV j IHX HW VHQVLELOLVHU OHV XWLOLVDWHXUV
j OLPSRUWDQFH GHV VSpFLILFDWLRQV GHV IDEULFDQWV HW GHV GLVSRVLWLIV GH VpFXULWp

/D *5&3&$) Q¶RIIUH DXFXQH JDUDQWLH H[SOLFLWH RX LPSOLFLWH RUDOH RX pFULWH GH IDLW RX


SDU HIIHW GH OD /RL RX DXWUHPHQW UHODWLYHPHQW j OD VpFXULWp GDQV OH PDQLHPHQW GHV
DUPHV j IHX RX j O¶XWLOLVDWLRQ G¶XQ GHV PpFDQLVPHV GH V€UHWp LOOXVWUpV GDQV OH SUpVHQW
PDQXHO

,O IDXW XWLOLVHU OHV DUPHV j IHX FRQIRUPpPHQW DX[ VSpFLILFDWLRQV GX IDEULFDQW HW


FRPPXQLTXHU DYHF OXL FDU FKDTXH PRGqOH HVW GRWp GH GLIIpUHQWV GLVSRVLWLIV GH VpFXULWp
HW FHUWDLQHV GHV WHFKQLTXHV GpPRQWUpHV ULVTXHQW GH QH SDV FRQYHQLU SRXU FHUWDLQHV
DUPHV j IHX

(Q UpVXPp FKDFXQ HVW UHVSRQVDEOH GX PDQLHPHQW VpFXULWDLUH GHV DUPHV j IHX



7$%/( '(6 0$7,Ë5(6

7$%/( '(6 0$7,Ë5(6


7$%/( '(6 0$7,Ë5(6  

/LVWH GHV ILJXUHV 

/LVWH GHV WDEOHDX[ 

,1752'8&7,21 $8 &2856 &$1$',(1 '( 6e&85,7e '$16 /( 0$1,(0(17


'(6 $50(6 ­ )(8 

$SHUoX  

/H 3URJUDPPH FDQDGLHQ GHV DUPHV j IHX  

2EMHFWLIV GX FRXUV  

0DQXHO GH FRXUV  

/HV TXDWUH UqJOHV YLWDOHV GX PDQLHPHQW VpFXULWDLUH GHV DUPHV j IHX 7372  

35289(U TXH O¶DUPH j IHX HVW VpFXULWDLUH  

5HVSRQVDELOLWpV OpJDOHV  

$XWUHV GHYRLUV GHV SURSULpWDLUHV HW GHV XWLOLVDWHXUV G¶DUPHV j IHX 

02'8/(   ,1752'8&7,21 $8; $50(6 ­ )(8  

 /¶pYROXWLRQ GHV DUPHV j IHX 

 /HV DUPHV j IHX DX &DQDGD  

 4XHVWLRQV GH UpYLVLRQ  

02'8/(   $50(6 ­ )(8 ­ &+$5*(0(17 3$5 /$ %28&+(  

 7\SHV GH SRXGUH QRLUH 

 $UPHV j IHX j FKDUJHPHQW SDU OD ERXFKH  

 4XHVWLRQV GH UpYLVLRQ  

02'8/(   35,1&,3$8; e/e0(176 '¶81( $50( ¬ )(8 02'(51(  

 3ULQFLSDX[ pOpPHQWV G¶XQH DUPH j IHX PRGHUQH 

 /D VpTXHQFH GH WLU  

 7\SHV GH PpFDQLVPHV 

 &DWpJRULHV G¶DUPHV j IHX  



0$18(/ '( /¶e78',$17± 

 5HVSRQVDELOLWpV GpFRXODQW GH OD ORL  

 4XHVWLRQV GH UpYLVLRQ  

02'8/(   6e&85,7e 5(/$7,9( $8; $50(6 ­ )(8 ± &216,*1(6


e/e0(17$,5(6 

 $SHUoX  

 3UDWLTXHV VpFXULWDLUHV pOpPHQWDLUHV UHODWLYHV DX[ DUPHV j IHX 

 'LVSRVLWLIV GH YHUURXLOODJH VpFXULWDLUHV  

 4XHVWLRQV GH UpYLVLRQ  

02'8/(   081,7,216  


 $SHUoX  

 5D\XUHV  

 &DOLEUH  

 &DUWRXFKHV  

 &DQRQV GH IXVLO GH FKDVVH  

 &DOLEUHV GH IXVLO GH FKDVVH 

 eWUDQJOHPHQW  

 &DUWRXFKHV GH IXVLO GH FKDVVH  

 %DOLVWLTXH  

 7UDMHFWRLUH 

 'DQJHUV  

 'pIDLOODQFHV GHV DUPHV j IHX  

 3UpFDXWLRQV HW OpJLVODWLRQ UHODWLYHV DX[ PXQLWLRQV 

 4XHVWLRQV GH UpYLVLRQ  

02'8/(   )21&7,211(0(17 '(6 0e&$1,60(6 '¶$50(6 ¬ )(8  

 $SHUoX  

 7\SHV GH PpFDQLVPHV 

 0pFDQLVPHV GH V€UHWp  

 'LVSRVLWLIV GH YHUURXLOODJH GX PpFDQLVPH  



7$%/( '(6 0$7,Ë5(6

 5qJOHV JpQpUDOHV GH FKDUJHPHQW HW GH GpFKDUJHPHQW  

 &KDUJHPHQW HW GpFKDUJHPHQW GHV PpFDQLVPHV OHV SOXV FRXUDQWV  

 0pFDQLVPH j EDVFXOH RX j FKDUQLqUH  j FDQRQ VLPSOH RX j FDQRQV PXOWLSOHV  

 0pFDQLVPH j YHUURX  j XQ FRXS  

 )RQFWLRQQHPHQW GHV DUPHV j IHX j UpSpWLWLRQ  

 0pFDQLVPH j YHUURX  DUPHV j UpSpWLWLRQ  

 0pFDQLVPH j OHYLHU  DUPHV j UpSpWLWLRQ 

 0pFDQLVPHV j SRPSH  DUPHV j UpSpWLWLRQ  

 0pFDQLVPH VHPLDXWRPDWLTXH  DUPHV j UpSpWLWLRQ  

 'pIDLOODQFHV GHV DUPHV j IHX  

 4XHVWLRQV GH UpYLVLRQ  

02'8/(   0$1,(0(17 (7 75$163257 6e&85,7$,5(6 '¶$50(6 ¬ )(8


6$16 5(675,&7,21  
 $SHUoX  

 2UGUHV GHV VWDQGV GH WLU  

 3URWHFWLRQ LQGLYLGXHOOH 

 &RQVLJQHV GH VpFXULWp DX VWDQG GH WLU FHUWLILp  

 5qJOHV GH FRQGXLWH DX VWDQG GH WLU  

 0DQLHPHQW VpFXULWDLUH GHV DUPHV j IHX GDQV GHV YpKLFXOHV  

 0DQLHPHQW VpFXULWDLUH GHV DUPHV j IHX j O¶H[WpULHXU 

 /H WLU RX OD FKDVVH HQ JURXSH  

 3RVLWLRQV GH SRUW G¶DUPH j IHX 

 4XHVWLRQV GH UpYLVLRQ  

02'8/(  7(&+1,48(6 (7 0e7+2'(6'( 7,55(/$7,9(6 $8;$50(6­


)(8 6$16 5(675,&7,21  

 ,QWURGXFWLRQj O¶DGUHVVH DX WLU  

 $QWLFLSDWLRQ  

 3RVLWLRQV GH WLU  



0$18(/ '( /¶e78',$17± 

 9LVpH GH O¶DUPH j IHX 

 3ULQFLSHV IRQGDPHQWDX[ GX WLU  

 &LEOHV 

 4XHVWLRQV GH UpYLVLRQ  

02'8/(   (175(7,(1 '(6 $50(6 ­ )(8 6$16 5(675,&7,21  

 (QWUHWLHQ GHV DUPHV j IHX  

 1HWWR\DJH GHV DUPHV j IHX  

 4XHVWLRQV GH UpYLVLRQ  

02'8/(   5(63216$%,/,7e6 62&,$/(6 '(6 35235,e7$,5(6 (7 '(6


87,/,6$7(856 '¶$50(6 ¬ )(8  

 ,QFLGHQWV FDXVpV SDU GHV DUPHV j IHX 

 /¶XWLOLVDWLRQ QpJOLJHQWH LQWHQWLRQQHOOH GHV DUPHV j IHX  

 'pFODUDWLRQ G¶DUPHV j IHX SHUGXHV GLVSDUXHV RX YROpHV  

 (QWUHSRVDJH VpFXULWDLUH 

 'DQJHUV GHV DUPHV j IHX HW SUpFDXWLRQV j SUHQGUH  

 eWKLTXH HW UHVSRQVDELOLWpV VRFLDOHV  

  4XHVWLRQV GH UpYLVLRQ  

02'8/(   (175(326$*( (;326,7,21 75$163257 (7 0$1,(0(17


6e&85,7$,5(6 '(6 $50(6 ­ )(8 6$16 5(675,&7,21  
 &DWpJRULHV G¶DUPHV j IHX  

 0XQLWLRQV  

 (QWUHSRVDJH  

 ([SRVLWLRQ  

 7UDQVSRUW  

 0DQLHPHQW  

 4XHVWLRQV GH UpYLVLRQ  



7$%/( '(6 0$7,Ë5(6

$11(;(6  


$SHUoX  

$QQH[H $  $UPHV j IHX KLVWRULTXHV  

$QQH[H %  $FKDW GH PXQLWLRQV  

$QQH[H &  'pILQLWLRQV OpJDOHV 

$QQH[H '  ,QYHQWDLUH SHUVRQQHO G¶DUPHV j IHX H[HPSOH  

$QQH[H (  5pSOLTXHV  

$QQH[H )  'pFODUDWLRQ GH SHUWH RX GHYROG¶DUPHV j IHX GH SHUPLV HWF  

$QQH[H *  'LVSRVLWLIV HW VLJQDX[ YLVXHOV DX VWDQG GH WLU 

$QQH[H +  &ROOHFWLRQQHXU G¶DUPHV j IHX  

$QQH[H ,  3HUPLV G¶DUPHV j IHX  

$QQH[H -  &HVVLRQ G¶DUPHV j IHX j DXWRULVDWLRQ UHVWUHLQWH  

$QQH[H .  &HVVLRQ G¶DUPHV j IHX VDQV UHVWULFWLRQ 

*/266$,5( 



0$18(/ '( /¶e78',$17± 

/LVWH GHVILJXUHV
)LJXUH  &DQRQ  
)LJXUH  0pFDQLVPH GX IXVLO j PqFKH 
)LJXUH  0pFDQLVPH GX IXVLO j URXHW  
)LJXUH  0pFDQLVPH GX IXVLO j VLOH[  
)LJXUH  )XVLO j VLOH[  
)LJXUH  )XVLO j SODWLQH j SHUFXVVLRQ 
)LJXUH  ([HPSOHV GH FDUWRXFKHV PRGHUQHV HW GH PDUTXHV GH FXORW 
)LJXUH  $UPH j IHX j FKDUJHPHQW SDU OD ERXFKH  
)LJXUH  %DJXHWWH FRUUHFWHPHQW PDUTXpH 
)LJXUH  &KDUJHPHQW SDU OD ERXFKH 
)LJXUH  &KDUJHPHQW SDU OD ERXFKH VXLWH  
)LJXUH  &DUDELQH j YHUURX ODWpUDO 
)LJXUH  )XVLO GH FKDVVH j SRPSH j FRXOLVVH  
)LJXUH  6pTXHQFH GH WLU  
)LJXUH  7\SHV GH PpFDQLVPHV  
)LJXUH  4XDWUH UqJOHV YLWDOHV  
)LJXUH  35289(U TXH O¶DUPH j IHX HVW VpFXULWDLUH  
)LJXUH  'LYHUV GLVSRVLWLIV GH YHUURXLOODJH SRXU DUPHV j IHX 
)LJXUH  &DQRQ UD\p HW FDQRQ OLVVH 
)LJXUH  ([HPSOH GH FDUWRXFKHV j SHUFXVVLRQ DQQXODLUH HW j SHUFXVVLRQ FHQWUDOH  
)LJXUH  &DUWRXFKH j SHUFXVVLRQ DQQXODLUH 
)LJXUH  &DUWRXFKH j SHUFXVVLRQ FHQWUDOH 
)LJXUH  ([HPSOH G¶XQ SRLQoRQ GH FDQRQ  
)LJXUH  &DUWRXFKH j SHUFXVVLRQ FHQWUDOH FKDUJH SURSXOVLYH GRXLOOH HW DPRUFH  
)LJXUH  &RPSDUDLVRQ GH EDOOH GH FDUDELQH 
)LJXUH  3RLQoRQ VXU OH FDQRQ G¶XQH FDUDELQH  
)LJXUH  3ODQ GH FRXSH G¶XQH PXQLWLRQ HQWUDQW GDQV OD FKDPEUH  
)LJXUH  7\SHV GH EDOOHV GH IXVLO GH FKDVVH  
)LJXUH  &DOLEUHV GH IXVLOV GH FKDVVH 
)LJXUH  &RXSH WUDQVYHUVDOH pWUDQJOHPHQWV HW JURXSHPHQWV  
)LJXUH  eOpPHQWV G¶XQH FDUWRXFKH GH IXVLO  
)LJXUH  &DUWRXFKHV GH IXVLO  
)LJXUH  &DUWRXFKHV HW GRXLOOHV GH IXVLO  
)LJXUH  &DUWRXFKH GDQV OD FKDPEUH  
)LJXUH  3RLQoRQ VXU XQH FDUWRXFKH GH IXVLO GH FKDVVH  
)LJXUH  &KDPEUH pFODWpH 
)LJXUH  3RUWpH GDQJHUHXVH GHV PXQLWLRQV GH FDUDELQH 
)LJXUH  3RUWpH GDQJHUHXVH GHV PXQLWLRQV GH IXVLO GH FKDVVH 
)LJXUH  7UDMHFWRLUH G¶XQH EDOOH 
)LJXUH  7\SHV GH PpFDQLVPHV G¶DUPHV j IHX 
)LJXUH  6€UHWp j FRXOLVVHj JOLVVLqUH 
)LJXUH  6€UHWp j SLYRWOHYLHUEDVFXOH  
)LJXUH  6€UHWp j ORTXHW 
)LJXUH  6€UHWp GH OHYLHUDUUrW GH GpWHQWH 


7$%/( '(6 0$7,Ë5(6

)LJXUH  6€UHWp WUDQVYHUVDOH  


)LJXUH  0pFDQLVPH j EDVFXOH j FKDUQLqUH  
)LJXUH  0pFDQLVPH j YHUURX 
)LJXUH  &DUDELQH j XQ FRXS XWLOLVDQW OH PpFDQLVPH j YHUURX SRXU pMHFWHU OD GRXLOOH
 
)LJXUH  %RvWLHUFKDUJHXU  
)LJXUH  0DJDVLQ WXEXODLUH FDUWRXFKH j SHUFXVVLRQ FHQWUDOH  
)LJXUH  &KDUJHXU WXEXODLUH FDUWRXFKH j SHUFXVVLRQ DQQXODLUH  
)LJXUH  0pFDQLVPH j YHUURX j UpSpWLWLRQ  
)LJXUH  0pFDQLVPH j OHYLHU  
)LJXUH  0pFDQLVPH j JOLVVLqUH 
)LJXUH  6pTXHQFH GH WLU G¶XQH FDUDELQH VHPLDXWRPDWLTXH  
)LJXUH  3URWHFWLRQ GH OD YXH HW GH O
RXwH  
)LJXUH  3ODQ GH VWDQG GH WLU DYHF H[HPSOH GH VXSHUYLVLRQ GLUHFWH  
)LJXUH  3HUVRQQH IUDQFKLVVDQW SUXGHPPHQW XQH FO{WXUH 
)LJXUH  *URXSH IUDQFKLVVDQW SUXGHPPHQW XQH FO{WXUH  
)LJXUH  =RQHV GH WLU VpFXULWDLUHV  
)LJXUH  ¬ GHX[ PDLQV RX HQ pWDW G¶DOHUWH 
)LJXUH  6XU OH EUDV 
)LJXUH  6XU OH F{Wp PpFDQLVPH RXYHUW  
)LJXUH  ­ OD PDLQ  
)LJXUH  6XU O¶pSDXOH  
)LJXUH  ­ OD EUHWHOOH  
)LJXUH  3RVLWLRQ GHERXW  
)LJXUH  3RVLWLRQ j JHQRX  
)LJXUH  3RVLWLRQ DVVLVH  
)LJXUH  3RVLWLRQ FRXFKpH 
)LJXUH  3RVLWLRQ GH WLU DYHF XQ IXVLO GH FKDVVH  
)LJXUH  7\SHV GH GLVSRVLWLIV GH YLVpH  
)LJXUH  0LUH RXYHUWH KDXVVH HW JXLGRQ DOLJQp VXU OD FLEOH  
)LJXUH  +DXVVH j °LOOHWRQ HW OXQHWWH GH YLVpH DOLJQpH VXU OD FLEOH 
)LJXUH  $OLJQHPHQW G¶XQ IXVLO GH FKDVVH 
)LJXUH  'pWHUPLQHU YRWUH °LO GRPLQDQW 
)LJXUH  &\FOH GH UHVSLUDWLRQ QRUPDO HW FRQWU{Op  
)LJXUH  1HWWR\DJH GX FDQRQ G¶XQH FDUDELQH GHSXLV OD FXODVVH YHUV OD ERXFKH  
)LJXUH  1HWWR\DJH G¶XQH FDUDELQH  
)LJXUH  &RIIUHIRUW  
)LJXUH  $UPRLUH GH VpFXULWp  
)LJXUH  &RIIUHW  
)LJXUH  &kEOH GH VpFXULWp HW YHUURX GH SRQWHW  
)LJXUH  ([SRVLWLRQ 
)LJXUH  &RIIUHW YHUURXLOODEOH  



0$18(/ '( /¶e78',$17± 

/LVWH GHV WDEOHDX[


7DEOHDX  &HUWDLQHV UHVSRQVDELOLWpV OpJDOHV GHV XWLOLVDWHXUV » SURSULpWDLUHV G¶DUPHV j
IHX  
7DEOHDX  eYROXWLRQ GHV DUPHV j IHX  
7DEOHDX  7\SHV GH SRXGUH QRLUH  
7DEOHDX  35289(U TXH O¶DUPH j IHX HVW VpFXULWDLUH  
7DEOHDX  eOpPHQWV HW PDWpULDX[ GHV FDUWRXFKHV  
7DEOHDX  &RPSDUDLVRQ GHV FDUWRXFKHV 
7DEOHDX  *URVVHXU GH OD JUHQDLOOH  
7DEOHDX  'DQJHUV GHV DUPHV j IHX HW SUpFDXWLRQV j SUHQGUH  



,1752'8&7,21

,1752'8&7,21 $8 &2856 &$1$',(1


'( 6e&85,7e '$16 /( 0$1,(0(17
'(6 $50(6 ­ )(8
0$18(/ '( /¶e78',$17± 

,1752'8&7,21 $8 &2856 &$1$',(1 '(


6e&85,7e '$16 /( 0$1,(0(17 '(6
$50(6 ­ )(8
$SHUoX
/H FRXUV FDQDGLHQ GH VpFXULWp GDQV OH PDQLHPHQW GHV DUPHV j IHX &&60$) HVW
FRQoX SRXU OH SOXV JUDQG QRPEUH SRVVLEOH G¶XWLOLVDWHXUV QRYLFHV G¶DUPHV j IHX ,O D pWp
SURXYp TXH OHV FRXUV DFWXHOV VXU OH PDQLHPHQW VpFXULWDLUH GHV DUPHV j IHX DX &DQDGD
RQW DLGp j UpGXLUH OH QRPEUH G¶LQFLGHQWV PHWWDQW HQ FDXVH GHV DUPHV j IHX 7RXWHIRLV OD
SOXSDUW GH FHV FRXUV RQW pWp FRQoXV HW RIIHUWV HQ IRQFWLRQ G¶XQH XWLOLVDWLRQ SDUWLFXOLqUH
GHV DUPHV j IHX /H &&60$) HVW XQ FRXUV G¶LQWURGXFWLRQ j OD VpFXULWp GDQV OH
PDQLHPHQW GHV DUPHV j IHX HW LO HVW GHVWLQp j WRXV OHV QRXYHDX[ XWLOLVDWHXUV G¶DUPHV j
IHX
/HV SHUVRQQHV TXL GpVLUHQW DFTXpULU GHV DUPHV j IHX j DXWRULVDWLRQ UHVWUHLQWH GRLYHQW
DXVVL VXLYUH OD IRUPDWLRQ HW UpXVVLU OHV H[DPHQV GX &RXUV FDQDGLHQ GH VpFXULWp GDQV OH
PDQLHPHQW GHV DUPHV j IHX j DXWRULVDWLRQ UHVWUHLQWH

/H 3URJUDPPH FDQDGLHQ GHV DUPHV j IHX


/H 3URJUDPPH FDQDGLHQ GHV DUPHV j IHX 3&$) HVW JpUp SDU OD *HQGDUPHULH 5R\DOH
GX &DQDGD *5& TXL FROODERUH DYHF OHV FRQWU{OHXUV GHV DUPHV j IHX SURYLQFLDX[ HW GH
QRPEUHX[ SDUWHQDLUHV FRPPXQDXWDLUHV GH SDUWRXW DX SD\V SRXU FH TXL HVW GH
O¶DSSOLFDWLRQ GH OD /RL VXU OHV DUPHV j IHX HW GH VHV UqJOHPHQWV FRQQH[HV DLQVL TXH
G¶DXWUHV ORLV UHODWLYHV DX[ DUPHV j IHX
/H 3URJUDPPH FDQDGLHQ GHV DUPHV j IHX D SRXU REMHFWLI O¶XWLOLVDWLRQ VpFXULWDLUH HW
UHVSRQVDEOH GHV DUPHV j IHX HW LO PqQH GH QRPEUHXVHV DFWLYLWpVHQYXHG¶DWWHLQGUH FHW
REMHFWLI QRWDPPHQW 
x OD GpOLYUDQFHGHSHUPLV j WRXV OHV SURSULpWDLUHV HW j WRXWHV OHV HQWUHSULVHV G¶DUPHV
j IHX
x OD SUHVWDWLRQ GX FRXUV FDQDGLHQ GH VpFXULWp GDQV OH PDQLHPHQW GHV DUPHV j IHX
x O¶pGXFDWLRQ SXEOLTXH HQ FH TXL FRQFHUQH O¶HQWUHSRVDJH OH WUDQVSRUW HW O¶XWLOLVDWLRQ
GHV DUPHV j IHX HW
x OHV FRQWU{OHV GH O¶LPSRUWDWLRQ HW GH O¶H[SRUWDWLRQ
/¶LQIRUPDWLRQ VXU OD GpOLYUDQFH GH SHUPLV HW O¶HQUHJLVWUHPHQW DLQVL TXH G¶DXWUHV
UHQVHLJQHPHQWV SRUWDQW VXU OH SURJUDPPH VRQW FRQVLJQpV GDQV OH 6\VWqPH FDQDGLHQ
G¶LQIRUPDWLRQ UHODWLYHPHQW DX[ DUPHV j IHX XQH EDVH GH GRQQpHV QDWLRQDOH JpUpH SDU
OD 3&$) /HV RUJDQLVPHV G¶H[pFXWLRQ GH OD ORL RQW DFFqV j FHUWDLQV UHQVHLJQHPHQWV TXL
OHV DLGHQW j SUpYHQLU OHV DFFLGHQWV HW OHV FULPHV PHWWDQW HQ FDXVH GHV DUPHV j IHX HW j



,1752'8&7,21

HQTXrWHUVXUFHX[FL &HOD HVW FRQIRUPHDX[REMHFWLIVGHVpFXULWpGHOD /RL VXU OHV


DUPHV j IHX
9RV UHQVHLJQHPHQWV SHUVRQQHOV VRQW VRLJQHXVHPHQW SURWpJpV SDU OH SURJUDPPH
FDQDGLHQ GHV DUPHV j IHX FRQIRUPpPHQW j OD /RL VXU OHV DUPHV j IHX HW VHV UqJOHPHQWV
FRQQH[HV DX[ ORLV IpGpUDOHV HW SURYLQFLDOHV VXU OD SURWHFWLRQ GHV UHQVHLJQHPHQWV
SHUVRQQHOV HW j G¶DXWUHV ORLV DSSOLFDEOHV
6L YRXV DYH] GHV TXHVWLRQV FRQFHUQDQW OH SURJUDPPH FDQDGLHQ GHV DUPHV j IHX
YHXLOOH] FRPPXQLTXHU DYHF QRXV FRPPH VXLW 

3URJUDPPH FDQDGLHQ GHV DUPHV j IHX


7pOpSKRQH   VDQV IUDLV
7pOpFRSLHXU  
&RXUULHO  FISSFDI#UFPSJUFJFFD
$GUHVVH  *HQGDUPHULH UR\DOH GX &DQDGD3URJUDPPH FDQDGLHQ GHV
DUPHV j IHX
2WWDZD 21 .$ 25

9RXV SRXYH] DXVVL FRQVXOWHU OD /RL VXU OHV DUPHV j IHX HW VHV UqJOHPHQWV SDU
O¶HQWUHPLVH GX VLWH :HE GH OD *5&3&$)
/D *5&3&$) YRXV VRXKDLWH ERQQH FKDQFH GDQV YRWUH SDUWLFLSDWLRQ DX[ FRXUV GH
VpFXULWp UHODWLIV DX[ DUPHV j IHX TXH YRXV VRXKDLWH] DFTXpULU HWRX SRVVpGHU 9HXLOOH]
QRWHU TXH WRXV OHV LQVWUXFWHXUV HW H[DPLQDWHXUV GX FRXUV FDQDGLHQ GH VpFXULWp GDQV OH
PDQLHPHQW GHV DUPHV j IHX GRLYHQW rWUH UHFRQQXV SDU OH FRQWU{OHXU GHV DUPHV j IHX GH
OD SURYLQFH RX GX WHUULWRLUH R YRXV VXLYH] OH FRXUV

2EMHFWLIVGX FRXUV
/HV SURSULpWDLUHV G¶DUPHV j IHX RQW GHV UHVSRQVDELOLWpV VRFLDOHV OHVTXHOOHV VHURQW
DERUGpHV GDQV OH SUpVHQW FRXUV 9RXV DSSUHQGUH] j 

x 0DQLHU HQ WRXWH VpFXULWp OHV DUPHV j IHX HW OHV PXQLWLRQV

x 8WLOLVHU OHV DUPHV j IHX HW OHV PXQLWLRQV HQ WRXWH VpFXULWp

x 9RXV FRQIRUPHU j OD UpJOHPHQWDWLRQ UHODWLYH DX[ DUPHV j IHX

x (QWUHSRVHU HQ WRXWH VpFXULWp OHV DUPHV j IHX VDQV UHVWULFWLRQ HW OHXUV PXQLWLRQV

x ([SRVHU HQ WRXWH VpFXULWp OHV DUPHV j IHX VDQV UHVWULFWLRQ HW OHXUV PXQLWLRQV

x 7UDQVSRUWHU HQ WRXWH VpFXULWp OHV DUPHV j IHX VDQV UHVWULFWLRQ HW OHXUV PXQLWLRQV



0$18(/ '( /¶e78',$17± 

/H FRXUV FDQDGLHQ GH VpFXULWp GDQV OH PDQLHPHQW GHV DUPHV j IHX FRPSRUWH GHX[
SDUWLHV  OHV OHoRQV GRQQpHV HQ FODVVH HW O¶pWXGHGHOD PDWLqUH SUpVHQWpHGDQVOH
PDQXHO ,O FRPSRUWH DXVVL GHV H[DPHQV pFULWV HW SUDWLTXHV (Q UpXVVLVVDQW OHV
H[DPHQV YRXV GpPRQWUHUH] TXH YRXV SRVVpGH] OHV FRQQDLVVDQFHV HW OHV FRPSpWHQFHV
DFTXLVHV SHQGDQW OH FRXUV &HSHQGDQW OHV H[HUFLFHV GH WLU UpHO QH VRQW SDV RIIHUWV GDQV
OH FDGUH GH FH FRXUV
3HQGDQW OH FRXUV FHUWDLQV VXMHWV VHURQW DERUGpV HW pWXGLpV SOXVLHXUV IRLV SRXU YRXV
DLGHU j DSSUHQGUH HW j UHWHQLU OD PDWLqUH 6L YRXV LJQRUH] FHUWDLQHV SDUWLHV GX FRXUV
YRXV YRXV SULYHUH] GH FRQQDLVVDQFHV LPSRUWDQWHV &HOD V¶DSSOLTXH j WRXV OHV WUDYDX[
H[HUFLFHV HW H[DPHQV TXH YRXV GRQQHUD O¶LQVWUXFWHXU
/H FRXUV PHW WRXW SDUWLFXOLqUHPHQW O¶DFFHQW VXU O¶HQWUHSRVDJH O¶H[SRVLWLRQ OH WUDQVSRUW
OH PDQLHPHQW HW O¶XWLOLVDWLRQ VpFXULWDLUHV GHV DUPHV j IHX VDQV UHVWULFWLRQ 2XWUH OHV
DFWLRQV SK\VLTXHV VpFXULWDLUHV G¶DXWUHV IDFWHXUV FRQWULEXHQW j OD VpFXULWp
/H PDQLHPHQW VpFXULWDLUH VXSSRVH XQH FRQQDLVVDQFH DSSURIRQGLH GHV DUPHV j IHX GHV
PXQLWLRQV DLQVL TXH GHV ORLV HW UqJOHPHQWV TXL V¶\ UDSSRUWHQW

0DQXHO GH FRXUV
/D VpFXULWp GpSHQG DXVVL GH O¶DWWLWXGH TXH YRXV DGRSWH] IDFH DX PDQLHPHQW HW j
O¶XWLOLVDWLRQ UHVSRQVDEOH GHV DUPHV j IHX $FFRUGH] WRXWH YRWUH DWWHQWLRQ DX[ PRGXOHV
SRUWDQW VXU OHV UHVSRQVDELOLWpV OpJDOHV VRFLDOHV HW PRUDOHV TXL YRXV LQFRPEHQW FDU OD
VpFXULWp GHV JHQV TXL YRXV HQWRXUHQW HW YRWUH SURSUH VpFXULWp HQ GpSHQGHQW
/H SUpVHQW PDQXHO FRQVWLWXH XQH SDUWLH HVVHQWLHOOH GX FRXUV TXL FRPSRUWH SDU DLOOHXUV
GHV OHoRQV GRQQpHV HQ FODVVH HW GHV H[HUFLFHV SUDWLTXHV SUHVFULWV SDU YRWUH LQVWUXFWHXU
&HV WURLVpOpPHQWV YRXV DLGHURQW jDSSUHQGUHj PDQLHU OHVDUPHVj IHXHQWRXWH
VpFXULWp

/H PDQXHO FRQWLHQW OHV pOpPHQWV VXLYDQWV 

x /HV TXDWUH UqJOHV YLWDOHV GX PDQLHPHQW VpFXULWDLUH GHV DUPHV j IHX

x 8Q EUHI KLVWRULTXH GHV DUPHV j IHX

x 'HV UHQVHLJQHPHQWV VXU OHV DUPHV j IHX HW OHV PXQLWLRQV DLQVL TXH VXU OHXU
IRQFWLRQQHPHQW

x 'HV FRQVLJQHV VXU OD IDoRQ VpFXULWDLUH GH SUHQGUH GH PDQLHU HW GH WUDQVSRUWHU XQH


DUPH j IHX VDQV UHVWULFWLRQ

x 'HV FRQVHLOV VXU OD IDoRQ GH FKDUJHU HW GH GpFKDUJHU XQH DUPH j IHX VDQV UHVWULFWLRQ
HW GH WLUHU HQ WRXWH VpFXULWp

x 'HV GHVFULSWLRQV GHV ERQQHV SRVLWLRQV GH WLU

x /HV UqJOHV GH VpFXULWp DX VWDQG GH WLU FKDPS RX VDOOH 




,1752'8&7,21

x 'HV FRQVHLOV VXU O¶HQWUHWLHQ HW OH QHWWR\DJH GHV DUPHV j IHX VDQV UHVWULFWLRQ

x 'HV H[HPSOHV GH IDFWHXUV TXL RQW PHQp j OD PDXYDLVH XWLOLVDWLRQ G¶DUPHV j IHX HW j
GHV DFFLGHQWV

x 8Q UpVXPp GHV UqJOHV G¶pWKLTXH HW GHV GLVSRVLWLRQV OpJLVODWLYHV FRQFHUQDQW OD


SRVVHVVLRQ HW O¶XWLOLVDWLRQ G¶XQH DUPH j IHX

x 'HV LQGLFDWLRQV VXU OD IDoRQ VpFXULWDLUH G¶HQWUHSRVHU G¶H[SRVHU GH WUDQVSRUWHU HW GH


PDQLHU GHV DUPHV j IHX VDQV UHVWULFWLRQ

x 8Q JORVVDLUHGH WHUPHV UHODWLIVDX[DUPHV j IHX

x 'HV DQQH[HV

/H &&60$) HVW XQ FRXUV G¶LQWURGXFWLRQ ,O HVW SRVVLEOH G¶REWHQLU G¶DXWUHV


UHQVHLJQHPHQWV HW XQ FRPSOpPHQW GH IRUPDWLRQ VXU OHV GLYHUV VSRUWV GH WLU HQ
V¶DGUHVVDQW j GHV PRQLWHXUV TXDOLILpV j GHV DVVRFLDWLRQV HW j GHV FOXEV ORFDX[ 1RXV
YRXV VXJJpURQV GH FRPPXQLTXHU DYHF HX[ GLUHFWHPHQW j FH VXMHW
'H SOXV Q¶KpVLWH] SDV j FRPPXQLTXHU DYHF OHV DXWRULWpV SURYLQFLDOHV WHUULWRULDOHV RX
PXQLFLSDOHV SRXU REWHQLU GHV UHQVHLJQHPHQWV SOXV GpWDLOOpV VXU OHV ORLV HW UqJOHPHQWV
V¶DSSOLTXDQW DX[ DUPHV j IHX GDQV YRWUH UpJLRQ
&RQVXOWH] OD /RL VXU OHV DUPHV j IHX HW VHV UqJOHPHQWV RX HQFRUH XQ SUpSRVp DX[
DUPHV j IHX SRXU REWHQLU GH O¶LQIRUPDWLRQ VXU OHV FRQWU{OHV YLVDQW OHV IDEULFDQWV G¶DUPHV
j IHX HW GH PXQLWLRQV OHV PDUFKDQGV G¶DUPHV j IHX RX OH SHUVRQQHO GHV PXVpHV

/HV TXDWUH UqJOHV YLWDOHV GX PDQLHPHQW VpFXULWDLUH


GHVDUPHV j IHX 7372
7RXW DX ORQJ GH FH PDQXHO YRWUH LQVWUXFWHXU PHQWLRQQHUD GH QRPEUHXVHV UqJOHV HW
PHVXUHV GH VpFXULWp 4XDQG YRXV HQWHQGH] SDUOHU G¶XQ DFFLGHQW YRXV SRXYH] rWUH
FHUWDLQ TX¶LO \ D HX HQWRUVH j DX PRLQV O¶XQH GH FHV UqJOHV 9RWUH LQVWUXFWHXU UHYLHQGUD
SDU FRQVpTXHQW FRQVWDPPHQW VXU OHV TXDWUH UqJOHV VXLYDQWHV TXL VRQW G¶XQH
LPSRUWDQFH YLWDOH
/D SUHPLqUH OHWWUH GH FKDTXH UqJOH IRUPH XQH GHV OHWWUHV GH O¶DFURQ\PH 7372 9RXV
SRXYH] FRQVLGpUHU FHV UqJOHV FRPPH pWDQW GHV JHVWHV REOLJDWRLUHV



0$18(/ '( /¶e78',$17± 

/HV TXDWUH UqJOHV YLWDOHV GX PDQLHPHQW VpFXULWDLUH GHV DUPHV j IHX


7372

7UDLWH] WRXWH DUPH j IHX FRPPH VL HOOH pWDLW FKDUJpH


x 7HQH] SRXU DFTXLV TXH WRXWH DUPH j IHX SUpVHQWH XQ GDQJHU
SRWHQWLHO
3RLQWH] WRXMRXUV YRWUH DUPH j IHX GDQV XQH GLUHFWLRQ VpFXULWDLUH
x eWDEOLVVH]ODGLUHFWLRQODSOXV VpFXULWDLUHYHUV ODTXHOOHSRLQWHUOH
FDQRQ GH YRWUH DUPH j IHX
x 3RLQWH] WRXMRXUV YRWUH DUPH j IHX GDQV OD GLUHFWLRQ OD SOXV VpFXULWDLUH
HW PDLQWHQH]OD GDQV FHWWH GLUHFWLRQ
x /H FDQRQ G¶XQH DUPH j IHX QH GRLW rWUH SRLQWp HQ DXFXQH
FLUFRQVWDQFH VXU VRL RX VXU TXHOTX¶XQ G¶DXWUH

7HQH] OH GRLJW pORLJQp GH OD GpWHQWH HW j O¶H[WpULHXU GX SRQWHW


x 1H SODFH] MDPDLV OH GRLJW VXU OD GpWHQWH RX j O¶LQWpULHXU GX SRQWHW HQ
PDQLSXODQW XQH DUPH j IHX VDXI SRXU IDLUH IHX

2XYUH] OH PpFDQLVPH HW DVVXUH]YRXV TXH O¶DUPH j IHX QH FRQWLHQW


DXFXQH PXQLWLRQ 9RXVGHYH]35289(U TXH O¶DUPHjIHXHVW
VpFXULWDLUH
x 1H PDQLH]XQHDUPH j IHX TXHVLYRXVSRXYH] 35289(U TX¶HOOH HVW
VpFXULWDLUH
x (Q PDQLDQW XQH DUPH j IHX DVVXUH]YRXV WRXMRXUV TXH OD FKDPEUH
RX OH FKDUJHXU HVW YLGH
x 1H WHQGH] RX QH UHFHYH] XQH DUPH j IHX XQLTXHPHQW ORUVTXH FHOOHFL
HVW RXYHUWH HW QRQ FKDUJpH &¶HVW XQH UqJOH HVVHQWLHOOH j REVHUYHU




0$18(/ '( /¶e78',$17± 

5HVSRQVDELOLWpV OpJDOHV
&RPPH SURSULpWDLUH HW XWLOLVDWHXU G¶DUPHV j IHX YRXV DYH] GHV UHVSRQVDELOLWpV OpJDOHV
HW VRFLDOHV &HV UHVSRQVDELOLWpV VRQW pQRQFpHV GDQV OHV ORLV HW OHV UqJOHPHQWV IpGpUDX[
SURYLQFLDX[ WHUULWRULDX[ HW PXQLFLSDX[ /H WDEOHDX FLGHVVRXV GpFULW TXHOTXHVXQV GHV
UqJOHPHQWV SRXU FKDTXH SDOLHU GH JRXYHUQHPHQW

7DEOHDX  &HUWDLQHV UHVSRQVDELOLWpV OpJDOHV GHV XWLOLVDWHXUV » SURSULpWDLUHV


G¶DUPHV j IHX

3DOLHU GH JRXYHUQHPHQW ([HPSOH GH ORL RX GH 5qJOHPHQW

)pGpUDO x 7RXV OHV SURSULpWDLUHV G¶DUPHV j IHX GRLYHQW GpWHQLU XQ


SHUPLV YDOLGH
S H[ /RL VXU OHV DUPHV j IHX
HW VHV UqJOHPHQWV &RGH x 6L YRXV GpWHQH] XQ SHUPLV G¶DUPHV j IHX YDOLGH YRXV
FULPLQHO GHYH] HQ LQIRUPHU OH 3URJUDPPH FDQDGLHQ GHV DUPHV j
IHX G¶XQ GpPpQDJHPHQW GDQV OHV  MRXUV VXLYDQW OH
GpPpQDJHPHQW
x /HV WLWXODLUHV GH SHUPLV GH SRVVHVVLRQ HW G¶DFTXLVLWLRQ
33$ YDOLGHV SHXYHQW HPSUXQWHU DFKHWHU KpULWHU RX
DFTXpULU G¶XQH DXWUH IDoRQ XQH DUPH j IHX G¶XQH PrPH
FDWpJRULH FODVVH TXH FHOOH TX¶LOV VRQW DXWRULVpV j
SRVVpGHU

3URYLQFLDOWHUULWRULDO x &HUWDLQV WHUULWRLUHV RX FHUWDLQHV SURYLQFHV SHXYHQW


H[LJHU TXH OHV SHUVRQQHV TXL FKDVVHQW DYHF XQH DUPH j
SH[ /RLV VXU OD FKDVVH OD
SrFKH HW OD IDXQH IHX VDQV UHVWULFWLRQ SRUWHQW GHV YrWHPHQWV RUDQJH YLI
x &HUWDLQV UHVWUHLJQHQW OH WLU G¶XQ F{Wp j O¶DXWUH GH URXWHV
RX GH ORJHPHQWV RX j XQH FHUWDLQH GLVWDQFH GH FHV
GHUQLHUV
x &HUWDLQHV ORLV SURYLQFLDOHV RX WHUULWRULDOHV SHXYHQW OLPLWHU
O¶XWLOLVDWLRQ GH YpKLFXOHV PRWRULVpV SRXU OD FKDVVH RX OH
WLU

0XQLFLSDO RX ORFDO x &HUWDLQHV PXQLFLSDOLWpV HW FHUWDLQV FRPWpV SHXYHQW


LQWHUGLUH OH WLU DYHF XQH DUPH j IHX HQ WRXWHV
S H[ UqJOHPHQWV PXQLFLSDX[
VXU OH EUXLW VXU OHV QXLVDQFHV HW FLUFRQVWDQFHV j O¶LQWpULHXU GH OHXU WHUULWRLUH
VXU OH ]RQDJH x &HUWDLQV UpJOHPHQWHQW SHXYHQW GpWHUPLQHU OH PRPHQW RX
OD GLVWDQFH R LO HVW SRVVLEOH GH WLUHU j SUR[LPLWp GH
UpVLGHQFHV





02'8/( 

02'8/(  
,1752'8&7,21 $8; $50(6 ­ )(8


0$18(/ '( /¶e78',$17± 

02'8/(  ,1752'8&7,21 $8; $50(6 ­


)(8
 /¶pYROXWLRQ GHV DUPHV j IHX

 $SHUoX
$X GLUH GH WRXV HW VHORQ OHV UpIpUHQFHV KLVWRULTXHV RQ FURLW TXH OHV &KLQRLV DXUDLHQW pWp
OHV SUHPLHUV j GpYHORSSHU OD SRXGUH H[SORVLYH &HOOHFL VHUYDLW DX[ IHX[ G¶DUWLILFH RX DX[
IXVpHV PLOLWDLUHV (OOH D DXVVL pWp PLVH DX SRLQW j SHX SUqV DX PrPH PRPHQW SDU
O¶DOFKLPLVWH DQJODLV 5RJHU %DFRQ  

 &DQRQ
D /¶KRPPH PpGLpYDO D WUqV YLWH DSSULV j VH VHUYLU GH OD SRXGUH QRLUH H[SORVLYH SRXU
SURSXOVHU GHV EDOOHV RX GHV SURMHFWLOHV ,O OH IDLVDLW HQ DOOXPDQW OD SRXGUH SODFpH
GHUULqUH XQH EDOOH RX XQ SURMHFWLOH GDQV XQ FDQRQ YRLU OD ILJXUH  
E /D SRXGUH EU€ODQW GDQV OH FDQRQ SURGXLVDLW GHV JD] G¶H[SDQVLRQ TXL SHUPHWWDLHQW
GH SURSXOVHU OD EDOOH RX OH SURMHFWLOH KRUV GH FHOXLFL
'H QRV MRXUV OD SRXGUH QRLUH HW VHV VXEVWLWXWV VRQW XWLOLVpV GDQV GLIIpUHQWV W\SHV
G¶DUPHV j IHX HW SRXU GLYHUVHV ILQV FKDVVH WLU j OD FLEOH HWF 

)LJXUH  &DQRQ



02'8/( 

 )XVLO j PqFKH


/¶XQH GHV SOXV DQFLHQQHV DUPHV j IHX SRUWpHV pWDLW OH IXVLO j PqFKH YRLU OD ILJXUH 
LQYHQWp DX GpEXW GHV DQQpHV  /H IXVLO j PqFKH SHUPHWWDLW j O¶XWLOLVDWHXU GH YLVHU HW
GH WLUHU WRXW HQ WHQDQW VRQ DUPH j GHX[ PDLQV /D SOXLH RX OH YHQW SRXYDLHQW WRXWHIRLV
pWHLQGUH OD PqFKH 3DU DLOOHXUV OD SUpVHQFH GH SDUWLFXOHV LQFDQGHVFHQWHV SUqV GH OD
SRXGUH SRXYDLW FDXVHU XQ LQFLGHQW

)LJXUH  0pFDQLVPH GX IXVLO j PqFKH



0$18(/ '( /¶e78',$17± 

 )XVLO j URXHW


'DQV OHV DQQpHV  GHX[ V\VWqPHV GH PLVH j IHX DPpOLRUpV RQW pWp PLV DX SRLQW ,O
V¶DJLW GH OD SODWLQH j URXHW YRLU OD ILJXUH  HW OD SODWLQH j VLOH[ YRLU OD ILJXUH   /D
SODWLQH j URXHW IRQFWLRQQDLW j SHX SUqV FRPPH XQ EULTXHW PRGHUQH F¶HVWjGLUH TXH OH
UHVVRUW pWDLW DUPp DYHF XQH FOp /HV SODWLQHV j URXHW pWDLHQW FRPSOH[HV HW FR€WHXVHV j
IDEULTXHU 'H SOXV O¶DUPHPHQW pWDLW OHQW HW OH UHVVRUW IDLVDLW VRXYHQW GpIDXW

)LJXUH  0pFDQLVPH GX IXVLO j URXHW



02'8/( 

 )XVLO j VLOH[


D /H IXVLO j VLOH[ YRLU OD ILJXUH  pWDLW GRWp G¶XQ GLVSRVLWLI GH PLVH j IHX VHPEODEOH
j FHOXL GX IXVLO j URXHW /HV pWLQFHOOHV pWDLHQW SURGXLWHV SDU OD IULFWLRQ G¶XQ
PRUFHDX GH VLOH[ FRQWUH OD EDWWHULH 3XLVTX¶LO pWDLW PRLQV ORXUG PRLQV FRPSOLTXp
HW PRLQV FR€WHX[ j IDEULTXHU LO GHYLQW ELHQW{W WUqV SRSXODLUH
E 3HQGDQWGHVVLqFOHV OH IXVLOjVLOH[ YRLU OD ILJXUH D pWp O¶DUPH VWDQGDUG $X
FRXUV GH FHWWH SpULRGH LO D pWp DPpOLRUp (Q HIIHW OH PpFDQLVPH GH PLVH j IHX
pWDLW SOXV ILDEOH TXH FHOXL GX IXVLO j PqFKH RX GX IXVLO j URXHW

)LJXUH  0pFDQLVPH GX IXVLO j VLOH[

)LJXUH  )XVLO j VLOH[



0$18(/ '( /¶e78',$17± 

 )XVLO RX FDUDELQH j SODWLQH j SHUFXVVLRQ


/H IXVLO RX FDUDELQH j SODWLQH j SHUFXVVLRQ YRLU OD ILJXUH  D pWp PLVH DX SRLQW DX
GpEXW GHV DQQpHV  (OOH FRQVLVWDLW HQ XQH SHWLWH DOYpROH GH PpWDO FDSVXOH
GpWRQDQWH FRQWHQDQW XQH PDWLqUH H[SORVLYH VHQVLEOH DX FKRF

)LJXUH  )XVLO j SODWLQH j SHUFXVVLRQ



02'8/( 

 eYROXWLRQ GHV DUPHV j IHX


7DEOHDX  eYROXWLRQ GHV DUPHV j IHX

7\SH 'HVFULSWLRQ Ƈ 6\VWqPH GH PLVH j IHX 'pVDYDQWDJHV


LQWURGXFWLRQ

)XVLO j PqFKH x SUHPLqUH JpQpUDWLRQ G¶DUPHV j IHX j x LQXWLOLVDEOH HQ FDV


OHV DQQpHV FKDUJHPHQW SDU OD ERXFKH GH SOXLH HWRX GH
IRUWYHQW
Ƈ
x XQ VHUSHQWLQ SORQJH XQH PqFKH
LQFDQGHVFHQWH GDQV OH EDVVLQHW SRXU
HQIODPPHU OD SRXGUH G¶DPRUoDJH

)XVLO j URXHW x GHX[LqPH JpQpUDWLRQ G¶DUPHV j IHX x OH PpFDQLVPH HVW


OHV DQQpHV j FKDUJHPHQW SDU OD ERXFKH FRPSOH[H HW FR€WHX[
Ƈ x LO HVW OHQW j RSpUHU HW
OHV UHVVRUWV FDVVHQW
x IRQFWLRQQHPHQW VHPEODEOH j FHOXL
VRXYHQW
G
XQ EULTXHW PRGHUQH

)XVLO j VLOH[ x PrPH TXH FHOOH GX IXVLO j URXHW x XVXUH RX FDVVXUH GX


VLOH[
OHV DQQpHV Ƈ
x OH UHVVRUW SHXW
x SURGXFWLRQ G¶XQH pWLQFHOOH SDU OH
pJDOHPHQW FDVVHU
IURWWHPHQW GX VLOH[ VXU OD EDWWHULH HQ
DFLHU V\VWqPH OH SOXV ILDEOH

)XVLO j SODWLQH x SUHPLqUH pWDSH GH O¶pYROXWLRQ GHV x FDSVXOH VpSDUpH GH


RX j DUPHV j IHX YHUV OHV V\VWqPHV j OD SRXGUH GH
SHUFXVVLRQ UpSpWLWLRQ SURSXOVLRQ HW GX
SURMHFWLOH
OHV DQQpHV Ƈ
x XQH SHWLWH DOYpROH GH PpWDO FDSVXOH
FRQWHQDQW XQH PDWLqUH H[SORVLYH DX
FKRF



0$18(/ '( /¶e78',$17± 

 &DUWRXFKHV
D 7RXWHV OHV SUHPLqUHV DUPHV j IHX pWDLHQW GHV DUPHV j FKDUJHPHQW SDU OD
ERXFKH /H FKDUJHPHQW SDU OD ERXFKH pWDLW XQH ORQJXH RSpUDWLRQ &HV DUPHV QH
SHUPHWWDLHQW TX¶XQ FRXS SDU FDQRQ
E 2Q D WHQWp GH PHWWUH DXSRLQW GHVDUPHV j IHX VH FKDUJHDQW SDU O¶DUULqUH VRLW j
FKDUJHPHQW SDU OD FXODVVH /HV SUHPLqUHV WHQWDWLYHV RQW FHSHQGDQW pFKRXp FDU
GHV JD] G¶H[SDQVLRQ SURGXLWV SDU OD SRXGUH DOOXPpH V¶pFKDSSDLHQW SDU OHV
ILVVXUHV VLWXpHV HQWUH OHV GLYHUVHV SDUWLHV GH OD FXODVVH
F $X PLOLHX GHV DQQpHV  RQ D LQYHQWp GLIIpUHQWV W\SHV GH FDUWRXFKHV SRXU
UHQGUH SUDWLTXH OH FKDUJHPHQW SDU OD FXODVVH &¶HVW DLQVL TXH GHV FDUWRXFKHV
PpWDOOLTXHV VHPEODEOHV DX[ FDUWRXFKHV PRGHUQHV RQW ILQDOHPHQW pWp PLVHV DX
SRLQW YRLU OD ILJXUH  
G &HV FDUWRXFKHV UpXQLVVHQW GDQV XQ VHXO HQVHPEOH OD EDOOH RX OD JUHQDLOOH
O¶DPRUFH HW OD FKDUJH SURSXOVLYH SULQFLSDOH /RUVTX¶RQ DSSXLH VXU OD GpWHQWH OH
SHUFXWHXU IUDSSH O¶DPRUFH /¶pWLQFHOOH SURGXLWH SDU O¶DPRUFH PHW IHX OD FKDUJH
SURSXOVLYH ODTXHOOH SURYRTXH O¶H[SDQVLRQ GH OD GRXLOOH /¶H[SDQVLRQ GH OD GRXLOOH
VFHOOH OD FXODVVH HW HPSrFKH OHV IXLWHV GH JD] WDQGLV TXH OHV JD] H[SXOVHQW OH
SURMHFWLOH KRUV GX FDQRQ
H /HV FDUWRXFKHV RQW DX PRLQV TXDWUH DYDQWDJHV 

 (OOHV VRQW IDFLOHV j FKDUJHU GDQV OD FXODVVH

 /¶H[SDQVLRQ GH OD GRXLOOH HPSrFKH OHV IXLWHV GH JD]

 (OOHV VRQW HQ JpQpUDO j O¶pSUHXYH GHV LQWHPSpULHV

 (OOHV VRQW SOXV ILDEOHV


I 'HV FDUWRXFKHV DSSHOpHV FDUWRXFKHV j JUHQDLOOHV RQW pWp PLVHV DX SRLQW SRXU
OHV IXVLOV GH FKDVVH &HV FDUWRXFKHV FRQWLHQQHQW DXVVL XQ RX SOXVLHXUV
SURMHFWLOHV GH OD SRXGUH HW XQH DPRUFH 'H SOXV XQH ERXUUH VpSDUH OD SRXGUH
GHV SURMHFWLOHV /D GRXLOOH SHXW rWUH IDLWH GH PpWDO RX G¶DXWUHV PDWpULDX[ FRPPH
OH SDSLHU RX OH SODVWLTXH
J /HV FDUWRXFKHV PpWDOOLTXHV HW OHV FDUWRXFKHV GH IXVLO GH FKDVVH VRQW IDFLOHV j
IDEULTXHU /H FKDUJHPHQW GHV DUPHV j IHX V¶HVW VLPSOLILp OXL DXVVL FH TXL D UHQGX
SRVVLEOH OD FUpDWLRQ GHV DUPHV j IHX j UpSpWLWLRQ



02'8/( 

&DUWRXFKD j &DUWRXFKH j &DUWRXFKH GH


SUHVVLRQ SUHVVLRQ FHQWUDOH FKDVVH
DQQXDLUH

)LJXUH  ([HPSOHV GH FDUWRXFKHV PRGHUQHV HW GH PDUTXHV GH FXORW

 /HV DUPHV j IHX DX &DQDGD


'qV OHV DQQpHV  OHV DUPHV j IHX RQW MRXp XQ U{OH GDQV O¶KLVWRLUH HW O¶pYROXWLRQ GX
&DQDGD (OOHV RQW JUDQGHPHQW DXJPHQWp OD SRUWpH HW O¶HIILFDFLWp GHV FKDVVHXUV /HV
JHQV pWDLHQW GLVSRVpV j WURTXHU XQH JUDQGH TXDQWLWp GH IRXUUXUHV FRQWUH GHV DUPHV j
IHX HW GHV PXQLWLRQV /D FKDVVH FRQVWLWXDLW XQ LPSRUWDQW PR\HQ GH VXEVLVWDQFH YRLUH
GH VXUYLH VXUWRXW TXDQG OHV UpFROWHV pWDLHQW PDXYDLVHV
3OXV WDUG LO GHYLQW PRLQV QpFHVVDLUH SRXU OD SOXSDUW GHV SHUVRQQHV GH FKDVVHU SRXU
VXUYLYUH 7RXWHIRLV ELHQ GHV SHUVRQQHV DXMRXUG¶KXL FRQVLGqUHQW WRXMRXUV OD FKDVVH
FRPPH XQH SDUWLH LPSRUWDQWH GH OHXU YLH
%HDXFRXS VH VRQW LQWpUHVVpV DX WLU j OD FLEOH ,O H[LVWH DXMRXUG¶KXL EHDXFRXS GH FOXEV
HW G¶DVVRFLDWLRQV GH WLU GRQW OHV PHPEUHV XWLOLVHQW GLIIpUHQWV W\SHV GH IXVLOV HW GH
FDUDELQHV VXU GHV FLEOHV DOODQW GHV FLEOHV HQ SDSLHU DX[ SLJHRQV G¶DUJLOH
'H SOXV LO H[LVWH EHDXFRXS GH FROOHFWLRQQHXUV G¶DUPHV j IHX



0$18(/ '( /¶e78',$17± 

 4XHVWLRQV GH UpYLVLRQ


 ,QGLTXH] XQ GHV DYDQWDJHV GHV FDUWRXFKHV PRGHUQHV

 4XHO IXW OH U{OH GHV DUPHV j IHX GDQV OH GpYHORSSHPHQW GX &DQDGD"

 4XHO HVW OH U{OH GH OD FDSVXOH GpWRQDQWH GDQV OD VpTXHQFH GH WLU"

 'pFULYH] OH PpFDQLVPH GH PLVH j IHX GHV DUPHV j FKDUJHPHQW SDU OD ERXFKH j


URXHW HW j VLOH[



02'8/( 

02'8/(  
$50(6 ­ )(8 ­ &+$5*(0(17 3$5 /$
%28&+(

02'8/( 

 $UPHV j IHX j FKDUJHPHQW SDU OD ERXFKH

 $SHUoX
D 2Q XWLOLVH HQFRUH DXMRXUG¶KXL GHV PRXVTXHWV GHV FDUDELQHV HW GHV IXVLOV GH
FKDVVH j FKDUJHPHQW SDU OD ERXFKH 7RXWHIRLV OD SOXSDUW GH FHV DUPHV j IHX
VRQW GHV UHSURGXFWLRQV GH YLHX[ PRGqOHV YRLU OD ILJXUH  
E /HV DUPHV j IHX GH FH W\SH VH FKDUJHQW SDU OD ERXFKH 8QH PHVXUH GH SRXGUH
HVW YHUVpH GDQV OD ERXFKH GX FDQRQ HOOH HVW VXLYLH G¶XQ FDOHSLQ HW G¶XQH EDOOH GH
SORPE G¶XQ VDERW RX GH OD JUHQDLOOH 8Q WURX VLWXp j O¶DUULqUH GX FDQRQ MXVWH DX
GHVVXV GH OD GpWHQWH SHUPHW GH IDLUH HQWUHU XQH IODPPH GDQV OH FDQRQ SDU OD
OXPLqUH HW GH IDLUH H[SORVHU OD FKDUJH SURSXOVLYH
F 'DQV OHV IXVLOV j VLOH[ j FKDUJHPHQW SDU OD ERXFKH O¶pWLQFHOOH GH PLVH j IHX VH
SURGXLW TXDQG OH FKLHQ TXL FRQWLHQW OH VLOH[ YLHQW IUDSSHU OD EDWWHULH 'DQV OHV
DUPHV j SHUFXVVLRQ j FKDUJHPHQW SDU OD ERXFKH OD IODPPH HVW SURGXLWH SDU OH
FKRF GX FKLHQ VXU OD FDSVXOH GpWRQDQWH
G /HV DUPHV j IHX j FKDUJHPHQW SDU OD ERXFKH XWLOLVHQW OD SRXGUH QRLUH RX GHV
VXEVWLWXWV GH SRXGUH QRLUH /D SRXGUH QRLUH HVW FODVVpH FRPPH H[SORVLI HW HOOH
HVW IDFLOHPHQW PLVH j IHX ORUVTX¶HOOH HVW H[SRVpH j OD FKDOHXU j XQH IULFWLRQ j
O¶pOHFWULFLWp VWDWLTXH RX j XQ FKRF EUXVTXH HOOH GRLW GRQF rWUH PDQLSXOpH DYHF
XQH H[WUrPH SUXGHQFH 2Q UHFRPPDQGH IRUWHPHQW DX[ SHUVRQQHV LQWpUHVVpHV
SDU OHV DUPHV j IHX j FKDUJHPHQW SDU OD ERXFKH GH VXLYUH XQH IRUPDWLRQ
VXSSOpPHQWDLUH DXSUqV GH VSpFLDOLVWHV TXDOLILpV GDQV OH GRPDLQH

)LJXUH  $UPH j IHX j FKDUJHPHQW SDU OD ERXFKH






02'8/( 

)LJXUH  &KDUJHPHQW SDU OD ERXFKH VXLWH





0$18(/ '( /¶e78',$17± 

 4XHVWLRQV GH UpYLVLRQ


 4XHO W\SH GH SRXGUH SHXWRQ XWLOLVHU VpFXULWDLUHPHQW GDQV XQH DUPH j IHX j
FKDUJHPHQW SDU OD ERXFKH"
 (VWLO VpFXULWDLUH GH YHUVHU GH OD SRXGUH GDQV XQH DUPH j IHX j FKDUJHPHQW SDU
OD ERXFKH j SDUWLU GH OD FRUQH j SRXGUH"
 4XHO RXWLO XWLOLVHWRQ SRXU YpULILHU VL O¶DUPH j IHX j FKDUJHPHQW SDU OD ERXFKH HVW
FKDUJpH"
 4XHO HVW OH WHPSV G¶DWWHQWH SRXU XQ © QRQ IHX ª TXDQG RQ XWLOLVH XQH DUPH j IHX j
FKDUJHPHQW SDU OD ERXFKH"
 1RPPH] GHX[ DUWLFOHV GH SURWHFWLRQ REOLJDWRLUHV TXDQG RQ XWLOLVH XQH DUPH j IHX
j FKDUJHPHQW SDU OD ERXFKH
 4XDQG DUPH]YRXV OH FKLHQ G¶XQH DUPH j IHX j FKDUJHPHQW SDU OD ERXFKH
SHQGDQW OD VpTXHQFH GH FKDUJHPHQW HW GH WLU"



02'8/( 

02'8/(  
35,1&,3$8; e/e0(176 '¶81(
$50( ­ )(8 02'(51(
0$18(/ '( /¶e78',$17± 

02'8/(   35,1&,3$8; e/e0(176 '¶81(


$50( ­ )(8 02'(51(
 3ULQFLSDX[ pOpPHQWV G¶XQH DUPH j IHX PRGHUQH

 $SHUoX
D 3RXUXWLOLVHU XQH DUPH j IHXHQWRXWHVpFXULWp YRXVGHYH]FRQQDvWUH VHV
pOpPHQWV HW HQ FRPSUHQGUH OHXU IRQFWLRQQHPHQW 9RXV WURXYHUH] FLGHVVRXV XQH
EUqYH LQWURGXFWLRQ DX[ SULQFLSDX[ pOpPHQWV G¶XQH DUPH j IHX /H PRGXOH  ±
)21&7,211(0(17 '(6 0e&$1,60(6 '¶$50(6 ¬ )(8 IRXUQLW SOXV GH
GpWDLOV VXU OHXU IRQFWLRQQHPHQW

7372 7UDLWH] WRXWH DUPH j IHX FRPPH VL HOOH pWDLW


FKDUJpH

E /HV DUPHV j IHX PRGHUQHV FRPSRUWHQW WURLV SULQFLSDX[ pOpPHQWV  OH FDQRQ OH


PpFDQLVPH HW OD FURVVH YRLU ILJXUHV  HW  

)LJXUH  &DUDELQH j YHUURX ODWpUDO



02'8/( 

)LJXUH  )XVLO GH FKDVVH j SRPSH j FRXOLVVH

 &DQRQ
D /H FDQRQHVWXQ WXEHJpQpUDOHPHQW IDLWHQ PpWDO$SUqV OD PLVH j IHX OH
SURMHFWLOH VH GpSODFH GDQV FH WXEH
E *pQpUDOHPHQW OHV IDEULFDQWV LQGLTXHQW VXU OH FDQRQ OH FDOLEUH GH FDUWRXFKH j
XWLOLVHU DYHF O¶DUPH j IHX 1RXV DSSHORQV FHWWH PDUTXH XQ SRLQoRQ
F /¶H[WUpPLWp j O¶DYDQW GX FDQRQ VRLW O¶RXYHUWXUH SDU ODTXHOOH XQ SURMHFWLOH HVW
pMHFWp V¶DSSHOOH OD ERXFKH GX FDQRQ HW O¶H[WUpPLWp DUULqUH V¶DSSHOOH OD FKDPEUH

7372 3RLQWH] WRXMRXUV YRWUH DUPH j IHX GDQV XQH GLUHFWLRQ


VpFXULWDLUH

 0pFDQLVPH
/H PpFDQLVPH FRQWLHQW OHV SLqFHV TXL 

x 6HUYHQW j FKDUJHU O¶DUPH j IHX

x 0HWWHQW j IHX OD FDUWRXFKH

x ([WUDLHQW HW pMHFWHQW OHV FDUWRXFKHV QRQ XWLOLVpHV RX OHV GRXLOOHV

 'pWHQWH
D /D GpWHQWH OHV GLVSRVLWLIV GH V€UHWp DLQVL TXH OH FKDUJHXU VRQW GHV pOpPHQWV GX
PpFDQLVPH





0$18(/ '( /¶e78',$17± 

 /D VpTXHQFH GH WLU


/D JUDQGH PDMRULWp GHV DUPHV j IHX PRGHUQHV VXLYHQW OD PrPH VpTXHQFH GH WLU YRLU OD
ILJXUH  

 8QH SUHVVLRQ VXU OD GpWHQWH OLEqUH OH PpFDQLVPH GH PLVH j IHX /H SHUFXWHXU


IUDSSH O¶DPRUFH GH OD FDUWRXFKH

 /¶DPRUFH H[SORVH ORUVTX¶HOOH HVW IUDSSpH SDU OH SHUFXWHXU FH TXL SURMHWWH XQH
IODPPH GDQV OH FRUSV GH OD FDUWRXFKH

 /D IODPPH DOOXPH OD SRXGUH TXL HQ EU€ODQW SURGXLW GHV JD] TXL SUHQQHQW
UDSLGHPHQW GH O¶H[SDQVLRQ

 /HV JD] j KDXWH SUHVVLRQ H[SXOVHQW OH RX OHV SURMHFWLOHV YHUV O¶DYDQW GX FDQRQ

)LJXUH  6pTXHQFH GH WLU



02'8/( 

 7\SHV GH PpFDQLVPHV


D /D FRQFHSWLRQ GHV DUPHV j IHX YDULH HQ IRQFWLRQ GH OHXU XWLOLVDWLRQ &HUWDLQHV
VRQW FRQoXHV SRXU OH WLU j OD FLEOH G¶DXWUHV SRXU OD FKDVVH DX[ RLVHDX[ RX DX
SHWLW JLELHU RX HQFRUH SRXU OD FKDVVH DX JURV JLELHU

E /HV GHX[ SULQFLSDX[ W\SHV G¶DUPHV j IHX VDQV UHVWULFWLRQ DUPHV ORQJXHV VRQW 

x /HV IXVLOV GH FKDVVH

x /HV FDUDELQHV

F /HV W\SHV GH PpFDQLVPHV PRGHUQHV YRLU OD ILJXUH  OHV SOXV FRXUDPPHQW


XWLOLVpV VXU FHV DUPHV j IHX VRQW 

x ­ FKDUJHPHQW SDU OD ERXFKH

x ­ EDVFXOH RX j FKDUQLqUH

x ­ YHUURX ODWpUDO

x ­ OHYLHU

x ­ SRPSH

x 6HPLDXWRPDWLTXH

G &HUWDLQHV DUPHV j IHX VRQW GRWpHV GH SOXVLHXUV FDQRQV &H VRQW JpQpUDOHPHQW
GHV IXVLOV GH FKDVVH RX GHV DUPHV FRPELQDQW OHV FDUDFWpULVWLTXHV GHV IXVLOV GH
FKDVVH HW GHV FDUDELQHV



0$18(/ '( /¶e78',$17± 

)LJXUH  7\SHV GH PpFDQLVPHV




0$18(/ '( /¶e78',$17± 

 4XHVWLRQV GH UpYLVLRQ


 1RPPH] OHV WURLV SDUWLHV SULQFLSDOHV G¶XQH DUPH j IHX VDQV UHVWULFWLRQ

 'RQQH] OD GpILQLWLRQ GH © V€UHWp HQJDJpH ª HW GH © V€UHWp GpJDJpH ª

 ([SOLTXH] OD VpTXHQFH GH WLU G¶XQH DUPH j IHX

 eQXPpUH] OHV GHX[ W\SHV OHV SOXV FRXUDQWV G¶DUPHV j IHX VDQV UHVWULFWLRQ

 1RPPH] OHV VL[ GLIIpUHQWV W\SHV GH PpFDQLVPHV G¶DUPHV j IHX VDQV UHVWULFWLRQ

 1RPPH] OHV WURLV FODVVLILFDWLRQV G¶DUPHV j IHX



02'8/( 

02'8/(  
6e&85,7e 5(/$7,9( $8; $50(6 ­
)(8 ± &216,*1(
0$18(/ '( /¶e78',$17± 

02'8/(   6e&85,7e 5(/$7,9( $8;


$50(6 ­ )(8 ± &216,*1(6
e/e0(17$,5(6
 $SHUoX
/D SUHVTXH WRWDOLWp GHV DFFLGHQWV UHODWLIV DX[ DUPHV j IHX SHXYHQW rWUH pYLWpV VL O¶RQ
REVHUYH TXHOTXHV FRQVLJQHV pOpPHQWDLUHV GH VpFXULWp /HV SOXV LPSRUWDQWHV GH FHV
FRQVLJQHV VRQW OHV TXDWUH UqJOHV YLWDOHV YRLU OD ILJXUH  HW 35289(U TXH O¶DUPH j
IHX HVW VpFXULWDLUH YRLU OD ILJXUH   9RXV SRXYH] FRQVLGpUHU FHV UqJOHV FRPPH pWDQW
GHV DFWHV REOLJDWRLUHV

7UDLWH] WRXWH DUPH j IHX FRPPH VL HOOH pWDLW FKDUJpH


x 3UHQH] SRXU DFTXLV TXH WRXWH DUPH j IHX SUpVHQWH XQ GDQJHU SRWHQWLHO

3RLQWH] WRXMRXUV YRWUH DUPH j IHX GDQV XQH GLUHFWLRQ VpFXULWDLUH


x eWDEOLVVH] OD GLUHFWLRQ OD SOXV VpFXULWDLUH YHUV ODTXHOOH SRLQWHU OH FDQRQ GH
YRWUH DUPH j IHX
x 3RLQWH] WRXMRXUV YRWUH DUPH j IHX GDQV OD GLUHFWLRQ OD SOXV VpFXULWDLUH HW
PDLQWHQH]OD GDQV FHWWH GLUHFWLRQ
x /H FDQRQ G¶XQH DUPH j IHX QH GRLW rWUH SRLQWp HQ DXFXQH FLUFRQVWDQFH VXU
VRL RX VXU TXHOTX¶XQ G¶DXWUH

7HQH] OH GRLJW pORLJQp GH OD GpWHQWH HW j O¶H[WpULHXU GX SRQWHW


x 1H SODFH] MDPDLV OH GRLJW VXU OD GpWHQWH RX j O¶LQWpULHXU GX SRQWHW HQ
PDQLSXODQW XQH DUPH j IHX VDXI SRXU IDLUH IHX

2XYUH] OH PpFDQLVPH HW DVVXUH]YRXV TXH O¶DUPH j IHX QH FRQWLHQW


DXFXQH PXQLWLRQ 9RXVGHYH]35289(U TXH O¶DUPHjIHXHVW
VpFXULWDLUH
x 1H PDQLH] XQH DUPH j IHX TXH VL YRXV SRXYH] 35289(U TX¶HOOH HVW
VpFXULWDLUH
x &KDTXH IRLV TXH YRXV PDQLH] XQH DUPH DVVXUH]YRXV TXH OD FKDPEUH HW OH
FKDUJHXU VRQW YLGHV
x 1H WHQGH] RX QH UHFHYH] XQH DUPH j IHX XQLTXHPHQW ORUVTXH FHOOHFL HVW
RXYHUWH HW QRQ FKDUJpH &¶HVW XQH UqJOH HVVHQWLHOOH j REVHUYHU

)LJXUH  4XDWUHUqJOHVYLWDOHV




0$18(/ '( /¶e78',$17± 

WUDQVSRUW YRLU OH 02'8/(   (175(326$*( (;326,7,21 75$163257 (7


0$1,(0(17 6e&85,7$,5(6 '(6 $50(6 ­ )(8 6$16 5(675,&7,21

 3UDWLTXHV VpFXULWDLUHV SRXU OHV DUPHV j IHX HW OHV


PXQLWLRQV
4XHOTXHVXQHV GHV SUDWLTXHV VpFXULWDLUHV VRQW LGHQWLILpHV FLGHVVRXV 

x 1¶RXEOLH] SDV TXH YRXV rWHV UHVSRQVDEOH GH YRV DUPHV j IHX HW GH YRV PXQLWLRQV HQ
WRXW WHPSV

x /RUVTXH YRXV HQWUHSRVH] HW WUDQVSRUWH] YRV DUPHV j IHX LO HVW UHFRPPDQGp


G¶XWLOLVHU GHV GLVSRVLWLIV GH VpFXULWp HQWUH DXWUHV OHV V€UHWpV GH GpWHQWH RX FkEOHV
GH VpFXULWp HW OHV FRIIUHWV YHUURXLOODEOHV

x 'DQV ELHQ GHV FDV DX[ WHUPHV GH OD ORL YRV DUPHV j IHX GRLYHQW rWUH GpFKDUJpHV HW
FRQYHQDEOHPHQW YHUURXLOOpHV 6DFKH] FH TXH OD ORL GLW DX VXMHW GHV DUPHV j IHX TXL
GRLYHQW rWUH YHUURXLOOpHV HW GDQV TXHOOHV FLUFRQVWDQFHV HOOHV GRLYHQW O¶rWUH

x *DUGH] KRUV GH YXH OHV DUPHV j IHX HW OHV PXQLWLRQV SHQGDQW OH WUDQVSRUW HW
O¶HQWUHSRVDJH &HOD UpGXLW OHV ULVTXHV GH YRO HW HPSrFKH DXVVL TXH GHV SHUVRQQHV
LQH[SpULPHQWpHV RX QRQ DXWRULVpHV OHV XWLOLVHQW

x /HV PXQLWLRQV HW DUPHV j IHX GRLYHQW rWUH JDUGpHV KRUV GH OD SRUWpH GHV HQIDQWV
/¶HQWUHSRVDJH LQDSSURSULp G¶XQH DUPH j IHX HVW XQH LQIUDFWLRQ FULPLQHOOH HW SHXW
FDXVHU GHV WUDJpGLHV HW DYRLU GH JUDYHV FRQVpTXHQFHV SRXU OD SHUVRQQH WURXYpH
FRXSDEOH

x 'pFKDUJH] OHV DUPHV j IHX DYDQW GH OHV UDQJHU *DUGH] OHV PXQLWLRQV GDQV XQ
HQGURLW GLVWLQFW (Q OHV HQWUHSRVDQW YHXLOOH] PHWWUH VRXV FOHI OHV DUPHV j IHX HW OHV
PXQLWLRQV j SDUW RX HQIHUPpHV GDQV XQ FRQWHQDQW GH VpFXULWp TXL QH SHXW rWUH
IDFLOHPHQW IRUFp RX XQH SLqFH R LO HVW GLIILFLOH GH V¶LQWURGXLUH

 &KDUJH] XQH DUPH j IHX XQLTXHPHQW ORUVTXH YRXV rWHV


SUrW j WLUHU
4XHOTXHVXQHV GHV SUDWLTXHV VpFXULWDLUHV VRQW LGHQWLILpHV FLGHVVRXV 

x &KDUJH] YRWUH DUPH j IHX XQLTXHPHQW ORUVTXH YRXV DYH] O¶LQWHQWLRQ GH O¶XWLOLVHU HW Oj
R LO HVW OpJDO HW VpFXULWDLUH GH OH IDLUH (Q WRXW DXWUH WHPSV HOOH QH GHYUDLW SDV rWUH
FKDUJpH

x $X FKDPS GH WLU QH FKDUJH] YRWUH DUPH j IHX XQLTXHPHQW ORUVTXH YRXV DYH] DWWHLQW
OD ]RQHGH WLUHW TXH YRXV rWHVSUrWjWLUHU'pFKDUJH] YRWUHDUPHj IHXDYDQW GH
TXLWWHU OD ]RQH GH WLU




0$18(/ '( /¶e78',$17± 

 $VVXUH]YRXV G¶DYRLU ELHQ LGHQWLILp OD FLEOH HW YpULILp FH


TX¶LO \ D GHUULqUH HOOH
D 3RXU YRXV DVVXUHU G¶DYRLU ELHQ LGHQWLILp OD FLEOH HW YpULILp FH TX¶LO \ D GHUULqUH HOOH
VXLYH] OHV UHFRPPDQGDWLRQV FLGHVVRXV 
x 5HSpUH] ELHQ OD FLEOH $VVXUH]YRXV TX¶LO V¶DJLW HIIHFWLYHPHQW GH O¶REMHW VXU
OHTXHO YRXV YRXOH] WLUHU
x eYLWH]GHWLUHU HQ FDV GHGRXWH 1H WLUH]MDPDLV SDUFH TXHYRXVDYH]SHUoX RX
DSHUoX XQ PRXYHPHQW YX XQH FRXOHXU RX XQH IRUPH RX VLPSOHPHQW HQWHQGX
XQ EUXLW
x $VVXUH]YRXV TXH YRWUH FKDPS GH WLU HVW GpJDJp
x $VVXUH]YRXV DYDQW GH WLUHU TXH O¶HVSDFH VH WURXYDQW GHUULqUH OD FLEOH HVW
OLEUH
x 8QH OXQHWWH GH YLVpH Q¶HVW SDV XQH SDLUH GH MXPHOOHV HOOH QH GRLW MDPDLV VHUYLU
j LGHQWLILHU GHV SHUVRQQHV GHV DQLPDX[ RX GHV REMHWV
E 6R\H] WRXMRXUV FRQVFLHQW GH O¶HQGURLW R OHV SURMHFWLOHV SHXYHQW WHUPLQHU OHXU
FRXUVH 9RXV HQ rWHV UHVSRQVDEOH FDU FHV SURMHFWLOHV SHXYHQW ULFRFKHU RX DOOHU
DXGHOj GH OD FLEOH 3DU FRQVpTXHQW VL YRXV Q¶rWHV SDV FHUWDLQ 

x 1H WLUH] MDPDLV VL OH SURMHFWLOH ULVTXH GH IUDSSHU XQH VXUIDFH GXUH RX GH O¶HDX


,O SRXUUDLW VH IUDJPHQWHU RX ULFRFKHU GDQJHUHXVHPHQW

x 1H WLUH] SDV VXU XQH FLEOH VLWXpH SUqV G¶XQ EkWLPHQW

x 1H WLUH] SDV VXU XQH FLEOH VLWXpH VXU XQH FROOLQH

x 1H WLUH] TX¶DSUqV YRXV rWUH DVVXUp TXH SHUVRQQH QH VH WURXYH GHYDQW YRXV

 'LVSRVLWLIV GH YHUURXLOODJH VpFXULWDLUHV


D /HV GLVSRVLWLIV GH YHUURXLOODJH VpFXULWDLUHV YRLU OD ILJXUH  HPSrFKHQW OD PLVH
j IHX DFFLGHQWHOOH GHV DUPHV j IHX $ILQ G¶rWUH HIILFDFHV LOV GRLYHQW rWUH LQVWDOOpV
FRUUHFWHPHQW 9HXLOOH] QRWHU TXH OHV GLVSRVLWLIV GH YHUURXLOODJH VpFXULWDLUHV QH
VRQW SDV WRXV FRPSDWLEOHV DYHF FKDTXH DUPH j IHX
E 'DQV FHUWDLQV FDV LOV VRQW H[LJpV SDU OD ORL YRLU DX 02'8/(  
(175(326$*( (;326,7,21 75$163257 (7 0$1,(0(17
6e&85,7$,5(6 '(6 $50(6 ­ )(8 6$16 5(675,&7,21  ,O H[LVWH SOXVLHXUV
VRUWHV GH GLVSRVLWLIV GH YHUURXLOODJH VpFXULWDLUHV /HV SOXV FRXUDQWV VRQW OHV
V€UHWpV GH GpWHQWH j FOp RX j FRPELQDLVRQ HW OHV FKDLQHV RX OHV FkEOHV 7RXV FHV
GLVSRVLWLIV EORTXHQW OH PpFDQLVPH ,QIRUPH]YRXV DXSUqV G¶XQ DUPXULHU DILQ
G¶REWHQLU OH GLVSRVLWLI GH YHUURXLOODJH TXL FRQYLHQW OH PLHX[ j YRWUH DUPH j IHX



02'8/( 

)LJXUH  'LYHUV GLVSRVLWLIV GH YHUURXLOODJH SRXU DUPHV j IHX



0$18(/ '( /¶e78',$17± 

 4XHVWLRQV GH UpYLVLRQ

 'pFULYH] TXDWUH VLWXDWLRQV TXL FRQVWLWXHQW XQ DUULqUHSODQ GDQJHUHX[ ORUVTXH YRXV


WLUH]

 'HYULH]YRXV XWLOLVHU XQH OXQHWWH GH YLVpH PRQWpH SRXU YpULILHU OH WHUUDLQ RX


LGHQWLILHU XQH FLEOH"

 3RXYH]YRXV YRXV ILHU j OD V€UHWp GH YRWUH DUPH j IHX"

 (VWLO VpFXULWDLUH G¶DFFHSWHU XQH DUPH j IHX FKDUJpH G¶XQ DPL"

 7URLV DPLV SODFHQW OHXUV PXQLWLRQV GH FDOLEUH GLIIpUHQW VXU OH WDEOHDX GH ERUG GH
OHXU FDPLRQQHWWH (VWFH XQH ERQQH SUDWLTXH"



02'8/( 

02'8/(  
081,7,216
0$18(/ '( /¶e78',$17± 

02'8/(   081,7,216
 $SHUoX
&H PRGXOH SRUWH VXU OHV FDUWRXFKHV GH FDUDELQH HW VXU OHV FDUWRXFKHV GH IXVLO GH
FKDVVH ,O YRXV DLGHUD j FKRLVLU OHV ERQQHV PXQLWLRQV 9RXV GHYULH] WUDQVSRUWHU
VHXOHPHQW OHV PXQLWLRQV FRQoXHV SRXU O¶DUPH j IHX TXH YRXV XWLOLVH] HW SRXU OH JHQUH GH
WLU TXH YRXV DYH] O¶LQWHQWLRQ GH SUDWLTXHU &HWWH UqJOH V¶DSSOLTXH DX WLU j OD FLEOH RX j OD
FKDVVH

3RXU GH SOXV DPSOHV UHQVHLJQHPHQWV FRQVXOWH] XQ PDUFKDQG G¶DUPHV j IHX RX XQ


DUPXULHU

 5D\XUHV
D /HV DUPHV j FDQRQ UD\p FRPSRUWHQW XQH VpULH GH UD\XUHV HQ IRUPH GH VSLUDOH j
O·LQWpULHXU GX FDQRQ /HV SDURLV GH PpWDO HQWUH OHV UD\XUHV VRQW DSSHOpHV FORLVRQV
YRLU OD ILJXUH   /HV FORLVRQV FRQVWLWXHQW OH GLDPqWUH RULJLQDO GH O·kPH /HV IXVLOV
GH FKDVVH VRQW LGHQWLILpV SDU OHXU FDOLEUH

E /HV UD\XUHV LPSULPHQW j OD EDOOH XQ PRXYHPHQW GH URWDWLRQ ORUVTXH FHOOHFL HVW


H[SXOVpH GX FDQRQ HW HOOHV DVVXUHQW OD VWDELOLWp HQ YRO GX SURMHFWLOH

 &DOLEUH
D /HV DUPHV j FDQRQ UD\p VRQW FODVVpHV G¶DSUqV OHXU FDOLEUH /H FDOLEUH HVW OD
PHVXUH GX GLDPqWUH GH O¶kPH VRLW HQ PLOOLqPHV G¶XQ SRXFH V\VWqPH LPSpULDO
VRLW HQ PLOOLPqWUHV V\VWqPH PpWULTXH  /H FDOLEUH VH PHVXUH KDELWXHOOHPHQW HQ
SRXFHV GH FORLVRQ j FORLVRQ WDQGLV TXH OHV GLPHQVLRQV PpWULTXHV VH PHVXUHQW
G¶XQH UD\XUH j O¶DXWUH

&RQVXOWH] WRXMRXUV OH SRLQoRQ VXU OH FDQRQ GH YRWUH DUPH j IHX DILQ GH


FRQQDvWUH OH FDOLEUH H[DFW GH OD PXQLWLRQ j XWLOLVHU


02'8/( 

)LJXUH  &DQRQ UD\p HW FDQRQ OLVVH



0$18(/ '( /¶e78',$17± 

 &DUWRXFKHV
 $SHUoX
D /D FDUWRXFKH HVW OD PXQLWLRQ XWLOLVpH GDQV XQH FDUDELQH RX GDQV XQ IXVLO GH
FKDVVH ,O H[LVWH GHX[ W\SHV GH FDUWRXFKHV FRXUDQWHV  j SHUFXVVLRQ DQQXODLUH HW
jSHUFXVVLRQ FHQWUDOH &HV WHUPHV GpFULYHQW O¶HQGURLW R VH WURXYH O¶DPRUFH VXU OH
FXORW GH OD FDUWRXFKH ,OV GpFULYHQW DXVVL O¶HQGURLW R IUDSSH OH SHUFXWHXU YRLU OD
ILJXUH  

)LJXUH  ([HPSOH GH FDUWRXFKHV j SHUFXVVLRQ DQQXODLUH


HW j SHUFXVVLRQ FHQWUDOH

E /HV IDEULFDQWV PDQXIDFWXUHQW GHV DUPHV j IHX GH GLYHUV FDOLEUHV $VVXUH]YRXV


TXH OD GpVLJQDWLRQ GH OD FDUWRXFKH VXU OH FXORW FRUUHVSRQG ELHQ DX[ GRQQpHV
VL HOOHV VRQW GLVSRQLEOHV TXL VRQW SRLQoRQQpHV VXU OH FDQRQ GH O¶DUPH j IHX
YRLU OD ILJXUH   ,O V¶DJLW GH O¶pOpPHQW OH SOXV LPSRUWDQW j VH UDSSHOHU (QVXLWH
FKRLVLVVH] OH ERQ W\SH GH PXQLWLRQ SRXU YRWUH DUPH j IHX HW YRWUH FLEOH 3DU
H[HPSOH OD ERQQH IRUPH RX OH ERQ SRLGV GH OD EDOOH 6L YRXV DYH] GHV GRXWHV
FRQVXOWH] XQ PDUFKDQG G¶DUPHV j IHX RX XQ DUPXULHU
F 6¶LO Q¶\ D SDV GH SRLQoRQ DSSRUWH] O¶DUPH j IHX FKH] XQH SHUVRQQH TXDOLILpH (OOH
SHXW PHVXUHU OD FKDPEUH HW YRXV FRQVHLOOHU VXU OHV PXQLWLRQV j XWLOLVHU



02'8/( 

)LJXUH  &DUWRXFKH j SHUFXVVLRQ DQQXODLUH

)LJXUH  &DUWRXFKH j SHUFXVVLRQ FHQWUDOH




02'8/( 

 eOpPHQWV HWPDWpULDX[ GHV FDUWRXFKHV


/HV PXQLWLRQV GLIIqUHQW VXU OH SODQ GHV GLPHQVLRQV GH O¶DSSDUHQFH HW GHV PDWpULDX[
/HV FDUWRXFKHV GH FDUDELQHV FRPSRUWHQW TXDWUH pOpPHQWV GH EDVH &HV pOpPHQWV VRQW
GpFULWV FLGHVVRXV YRLU OD ILJXUH  GX WDEOHDX  HW OH WDEOHDX  j OD VHFWLRQ  

7DEOHDX  eOpPHQWV HW PDWpULDX[ GHV FDUWRXFKHV

 /D EDOOH HVW OH SURMHFWLOH VLWXp j O¶DYDQW GH OD FDUWRXFKH (OOH


HVW SURMHWpH j O¶H[WpULHXU GH O¶DUPH j IHX ORUVTXH OD SRXGUH
EU€OH +DELWXHOOHPHQW OD EDOOH HVW IDLWH GH SORPE G¶DOOLDJH
GH SORPE RX DXWUH PDWpULDX GHQVH (OOH SHXW DXVVL rWUH
UHFRXYHUWH G¶XQH FKHPLVH GH PpWDO SOXV GXU /RUVTXH OH
ERXW G¶XQH EDOOH HVW DLQVL UHFRXYHUW RQ SDUOH G¶XQH EDOOH
FKHPLVpH 6L OH SORPE HVW H[SRVp j OD SRLQWH RQ SDUOH
G¶XQH EDOOH VHPLFKHPLVpH /H FXLYUH OH ODLWRQ URXJH RX
O¶DFLHU VRQW GHV PDWpULDX[ FRXUDPPHQW XWLOLVpHV SRXU OHV
FKHPLVHV
x /HV EDOOHV SHXYHQW DYRLU GHV GLPHQVLRQV GHV IRUPHV
HW GHV SRLGV GLIIpUHQWV YRLU OD ILJXUH   9RXV GHYH]
FKRLVLU OD ERQQH FRPELQDLVRQ SRXU OD FLEOH RX O¶HQGURLW
R YRXV DYH] O¶LQWHQWLRQ GH WLUHU
x /HV EDOOHV XWLOLVpHV SRXU OD FKDVVH VRQW VRXYHQW j
SRLQWH PROOH RX j SRLQWH FUHXVH (OOHV VRQW FRQoXHV GH
IDoRQ j VH GLODWHU ORUV GH O¶LPSDFW 'H FHWWH IDoRQ OD
SOXV JUDQGH SDUWLH GH O¶pQHUJLH HVW XWLOLVpH VXU OD FLEOH
x 3OXVLHXUV EDOOHV GH WLU j OD FLEOH VRQW IDLWHV G¶DOOLDJH GH
SORPE
 /D FKDUJH SURSXOVLYH RX OD SRXGUH HVW OD VXEVWDQFH
FKLPLTXH VLWXpH j O¶LQWpULHXU GH OD GRXLOOH (OOH HVW DOOXPpH
SRXU SURSXOVHU OD EDOOH GDQV OH FDQRQ
 /D GRXLOOH FRQWLHQW WRXV OHV DXWUHV pOpPHQWV GH OD
PXQLWLRQ (OOH HVW QRUPDOHPHQW IDLWH GH ODLWRQ (OOH
SRXUUDLW DXVVL rWUH IDLWH G¶DFLHU GH FXLYUH G¶DOXPLQLXP RX
GH SODVWLTXH SRXU OHV FDUWRXFKHV j IXVLO GH FKDVVH YRLU OD
ILJXUH  
 /¶DPRUFH IRQFWLRQQH FRPPH OD FDSVXOH G¶XQH DUPHMRXHW
(OOH FRPSUHQG XQ PpODQJH FKLPLTXH TXL H[SORVH ORUVTXH
OH SHUFXWHXU OD IUDSSH &HWWH H[SORVLRQ HQIODPPH OD
)LJXUH  &DUWRXFKH j SRXGUH SURSXOVLYH
SHUFXVVLRQ FHQWUDOH
FKDUJH SURSXOVLYH
GRXLOOH HW DPRUFH



0$18(/ '( /¶e78',$17± 

)LJXUH  &RPSDUDLVRQ GH EDOOHV GH FDUDELQH




0$18(/ '( /¶e78',$17± 

 'pVLJQDWLRQ GHV FDUWRXFKHV


D ,O \ D SOXVLHXUV IDoRQV G¶LGHQWLILHU RX GH GpVLJQHU OHV FDUWRXFKHV &HUWDLQHV
FDUWRXFKHV SRVVqGHQW SOXVLHXUV GpVLJQDWLRQV /D GpVLJQDWLRQ G¶XQH FDUWRXFKH RX
VRQ DEUpYLDWLRQ HVW QRUPDOHPHQW SRLQoRQQpH VXU OH FXORW GH OD GRXLOOH (OOH HVW
DXVVL LPSULPpH VXU OD ERvWH GH PXQLWLRQV FRPPHUFLDOHV YRLU OD ILJXUH  
E $XSDUDYDQW OHV FDUWRXFKHV pWDLHQW GpVLJQpHV VHORQ OHXU FDOLEUH DSSUR[LPDWLI /H
FDOLEUH UHQYRLH DX GLDPqWUHGHO¶kPH TXL VH PHVXUH VRLW HQ IUDFWLRQV G¶XQ SRXFH
VRLW VHORQ OH V\VWqPH PpWULTXH 3RXU OHV FDQRQV UD\pV OH GLDPqWUH GH O¶kPH HVW
PHVXUp KDELWXHOOHPHQW G¶XQH FORLVRQ j O¶DXWUH HW GRQQp VRLW HQ PLOOLqPHV GH
SRXFH RX HQ PLOOLPqWUHV
F ¬ O¶KHXUH DFWXHOOH OH QRP GHV DUPHV j IHX PRGHUQHV FRPSUHQG OH FDOLEUH
FRQWHQX GDQV OD GHVFULSWLRQ GH OD FDUWRXFKH DILQ G¶LGHQWLILHU OD GpVLJQDWLRQ GH OD
PXQLWLRQ FRQoXH SRXU O¶DUPH j IHX &HOD SHUPHW GH IDLUH OD GLIIpUHQFH HQWUH OHV
FDUWRXFKHV GH PrPH FDOLEUH PDLV GRQW OD GRXLOOH HVW GLIIpUHQWH &HSHQGDQW OHV
FDUWRXFKHV GH GpVLJQDWLRQV GLIIpUHQWHV QH VRQW SDV LQWHUFKDQJHDEOHV 
6DYDJH HW  %ULWLVK PP 0DXVHU HW PP 5HPLQJWRQ 0DJQXP 
6DYDJH HW  :LQ 0DJ 
G 3XLVTX¶XQ IDEULFDQW SHXW FKRLVLU GH FRQVWUXLUH XQH DUPH j IHX RX XQH PXQLWLRQ
VHORQ OH FDOLEUH GH FDUWRXFKH RULJLQDOHPHQW XWLOLVp SDU XQ DXWUH IDEULFDQW LO SHXW \
DYRLU GH OD FRQIXVLRQ $LQVL YRXV SRXYH] XWLOLVHU XQH FDUDELQH 5HPLQJWRQ SRXU
WLUHU XQH FDUWRXFKH  :LQFKHVWHU PDJQXP IDEULTXpH SDU OD )HGHUDO &DUWULGJH
&RPSDQ\ YRLU OD ILJXUH  
H /H SRLQoRQ VXU OH FXORW G¶XQH FDUWRXFKH GRQQH GH O¶LQIRUPDWLRQ WUqV XWLOH FRPPH
OH QRP GH OD FDUWRXFKH ,O YRXV LQGLTXH DXVVL 

x OH FDOLEUH

x OH IDEULFDQW

x OD TXDOLWp UpJXOLqUH RX PDJQXP HW G¶DXWUHV GpWDLOV SHUWLQHQWV

I /LVH] WRXMRXUV OH SRLQoRQ GH OD FDUWRXFKH &¶HVW OD VHXOH IDoRQ GH V¶DVVXUHU TXH


OD FDUWRXFKH FRUUHVSRQG j O¶DUPH j IHX 6L YRXV DYH] GHV GRXWHV FRQVXOWH] XQ
DUPXULHU RX XQ PDUFKDQG G¶DUPHV j IHX
J /H WHUPH PDJQXP SURYLHQW GH OD GHVFULSWLRQ G¶XQH JURVVH ERXWHLOOH GH YLQ 3DU OH
SDVVp LO GpVLJQDLW SULQFLSDOHPHQW OHV JUDQGHV FDUWRXFKHV j JRXORW
G¶pWUDQJOHPHQW TXL DYDLHQW XQH SOXV JUDQGH SXLVVDQFH TXH OD QRUPDOH SRXU FH
FDOLEUH $XMRXUG¶KXL LO V¶DJLW SOXV G¶XQ WHUPH FRPPHUFLDO TXH G¶XQ WHUPH
WHFKQLTXH PDLV LO UHSUpVHQWH XQH SDUWLH LPSRUWDQWH GX QRP





02'8/( 

)LJXUH  7\SHVGHEDOOHV GH IXVLO GHFKDVVH

 &DOLEUHV GH IXVLO GH FKDVVH


/H FDOLEUH GX IXVLO GH FKDVVH HVW PHVXUp VHORQ OH GLDPqWUH GH O¶kPH G¶DSUqV XQ DQFLHQ
V\VWqPH TXL H[SULPH OH QRPEUH GH ELOOHV GH SORPE FKDFXQH D OH PrPH GLDPqWUH TXH
O¶kPH GX FDQRQ SHVDQW XQH OLYUH (Q G¶DXWUHV PRWV V¶LO IDXW  ELOOHV GH PrPH GLDPqWUH
TXH O¶kPH GX FDQRQ SRXU IDLUH XQH OLYUH LO V¶DJLW G¶XQ IXVLO GH FDOLEUH  8QH VHXOH
GpURJDWLRQ j FHWWH UqJOH HVW OH FDOLEUH  TXL HVW OH VHXO j UHSUpVHQWHU YUDLPHQW OH
GLDPqWUH GH O¶kPH  SRXFH  FDU LO D pWp FUpp SOXV WDUG YRLU OD ILJXUH  



0$18(/ '( /¶e78',$17± 

)LJXUH  &DOLEUHV GH IXVLOV GH FKDVVH

5HPDUTXHV   ELOOHV GH SORPE  OLYUH FDOLEUH 


/H  HVW XQH PHVXUH LPSpULDOH GXH j OD IDEULFDWLRQ DPpULFDLQH



02'8
02'8/(
/( 

 eWUDQJOHPHQW
D /¶kPH GX FD FDQR
QRQ Q G¶X
G¶XQQ IXV
IXVLOLO GH FK
FKDV
DVVH
VH HV
HVWW Jp
JpQp
QpUD
UDOH
OHPH
PHQW
QW OLOLVV
VVHH HW
HW SHX
SHXWW VH VH UpW
UpWUp
UpFL
FLUU
YHUV
YH UV O¶O¶H[
H[WU
WUpP
pPLWLWp
p GH
GH OD
OD ERX
ERXFK FKHH GX
GX FDQ
FDQRQ
RQ &¶H
&¶HVW
VW FH TX
TX¶R
¶RQ
Q DSS
DSSHO HOOH
OH O¶O¶pW
pWUUDQ
DQJO
JOHP
HPHQ
HQWW RX
RX
©FKR
©F KRNH
NHª ª HQ
HQ DQJ
DQJODODLV
LV 


E /¶pW
/¶pWUD UDQJ
QJOH OHPH
PHQWQW GX FD
FDQR
QRQQ G¶X
G¶XQ Q IXV
IXVLOLO GH FK
FKDV DVVH VH DL
DLGH
GH j FRQFRQWU
WU{O
{OHU
HU OD GL
GLVS
VSHU
HUVL
VLRQ
RQ RX
O¶O¶pS
pSDU
DUSL
SLOOOOHP
HPHQHQWW GH
GH OD
OD JUH
JUHQD
QDLOLOOH
OH DS
DSUq
UqVV OHOH WLU
WLU ,O,O V¶D
V¶DJL
JLWW G¶X
G¶XQ
Q PpF
PpFDQ DQLV
LVPH
PH VHVHPE
PEOD
ODEO
EOH
H DX
DX
ER\D
ER \DXX G¶
G¶DU DUUR
URVD
VDJH
JH TX
TXLL FRQ
FRQWU
WU{O
{OH OH JLF
H OH JLFOHOHPH
PHQW QW G¶ G¶HD
HDX
X

F /D FR
FRQF
QFHQ
HQWU
WUDW
DWLR
LRQ
Q GH
GH JUH
JUHQD
QDLOLOOH VXU OD FLE
OHVV VXU LEOH
OH HV
HVWW GpW
GpWHU
HUPL
PLQp
QpHH SDU
SDU O¶O¶pW
pWUD
UDQJ
QJOH
OHPH
PHQW
QW

x /¶pW
/¶pWUD
UDQJ
QJOH
OHPH
PHQW
QW SO
SOHL
HLQ
Q GRQ
GRQQH
QH XQ
XQH
H GLV
GLVSH
SHUV
UVLR
LRQQ pWU
pWURL
RLWH
WH

x /¶pW
/¶ pWUD
UDQJ
QJOH
OHPH
PHQW
QW PR
PRGL
GLIL
ILpp SUR
SURGX
GXLW
LW XQ
XQH
H GLV
GLVSH
SHUV
UVLR
LRQQ SOX
SOXVV RXY
RXYHU
HUWH
WH

x /¶pW
/¶pWUD
UDQJ
QJOH
OHPH
PHQW
QW DP
DPpO
pOLR
LRUp
Up SU
SURG
RGXL
XLWW XQH
XQH GL
GLVS
VSHU
HUVL
VLRQ
RQ HQ
HQFR
FRUH
UH SO
SOXV
XV RX
RXYH
YHUW
UWH
H

x /H FD
FDQR
QRQQ F\O
F\OLQ
LQGU
GULT
LTXH
XH SU
SURG
RGXL
XLWW OD
OD GLV
GLVSH
SHUV
UVLR
LRQ
Q OD
OD SOX
SOXVV RXY
RXYHU
HUWH
WH

G 8Q FD FDQR
QRQ Q GH
GH IXV
IXVLOLO GH FK
FKDV
DVVH
VH TX
TXLL QH
QH FRP
FRPSRSRUW
UWH
H DXF
DXFXQ
XQ pWpWUD
UDQJ
QJOH
OHPH
PHQW QW RX
UpWU
Up WUpFpFLV
LVVH
VHPH
PHQWQW j O¶H
O¶H[W
[WUp
UpPL
PLWp
Wp HV
HVWW DSS
DSSHO
HOp
p © FDQ
FDQRQRQ F\
F\OLOLQG
QGUL
ULTX
TXHH ª
ª ,O,O HVW
HVW VR
VRXYXYHQ
HQWW
XWLOLOLV
XW LVpp SRX
SRXUU GH
GH SOX
SOXVV JUR
JURVV SOR
SORPE
PEV
V WH
WHOV
OV TX
TXHH OHV
OHV FK
FKHY
HYUR
URWLWLQH
QHV
V RX SR
SRXU XU OH WL
WLUU GH
GH EDO
EDOOH
OHVV
UD\p
UD \pHV HV

H /D SO
SOXS
XSDU
DUWW GHV
GHV IXIXVL
VLOV
OV GH FK
FKDV DVVH
VH PR
PRGH
GHUQ HV RII
UQH RIIUH
UHQW
QW OD SR
SRVV
VVLE
LELOLOLWLWp
p G¶L
G¶LQW
QWHU
HUFK
FKDQ
DQJH
JHUU OHV
OHV
pWUD
pWUDQJ
QJOH
OHPH
PHQWQWVV HQ
HQ YLV
YLVVDVDQW
QW O¶O¶DF
DFFH
FHVV
VVRL
RLUH
UH SD
SDUU OD
OD ERX
ERXFKFKH H GX
GX FDQ
FDQRQ RQ

9RLU OD ILJXUH  VXU O¶XWLOLVDWLRQ GHV GLYHUV pWUDQJOHPHQWV HW VXU OHV


JURXSHPHQWV GH JUHQDLOOHV FRUUHVSRQGDQWV /H JURXSHPHQW GpSHQG GX
W\SH GH JUHQDLOOHV XWLOLVpHV SORPE DFLHU ELVPXWK RX IHUWXQJVWqQH  ,O
DSSDUWLHQW DX WLUHXU G¶DSSUHQGUH j FRQQDvWUH OHV GLYHUV JURXSHPHQWV HW
FHOXL GH VRQ DUPH



0$18(/ '( /¶e78',$17± 

/D GLVSHUVLRQ OD SOXV pWURLWH

/D GLVSHUVLRQ OD SOXV RXYHUWH

&RQYLHQW DX[ SOXV FRXUWHV SRUWpHV 3RXU GHV


SRUWpHV SOXV ORQJXHV FH JURXSHPHQW VHUDLW WURS
GLVSHUVp HW O¶RQ Q¶DWWHLQGUDLW SDV OD FLEOH

)LJXUH  &RXSH WUDQVYHUVDOH pWUDQJOHPHQWV HW JURXSHPHQWV



02'8/( 

7DEOHDX  &RPSDUDLVRQ GHV FDUWRXFKHV

%U€OH SUHQG GH O·H[SDQVLRQ HW


SURSXOVH OH SURMHFWLOH

%U€OH SUHQG GH O·H[SDQVLRQ HW SURSXOVH


OD JUHQDLOOH RX OD EDOOH UD\pH



0$18(/ '( /¶e78',$17± 

 &DUWRXFKHV GH IXVLO GH FKDVVH

 $SHUoX
/H IXVLO GH FKDVVH XWLOLVH GHV PXQLWLRQV j SHUFXVVLRQ FHQWUDOH /D GRXLOOH D XQ FXORW
pSDLV HW VROLGH /D FKDUJH G¶DPRUoDJH HVW VLWXpH GDQV XQH FRXSH GLVWLQFWH DX FHQWUH
LQIpULHXU GX FXORW GH OD GRXLOOH YRLU OD ILJXUH  

/H SHUFXWHXU IUDSSH O¶DPRUFH &HWWH GHUQLqUH IDLW H[SORVHU OD SRXGUH G¶DPRUoDJH HW


HQIODPPH OD SRXGUH /D FKDUJH FRQWLHQW KDELWXHOOHPHQW GH OD JUHQDLOOH PDLV LO SHXW
DXVVL V¶DJLU G¶XQH VHXOH EDOOH UD\pH

 eOpPHQWV HWPDWpULDX[ GHV FDUWRXFKHV GH IXVLO GH


FKDVVH
D /HV pOpPHQWV GHV FDUWRXFKHV GH IXVLO GH FKDVVH VRQW VHPEODEOHV j FHX[ GHV
FDUWRXFKHVGHFDUDELQH 7RXWHIRLVLO\DFLQT pOpPHQWVHW QRQTXDWUH YRLU OHV
ILJXUHV  HW  HW OH WDEOHDX j OD VHFWLRQ   /HV FLQT pOpPHQWV VRQW GpFULWV FL
GHVVRXV 

 *UHQDLOOH HVW OH QRP GRQQp j OD FKDUJH GH ELOOHV WLUpH G¶XQ IXVLO GH FKDVVH
/HV FDUWRXFKHV SHXYHQW FRQWHQLU GH OD JUHQDLOOH GH SORPE G¶DFLHU GH ELVPXWK
RX GH IHUWXQJVWqQH $XSDUDYDQW OHV ELOOHV pWDLHQW SULQFLSDOHPHQW IDLWHV GH
SORPE 7RXWHIRLV j FDXVH GHV SUpRFFXSDWLRQV pFRORJLTXHV RQ XWLOLVH GH SOXV
HQ SOXV G¶DXWUHV PDWpULDX[ 

x /¶XWLOLVDWLRQ GH O¶DFLHU GDQV FHUWDLQV FDQRQV GH IXVLOV GH FKDVVH SHXW


FDXVHU GHV GRPPDJHV j O¶DUPH j IHX 3RXU GH SOXV DPSOHV
UHQVHLJQHPHQWV FRQVXOWH] OH PDQXHO GX IDEULFDQW RX XQ DUPXULHU

x /D JURVVHXU GHV ELOOHV HW OHXU QRPEUH SHXYHQW YDULHU &HOD GpSHQG GX W\SH
GH FLEOH HW GH VD GLVWDQFH 'H SOXV SHWLWHV ELOOHV VRQW KDELWXHOOHPHQW
XWLOLVpHV SRXU GHV FLEOHV SOXV SHWLWHV RX SOXV SURFKHV YRLU OH WDEOHDX  

x 2Q XWLOLVH SDUIRLV XQH VHXOH EDOOH UD\pH DYHF OH IXVLO GH FKDVVH (OOH VHUW j
OD FKDVVH DX JURV JLELHU

 /HV FDUWRXFKHV GH IXVLO GH FKDVVH FRQWLHQQHQW DXVVL XQH RX SOXVLHXUV


ERXUUHV OHVTXHOOHV VRQW IDLWHV GH SDSLHU GH ILEUH RX GH SODVWLTXH (OOH VpSDUH
OD FKDUJH SURSXOVLYH GH OD JUHQDLOOH RX GH OD EDOOH UD\pH /H ERXUUH HPSrFKH
HQ RXWUH OHV JD] FKDXGV G¶HQGRPPDJHU OD JUHQDLOOH HW IRUPH XQ MRLQW
G¶pWDQFKpLWp GHUULqUH OD FKDUJH SURSXOVLYH



02'8/( 

 /D FKDUJH SURSXOVLYH RX OD SRXGUH HVW OD VXEVWDQFH VLWXpH j O¶LQWpULHXU GH OD


GRXLOOH HW ORUV GH OD PLVH j IHX HOOH SURSXOVH OD JUHQDLOOH

 /D GRXLOOH FRQWLHQW WRXV OHV DXWUHV pOpPHQWV GH OD PXQLWLRQ (OOH HVW


KDELWXHOOHPHQW IDLWH G¶XQH FRPELQDLVRQ GH ODLWRQ GH SODVWLTXH RX GH SDSLHU

 /¶DPRUFH FRPSUHQG XQ PpODQJH FKLPLTXH TXL H[SORVH ORUVTXH OH SHUFXWHXU OD


IUDSSH &HWWH H[SORVLRQ HQIODPPH OD FKDUJH SURSXOVLYH

)LJXUH  eOpPHQWV G¶XQH FDUWRXFKH GH IXVLO



0$18(/ '( /¶e78',$17± 

)LJXUH  &DUWRXFKHV GH IXVLO



02'8/( 

7DEOHDX  *URVVHXU GH OD JUHQDLOOH

1XPpUR GH OD
JUHQDLOOH
 


ô 








 



 



 











0$18(/ '( /¶e78',$17± 

 7\SHV GH FDUWRXFKHV GH IXVLO GH FKDVVH


D ,O H[LVWH SOXVLHXUV W\SHV GH FDUWRXFKHV GH IXVLO GH FKDVVH (OOHV SHXYHQW rWUH GH
GLIIpUHQWV FDOLEUHV HW ORQJXHXUV DYHF GH OD JUHQDLOOH GH GLPHQVLRQ HW GH W\SH
DGDSWpV j ODUPH HW DX[ FLEOHV YLVpHV YRLU OH WDEOHDX  j OD VHFWLRQ   $ILQ
GH FKRLVLU OD PXQLWLRQ TXL FRQYLHQW SRXU YRWUH DUPH j IHX HW YRWUH FLEOH VXLYH]
OHV UHFRPPDQGDWLRQV GX IDEULFDQW 3DU H[HPSOH OHV FDUWRXFKHV GH IXVLO GH
FKDVVH GH FDOLEUH  RQW KDELWXHOOHPHQW GLIIpUHQWHV ORQJXHXUV FRPPH 

x  PP  ö SRXFHV

x  PP  SRXFHV

x  PP  ô SRXFHV

5HPDUTXH  &HV GLPHQVLRQV UHSUpVHQWHQW OD ORQJXHXU GH OD FDUWRXFKH DSUqV OH


WLU YRLU OD ILJXUH  

&DUWRXFKHV GH IXVLO GH FKDVVH HW


GRXLOOHV DSUqV OH WLU

 ö SR  ö SR  SR  SR  ô SR  ô SR

)LJXUH  &DUWRXFKHV HW GRXLOOHV GH IXVLO




0$18(/ '( /¶e78',$17± 

&DUWRXFKH GH OD ERQQH GLPHQVLRQ

DX PRPHQW GX WLU OD GRXLOOH


FDUWRXFKHGHö SRDYDQW OH WLU
V¶DOORQJH j  ö SR SRXU UHPSOLU OD
HQYLURQ  ô SR DYDQW OH WLU
FKDPEUH MXVTX¶DX F{QH GH
IRUFHPHQW

FDUWRXFKH GH  SR DYDQW OH WLU DX PRPHQW GX WLU OD GRXLOOH V¶DOORQJH


GDQV XQH FKDPEUH GH  ö SR GDQV OH F{QH GH IRUFHPHQW HW SHXW
IDLUH pFODWHU OH FDQRQ

&DUWRXFKH GH OD PDXYDLVH GLPHQVLRQ

)LJXUH  &DUWRXFKH GDQV OD FKDPEUH




/D ORQJXHXU GH
OD FDUWRXFKH HW
OD JURVVHXU GH OD
JUHQDLOOH SHXYHQW
rWUH LQVFULWHV VXU
OD FDUWRXFKH




02'8/( 

  

6285&(  7+( 63257,1* $506 DQG $0081,7,21 0$18)$&785(56¶ ,167,787(

)LJXUH  3RUWpH GDQJHUHXVH GHV PXQLWLRQV GH FDUDELQH

 YJ  YJ  YJ   YJ   YJ   YJ

QR 
QR  ô
QR 
QR 
QR 
1R 
1R 
1R 

&DOLEUH   R]
&DOLEUH   R]
&DOLEUH   R]

 P  P  P  P  P  P

5(0$548(  /HV JUHQDLOOHV G¶DFLHU GH ELVPXWK HW GH IHUWXQJVWqQH 6285&(  -2851e(¶6 )2508/$


GH PrPH WDLOOH RQW XQH SRUWpH SOXV FRXWH

)LJXUH  3RUWpH GDQJHUHXVH GHV PXQLWLRQV GH IXVLO GH FKDVVH






02'8/( 

0HVXUHV GH VpFXULWp j SUHQGUH UHODWLYHPHQW DX[ PXQLWLRQV

x 1H WUDQVSRUWH] DYHF YRXV TXH OHV PXQLWLRQV TXL FRQYLHQQHQW j O¶DUPH j


IHX TXH YRXV XWLOLVH]

x 1H IDLWHV MDPDLV G¶H[SpULHQFHV DYHF GHV PXQLWLRQV TXH YRXV QH


FRQQDLVVH] SDV

x ,O SHXW rWUH GDQJHUHX[ G¶XWLOLVHU GHV PXQLWLRQV PRGHUQHV GDQV GH


YLHLOOHV DUPHV j IHX

x 6L XQ QRQ IHX XQ UDWp VH SURGXLW FRPSWH] OHQWHPHQW MXVTX¶j  WRXW HQ


WHQDQW OD ERXFKH GX FDQRQ SRLQWpH GDQV XQH GLUHFWLRQ VpFXULWDLUH
(QOHYH] HQVXLWH OD FDUWRXFKH HQ VXLYDQW OHV UqJOHV GH VpFXULWp HW
LQVSHFWH] DWWHQWLYHPHQW O¶kPHGXFDQRQ SRXU YRLUV¶LOQ¶\DSDV
G¶REVWUXFWLRQ

x 1¶XWLOLVH] MDPDLV GH YLHLOOHV FDUWRXFKHV RX GHV PXQLWLRQV RX pOpPHQWV


GH UHFKDUJHPHQW WRXFKpV SDU OD FRUURVLRQ

x 1¶XWLOLVH] MDPDLV GH FDUWRXFKHV VL YRXV QH VDYH] SDV FRPPHQW OHV


XWLOLVHU HQ WRXWH VpFXULWp

x 1¶XWLOLVH] MDPDLV GH SRXGUH VDQV IXPpH j OD SODFH GH OD SRXGUH QRLUH HW


YLFHYHUVD 8WLOLVH]OHV VHXOHPHQW GDQV OHV DUPHV j IHX SRXU OHVTXHOOHV
HOOHV VRQW FRQoXHV

x (QWUHSRVH] WRXWHV OHV PXQLWLRQV GH WHOOH IDoRQ TXH OHV SHUVRQQHV QRQ
DXWRULVpHV QH SXLVVHQW SDV \ DYRLU DFFqV

x /HV PXQLWLRQV QH GRLYHQW MDPDLV rWUH H[SRVpHV DYHF XQH DUPH j IHX

x /D IDoRQ OD SOXV VpFXULWDLUH GH WUDQVSRUWHU GHV PXQLWLRQV HVW G¶XWLOLVHU OH


FRQWHQDQW RULJLQDO

x /RUVTXH YRXV FKDUJH] YRV SURSUHV PXQLWLRQV VXLYH] j OD OHWWUH OHV


SURFpGXUHV pQRQFpHV GDQV OHV PDQXHOV VXU OH UHFKDUJHPHQW GH
PXQLWLRQV 6R\H] WUqV SUXGHQW DYHF OHV DPRUFHV  LO V¶DJLW GH GLVSRVLWLIV
H[SORVLIV



0$18(/ '( /¶e78',$17± 

 4XHVWLRQV GH UpYLVLRQ


 6RXV TXHOOHV FRQGLWLRQV SRXYH]YRXV HQWUHSRVHU YRV PXQLWLRQV HW YRV DUPHV j
IHX HQVHPEOH"

 1RPPH] O¶LQFLGHQW GH WLU R DSUqV DYRLU SUHVVp OD GpWHQWH LO \ D XQ GpODL GDQV OH
GpSDUW GX SURMHFWLOH

 4XHO HVW OD WHPSpUDWXUHHW OHWDX[G¶KXPLGLWp LGpDO SRXU O¶HQWUHSRVDJH GHV


PXQLWLRQV"

 'pFULYH] TXDWUH IDFWHXUV TXL RQW XQH LQFLGHQFH VXU OD WUDMHFWRLUH G¶XQ SURMHFWLOH

 4XHOOHV SUpFDXWLRQV GRLWRQ SUHQGUH DYHF XQH DUPH j IHX TXL Q¶HVW SDV GRWpH
G¶XQ SRLQoRQ"

 (VWLO OpJDO G¶H[SRVHU XQH DUPH j IHX DYHF OHV PXQLWLRQV FRUUHVSRQGDQWHV"



02'8/( 

02'8/(  
)21&7,211(0(17 '(60e&$1,60(6
'¶$50(6 ­ )(8

02'8/( 

/HV TXDWUH UqJOHV YLWDOHV GX PDQLHPHQW VpFXULWDLUH GHV DUPHV j


IHX 7372

7UDLWH] WRXWH DUPH j IHX FRPPH VL HOOH pWDLW FKDUJpH


x 7HQH] SRXU DFTXLV TXH WRXWH DUPH j IHX SUpVHQWH XQ GDQJHU
SRWHQWLHO

3RLQWH] WRXMRXUV YRWUH DUPH j IHX GDQV XQH GLUHFWLRQ


VpFXULWDLUH

x eWDEOLVVH] OD GLUHFWLRQ OD SOXV VpFXULWDLUH YHUV ODTXHOOH SRLQWHU OH


FDQRQ GH YRWUH DUPH j IHX
x 3RLQWH] WRXMRXUV YRWUH DUPH j IHX GDQV OD GLUHFWLRQ OD SOXV
VpFXULWDLUH HW PDLQWHQH]OD GDQV FHWWH GLUHFWLRQ
x /H FDQRQ G¶XQH DUPH j IHX QH GRLW rWUH SRLQWp HQ DXFXQH
FLUFRQVWDQFH VXU VRL RX VXU TXHOTX¶XQ G¶DXWUH

7HQH] OH GRLJW pORLJQp GH OD GpWHQWH HW j O¶H[WpULHXU GX SRQWHW


x 1H SODFH] MDPDLV OH GRLJW VXU OD GpWHQWH RX j O¶LQWpULHXU GX SRQWHW
HQ PDQLSXODQW XQH DUPH j IHX VDXI SRXU IDLUH IHX

2XYUH] OH PpFDQLVPH HW DVVXUH]YRXV TXH O¶DUPH j IHX QH


FRQWLHQQH DXFXQH PXQLWLRQ 9RXV GHYH] 35289(U TXH O¶DUPH j
IHX HVW VpFXULWDLUH
x 1H PDQLH] XQH DUPH j IHX TXH VL YRXV SRXYH] 35289(U TX¶HOOH
HVW VpFXULWDLUH
x (Q PDQLDQW XQH DUPH j IHX DVVXUH]YRXV WRXMRXUV TXH OD
FKDPEUH RX OH FKDUJHXU HVW YLGH
x 1H WHQGH] RX QH UHFHYH] XQH DUPH j IHX XQLTXHPHQW ORUVTXH
FHOOHFL HVW RXYHUWH HW QRQ FKDUJpH &¶HVW XQH UqJOH HVVHQWLHOOH j
REVHUYHU




02'8/( 

 7\SHV GH PpFDQLVPHV


/HV FDWpJRULHV G¶DUPHV j IHX VRQW VRXYHQW GpWHUPLQpHV SDU OH W\SH GH PpFDQLVPH GHV
DUPHV j IHX ,O \ D VL[ JUDQGV W\SHV YRLU OD ILJXUH  

x 8QH DUPH j FKDUJHPHQW SDU OD ERXFKH HVW FKDUJpH DYHF GH OD SRXGUH QRLUH RX XQ
VXEVWLWXW /D PLVH j IHX HVW FUppH SDU O¶H[SORVLRQ G¶XQH FDSVXOH GpWRQDQWH SHUFXWpH
SDU OH FKLHQ

x /H PpFDQLVPH j EDVFXOH RX j FKDUQLqUH V¶RXYUH SUqV GH OD FXODVVH HW D


QRUPDOHPHQW XQ RX GHX[ FDQRQV

x /H PpFDQLVPH j YHUURX HVW VHPEODEOH j XQ YHUURX GH SRUWH HW SHXW WLUHU XQ RX


SOXVLHXUV FRXSV

x /H PpFDQLVPH j OHYLHU HVW PXQL G¶XQ OHYLHU PpFDQLTXH TXL RXYUH OH PpFDQLVPH ,O
SHXW WLUHU XQ RX SOXVLHXUV FRXSV

x /H PpFDQLVPH j SRPSH IRQFWLRQQH DYHF OH PRXYHPHQW GH YDHWYLHQW GX I€W HW LO WLUH


KDELWXHOOHPHQW SOXVLHXUV FRXSV

x /H PpFDQLVPH VHPLDXWRPDWLTXH DSUqV OH WLU H[WUDLW HW pMHFWH OD GRXLOOH YLGH HW


UHFKDUJH DXWRPDWLTXHPHQW XQH DXWUH FDUWRXFKH GDQV OD FKDPEUH MXVTX
j
pSXLVHPHQW GH OD UpVHUYH



0$18(/ '( /¶e78',$17± 

)LJXUH  7\SHV GH PpFDQLVPHV G¶DUPHV j IHX




0$18(/ '( /¶e78',$17± 

 ­ FRXOLVVH RX j JOLVVLqUH


&H W\SH GH PpFDQLVPH GH V€UHWp HVW FRXUDQW GDQV OHV IXVLOV GH FKDVVH HW OHV FDUDELQHV
YRLU OD ILJXUH   /D V€UHWp j FRXOLVVH RX j JOLVVLqUH VH WURXYH KDELWXHOOHPHQW GX F{Wp
GURLW GH OD ERvWH GH FXODVVH VXU OHV FDUDELQHV HW DXGHVVXV GH OD ERvWH GH FXODVVH VXU
OHV IXVLOV GH FKDVVH (OOH EORTXH OH PpFDQLVPH GH PLVH j IHX &HUWDLQV PpFDQLVPHV j
OHYLHU PRGHUQHV VRQW DXVVL GRWpV GH V€UHWpV j JOLVVLqUH RX j ERXWRQ VLWXpHV SUqV GX
PpFDQLVPH

)LJXUH  6€UHWp j FRXOLVVHj JOLVVLqUH

 ­ SLYRWOHYLHUEDVFXOH
&HWWH V€UHWp HVW FRXUDQWH GDQV OHV DUPHV j IHX PRGHUQHV DLQVL TXH GDQV OHV YLHLOOHV
DUPHV j IHX PLOLWDLUHV YRLU OD ILJXUH   (OOH VH WURXYH VRXYHQW DXGHVVXV GH OD GpWHQWH
j OD JDXFKH RX j OD GURLWH GX YHUURX

)LJXUH  6€UHWp j SLYRWOHYLHUEDVFXOH



02'8/( 

 ­ ORTXHW
/D V€UHWp j ORTXHW HVW VRXYHQW XWLOLVpH VXU OHV DUPHV j IHX j YHUURX RX j PpFDQLVPH j
YHUURX YRLU OD ILJXUH   (OOH VH WURXYH VRXYHQW DXGHVVXV GH OD GpWHQWH j OD JDXFKH RX
j OD GURLWH GX YHUURX

)LJXUH  6€UHWp j ORTXHW

 ­ OHYLHUDUUrW GH GpWHQWH


&HWWH V€UHWp HVW XWLOLVpH VXU FHUWDLQHV DUPHV j IHX GRWpHV G¶XQ PpFDQLVPH j OHYLHU YRLU
OD ILJXUH   &¶HVW XQ PpFDQLVPH TXL HPSrFKH OHV DUPHV j IHX j OHYLHU GH WLUHU j PRLQV
TXH OH PpFDQLVPH j OHYLHU QH VRLW ELHQ DSSX\p FRQWUH OD PRQWXUH

)LJXUH  6€UHWp GH OHYLHUDUUrW GH GpWHQWH




GX PpFDQLVPH



02'8/( 

 5qJOHV JpQpUDOHV GH FKDUJHPHQW HW GH


GpFKDUJHPHQW

 $SHUoX
$YDQW GH WHQWHU GH GpFKDUJHU XQH DUPH j IHX VXLYH] G¶DERUG /HV TXDWUH UqJOHV YLWDOHV
HW 35289(U TXH O¶DUPH j IHX HVW VpFXULWDLUH

/HV TXDWUH UqJOHV YLWDOHV GX PDQLHPHQW VpFXULWDLUH GHV DUPHV j IHX


7372

7UDLWH] WRXWH DUPH j IHX FRPPH VL HOOH pWDLW FKDUJpH


x 7HQH] SRXU DFTXLV TXH WRXWH DUPH j IHX SUpVHQWH XQ GDQJHU
SRWHQWLHO

3RLQWH] WRXMRXUV YRWUH DUPH j IHX GDQV XQH GLUHFWLRQ VpFXULWDLUH


x eWDEOLVVH] OD GLUHFWLRQ OD SOXV VpFXULWDLUH YHUV ODTXHOOH SRLQWHU OH
FDQRQ GH YRWUH DUPH j IHX
x 3RLQWH] WRXMRXUV YRWUH DUPH j IHX GDQV OD GLUHFWLRQ OD SOXV VpFXULWDLUH
HW PDLQWHQH]OD GDQV FHWWH GLUHFWLRQ
x /H FDQRQ G¶XQH DUPH j IHX QH GRLW rWUH SRLQWp HQ DXFXQH
FLUFRQVWDQFH VXU VRL RX VXU TXHOTX¶XQ G¶DXWUH

7HQH]OHGRLJWpORLJQp GHODGpWHQWH HW j O¶H[WpULHXU GX SRQWHW


x 1H SODFH] MDPDLV OH GRLJW VXU OD GpWHQWH RX j O¶LQWpULHXU GX SRQWHW HQ
PDQLSXODQW XQH DUPH j IHX VDXI SRXU IDLUH IHX

2XYUH] OH PpFDQLVPH HW DVVXUH]YRXV TXH O¶DUPH j IHX QH FRQWLHQW


DXFXQH PXQLWLRQ 9RXV GHYH] 35289(U TXH O¶DUPHjIHXHVW
VpFXULWDLUH
x 1H PDQLH] XQH DUPH j IHX TXH VL YRXV SRXYH] 35289(U TX¶HOOH HVW
VpFXULWDLUH
x (Q PDQLDQW XQH DUPH j IHX DVVXUH]YRXV WRXMRXUV TXH OD FKDPEUH
RX OH FKDUJHXU HVW YLGH
x 1H WHQGH] RX QH UHFHYH] XQH DUPH j IHX XQLTXHPHQW ORUVTXH FHOOHFL
HVW RXYHUWH HW QRQ FKDUJpH &¶HVW XQH UqJOH HVVHQWLHOOH j REVHUYHU






02'8/( 

 0pFDQLVPH j EDVFXOH RX j FKDUQLqUH  j FDQRQ


VLPSOH RX j FDQRQV PXOWLSOHV
/¶DUPH j IHX j PpFDQLVPH j EDVFXOH RX j FKDUQLqUH YRLU OD ILJXUH  V¶RXYUH RX
SLYRWH SUqV GH OD FXODVVH FRPPH XQH FKDUQLqUH GH SRUWH /H GLVSRVLWLI GH V€UHWp VH
WURXYH KDELWXHOOHPHQW VXU OH PpFDQLVPH DXGHVVXV GH OD GpWHQWH &H GLVSRVLWLI HVW
VRXYHQW GH W\SH FRXOLVVDQW RX VH SUpVHQWH VRXV OD IRUPH G¶XQ FKLHQ H[WpULHXU TXL GRLW
rWUH FRPSOqWHPHQW DYDQFp RX HQ SRVLWLRQ VHPLDUPpH DILQ TXH O¶DUPH j IHX VRLW
VpFXULWDLUH

 'pFKDUJHPHQW  7372 HW 35289(U TXH O¶DUPH j IHX HVW


VpFXULWDLUH

/HV TXDWUH UqJOHV YLWDOHV GX PDQLHPHQW VpFXULWDLUH GHV DUPHV j IHX


7372

7UDLWH] WRXWH DUPH j IHX FRPPH VL HOOH pWDLW FKDUJpH


x 7HQH] SRXU DFTXLV TXH WRXWH DUPH j IHX SUpVHQWH XQ GDQJHU SRWHQWLHO

3RLQWH] WRXMRXUV YRWUH DUPH j IHX GDQV XQH GLUHFWLRQ VpFXULWDLUH


x eWDEOLVVH] OD GLUHFWLRQ OD SOXV VpFXULWDLUH YHUV ODTXHOOH SRLQWHU OH FDQRQ GH
YRWUH DUPH j IHX
x 3RLQWH] WRXMRXUV YRWUH DUPH j IHX GDQV OD GLUHFWLRQ OD SOXV VpFXULWDLUH HW
PDLQWHQH]OD GDQV FHWWH GLUHFWLRQ
x /H FDQRQ G¶XQH DUPH j IHX QH GRLW rWUH SRLQWp HQ DXFXQH FLUFRQVWDQFH VXU
VRL RX VXU TXHOTX¶XQ G¶DXWUH
7HQH] OH GRLJW pORLJQp GH OD GpWHQWH HW j O¶H[WpULHXU GX SRQWHW
x 1H SODFH]MDPDLV OH GRLJW VXU ODGpWHQWH RX jO¶LQWpULHXU GX SRQWHW HQ
PDQLSXODQW XQH DUPH j IHX VDXI SRXU IDLUH IHX

2XYUH] OH PpFDQLVPH HW DVVXUH]YRXV TXH O¶DUPH j IHX QH FRQWLHQW


DXFXQH PXQLWLRQ 9RXV GHYH] 35289(U TXH O¶DUPH j IHX HVW VpFXULWDLUH
x 1H PDQLH] XQH DUPH j IHX TXH VL YRXV SRXYH] 35289(U TX¶HOOH HVW
VpFXULWDLUH
x (Q PDQLDQW XQH DUPH j IHX DVVXUH]YRXV WRXMRXUV TXH OD FKDPEUH RX OH
FKDUJHXU HVW YLGH
x 1H WHQGH] RX QH UHFHYH] XQH DUPH j IHX XQLTXHPHQW ORUVTXH FHOOHFL HVW
RXYHUWH HW QRQ FKDUJpH &¶HVW XQH UqJOH HVVHQWLHOOH j REVHUYHU




02'8/( 

)LJXUH  0pFDQLVPH j EDVFXOH j FKDUQLqUH




02'8/( 

 0pFDQLVPH j YHUURX  j XQ FRXS

 $SHUoX
D 8QHDUPHj IHX j YHUURX IRQFWLRQQH j SHXSUqV FRPPH OH YHUURX G¶XQH SRUWH &H
PpFDQLVPH HVW WUqV VROLGH HW LO HVW KDELWXHOOHPHQW XWLOLVp VXU OHV FDUDELQHV

E /H GLVSRVLWLI GH V€UHWp VH WURXYH KDELWXHOOHPHQW VXU OH PpFDQLVPH DXGHVVXV


GH OD GpWHQWH j OD JDXFKH RX j OD GURLWH GX YHUURX ,O V¶DJLW VRXYHQW G¶XQH V€UHWp
j OHYLHU PDLV LO SHXW DXVVL V¶DJLU G¶XQH V€UHWp j FRXOLVVH RX j JOLVVLqUH VLWXpH
GLUHFWHPHQW GHUULqUH OH YHUURX YRLU OHV ILJXUHV  HW  

)LJXUH  0pFDQLVPH j YHUURX



0$18(/ '( /¶e78',$17± 

)LJXUH  &DUDELQH j XQ FRXS XWLOLVDQW OH PpFDQLVPH j YHUURX SRXU pMHFWHU OD GRXLOOH






0$18(/ '( /¶e78',$17± 

 )RQFWLRQQHPHQW GHV DUPHV j IHX j UpSpWLWLRQ

 $SHUoX
D 'H QRPEUHXVHV DUPHV j IHX VRQW GLWHV © j UpSpWLWLRQ ª 0rPH VL HOOHV VRQW
GRWpHV G¶XQH VHXOH FKDPEUH HOOHV SHXYHQW IDLUH IHX UDSLGHPHQW SDUFH TX¶HOOHV
FRQWLHQQHQW XQH SURYLVLRQ GH FDUWRXFKHV /H WLUHXU GRLW DFWLRQQHU OH PpFDQLVPH
SRXU LQVpUHU XQH DXWUH FDUWRXFKH GDQV OD FKDPEUH /HV DUPHV j UpSpWLWLRQ OHV
SOXV FRPPXQHV VRQW FHOOHV DYHF OHV PpFDQLVPHV VXLYDQWV 

x ­ YHUURX

x ­ OHYLHU

x ­ SRPSH

x 6HPLDXWRPDWLTXH

E /HV FDUWRXFKHV GH UpVHUYH GHV DUPHV j IHX j UpSpWLWLRQ VRQW FRQWHQXHV GDQV XQ
FKDUJHXU RX XQ PDJDVLQ /H FKDUJHXU RX PDJDVLQ SHXYHQW VH WURXYHU j
GLIIpUHQWV HQGURLWV VHORQ OD PDUTXH OH PRGqOH HW OH PpFDQLVPH GH O¶DUPH ,O HQ
H[LVWH GHX[ W\SHV

x %RvWLHUFKDUJHXU

x 0DJDVLQ WXEXODLUH

 %RvWLHUFKDUJHXUV
/¶HQGURLW R VH WURXYH KDELWXHOOHPHQW OH FKDUJHXU HVW LQGLTXp j OD ILJXUH  ,O HVW
SRVVLEOH GH UHWLUHU FHUWDLQV FKDUJHXUV HQ DFWLRQQDQW XQ ERXWRQ RX XQ ORTXHW '¶DXWUHV QH
VRQW SDV DPRYLEOHV PDJDVLQV 



02'8/( 

8QH DXWUH RSWLRQ HVW OH FKDUJHXU PXQL G¶XQH SRUWLqUH


GH GpFKDUJHPHQW j FKDUQLqUH

)LJXUH  %RvWLHUFKDUJHXU







0$18(/ '( /¶e78',$17± 

/HV TXDWUH UqJOHV YLWDOHV GX PDQLHPHQW VpFXULWDLUH GHV DUPHV j IHX


7372

7UDLWH] WRXWH DUPH j IHX FRPPH VL HOOH pWDLW FKDUJpH


x 7HQH] SRXU DFTXLV TXH WRXWH DUPH j IHX SUpVHQWH XQ GDQJHU
SRWHQWLHO

3RLQWH] WRXMRXUV YRWUH DUPH j IHX GDQV XQH GLUHFWLRQ VpFXULWDLUH


x eWDEOLVVH] OD GLUHFWLRQ OD SOXV VpFXULWDLUH YHUV ODTXHOOH SRLQWHU OH
FDQRQ GH YRWUH DUPH j IHX
x 3RLQWH] WRXMRXUV YRWUH DUPH j IHX GDQV OD GLUHFWLRQ OD SOXV VpFXULWDLUH
HW PDLQWHQH]OD GDQV FHWWH GLUHFWLRQ
x /H FDQRQ G¶XQH DUPH j IHX QH GRLW rWUH SRLQWp HQ DXFXQH
FLUFRQVWDQFH VXU VRL RX VXU TXHOTX¶XQ G¶DXWUH

7HQH] OH GRLJW pORLJQp GH OD GpWHQWH HW j O¶H[WpULHXU GX SRQWHW


x 1H SODFH] MDPDLV OH GRLJW VXU OD GpWHQWH RX j O¶LQWpULHXU GX SRQWHW HQ
PDQLSXODQW XQH DUPH j IHX VDXI SRXU IDLUH IHX

2XYUH] OH PpFDQLVPH HW DVVXUH]YRXV TXH O¶DUPH j IHX QH FRQWLHQW


DXFXQH PXQLWLRQ 9RXVGHYH]35289(U TXH O¶DUPHjIHXHVW
VpFXULWDLUH
x 1H PDQLH] XQH DUPH j IHX TXH VL YRXV SRXYH] 35289(U TX¶HOOH HVW
VpFXULWDLUH
x (Q PDQLDQW XQH DUPH j IHX DVVXUH]YRXV WRXMRXUV TXH OD FKDPEUH
RX OH FKDUJHXU HVW YLGH
x 1H WHQGH] RX QH UHFHYH] XQH DUPH j IHX XQLTXHPHQW ORUVTXH FHOOHFL
HVW RXYHUWH HW QRQ FKDUJpH &¶HVW XQH UqJOH HVVHQWLHOOH j REVHUYHU





02'8/( 

 0pFDQLVPH j OHYLHU  DUPHV j UpSpWLWLRQ

 $SHUoX
D 8QH DUPH j IHX j PpFDQLVPH j OHYLHU HVW PXQLH G¶XQH SRLJQpH PpWDOOLTXH VLWXpH
MXVWH GHUULqUH OD GpWHQWH YRLU OD ILJXUH   &H PpFDQLVPH HVW KDELWXHOOHPHQW
XWLOLVp VXU OHV FDUDELQHV

E 'DQV OD SOXSDUW GHV FDV OH GLVSRVLWLI GH V€UHWp VH SUpVHQWH VRXV OD IRUPH G¶XQ
FKLHQ H[WpULHXU /H FKLHQ D WURLV SRVLWLRQV  DYDQW VHPLDUPpH HW DUPpH /RUVTXH
OH FKLHQ HVW HQ SRVLWLRQ VHPLDUPpH OD V€UHWp HVW FRQVLGpUpH FRPPH pWDQW
(1*$*e( /RUVTXH OH FKLHQ HVW HQWLqUHPHQW WLUp YHUV O¶DUULqUH LO HVW HQ SRVLWLRQ
DUPpH HW OD V€UHWp HVW FRQVLGpUpH FRPPH pWDQW 'e*$*e( 7RXWHIRLV ORUVTXH OH
FKLHQ HVW HQWLqUHPHQW HQ DYDQW HW UHSRVH VXU OH SHUFXWHXU XQ FKRF EUXVTXH SHXW
FDXVHU XQ WLU GH O¶DUPH j IHX

F &H JHQUH GH PpFDQLVPH j OHYLHU QH WLUHUD SDV j PRLQV TXH OH OHYLHU QH VRLW ELHQ
DSSX\p FRQWUH OD PRQWXUH

G &HUWDLQHV DUPHV j IHX j OHYLHU PRGHUQHV VRQW DXVVL GRWpHV GH V€UHWpV j JOLVVLqUH
RX j ERXWRQ SUqV GX PpFDQLVPH



0$18(/ '( /¶e78',$17± 

)LJXUH  0pFDQLVPH j OHYLHU






0$18(/ '( /¶e78',$17± 

E /H GLVSRVLWLI GH V€UHWp UHWURXYp VXU OD SOXSDUW GHV PpFDQLVPHV j SRPSH


PRGHUQHV HVW XQH V€UHWp j FRXOLVVH RX j JOLVVLqUH RX XQH V€UHWp j ERXWRQ SUqV
GX PpFDQLVPH /D V€UHWp j ERXWRQ HVW KDELWXHOOHPHQW VLWXpH j O¶H[WUpPLWp DYDQW
RX HQ DUULqUH GX SRQWHW /D V€UHWp j FRXOLVVH RX j JOLVVLqUH VH WURXYH VRXYHQW DX
GHVVXV GH PpFDQLVPH /H GLVSRVLWLI GH GpYHUURXLOODJH GX PpFDQLVPH VH WURXYH
DXVVL SUqV GX SRQWHW YRLU OD ILJXUH  

GX PpFDQLVPH

)LJXUH  0pFDQLVPH j JOLVVLqUH






0$18(/ '( /¶e78',$17± 

 0pFDQLVPH VHPLDXWRPDWLTXH  DUPHV j


UpSpWLWLRQ

 $SHUoX
D 2Q WURXYH FH PpFDQLVPH VXU GHV FDUDELQHV HW GHV IXVLOV GH FKDVVH
E ­ FKDTXH SUHVVLRQ GH OD GpWHQWH OH PpFDQLVPH VHPLDXWRPDWLTXH XWLOLVH XQH
SDUWLH GH O¶pQHUJLH SURGXLWH SDU OD IRUFH G¶H[SDQVLRQ GHV JD] GH FRPEXVWLRQ GH OD
SRXGUH SRXU H[WUDLUH OD GRXLOOH YLGH HW UHFKDUJHU OD FKDPEUH (Q G¶DXWUHV PRWV LO
Q¶HVW SDV QpFHVVDLUH G¶HIIHFWXHU GHV PRXYHPHQWV PDQXHOV SRXU FKDUJHU XQH
DXWUH FDUWRXFKH FDU FKDTXH IRLV TX¶XQH FDUWRXFKH HVW WLUpH XQH DXWUH FDUWRXFKH
HVW DXWRPDWLTXHPHQW FKDUJpH GDQV OD FKDPEUH YRLU OD ILJXUH  
F /HV V€UHWpV VHPLDXWRPDWLTXHV YDULHQW FRQVLGpUDEOHPHQW /HV GLVSRVLWLIV GH
V€UHWp OHV SOXV FRXUDQWV VRQW OD V€UHWp WUDQVYHUVDOH OD V€UHWp j FRXOLVVH RX j
JOLVVLqUH HW OD V€UHWp j ERXWRQ ,O DUULYH SDUIRLV TX¶RQ XWLOLVH GHV V€UHWpV LQWHUQHV
FRPPH XQ VpSDUDWHXU TXL HPSrFKH O¶DUPH j IHX GH WLUHU ORUVTXH OH FKDUJHXU
Q¶HVW SDV HQ SODFH

/LPLWHV GH FDSDFLWp GHV FKDUJHXUV


/D SDUWLH  GX 5qJOHPHQW GpVLJQDQW GHV DUPHV j IHX DUPHV pOpPHQWV
RX SLqFHV G¶DUPHV DFFHVVRLUHV FKDUJHXUV PXQLWLRQV HW SURMHFWLOHV
FRPPH pWDQW SURKLEpV RX j DXWRULVDWLRQ UHVWUHLQWH pWDEOLW OD OLPLWH SRXU OH
QRPEUH GH FDUWRXFKHV SHUPLVHV GDQV GLIIpUHQWV W\SHV GH FKDUJHXUV
3DU H[HPSOH OHV FDUDELQHV HW OHV IXVLOV GH FKDVVH VHPLDXWRPDWLTXHV j
SHUFXVVLRQ FHQWUDOH \ FRPSULV OHV DUPHV j IHX HQWLqUHPHQW
DXWRPDWLTXHV YLVpHV SDU GHV GURLWV DFTXLV HW FHOOHV TXL RQW pWp PRGLILpHV
FDSDFLWp GH  FDUWRXFKHV 


 
02'8/( 

)LJXUH  6pTXHQFH GH WLU G¶XQH FDUDELQH VHPLDXWRPDWLTXH






02'8/( 

 4XHVWLRQV GH UpYLVLRQ


 1RPPH] OD V€UHWp LQWpJUpH TXL VH WURXYH VXU OH KDXW GH OD FXODVVH HW TXL
IRQFWLRQQH SDU JOLVVHPHQW HQ DYDQW RX HQ DUULqUH j O¶DLGH GX SRXFH

 1RPPH] OD V€UHWp R LO IDXW UHFXOHU OH FKLHQ MXVTX¶DX SUHPLHU FOLF HQ O¶pORLJQDQW


GX SHUFXWHXU

 4XDQG RQ PDQLSXOH XQH V€UHWp j ERXWRQ SRXVVRLU TX¶HVWFH TXL LQGLTXH TXH
O¶DUPH HVW SUrWH j IDLUH IHX" 'pFULUH FHWWH SRVLWLRQ

 1RPPH] OD VpFXULWp TXL HVW OLEpUpH TXDQG OH PpFDQLVPH j OHYLHU HVW UDPHQp YHUV
OD FURVVH DXWRULVDQW O¶DUPH j IHX j WLUHU

 eFULYH] DX ORQJ OD VLJQLILFDWLRQ GHV DFURQ\PHV VXLYDQWV 





2X ±




0$18(/ '( /¶e78',$17± 

02'8/( 
0$1,(0(17 (7 75$163257
6e&85,7$,5(6 '¶$50(6 ­ )(8 6$16
5(675,&7,21

0$18(/ '( /¶e78',$17± 

 3URWHFWLRQ LQGLYLGXHOOH


 $SHUoX
&RPPH GH QRPEUHXVHV DFWLYLWpV VSRUWLYHV OH WLU ULVTXH GH GRQQHU OLHX j GHV EOHVVXUHV
FRUSRUHOOHV 8Q WLUHXU DYLVp SUHQG OHV PHVXUHV QpFHVVDLUHV SRXU pYLWHU FHV EOHVVXUHV HQ
SRUWDQW GHV DFFHVVRLUHV GH SURWHFWLRQ LQGLYLGXHOOH

 3URWpJH] YRV \HX[


D ,O H[LVWH XQ ULVTXH GH EOHVVXUHV DX[ \HX[ ORUVTXH YRXV WLUH] /HV WLUHXUV TXL VH
GpSODFHQW GDQV OHV EURXVVDLOOHV pSDLVVHV SHXYHQW rWUH EOHVVpV SDU GHV EULQGLOOHV
RX GHV EUDQFKHV /HV WLUHXUV j OD FLEOH ULVTXHQW DXVVL G¶rWUH EOHVVpV DX[ \HX[ SDU
GHV GRXLOOHV pMHFWpHV GHV IUDJPHQWV GH GRXLOOH RX G¶DXWUHV GpEULV pMHFWpV
SHQGDQW OH WLU
E 3RXU pYLWHU FHV GDQJHUV OHV WLUHXUV GRLYHQW SRUWHU GHV OXQHWWHV GH VpFXULWp
IDEULTXpHV HQ YHUUH UpVLVWDQW DX[ FKRFV RX HQ SODVWLTXH SRO\FDUERQDWH PXQLHV
G¶pFUDQV ODWpUDX[ GH SURWHFWLRQ YRLU OD ILJXUH   &HV OXQHWWHV SHXYHQW DXVVL
YRXV SURWpJHU FRQWUH OHV GpIDXWV GH IRQFWLRQQHPHQW GH O¶DUPH j IHX FRQWUH OHV
SORPEV SHUGXV HW FRQWUH OHV pFODWV GH EDOOH

)LJXUH  3URWHFWLRQ GH OD YXH HW GH O


RXwH

 3URWpJH] YRV RUHLOOHV


D 4XLFRQTXH V¶H[SRVH VDQV SURWHFWLRQ DX EUXLW FRQWLQXHO GHV WLUV ULVTXH GH VXELU
XQH GLPLQXWLRQ GH O¶DFXLWp DXGLWLYH /¶LQWHQVLWp GX EUXLW G¶XQ FRXS GH IHX HVW
VHPEODEOH j FHOXL GX PRWHXU j UpDFWLRQ G¶XQ DYLRQ TXL GpFROOH j SUR[LPLWp /D
SURWHFWLRQ GHV RUHLOOHV HVW pYLGHPPHQW QpFHVVDLUH
E ,OH[LVWHSOXVLHXUV W\SHVG¶DSSDUHLOVGHSURWHFWLRQGHVRUHLOOHV6XUOH VWDQG GH WLU
OHV WLUHXUV GHYUDLHQW WRXMRXUV SRUWHU GHV FRTXLOOHV DQWLEUXLW YRLU OD ILJXUH   TXL
RIIUHQW XQ GHJUp GH SURWHFWLRQ DFFHSWDEOH &HV FRTXLOOHV DQWLEUXLW SHXYHQW DXVVL
rWUH XWLOLVpHV SHQGDQW GHV DQQpHV VDQV H[LJHU WURS G¶HQWUHWLHQ
F ,O H[LVWH SOXVLHXUV JHQUHV GH ERXFKRQV G¶RUHLOOHV &HX[ TXL VRQW MHWDEOHV VRQW IDLWV
GH PRXVVH RX GH FLUH PDLV LOV SHXYHQW rWUH XWLOLVpV TX¶XQH VHXOH IRLV




0$18(/ '( /¶e78',$17± 

 &RQVLJQHV GH VpFXULWp DX VWDQG GHWLU FHUWLILp


/HV DFWLYLWpV GH FKDTXH VWDQG GH WLU VRQW VRXPLVHV j GHV UqJOHV GH VpFXULWp &HV UqJOHV
SHXYHQW YDULHU PDLV HOOHV FRPSUHQQHQW QRUPDOHPHQW FHOOHVFL 

x /D ERXFKH GX FDQRQ GRLW WRXMRXUV rWUH SRLQWpH YHUV OD FLEOH

x /H PpFDQLVPH G¶XQH DUPH j IHX GRLW rWUH RXYHUW HQ WRXW WHPSV VDXI ORUVTXH YRXV
rWHV SUrW j WLUHU

x /HV DUPHV j IHX GRLYHQW rWUH FKDUJpHV RX GpFKDUJpHV HW PLVHV j IHX VHXOHPHQW j OD
OLJQH GH IHX

x $XFXQH DUPH j IHX QH GRLW rWUH FKDUJpH DYDQW TXH O¶RIILFLHOGXFKDPS GH WLU Q¶HQ
GRQQH O¶RUGUH

x /HV GRLJWV GRLYHQW WRXMRXUV GHPHXUHU j O¶H[WpULHXU GX SRQWHW HW ORLQ GH OD GpWHQWH


MXVTX¶j FH TXH O¶DUPH j IHX VRLW SRLQWpH HQ GLUHFWLRQ GH OD FLEOH

x $XVVLW{W TXH O¶RUGUH © FHVVH]OHIHX ª HVW GRQQp WRXV OHV WLUV GRLYHQW FHVVHU
LPPpGLDWHPHQW /HV DUPHV j IHX GRLYHQW rWUH GpFKDUJpHV HW OHV PpFDQLVPHV
GRLYHQW rWUH RXYHUWV /HV DUPHV j IHX GRLYHQW rWUH SODFpHV VXU OH WDSLV RX VXU OD
WDEOH /HV ERXFKHV GHV FDQRQV GRLYHQW SRLQWHU GDQV XQH GLUHFWLRQ VpFXULWDLUH YHUV OD
FLEOH 9RXV GHYH] YRXV pORLJQHU GH OD OLJQH GH IHX HW YRXV SODFHU GHUULqUH OD OLJQH GH
FHVVH]OHIHX

x /¶RIILFLHO GX FKDPS GH WLU LQVSHFWH FKDTXH DUPH j IHX DYDQW GH SHUPHWWUH j


TXHOTX¶XQ GH IUDQFKLU OD OLJQH GH IHX

x 3HQGDQW OH © FHVVH]OHIHX ª SHUVRQQH QH SHXW PDQLHU G¶DUPH j IHX RX GH


PXQLWLRQV RX UHWRXUQHU j OD OLJQH GH IHX 9RXV GHYH] DWWHQGUH GH UHFHYRLU G¶DXWUHV
RUGUHV GH O¶RIILFLHO DYDQW GH IDLUH TXRL TXH FH VRLW /HV SHUVRQQHV TXL QH VRQW SDV
FKDUJpHV GH FKDQJHU OHV FLEOHV GRLYHQW GHPHXUHU ELHQ ORLQ GHUULqUH OD OLJQH GH
© FHVVH]OHIHX ª

x 8WLOLVH] XQH SURWHFWLRQ SRXU YRV RUHLOOHV HW YRV \HX[



02'8/( 

)LJXUH  3ODQ GH VWDQG GH WLU DYHF H[HPSOH GH VXSHUYLVLRQ GLUHFWH




02'8/( 

 5qJOHV GH FRQGXLWH DX VWDQG GHWLU


,O H[LVWH DXVVL FHUWDLQHV UqJOHV GH FRQGXLWH j REVHUYHU VXU OH VWDQG GHWLU FKDPS RX
VDOOH  /HV UqJOHV HW OHV SURFpGXUHV YDULHQW VHORQ OHV VWDQGV GH WLU 9pULILH] OHV UqJOHV GH
O¶HQGURLW HW REVHUYH]OHV &HUWDLQHV GH FHV UqJOHV VRQW pQXPpUpHV FLGHVVRXV 

x $VVLVWH] j O¶H[SRVp TXL GHYUDLW rWUH GRQQp VXU OD VpFXULWp DYDQW G¶HQWUHSUHQGUH WRXWH
DFWLYLWp

x ,QVFULYH] YRWUH QRP DX UHJLVWUH HQ DUULYDQW DX VWDQG GHWLU V¶LO\D OLHX

x eYLWH] G¶LQWHUURPSUH RX GH GLVWUDLUH OHV DXWUHV ORUVTX¶LOV WLUHQW

x 1H IXPH] SDV j OD OLJQH GH IHX

x $YDQW GH PDQLHU O¶DUPH j IHX RX O¶pTXLSHPHQW G¶XQH DXWUH SHUVRQQH GHPDQGH]OXL


VRQ DXWRULVDWLRQ

x 3DU PHVXUH GH VpFXULWp ODLVVH] VXIILVDPPHQW G¶HVSDFH HQWUH YRXV HW OHV DXWUHV
WLUHXUV

x 6L YRXV WLUH] DYHF GHV DUPHV j IHX TXL IRQW EHDXFRXS GH IXPpH SODFH]YRXV j XQ
HQGURLW R OH YHQW QH SRXVVHUD SDV OD IXPpH YHUV OHV DXWUHV WLUHXUV /HV DUPHV j IHX
j SRXGUH QRLUH IRQW EHDXFRXS GH IXPpH

x 1H WLUH] SDV VXU OHV FLEOHV GHV DXWUHV VXU OHV FLEOHV TXL QH VH WURXYHQW SDV
GLUHFWHPHQW GDQV YRWUH OLJQH GH IHX RX VXU GHV FLEOHV TXL SHXYHQW GpUDQJHU OHV
DXWUHV WLUHXUV

x /HV SHUVRQQHV TXL WLUHQW DYHF GHV DUPHV j IHX VHPLDXWRPDWLTXHV GHYUDLHQW VH
SODFHU VXU OD OLJQH GH IHX j XQ HQGURLW R OHV DXWUHV SHUVRQQHV QH ULVTXHQW SDV G¶rWUH
DWWHLQWHV SDU OHV GRXLOOHV pMHFWpHV

x /H WLU UDSLGH SHXW GpUDQJHU OHV SHUVRQQHV TXL VRQW HQ WUDLQ GH YLVHU RX FHOOHV TXL
SUDWLTXHQW OH WLU GH SUpFLVLRQ

x $SUqV OH WLU HW TXDQG OD OLJQH GH IHX HVW IHUPpH UDPDVVH] OHV GRXLOOHV YLGHV DLQVL TXH
OHV FLEOHV

x 5HPHWWH] j VD SODFH WRXW pTXLSHPHQW GX VWDQG GH WLU TXH YRXV DYH] XWLOLVp FRPPH
OHV VDFV GH VDEOH RX OHV EDQFV




02'8/( 

 0DQLHPHQW VpFXULWDLUH GHV DUPHV j IHX j


O¶H[WpULHXU
D 1¶RXEOLH] SDV TX¶LO SHXW \ DYRLU GHV SHUVRQQHV RX GX EpWDLO HQ GHKRUV GH YRWUH
FKDPS GH YLVLRQ PDLV DVVH] SUqV SRXU rWUH EOHVVpV 6R\H] FRQVFLHQW GH OD
SRUWpH GDQJHUHXVH GH YRWUH DUPH j IHX HW GHV PXQLWLRQV
E &RQWU{OH] OD GLUHFWLRQ GH OD ERXFKH GX FDQRQ HQ WRXW WHPSV *DUGH]OHFUDQ
GH V€UHWp © (1*$*e ª MXVTX¶j FH TXH YRXV VR\H] SUrW j YRXV VHUYLU GH O¶DUPH j
IHX
F (Q WRXW WHPSV SURWpJH] OD GpWHQWH HW OH FUDQ GH V€UHWp ORUVTXH YRXV WUDQVSRUWH]
YRWUH DUPH j IHX 8QH EULQGLOOH RX XQH EUDQFKH SHXW DFFURFKHU OD GpWHQWH
GpJDJHU OH FUDQ GH V€UHWp RX FKDQJHU O¶RULHQWDWLRQ GH OD ERXFKH GX FDQRQ
G /RUVTXH YRXV WUDQVSRUWH] XQH DUPH j IHX Q¶RXEOLH] SDV TXH YRXV SRXYH] JOLVVHU
WRPEHU HW SURYRTXHU XQH PLVH j IHX QRQ LQWHQWLRQQHOOH GH YRWUH DUPH j IHX
3UpYR\H] OD PHLOOHXUH IDoRQ GH SURWpJHU O¶DUPH j IHX HW G¶HQ FRQWU{OHU OD GLUHFWLRQ
VL YRXV WRPEH] VL SRVVLEOH GpFKDUJH]OD DYDQW GH IUDQFKLU XQ WHUUDLQ DFFLGHQWp
RX XQH VXUIDFH JODFpH
H 6R\H]WRXMRXUVV€U GH YRWUHFLEOHHWGH FH TXL VH WURXYHGHUULqUHHOOH 1H
WLUH] SDV VXU GX JLELHU TXL VH WURXYH SUqV GX VRPPHW G¶XQH FROOLQH FDU LO SRXUUDLW \
DYRLUGHVSHUVRQQHV RXGXEpWDLOGDQVODOLJQH GH IHXDXGHOj GH OD FROOLQH 1H
WLUH] MDPDLV SUqV G¶XQ LPPHXEOH VDQV DXWRULVDWLRQ FDU TXHOTX¶XQ SRXUUDLW O¶XWLOLVHU
FRPPH DEUL
I /¶HDX OHV URFKHV RX OHV VXUIDFHV SODWHV SHXYHQW IDLUH ULFRFKHU OD EDOOH RX OD
IUDJPHQWHU 6R\H] SUXGHQW
J /RUVTXH YRXV IUDQFKLVVH] XQH FO{WXUH RX XQ DXWUH REVWDFOH GpFKDUJH] YRWUH
DUPH j IHX HW JDUGH] OH PpFDQLVPH RXYHUW ,O HQ YD GH PrPH SRXU OHV HQGURLWV
TXL VRQW JOLVVDQWV URFKHX[ RX DFFLGHQWpV
K /RUVTXH YRXV rWHV VHXO HW TXH YRXV IUDQFKLVVH] XQH FO{WXUH GpFKDUJH] O¶DUPH j
IHX HW SODFH]OD VRXV OD FO{WXUH $VVXUH]YRXV TXH O¶DUPH j IHX UHSRVH
GLUHFWHPHQW VXU OH VRO TXH OH PpFDQLVPH HVW RXYHUW HW TXH OD ERXFKH GX FDQRQ
HVW SRLQWpH GDQV XQH GLUHFWLRQ DXWUH TXH O¶HQGURLW R YRXV IUDQFKLVVH] OD FO{WXUH
L 6L YRXV rWHV HQ JURXSH XQH SHUVRQQH GHYUDLW VH WHQLU ORLQ GX SRLQW GH SDVVDJH
&HWWH SHUVRQQH GHYUDLW WHQLU OHV DUPHV j IHX GpFKDUJpHV HW RXYHUWHV SHQGDQW
TXH OHV DXWUHV IUDQFKLVVHQW O¶REVWDFOH
M /RUVTXH YRXV FKDVVH] VHXO GDQV XQH IRVVH RX XQH FDFKH GpFKDUJH] YRWUH DUPH
j IHXHWSODFH]OD j O¶H[WpULHXU DYDQW G¶HQWUHU 8QH IRLV TXH YRXV rWHV HQWUp
UHSUHQH] O¶DUPH j IHX
N 1¶RXEOLH]SDVGH YpULILHUVL YRWUH DUPH j IHX WRXW SDUWLFXOLqUHPHQW OD
ERXFKH GX FDQRQ HVW VDOH VL HOOH UHSRVDLW DX VRO 




02'8/( 

)LJXUH  *URXSH IUDQFKLVVDQW SUXGHPPHQW XQH FO{WXUH



0$18(/ '( /¶e78',$17± 

 /H WLU RX OD FKDVVH HQ JURXSH

 $SHUoX
8Q FRXS GH IHX TXL SDUW GDQV OD PDXYDLVH GLUHFWLRQ SHXW DWWHLQGUH XQ PHPEUH GH YRWUH
JURXSH $VVXUH]YRXV GH GpWHUPLQHU OHV ]RQHV GH WLU VpFXULWDLUHV DILQ G¶pYLWHU GH WHOV
LQFLGHQWV ,O HVW WUqV LPSRUWDQW GH VXLYUH OHV UqJOHV GH VpFXULWp pQRQFpHV GDQV OH SUpVHQW
PDQXHO /HV UqJOHV VXLYDQWHV VRQW SDUWLFXOLqUHPHQW LPSRUWDQWHV ORUVTXH YRXV WLUH] RX
FKDVVH] HQ JURXSH

 /LJQH GH IHX LQIRUPHOOH


8QH OLJQH GH IHX LQIRUPHOOH HVW XQH PpWKRGH HIILFDFH j XWLOLVHU ORUVTXH YRXV YLVH] RX
WLUH] GDQV XQ FKDPS DYHF XQ JURXSH GH GHX[ SHUVRQQHV RX SOXV 3UHQH] OHV PHVXUHV
GH VpFXULWp pOpPHQWDLUHV VXLYDQWHV 

 1RPPH] XQ UHVSRQVDEOH GX WLU &HWWH SHUVRQQH VHUD FKDUJpH GH VXSHUYLVHU


WRXWHV OHV pWDSHV VXLYDQWHV

 6XLYH] OHV RUGUHV HW OHV SURFpGXUHV KDELWXHOOHV G¶XQ VWDQG GH WLU

 'pWHUPLQH] XQH OLJQH GH IHX /HV DUPHV j IHX SHXYHQW VHXOHPHQW rWUH VRUWLHV GH
OHXU FRIIUHW PDQLpHV HW FKDUJpHV VXU FHWWH OLJQH GH IHX VRXV OD GLUHFWLRQ GX
UHVSRQVDEOH GX WLU

 $VVXUH]YRXV TXH OH UHVSRQVDEOH GX WLU FKRLVL H[SOLTXH OHV SURFpGXUHV j WRXV OHV
PHPEUHV GX JURXSH

 'pWHUPLQH] XQH ]RQH GH WLU VpFXULWDLUH SRXU FKDTXH WLUHXU $VVXUH]YRXV TX¶LO \ D
XQ DUUrWRLU &HWWH GLUHFWLRQ VHUD OD VHXOH YHUV ODTXHOOH OD ERXFKH GHV FDQRQV
SRXUUD rWUH SRLQWpH HW YHUV ODTXHOOH YRXV SRXUUH] WLUHU DYHF O¶DUPH j IHX

 =RQHV GH WLU VpFXULWDLUHV


D ,O YDXW OD SHLQH GH OH UpSpWHU  WRXW FRXS WLUp GDQV OD PDXYDLVH GLUHFWLRQ SDU XQ
GHV PHPEUHV G¶XQ JURXSH SHXW DWWHLQGUH XQH DXWUH SHUVRQQH &HOD HVW YUDL GDQV
WRXWHV OHV VLWXDWLRQV GH WLU $ILQ G¶pYLWHU XQ DFFLGHQW WRXV GHYUDLHQW DYDQW GH
FRPPHQFHU V¶HQWHQGUH VXU OD ]RQH GH WLU GH FKDFXQ YRLU OD ILJXUH   &HOD
SHUPHWWUD GH GpILQLU FODLUHPHQW OD ]RQH GH WLU VpFXULWDLUH GH FKDTXH SHUVRQQH
E /HV SRVLWLRQV FKDQJHQW ORUVTXH YRXV DYDQFH] VXU OH WHUUDLQ 9RXV GHYH] WRXMRXUV
VDYRLU H[DFWHPHQW R VH WURXYHQW YRV SDUWHQDLUHV GH WLU 3URWpJH]OHV HW
SURWpJH]YRXV FRQWUH OHV WLUV DFFLGHQWHOV




0$18(/ '( /¶e78',$17± 

 3RVLWLRQV GH SRUW G¶DUPH j IHX


/D GLUHFWLRQ GX FDQRQ HVW HVVHQWLHOOH ORUVTXH YRXV WUDQVSRUWH] XQH DUPH j IHX 9RXV
SRXYH] FRQWU{OHU OD GLUHFWLRQ GH OD ERXFKH GX FDQRQ GH IDoRQ VpFXULWDLUH XQLTXHPHQW
ORUVTXH YRXV XWLOLVH] OHV ERQQHV SRVLWLRQV GH SRUW G¶DUPH j IHX /RUVTXH YRXV WUDQVSRUWH]
GHV DUPHV j IHX YRXV QH GHYH] MDPDLV RXEOLHU TXH YRXV ULVTXH] GH JOLVVHU RX GH WRPEHU

3RVLWLRQ j GHX[ PDLQV RX HQ pWDW


G¶DOHUWH
/D SRVLWLRQ j GHX[ PDLQV RX HQ pWDW
G¶DOHUWH HVW OD PDQLqUH OD SOXV
VpFXULWDLUH SRXU XQ WLUHXU GH WUDQVSRUWHU
VRQ DUPH j IHX &¶HVW OH PHLOOHXU PR\HQ
GH FRQWU{OHU O¶DUPH j IHX HW OD ERXFKH
GX FDQRQ HW FHOD YRXV SHUPHW GH YRXV
SODFHU UDSLGHPHQW HQ SRVLWLRQ GH WLU

)LJXUH  ­ GHX[ PDLQV RX HQ pWDW


G¶DOHUWH

3RVLWLRQ VXU OH EUDV


6L YRXV rWHV VHXO OH WUDQVSRUW GH
O¶DUPH j IHX VXU OH EUDV HVW
VpFXULWDLUH &HSHQGDQW GDQV FHWWH
SRVLWLRQ OD ERXFKH GX FDQRQ HVW
SRLQWpH G¶XQ F{Wp 6LXQHSHUVRQQH
YRXV DFFRPSDJQH HOOH GHYUD
PDUFKHU GX F{Wp RSSRVp j OD ERXFKH
GX FDQRQ

)LJXUH  6XU OH EUDV

VXLWH«



02'8/( 

3RVLWLRQ DX FRXGH RX VXU OH F{Wp


/HSRUW DXFRXGH RX VXU OHF{Wp HVW
VpFXULWDLUH HQ WHUUDLQ GpFRXYHUW
&HSHQGDQW Q¶XWLOLVH] SDV FHWWH
SRVLWLRQ ORUVTXH YRXV PDUFKH] j
WUDYHUV GHV EUDQFKHV FDU OHV
EUDQFKHV SHXYHQW V¶HPPrOHU DYHF
O¶DUPH j IHX HW UHWRXUQHU OH FDQRQ YHUV
YRXV 1¶XWLOLVH] SDV OD SRVLWLRQ VXU OH
F{Wp ORUVTXH GHV SHUVRQQHV VH
WURXYHQW GHYDQW YRXV

)LJXUH  6XU OH F{Wp PpFDQLVPH


RXYHUW

­ ODPDLQ
/D SRVLWLRQ j OD PDLQ HVW LGpDOH ORUVTXH
YRXV rWHV VHXO RX ORUVTXH YRXV rWHV
LPPRELOH $XWUHPHQW HOOH Q¶HVW SDV
UHFRPPDQGpH

)LJXUH  ­ODPDLQ

VXLWH«




02'8/( 

 4XHVWLRQV GH UpYLVLRQ


 4XHOV VRQW OHV GHX[ DFFHVVRLUHV GH VpFXULWp REOLJDWRLUHV j SRUWHU DYDQW G¶HQWUHU
VXU XQ FKDPS GH WLU"

 1RPPH] TXDWUH pWDSHV j VXLYUH TXDQG XQ © FHVVH]OHIHX ª HVW GRQQp

 4XHOOH HVW OD GLUHFWLRQ VpFXULWDLUH SRXU YRWUH DUPH j IHX TXDQG YRXV rWHV j OD
OLJQH GH IHX"

 6XU XQ FKDPS GH WLU TXHOOH HVW OD UHVSRQVDELOLWp GH VXSHUYLVLRQ GHV PLQHXUV"

 /RUVTXH YRXV WLUH] j O¶H[WpULHXU YRXV GHYH] GpWHUPLQHU OD GLUHFWLRQ R WLUH


FKDTXH PHPEUH GX JURXSH &RPPHQW QRPPHWRQ O¶DLUH GH WLU"

 1RPPH] OHV SRVLWLRQV GH SRUW HW OHXUV GLUHFWLRQV GH GpFKDUJHPHQW HQ FDV GH WLU


DFFLGHQWHO



0$18(/ '( /¶e78',$17± 

02'8/(  
7(&+1,48(6 (7 0e7+2'(6 '( 7,5
5(/$7,9(6 $8; $50(6 ­ )(8 6$16
5(675,&7,21


02'8/( 

3RVLWLRQ GHERXW
D /D SRVLWLRQ GHERXW HVWODPRLQV VWDEOH GHV SRVLWLRQV GHWLU
E 3RXU WLUHU HQ SRVLWLRQ GHERXW YRXV GHYH] SUHPLqUHPHQW WRXUQHU OH FRUSV j
HQYLURQ  GHJUpV j GURLWH GH OD FLEOH *DUGH] HQWUH OHV SLHGV XQ HVSDFH
pTXLYDODQW j OD ODUJHXU GH YRV pSDXOHV 6XSSRUWH] OD FDUDELQH DYHF OD PDLQ HW
OH EUDV JDXFKH 6L SRVVLEOH JDUGH] OH EUDV JDXFKH FRQWUH OH FRUSV SRXU DYRLU
XQ PHLOOHXU DSSXL 'H OD PDLQ GURLWH PDLQWHQH] IHUPHPHQW OD FURVVH FRQWUH
O¶pSDXOH &RQWLQXH] GH WHQLU OD FDUDELQH IHUPHPHQW PDLV VDQV WURS OD VHUUHU
F 6L YRXV WUHPEOH] WURS QH WLUH] SDV $SSX\H] OD FDUDELQH VXU XQ REMHW VWDEOH
FRPPH XQ DUEUH RX XQH JURVVH URFKH 'DQV GH WHOOHV VLWXDWLRQV RQ
UHFRPPDQGH GH UHPERXUUHU OH GHVVRXV GH O¶DUPH j IHX 6L YRXV XWLOLVH] XQH
EUHWHOOH YRXV SRXUUH] REWHQLU XQ WLU SOXV SUpFLV

)LJXUH  3RVLWLRQ GHERXW



0$18(/ '( /¶e78',$17± 

D 3RVLWLRQ j JHQRX
D /D SRVLWLRQ j JHQRX HVW SUpIpUDEOH j OD SRVLWLRQ GHERXW PDLV HOOH HVW PRLQV
VWDEOH TXH OHV SRVLWLRQV FRXFKpH RX DVVLVH
E 7RXUQH] OH FRUSV j HQYLURQ  GHJUpV GH OD FLEOH $SSX\H]YRXV VXU OH JHQRX
GURLW HW DYDQFH] OpJqUHPHQW OH SLHG JDXFKH $VVH\H]YRXV VXU OH WDORQ RX OH
F{Wp GX SLHG GURLW 3ODFH] OH FRXGH JDXFKH SUqV GH YRXV PDLV SDV VXU OD
URWXOH GH YRWUH JHQRX DXVVL ORLQ TXH SRVVLEOH VRXV OD FDUDELQH

)LJXUH  3RVLWLRQ j JHQRX



02'8/( 

3RVLWLRQ DVVLVH
D /D SRVLWLRQ DVVLVH HVW O¶XQH GHV SRVLWLRQV GH WLU OHV SOXV VWDEOHV
E $VVH\H]YRXV FRQIRUWDEOHPHQW VXU OH VRO FURLVH] OHV MDPEHV RX ODLVVH]OHV
pFDUWpHV HW JDUGH] OH FRUSV j HQYLURQ  GHJUpV j OD GURLWH GH OD OLJQH GH IHX
F 3ODFH] OH FRXGH JDXFKH SUqV GH OD URWXOH GX JHQRX JDXFKH PDLV SDV GHVVXV
3ODFH] OH FRXGH OH SOXV ORLQ SRVVLEOH VRXV OD FDUDELQH HW OH FRXGH GURLW VXU OH
JHQRX GURLW RX WRXW SUqV
G 0DLQWHQH] IHUPHPHQW OD FDUDELQH PDLV QH OD VHUUH] SDV WURS 6L YRXV YRXV
DSSX\H] FRQWUH XQ DUEUH RX XQH URFKH SRXU UHQGUH OH WLU SOXV VWDEOH DVVXUH]
YRXV TXH OH UHFXO QH YRXV SRXVVHUD SDV FRQWUH YRWUH SRLQW G¶DSSXL

)LJXUH  3RVLWLRQ DVVLVH



0$18(/ '( /¶e78',$17± 

 3RVLWLRQ FRXFKpH
D /D SRVLWLRQ FRXFKpH HVW OD SOXV VWDEOH GH WRXWHV OHV SRVLWLRQV
E (OOH SHUPHW XQ WLU GH SUpFLVLRQ GH ORQJXH SRUWpH SRXU DXWDQW TXH GHV KDXWHV
KHUEHV RX GHV EURXVVDLOOHV pSDLVVHV QH EORTXHQW SDV OD OLJQH GH YLVpH
F 6L YRXV rWHV GURLWLHU FRXFKH]YRXV VXU OH YHQWUH OH FRUSV OpJqUHPHQW WRXUQp
j OD JDXFKH GH OD OLJQH GH YLVpH *DUGH] OH GRV GURLW HW OHV MDPEHV pWHQGXHV
/D MDPEH GURLWH GHYUDLW rWUH OpJqUHPHQW IOpFKLH *DUGH] OHV GHX[ FRXGHV
UHSOLpV HW OHV pSDXOHV OpJqUHPHQW FRXUEpHV YHUV O¶DYDQW GH IDoRQ j DYRLU OH
KDXW GX FRUSV VROLGHPHQW SRVLWLRQQp &H VRQW OHV EUDV HW OH KDXW GX FRUSV TXL
VXSSRUWHQW OH SRLGV GH OD FDUDELQH
G /RUVTXH YRXV WLUH] YRXV SRXYH] XWLOLVHU OD EUHWHOOH SRXU DYRLU XQ PHLOOHXU
DSSXL 7HQH] OD SRLJQpH GH OD FURVVH DYHF OD PDLQ TXL DFWLRQQH OD GpWHQWH
3ODFH] OH EUDV RSSRVp j WUDYHUV OD EUHWHOOH DXVVL ORLQ TXH SRVVLEOH 'pSODFH]
OH EUDV G¶XQ PRXYHPHQW FLUFXODLUH YHUV O¶H[WpULHXU HW WHUPLQH] HQ SODoDQW OD
PDLQ VRXV OH I€W GH OD FDUDELQH HW OD EUHWHOOH j WUDYHUV OH GRV GH OD PDLQ

)LJXUH  3RVLWLRQ FRXFKpH



02'8/( 

 )XVLOV GH FKDVVH


D 1RXV QH SRXYRQV SDV WLUHU DYHF XQ IXVLO GH FKDVVH GH OD PrPH IDoRQ TX¶DYHF
XQH FDUDELQH /H WLU j OD FDUDELQH H[LJH XQH YLVpH SUpFLVH $YHF OH IXVLO GH
FKDVVH LO VXIILW GH SRLQWHU YHUV OD FLEOH YRLU OD ILJXUH   &HUWDLQV IXVLOV GH
FKDVVH VRQW GRWpV G¶XQ YLVHXU UpJODEOH HW WLUHQW SULQFLSDOHPHQW GHV EDOOHV UD\pHV

E $ILQ G¶XWLOLVHU XQ IXVLO GH FKDVVH DYHF SUpFLVLRQ YRXV GHYH] H[pFXWHU XQH VpULH
GH JHVWHV UDSLGHV PDLV UpJXOLHUV DYHF OHV \HX[ OH FRUSV HW O¶DUPH j IHX 3RXU FH
IDLUH WHQH]YRXV FRPPH XQ ER[HXU  OHV SLHGV pFDUWpV HQ pTXLOLEUH OHV EUDV HW OH
FRUSV OLEUHV GH VH GpSODFHU YHUV OD GURLWH RX OD JDXFKH &HWWH SRVLWLRQ SHUPHW GH
IDLUH GHV JHVWHV UDSLGHV

F /RUVTXH YRXV WLUH] GpSODFH] OH SRLGV GH YRWUH FRUSV VXU OD MDPEH DYDQW MDPEH
JDXFKH VL YRXV rWHV GURLWLHU HW YLFHYHUVD  /D PDLQ SRUWHXVH VRXWLHQW DXVVL
O¶DUPH j IHXHWGRLW QDWXUHOOHPHQW rWUH SRLQWpHYHUVOD FLEOH3RLQWH]OH IXVLOGH
FKDVVHYHUVODFLEOH HW GRQQH]XQFRXSVXUOD GpWHQWHSOXW{W TXH GHODSUHVVHU
/RUVTX¶LO V¶DJLW G¶XQH FLEOH HQ PRXYHPHQW FRQWLQXH] GH OD VXLYUH DSUqV DYRLU WLUp
$XWUHPHQW OH FRXS IUDSSHUD GHUULqUH OD FLEOH

G 1DWXUHOOHPHQW FHOD QH V¶DSSOLTXH SDV ORUVTXH QRXV XWLOLVRQV XQ FDQRQ UD\p VXU
XQ IXVLO GH FKDVVH

)LJXUH  3RVLWLRQ GH WLU DYHF XQ IXVLO GH FKDVVH



0$18(/ '( /¶e78',$17± 

 9LVpH GH O¶DUPH j IHX

 $SHUoX
D /D SOXSDUW GHV GLVSRVLWLIV GH YLVpH VRQW PRQWpV VXU OH GHVVXV GX FDQRQ YRLU OD
ILJXUH   ,OV DLGHQW OH WLUHXU j YLVHU DYHF SUpFLVLRQ
E ,O H[LVWH TXDWUH SULQFLSDX[ W\SHV GH YLVHXUV 

x /D KDXVVH j FUDQ GH PLUH

x /D KDXVVH j °LOOHWRQ

x /D OXQHWWH GH YLVpH

x /H YLVHXU pOHFWURQLTXH

F /HV FDUDELQHV HW OHV IXVLOV GH FKDVVH SHXYHQW rWUH PXQLVGHQ¶LPSRUWHOHTXHO GH


FHV TXDWUH GLVSRVLWLIV
G /D SOXSDUW GHV IXVLOV GH FKDVVH Q¶RQW TX¶XQ JUDLQ G¶RUJH IL[H DX ERXW GX FDQRQ TXL
VHUW GH JXLGRQ 9RWUH °LO VHUW DORUV GH YLVHXU DUULqUH



02'8/( 

)LJXUH  7\SHV GH GLVSRVLWLIV GH YLVpH





0$18(/ '( /¶e78',$17± 

E /RUVTXH YRXV XWLOLVH] XQ IXVLO GH FKDVVH JDUGH] OHV GHX[ \HX[ RXYHUWV
&RQFHQWUH]YRXV VXU OD FLEOH HQ PRXYHPHQW HW QRQ VXU OH FDQRQ RX OH JXLGRQ GX
IXVLO 7RXW HQ VXLYDQW OD FLEOH SODFH] OH IXVLO FRQWUH YRWUH pSDXOH HW SRLQWH]OH
GDQV OD GLUHFWLRQ GH OD FLEOH $VVXUH]YRXV GH SODFHU OD FURVVH G¶DERUG FRQWUH OD
MRXH SXLV FRQWUH O¶pSDXOH &HOD SHUPHW GH SODFHU YRWUH IXVLO H[DFWHPHQW GDQV OD
PrPH SRVLWLRQ FKDTXH IRLV TXH YRXV WLUH]
F &HUWDLQV IXVLOV GH FKDVVH VRQW pTXLSpV GH YLVHXUV UpJODEOHV HW VRQW
SULQFLSDOHPHQW XWLOLVpV SRXU WLUHU GHV EDOOHV UD\pHV 3RXU FH W\SH GH IXVLO GH
FKDVVH XWLOLVH] OHV PrPHV WHFKQLTXHV GH WLU TXH YRXV XWLOLVHULH] SRXU OHV
FDUDELQHV

)LJXUH  $OLJQHPHQW G¶XQ IXVLO GH FKDVVH




0$18(/ '( /¶e78',$17± 

/( &<&/( '( 5(63,5$7,21 1250$/ (7


&2175Ñ/e

)LJXUH  &\FOH GH UHVSLUDWLRQ QRUPDO HW FRQWU{Op



02'8/( 

 &RQWU{OH GH OD GpWHQWH


/H FRQWU{OH GH OD GpWHQWH HVW HVVHQWLHO SRXU OH WLU GH SUpFLVLRQ

D &DUDELQHV
/RUVTXH OHV YLVHXUV VRQW DOLJQpV VXU OD FLEOH DSSX\H] OHQWHPHQW HW
SURJUHVVLYHPHQW VXU OD GpWHQWH eYLWH] GH OD SUHVVHU EUXVTXHPHQW 7RXW
PRXYHPHQW EUXVTXH ULVTXH GH IDLUH ERXJHU O¶DUPH j IHX HW G¶HQYR\HU OH SURMHFWLOH
j F{Wp GH OD FLEOH 'pWHQGH]YRXV DYDQW GH WLUHU DILQ TXH FKDTXH FRXS VXUYLHQQH
FRPPH XQH © VXUSULVH ª

E )XVLOVGHFKDVVH
$YHFOHIXVLOGH FKDVVH LOIDXWGRQQHUXQ FRXS UDSLGH PDLV SDV WURS IRUW VXU OD
GpWHQWH SOXW{W TXH G¶DSSX\HU GHVVXV FRPPH VL RQ IUDSSDLW OHV WRXFKHV G¶XQ
FODYLHU

 0DLQWLHQ GH OD YLVpH


/H PDLQWLHQ GH OD YLVpH VLJQLILH VLPSOHPHQW TX¶LO IDXW FRQVHUYHU O¶LPDJH GH YLVpH RX OD
SRVLWLRQ GH WLU DSUqV DYRLU IDLW IHX 6L YRXV QH PDLQWHQH] SDV OD YLVpH YRWUH FRXS ULVTXH
GH SDVVHU j F{Wp GH OD FLEOH

 &LEOHV

 &LEOHV DFFHSWDEOHV


x 8QH FLEOH FODLUHPHQW LGHQWLILpH

x 8QH FLEOH VpFXULWDLUH VXU ODTXHOOH WLUHU

x 8QH FLEOH VXU ODTXHOOH RQ SHXW WLUHU OpJDOHPHQW

 &LEOHV LQDFFHSWDEOHV


x 8QH FLEOH LQFHUWDLQH RXTXHO¶RQQHSHXW SDVYRLU FODLUHPHQW RX QH SHXW rWUH
LGHQWLILpH

x 8QH FLEOH TXL QH SHXW SDV rWUH DWWHLQWH GH PDQLqUH VpFXULWDLUH

x 8QH FLEOH VXU ODTXHOOH LO HVW LOOpJDO GH WLUHU




02'8/(  

 4XHVWLRQV GH UpYLVLRQ


 ,O HVW WRXMRXUV LPSRUWDQW G¶pYDOXHU DWWHQWLYHPHQW OHV UpVXOWDWV SRVVLEOHV GH
FKDTXH WLU DYDQW GH IDLUH IHX 9UDL RX IDX["

 1RPPH] OHV TXDWUH GLIIpUHQWHV SRVLWLRQV SRVVLEOHV TXDQG RQ WLUH j OD FDUDELQH


/DTXHOOH RIIUH OD SOXV JUDQGH VWDELOLWp GH YLVpH"

 'pFULYH] O¶LPSRUWDQFH GH GpWHUPLQHU YRWUH °LO GRPLQDQW

 3RXUTXRL OH FRQWU{OH GH OD GpWHQWH HVWLO HVVHQWLHO SRXU XQ HIIHFWXHU XQ WLU SUpFLV"

 4X¶HVWFH TX¶XQH FLEOH DFFHSWDEOH"



0$18(/ '( /¶e78',$17± 

02'8/( 
(175(7,(1 '(6 $50(6 ­ )(8 6$16
5(675,&7,21





0$18(/ '( /¶e78',$17± 

)LJXUH  1HWWR\DJH G¶XQH FDUDELQH




0$18(/ '( /¶e78',$17± 

 4XHVWLRQV GH UpYLVLRQ


 4XHOOH SURFpGXUH REOLJDWRLUH GRLWRQ VXLYUH DYDQW G¶HIIHFWXHU O¶HQWUHWLHQ G¶XQH
DUPH j IHX"

 2WURXYHWRQ OHV GLUHFWLYHVVXUOHGpPRQWDJH HW OD OXEULILFDWLRQ G¶XQH DUPH j


IHX"

 4XHO HVW OH ULVTXH RFFDVLRQQp SDU XQ H[FqV G¶KXLOH HW GH JUDLVVH j O¶LQWpULHXU GX


FDQRQ"

 4XHO HVW O¶HIIHW GH O¶KXLOH SpQpWUDQWH VXU OHV DPRUFHV GHV PXQLWLRQV"



02'8/( 

02'8/(  
5(63216$%,/,7e6 62&,$/(6 '(6
35235,e7$,5(6 (7 '(6 87,/,6$7(856
'¶$50(6 ¬ )(8
0$18(/ '( /¶e78',$17± 

02'8/(   5(63216$%,/,7e6
62&,$/(6 '(6 35235,e7$,5(6 (7 '(6
87,/,6$7(856 '¶$50(6 ¬ )(8
 ,QFLGHQWV FDXVpV SDU GHV DUPHV j IHX
D /H FRXUV FRQVLVWH SULQFLSDOHPHQW j SURPRXYRLU O¶XWLOLVDWLRQ HW OH PDQLHPHQW
VpFXULWDLUHV GHV DUPHV j IHX 8QH VHQVLELOLVDWLRQ DFFUXH j OD VpFXULWp SHUPHWWUD
G¶pYLWHU O¶XWLOLVDWLRQ QpJOLJHQWH LQWHQWLRQQHOOH RX QRQ GHV DUPHV j IHX
E /D SOXSDUW GHV FRXUV GH VpFXULWp SRUWHQW SULQFLSDOHPHQW VXU OD SUpYHQWLRQ GHV
GpFKDUJHV DFFLGHQWHOOHV ORUV G¶XWLOLVDWLRQ G¶XQH DUPH j IHX 8QHDUPHj IHX
FDXVH JpQpUDOHPHQW GHV EOHVVXUHV SOXV JUDYHV TXH WRXW DXWUH W\SH G¶DUPH
F /HV VXLFLGHV HW OHV KRPLFLGHV VRQW VRXYHQW GHV DFWHV LPSXOVLIV HW VRXGDLQV /D
SOXSDUW G¶HQWUH HX[ Q¶DXUDLHQW VDQV GRXWH SDV OLHX VL OHV DUPHV j IHX HW OHV
PXQLWLRQV DYDLHQW pWp HQWUHSRVpHV HQ WRXWH VpFXULWp 3RXU FHWWH UDLVRQ OH FRXUV
PHW O¶DFFHQW VXU OH PDQLHPHQW O¶XWLOLVDWLRQ HW O¶HQWUHSRVDJH VpFXULWDLUHV GHV
DUPHV j IHX VDQV UHVWULFWLRQ HW GH OHXUV PXQLWLRQV

 /¶XWLOLVDWLRQ QpJOLJHQWH LQWHQWLRQQHOOH GHV DUPHV


j IHX

 $SHUoX
D 'HSXLV OHV DQQpHV  O¶XWLOLVDWLRQ QpJOLJHQWH LQWHQWLRQQHOOH GHV DUPHV j IHX
GDQV OHV FDV GH VXLFLGHV HW G¶KRPLFLGHV D GLPLQXp /¶XWLOLVDWLRQ QpJOLJHQWH QRQ
LQWHQWLRQQHOOH GHV DUPHV j IHX FDXVDQW GHV GpFKDUJHV QRQ LQWHQWLRQQHOOHV D
DXVVL GLPLQXp
E /¶XWLOLVDWLRQ QpJOLJHQWH GHV DUPHV j IHX SHXW HQWUDvQHU GHV FRQVpTXHQFHV
WUDJLTXHV ,O HQ YD GH PrPH SRXU OHV DXWRPRELOHV OHV RXWLOV pOHFWULTXHV HW PrPH
OHV FRXWHDX[ GH FXLVLQH

 6LJQHV GH ULVTXHV


D 9RXV SRXYH] SDUIRLV SUpYRLU GHV VLWXDWLRQV YLROHQWHV 1¶RXEOLH] SDV TXH FHV
pYpQHPHQWV SHXYHQW VH SURGXLUH GDQV QRWUH SURSUH PDLVRQ FKH] GHV DPLV RX
GHV YRLVLQV
E /RUVTXH FHV VLWXDWLRQV VHPEOHQW VH SUpSDUHU XQH ERQQH PHVXUH j SUHQGUH
FRQVLVWH j UHWLUHU WRXWHV OHV DUPHV j IHX PrPH VL HOOHV VRQW FRUUHFWHPHQW





02'8/( 

 'DQJHUV GHV DUPHV j IHX HW SUpFDXWLRQV j


SUHQGUH
&H WDEOHDX LQGLTXH FHUWDLQV GDQJHUV UHOLpV DX[ DUPHV j IHX HW OHV SUpFDXWLRQV TX¶LO IDXW
SUHQGUH

7DEOHDX  'DQJHUV GHV DUPHV j IHX HW SUpFDXWLRQV j SUHQGUH

'DQJHU 3UpFDXWLRQV

$FFqV SDU GHV x 1HXWUDOLVH] OH PpFDQLVPH DYDQW G¶HQWUHSRVHU RX GH WUDQVSRUWHU YRWUH DUPH j
XWLOLVDWHXUV IHX RX XWLOLVH] XQ YHUURX GH SRQWHW RX XQ FkEOH GH VpFXULWp
LQH[SpULPHQWpV x (QWUHSRVH] YRV DUPHV j IHX GH IDoRQ VpFXULWDLUH GDQV XQ SODFDUG RX XQ
RX QRQ FRQWHQDQW YHUURXLOOp KRUV GH YXH
DXWRULVpV x (QWUHSRVH] OHV PXQLWLRQV VpSDUpPHQW HW KRUV GH YXH
x 6XSHUYLVH] OHV XWLOLVDWHXUV LQH[SpULPHQWpV

'pFKDUJHQRQ x &RQWU{OH] WRXMRXUV OD GLUHFWLRQ GH OD ERXFKH GX FDQRQ


LQWHQWLRQQHOOH x /DLVVH] YRWUH DUPH j IHX GpFKDUJpH j PRLQV G¶rWUH SUrW j WLUHU
x 7HQH] RXYHUW OH PpFDQLVPH GH YRWUH DUPH j IHX SRXU OD PDQLHU
x 7HQH] OH GRLJW pORLJQp GH OD GpWHQWH HW j O¶H[WpULHXU GX SRQWHW VDXI SRXU IDLUH
IHX
x (QFOHQFKH] OH GLVSRVLWLI GH V€UHWp
x 3DV GH ERXVFXODGH
x 8QH DUPH j IHX GpIHFWXHXVH ULVTXH GH IDLUH IHX QRQ LQWHQWLRQQHOOHPHQW
x $VVXUH]YRXV TXH YRWUH DUPH j IHX HVW ELHQ HQWUHWHQXH HW YpULILH]OD
UpJXOLqUHPHQW

0XQLWLRQV QH x 1H SUHQH] DYHF YRXV TXH GHV PXQLWLRQV FRQYHQDQW j YRWUH DUPH j IHX
FRQYHQDQW SDV x 9pULILH] YRV PXQLWLRQV HQ OHV FRPSDUDQWV DX[ GRQQpHV TXL VRQW SRLQoRQQpHV
j O¶DUPH j IHX VXU YRWUH DUPH j IHX
x 8WLOLVH] OHV PXQLWLRQV DSSURSULpHV VHORQ OHV FLEOHV HW OHV FRQGLWLRQV
x 6L YRXV UHFKDUJH] O¶DUPH j IHX FRQIRUPH]YRXV DX[ LQVWUXFWLRQV
x /HV PXQLWLRQV PDO SODFpHV GDQV O¶DUPH j IHX ULVTXHQW GH FDXVHU XQ LQFLGHQW
x $VVXUH]YRXV GH ELHQ VDYRLU FRPPHQW FKDUJHU O¶DUPH j IHX

5LFRFKHWV x )DLWHV WUqV DWWHQWLRQ ORUVTXH YRXV WLUH] HQ GLUHFWLRQ GH VXUIDFHV GXUHV RX
SODWHV
x $YDQW GH WLUHU YpULILH] OHV DOHQWRXUV GH OD FLEOH HW FH TXL VH WURXYH GHUULqUH HOOH
x )DLWHV WUqV DWWHQWLRQ ORUVTXH YRXV WLUH] HQ GLUHFWLRQ G¶XQ SODQ G¶HDX

0DXYDLVH FLEOH x ,GHQWLILH]YRWUHFLEOH HW VR\H]V€UGHYRWUH FLEOH DYDQW GH WLUHU


x 6R\H] FRQVFLHQW GH FH TXL VH WURXYH GHUULqUH OD FLEOH
x $VVXUH]YRXV TXH O¶pFUDQ SDUHEDOOHV EXWWH GH WLU RIIUH XQH SURWHFWLRQ
VXIILVDQWH




02'8/( 

PpGLFDPHQWV SRXU OHV DOOHUJLHV VRQW XQ ERQ H[HPSOH 6R\H] WRXMRXUV VXU YRV
JDUGHV HQ SUpVHQFH G¶DUPHV j IHX

x 2EWHQH] WRXMRXUV OD SHUPLVVLRQ DYDQW GH WLUHU VXU OD SURSULpWp G¶DXWUXL


$VVXUH]YRXV TXH YRXV rWHV ELHQYHQX HW TXH YRXV DYH] OD SHUPLVVLRQ DYDQW
GH WLUHU R TXH FH VRLW 9RXV GHYH] YRXV HQ DVVXUHU TXH OH WHUUDLQ
DSSDUWLHQQH j OD &RXURQQH j XQ FOXE ORFDO RX j XQ VLPSOH FLWR\HQ 6R\H]
FHUWDLQ TXH YRXV SRXYH] \ WLUHU HQ WRXWH VpFXULWp FDU TXHOTX¶XQ G¶DXWUH
SRXUUDLW \ rWUH SUpVHQW HQ PrPH WHPSV TXH YRXV 9pULILH] DXSUqV GHV
DXWRULWpV ORFDOHV

x )DLWHVH[DPLQHU YRWUH YXHUpJXOLqUHPHQW /HWLU H[LJHTXHYRXVD\H]XQH


ERQQH YXH DILQ G¶rWUH HQ PHVXUH G¶LGHQWLILHU OD FLEOH HW GH WLUHU DYHF SUpFLVLRQ
6R\H] V€U GH YRWUH FLEOH HW GH FH TXL VH WURXYH GHUULqUH HOOH

x *DUGH] YRWUH DUPH j IHX HQ ERQ pWDW GH IRQFWLRQQHPHQW $X EHVRLQ


GHPDQGH] j XQ DUPXULHU FRPSpWHQW GH YpULILHU YRWUH DUPH j IHX

x 1H WLUH] SDV SUqV G¶LPPHXEOHV RX GH URXWHV 5HVSHFWH] OH GURLW GHV DXWUHV GH


YR\DJHU HQ WRXWH VpFXULWp HW G¶XWLOLVHU OHXU SURSULpWp VDQV rWUH GpUDQJpV 1H
WLUH] SUqV G¶LPPHXEOHV XQLTXHPHQW ORUVTXH YRXV HQ DYH] OD SHUPLVVLRQ HW
VHXOHPHQW V¶LO HVW OpJDO HW VpFXULWDLUH GH OH IDLUH

x 7HQH]YRXV DX FRXUDQW GHV ORLV HW UqJOHPHQWV IpGpUDX[ SURYLQFLDX[ RX


WHUULWRULDX[ HW PXQLFLSDX[ VXU OHV DUPHV j IHX HW REVHUYH]OHV &HUWDLQV GH
FHV UqJOHPHQWV VRQW LQGLTXpV DX WDEOHDX 

x 3RUWH] O¶pTXLSHPHQW GH VpFXULWp (QFRXUDJH] OHV DXWUHV j IDLUH GH PrPH


/¶pTXLSHPHQW GH VpFXULWp SHXW FRPSUHQGUH VDQV V¶\ OLPLWHU OD SURWHFWLRQ GHV
\HX[ HW GHV RUHLOOHV GHV JDQWV GHV FDVTXHWWHV HW GHV YrWHPHQWV DSSURSULpV



0$18(/ '( /¶e78',$17± 

  4XHVWLRQV GH UpYLVLRQ


 < DWLO XQ WHPSV R OH SURSULpWDLUH G¶XQH DUPH j IHX Q¶DVVXPH DXFXQH
UHVSRQVDELOLWp PRUDOH HW OpJDOH UHODWLYHPHQW j VRQ DUPH j IHX"

 1RPPH] FLQT VLWXDWLRQV TXL SRXUUDLHQW RFFDVLRQQHU GHV LQFLGHQWV OLpV DX[ DUPHV
j IHX

 1RPPH] WURLV UHVSRQVDELOLWpV pWKLTXHV G¶XQ SURSULpWDLUH G¶DUPH j IHX

 4XHOOH SUpFDXWLRQ FRQWULEXH OH SOXV j OD SUpYHQWLRQ GHV LQFLGHQWV OLpV DX[ DUPHV j
IHX"



02'8/( 

02'8/(  
(175(326$*( (;326,7,21 75$163257
(7 0$1,(0(17 6e&85,7$,5(6 '(6
$50(6 ­ )(8 6$16 5(675,&7,21




0$18(/ '( /¶e78',$17± 

)LJXUH  &RIIUHW



02'8/( 

 ([SRVLWLRQ
8Q SDUWLFXOLHU QH SHXW H[SRVHU XQH DUPH j IHX VDQV UHVWULFWLRQ TXH VL OHV FRQGLWLRQV
VXLYDQWHV VRQW UpXQLHV 

 (OOH HVW QRQ FKDUJpH HW

(OOH HVW UHQGXH LQRSpUDQWH SDU XQ GLVSRVLWLI GH YHUURXLOODJH VpFXULWDLUH YRLU OD


ILJXUH   RX

(OOH VH WURXYH GDQV XQ FRQWHQDQW XQ FRPSDUWLPHQW RX XQH SLqFH ELHQ


YHUURXLOOp HW TXL HVW FRQVWUXLW GH IDoRQ TX¶RQ QH SHXW OH IRUFHU IDFLOHPHQW YRLU
OHV ILJXUHV   HW

 (OOH Q¶HVW SDV H[SRVpH DYHF GHV PXQLWLRQV TX¶HOOH SHXW WLUHU QL QH VH WURXYH j
SUR[LPLWp GH FHOOHVFL ILJXUH  

)LJXUH  &kEOH GH VpFXULWp HW YHUURX GH SRQWHW



0$18(/ '( /¶e78',$17± 

)LJXUH  ([SRVLWLRQ







02'8/( 

 4XHVWLRQV GH UpYLVLRQ


 1RPPH] WURLV REOLJDWLRQV OpJDOHV SRXU H[SRVHU XQH DUPH j IHX

 ,QGLTXH] GHX[ DFFHVVRLUHV XWLOLVpV SRXU O¶HQWUHSRVDJH SHUPDQHQW HW GHX[


DFFHVVRLUHV SRXU O¶HQWUHSRVDJH SURYLVRLUH GHVDUPHVj IHX

 'RQQH] XQ H[HPSOH GH PXQLWLRQV SURKLEpHV HW GHX[ H[HPSOHV G¶DFFHVVRLUHV


G¶DUPHV j IHX SURKLEpV

 1RPPH] WURLV UqJOHV TXH YRXV GHYH] VXLYUH SRXU WUDQVSRUWHU OpJDOHPHQW GHV
DUPHV j IHX VDQV UHVWULFWLRQ

 ­ TXHOOH SHLQH VH[SRVH XQH SHUVRQQH TXL WUDQVJUHVVH OHV ORLV VXU
O
HQWUHSRVDJH VpFXULWDLUH OH WUDQVSRUW VpFXULWDLUH RX OH PDQLHPHQW
VpFXULWDLUH G¶XQH DUPH j IHX"



$11(;(6

$11(;(6
0$18(/ '( /¶e78',$17± 

$11(;(6
$SHUoX
/D SUpVHQWH DQQH[H YRXV HVW IRXUQLH j WLWUH G
LQIRUPDWLRQ VHXOHPHQW /HV
UHQVHLJQHPHQWV FRQWHQXV GDQV FHWWH SDUWLH SHXYHQW VHUYLU GH FRPSOpPHQW j FHX[
SUpVHQWpV GDQV OH FRXUV $XFXQ GHV UHQVHLJQHPHQWV IRXUQLV GDQV FHWWH SDUWLH QH VH
UHWURXYHUD GDQV OHV H[DPHQV pFULWV RX SUDWLTXHV
3RXU REWHQLU GHV UpIpUHQFHV MXULGLTXHV YHXLOOH] FRQVXOWHU OD OpJLVODWLRQ DFWXHOOH VRLW
SULQFLSDOHPHQW OD /RL VXU OHV DUPHV j IHX HW VHV UqJOHPHQWV HW OD SDUWLH ,,, GX &RGH
FULPLQHO



$11(;(6

$QQH[H $  $UPHV j IHX KLVWRULTXHV


8QH DUPH j IHX KLVWRULTXH HVW XQH DUPH j IHX IDEULTXpH DYDQW  TXL Q
D SDV pWp
FRQoXH RX PRGLILpH SRXU O¶XWLOLVDWLRQ GH PXQLWLRQV j SHUFXVVLRQ DQQXODLUH RX FHQWUDOH
RX WRXWH DUPH j IHX GpVLJQpH FRPPH WHOOH SDU XQ UqJOHPHQW /HV SURSULpWDLUHV G¶DUPHV
j IHX KLVWRULTXHV Q¶RQW SDV EHVRLQ GH GpWHQLU GH SHUPLV G¶DUPHV j IHX RX GH FHUWLILFDW
G¶HQUHJLVWUHPHQW ,O Q¶\ D SDV QRQ SOXV GH UHVWULFWLRQV VXU OD FHVVLRQ G¶DUPHV j IHX
KLVWRULTXHV &HSHQGDQW OHV SURSULpWDLUHV G¶DUPHV j IHX KLVWRULTXHV GRLYHQW VH
FRQIRUPHU DX[ H[LJHQFHV pQRQFpHV GDQV OH 5qJOHPHQW VXU O¶HQWUHSRVDJH O¶H[SRVLWLRQ
OH WUDQVSRUW HW OH PDQLHPHQW GHV DUPHV j IHX SDU GHV SDUWLFXOLHUV
6RXUFH  DUWLFOH  SDUWLH ,,, GX &RGH FULPLQHO DOLQpD  K  /RL VXU OHV DUPHV j IHX



0$18(/ '( /¶e78',$17± 

$QQH[H %  $FKDW GH PXQLWLRQV


7RXWH SHUVRQQH TXL YHXW DFKHWHU GHV PXQLWLRQV DX &DQDGD GRLW GpWHQLU XQ SHUPLV GH
SRVVHVVLRQ G¶DUPHV j IHX YDOLGH /HV QRQUpVLGHQWV GRLYHQW SRVVpGHU VRLW XQH
GpFODUDWLRQ DWWHVWpH VRLW XQ SHUPLV G¶HPSUXQW WHPSRUDLUH HQ YXH G¶DFKHWHU GHV
PXQLWLRQV DX &DQDGD



$11(;(6

$QQH[H &  'pILQLWLRQV OpJDOHV


/HV GpILQLWLRQV TXL VXLYHQW VRQW WLUpHV GH OD /RL VXU OHV DUPHV j IHX HW GH VHV
UqJOHPHQWV HW GH OD SDUWLH ,,, GX &RGH FULPLQHO
DUPH j IHX  7RXWH DUPH VXVFHSWLEOH JUkFH j XQ FDQRQ TXL SHUPHW GH WLUHU GX SORPE
GHV EDOOHV RX WRXW DXWUH SURMHFWLOH G¶LQIOLJHU GHV OpVLRQV FRUSRUHOOHV JUDYHV RX OD PRUW j
XQH SHUVRQQH \ FRPSULV XQH FDUFDVVH RX XQH ERvWH GH FXODVVH G¶XQH WHOOH DUPH DLQVL
TXH WRXW REMHW SRXYDQW rWUH PRGLILp SRXU rWUH XWLOLVp FRPPH WHO ILUHDUP
DUPH j IHX j DXWRULVDWLRQ UHVWUHLQWH   7RXWH DUPH GH SRLQJ TXL Q¶HVW SDV XQH DUPH
j IHX SURKLEpH  7RXWH DUPH j IHX TXL Q¶HVW SDV XQH DUPH j IHX SURKLEpH HW TXL HVW
SRXUYXH G¶XQ FDQRQ GH PRLQV GH  PP GH ORQJXHXU HW TXL SHXW WLUHU GHV PXQLWLRQV j
SHUFXVVLRQ FHQWUDOH G¶XQH PDQLqUH VHPLDXWRPDWLTXH  7RXWH DUPHj IHXFRQoXHRX
DGDSWpH SRXU WLUHU ORUVTX¶HOOH HVW UpGXLWH SDU UHSOLHPHQW HPERvWHPHQW RX DXWUHPHQW j
XQH ORQJXHXU GH PRLQV GH  PP  7RXWH DUPH j IHX GpVLJQpH FRPPH WHOOH SDU XQ
UqJOHPHQW UHVWULFWHG ILUHDUP
DUPH j IHX KLVWRULTXH   7RXWH DUPH j IHX IDEULTXpH DYDQW  TXL Q¶D SDV pWp
FRQoXH QL PRGLILpH SRXU O¶XWLOLVDWLRQ GH PXQLWLRQV j SHUFXVVLRQ DQQXODLUH RX FHQWUDOH 
7RXWH DUPH j IHX GpVLJQpH FRPPH WHOOH SDU XQ UqJOHPHQW DQWLTXH ILUHDUP
DUPH j IHX SURKLEpH   $UPH GH SRLQJ SRXUYXH G¶XQ FDQRQ GRQW OD ORQJXHXU QH
GpSDVVH SDV  PP RX FRQoXH RX DGDSWpH SRXU WLUHU GHV FDUWRXFKHV GH FDOLEUH  RX
 VDXI FHOOH GpVLJQpH SDU XQ UqJOHPHQW SRXU XWLOLVDWLRQ GDQV OHV FRPSpWLWLRQV VSRUWLYHV
LQWHUQDWLRQDOHV UpJLHV SDU OHV UqJOHV GH O¶8QLRQ LQWHUQDWLRQDOH GH VSRUW GH WLU  $UPH j
IHX FDUDELQH RX IXVLO GH FKDVVH VFLpH FRXSpH RX PRGLILpH GH IDoRQ TXH OD ORQJXHXU
GX FDQRQ VRLW LQIpULHXUH j  PP RX GH IDoRQ TXH OD ORQJXHXU WRWDOH GH O¶DUPH VRLW
pJDOH RX VXSpULHXUH j  PP HW TXL HVW GRWpH G¶XQ FDQRQ GH  PP GH ORQJXHXU 
$UPH DXWRPDWLTXH TX¶HOOH DLW pWp RX QRQ PRGLILpH SRXU QH WLUHU TX¶XQ VHXO SURMHFWLOH j
FKDTXH SUHVVLRQ GH OD GpWHQWH  $UPH j IHX GpVLJQpH FRPPH WHOOH SDU XQ UqJOHPHQW
SURKLELWHG ILUHDUP
DUPH j IHX VDQV UHVWULFWLRQ  $UPH j IHX TXL Q¶HVW QL XQH DUPH j IHX SURKLEpH QL XQH
DUPH j IHX j DXWRULVDWLRQ UHVWUHLQWH QRQUHVWULFWHG ILUHDUP
DUPHGHSRLQJ $UPH j IHX GHVWLQpH GH SDU VD FRQVWUXFWLRQ RX VHV PRGLILFDWLRQV j
SHUPHWWUH GH YLVHU HW GH WLUHU j O¶DLGH G¶XQH VHXOH PDLQ TX¶HOOH DLW pWp RX QRQ PRGLILpH
VXEVpTXHPPHQW GH IDoRQ j UHTXpULU O¶XVDJH GH GHX[ PDLQV KDQGJXQ
GLVSRVLWLI GH YHUURXLOODJH VpFXULWDLUH  'LVSRVLWLI TXL G¶XQH SDUW QH SHXW rWUH RXYHUW
RX GpYHUURXLOOp TX¶DX PR\HQ G¶XQH FOHI pOHFWURQLTXH PDJQpWLTXH RX PpFDQLTXH RX
G¶XQH FRPELQDLVRQ DOSKDEpWLTXH RX QXPpULTXH HW TXLG¶DXWUH SDUW XQH IRLV IL[p j XQH
DUPH j IHX O¶HPSrFKH GH WLUHU VHFXUH ORFNLQJ GHYLFH
GLVSRVLWLI SURKLEp   eOpPHQW RX SLqFH G¶XQH DUPH RX DFFHVVRLUH GHVWLQp j rWUH
XWLOLVp DYHF XQH DUPH GpVLJQp FRPPH WHO SDU XQ UqJOHPHQW  &DQRQ G¶XQH DUPH GH
SRLQJ TXL QH GpSDVVH SDV  PP   SR GH ORQJXHXU VDXI FHOXL GpVLJQp SDU
UqJOHPHQW SRXU XWLOLVDWLRQ GDQV GHV FRPSpWLWLRQV VSRUWLYHV LQWHUQDWLRQDOHV UpJLHV SDU OHV
UqJOHV GH O¶8QLRQ LQWHUQDWLRQDOH GH VSRUW GH WLU  $SSDUHLO RX GLVSRVLWLI SURSUH RX



0$18(/ '( /¶e78',$17± 

GHVWLQp j DPRUWLU RX j pWRXIIHU OH VRQ RX OD GpWRQDWLRQ G¶XQH DUPH j IHX  &KDUJHXU


GpVLJQp FRPPH WHO SDU UqJOHPHQW  5pSOLTXH SURKLELWHG GHYLFH
PXQLWLRQV  &DUWRXFKHV FRQWHQDQW GHV SURMHFWLOHV GHVWLQpV j rWUH WLUpV SDU GHV DUPHV j
IHX \ FRPSULV OHV FDUWRXFKHV VDQV GRXLOOH HW OHV FDUWRXFKHV GH FKDVVH DPPXQLWLRQ
PXQLWLRQV SURKLEpHV  0XQLWLRQV RX SURMHFWLOHV GH WRXWHV VRUWHV GpVLJQpV FRPPH WHOV
SDU UqJOHPHQW SURKLELWHG DPPXQLWLRQ
QRQ FKDUJpH  6H GLW GH O¶DUPH j IHX GRQW OD FXODVVH OD FKDPEUH RX OH FKDUJHXU TXL \
HVW IL[p RX LQVpUp QH FRQWLHQW QL SURSXOVLI QL SURMHFWLOH QL FDUWRXFKH TX¶HOOH SHXW WLUHU
XQORDGHG
QRQ VXUYHLOOp 6H GLW GX YpKLFXOH TXL Q¶HVW SDV VRXV OD VXUYHLOODQFH GLUHFWH G¶XQH
SHUVRQQH kJpH G¶DX PRLQV  DQV RX GX WLWXODLUH G¶XQ SHUPLV GpOLYUp HQ YHUWX GH OD /RL
XQDWWHQWHG
UpSOLTXH  7RXW REMHW TXL Q¶HVW SDV XQH DUPH j IHX FRQoX GH IDoRQ j HQ DYRLU
O¶DSSDUHQFH H[DFWH RX j OD UHSURGXLUH OH SOXV ILGqOHPHQW SRVVLEOH RX DXTXHO RQ D YRXOX
GRQQHU FHWWH DSSDUHQFH /D SUpVHQWH GpILQLWLRQ H[FOXW WRXW REMHW FRQoX GH IDoRQ j DYRLU
O¶DSSDUHQFH H[DFWH G¶XQH DUPH j IHX KLVWRULTXH RX j OD UHSURGXLUH OH SOXV ILGqOHPHQW
SRVVLEOH RX DXTXHO RQ D YRXOX GRQQHU FHWWH DSSDUHQFH UHSOLFD ILUHDUP
YpKLFXOH  0R\HQ GH WUDQVSRUW WHUUHVWUH DpULHQ RX SDU HDX YHKLFOH



$11(;(6

$QQH[H'  ,QYHQWDLUH SHUVRQQHO G¶DUPHV j IHX


H[HPSOH
0$548( 

02'Ë/( 

12 '( 6e5,( 

12 '¶(15(*,675(0(17 '( /¶$50(­)(8

)$%5,&$17 

/21*8(85 '8 &$121 

&$/,%5(&$/,%5( '( )86,/'(&+$66( 

12 '8 &(57,),&$7 '¶(15(*,675(0(17 

$&+(7e '( 

'$7( '( /¶$&+$7 

9$/(85 

0$548(6 ',67,1&7,9(6 

$&&(662,5(6 FRIIUHW HWF



0$18(/ '( /¶e78',$17± 

$QQH[H(  5pSOLTXHV
8QH UpSOLTXH Q¶HVW SDV XQH DUPH j IHX PDLV HOOH HVW FRQoXH GH IDoRQ j HQ DYRLU
O¶DSSDUHQFH H[DFWH RX j OD UHSURGXLUH OH SOXV ILGqOHPHQW SRVVLEOH (Q YHUWX GH OD SDUWLH
,,, GX &RGH FULPLQHO XQH UpSOLTXH HVW XQ GLVSRVLWLI SURKLEp /HV SURSULpWDLUHV GH
UpSOLTXHV Q¶RQW SDV EHVRLQ GH GpWHQLU GH SHUPLV G¶DUPHV j IHX RX GH FHUWLILFDW
G¶HQUHJLVWUHPHQW 7RXWHIRLV OHV SURSULpWDLUHV GH UpSOLTXHV GRLYHQW VH FRQIRUPHU DX[
H[LJHQFHV GH WUDQVSRUW pQRQFpHV GDQV OH 5qJOHPHQW VXU O¶HQWUHSRVDJH O¶H[SRVLWLRQ OH
WUDQVSRUW HW OH PDQLHPHQW GHV DUPHV j IHX SDU GHV SDUWLFXOLHUV
6RXUFH  DUWLFOH  SDUWLH ,,, GX &RGH FULPLQHO DOLQpD  L  /RL VXU OHV DUPHV j IHX



$11(;(6

$QQH[H )  'pFODUDWLRQ GH SHUWH RX GH YRO G¶DUPHV j


IHX GH SHUPLV HWF
/RUVTX¶XQH DUPH j IHX RX XQH DXWUH DUPH HVW SHUGXH RX YROpH RX TX¶XQ SHUPLV XQ
FHUWLILFDW G¶HQUHJLVWUHPHQW RX XQH DXWRULVDWLRQ HVW SHUGX RX YROp LO IDXW OH VLJQDOHU
8QH SHUVRQQH FRPPHW XQH LQIUDFWLRQ VL DSUqV DYRLU SHUGX RX V
rWUH IDLW YROHU XQH DUPH
j IHX XQH DUPH SURKLEpH XQH DUPH j DXWRULVDWLRQ UHVWUHLQWH XQ GLVSRVLWLI SURKLEp GHV
PXQLWLRQV SURKLEpHV XQH DXWRULVDWLRQ XQ SHUPLV RX XQ FHUWLILFDW G¶HQUHJLVWUHPHQW HOOH
Q¶HQ VLJQDOH SDV OD SHUWH RX OH YRO DYHF GLOLJHQFH UDLVRQQDEOH j XQ DJHQW GH OD SDL[ j XQ
SUpSRVp DX[ DUPHV j IHX RX j XQ FRQWU{OHXU GHV DUPHV j IHX
'H PrPH XQH SHUVRQQH FRPPHW XQH LQIUDFWLRQ VL ORUVTX¶HOOH WURXYH XQH DUPH j IHX
XQH DUPH SURKLEpH XQH DUPH j DXWRULVDWLRQ UHVWUHLQWH XQ GLVSRVLWLI SURKLEp RX GHV
PXQLWLRQV SURKLEpHV HOOH Q¶HQ VLJQDOH SDV OD GpFRXYHUWH RX QH UHPHW SDV O¶DUWLFOH DYHF
OD GLOLJHQFH YRXOXH j XQ DJHQW GH OD SDL[ j XQ SUpSRVp DX[ DUPHV j IHX RX j XQ
FRQWU{OHXU GHV DUPHV j IHX &HWWH LQIUDFWLRQ QH FRPSUHQG SDV OHV GRFXPHQWV SOXV
SDUWLFXOLqUHPHQW XQH DXWRULVDWLRQ XQ SHUPLV RX XQ FHUWLILFDW G¶HQUHJLVWUHPHQW
(Q FRPPHWWDQW O¶XQH GH FHV LQIUDFWLRQV XQH SHUVRQQH SHXW rWUH SXQLVVDEOH SDU YRLH GH
GpFODUDWLRQ VRPPDLUH GH FXOSDELOLWp RX SHXW rWUH PLVH HQ DFFXVDWLRQ
6RXUFH  DUWLFOH  SDUWLH ,,, GX &RGH FULPLQHO



0$18(/ '( /¶e78',$17± 

$QQH[H*  'LVSRVLWLIV HW VLJQDX[ YLVXHOV DX VWDQG GH


WLU
'UDSHDX[ RX VLJQDX[  +DELWXHOOHPHQW XQ GUDSHDX URXJH IORWWH j SUR[LPLWp GH O¶HQWUpH
GH OD SURSULpWp ,O VHUW j DYHUWLU OHV JHQV TX¶LO SHXW \ DYRLU GHV WLUV UpHOV G¶DUPHVj IHXHW
TXH GHV WLUHXUV XWLOLVHQW UpHOOHPHQW XQ RX SOXVLHXUV GHV VWDQGV GH WLU &HUWDLQV FOXEV
XWLOLVHQW GHV GUDSHDX[ © 7LU HQ FRXUV ª SRXU FKDTXH VWDQG GH WLU
6LJQDX[ G¶DFWLYLWp GDQV OH VHFWHXU GHV FLEOHV  +DELWXHOOHPHQW RQ WURXYH XQ IHX
URXJH XQ FRUGRQ RX XQ GUDSHDX URXJH j O¶HQWUpH GH OD ]RQH GHV FLEOHV /H URXJH
VLJQLILH TX¶LO IDXW DUUrWHU QH SDV DOOHU GDQV OD ]RQH GHV FLEOHV 4XHOTXHV FOXEV XWLOLVHQW
XQ IHX RX XQ GUDSHDX YHUW SRXU LQGLTXHU TX¶LO Q¶\ D SDV GH GDQJHU j VH UHQGUH GDQV OD
]RQH GHV FLEOHV /HV VLJQDX[ GH FH JHQUH 1( GHYUDLHQW 3$6 rWUH YLVLEOHV GHSXLV OHV
SRVWHV GH WLU &HUWDLQV FOXEV IRQW IORWWHU GHV GUDSHDX[ © ]RQH GHV FLEOHV ª URXJHV SRXU
LQGLTXHU TX¶LO (67 '$1*(5(8; GH WLUHU FHOD SHXW VHPHU OD FRQIXVLRQ j PRLQV TXH OH
GUDSHDX QH VRLW SDV YLVLEOH GHV JHQV TXL VH WURXYHQW GDQV OD ]RQH GHV FLEOHV
6LJQDX[ G¶DFWLYLWp j OD OLJQH GH IHX  +DELWXHOOHPHQW RQ WURXYH XQ IHX URXJH XQ IHX
FOLJQRWDQW URXJH XQ GUDSHDX URXJH RX XQ pFUDQ ELHQ YLVLEOH GX WLUHXU GHSXLV OD OLJQH GH
IHX /H URXJH VLJQLILH TX¶LO IDXW FHVVHU GH WLUHU 'DQV FHUWDLQHV VDOOHV GH WLU O¶pFODLUDJH
EODQF GH OD OLJQH GH IHX HVW PLV HQ YHLOOHXVH HW RQ DOOXPH O¶pFODLUDJH URXJH &HV
GLVSRVLWLIV 1( GHYUDLHQW 3$6 rWUH GLVSRVpV RX XWLOLVpV GH IDoRQ TX¶RQ SXLVVH OHV
FRQIRQGUH DYHF OHV VLJQDX[ URXJHV TXL VH WURXYHQW j O¶HQWUpH GHV ]RQHV GHV FLEOHV
&HUWDLQV FOXEV IRQW IORWWHU GHV GUDSHDX[ © ]RQH GHV FLEOHV ª YHUWV SRXU LQGLTXHU TX¶LO Q¶\
D SDV GH GDQJHU SRXU OH WLU FHOD SHXW VHPHU OD FRQIXVLRQ j PRLQV TXH OH GUDSHDX QH
VRLW SDV YLVLEOH GHV JHQV TXL VH WURXYHQW GDQV OD ]RQH GHV FLEOHV



$11(;(6

$QQH[H +  &ROOHFWLRQQHXU G¶DUPHV j IHX


/D /RL VXU OHV DUPHV j IHX SUpFLVH TXH OD FROOHFWLRQ G¶DUPHV j IHX HVW XQH UDLVRQ
OpJLWLPH SRXU SRVVpGHU GHV DUPHV j IHX /HV UqJOHV VXU OD FROOHFWLRQ G¶DUPHV j IHX
V
DSSOLTXHQW DX[ DUPHV j IHX j DXWRULVDWLRQ UHVWUHLQWH RX DX[ DUPHV GH SRLQJ SURKLEpHV
YLVpHV SDU GHV GURLWV DFTXLV GRQW OH FDQRQ PHVXUH  PP RX PRLQV RX GH FDOLEUH 
HW  3RXU FROOHFWLRQQHU GHV DUPHV GH SRLQJ YLVpHV SDU GHV GURLWV DFTXLV XQH
SHUVRQQH GRLW DYRLU HQUHJLVWUp DX PRLQV XQH DUPH GH SRLQJ GH FH JHQUH DX
HU GpFHPEUH  SXLV DYRLU FRQVHUYp VRQ HQUHJLVWUHPHQW HQ SHUPDQHQFH SDU OD VXLWH
jO¶pJDUGG¶DX PRLQV XQH DUPH GH SRLQJ GH FH JHQUH $ILQ G¶rWUH DGPLVVLEOH FRPPH
FROOHFWLRQQHXU G¶DUPHV j IHX XQH SHUVRQQH GRLW
x FRQQDvWUH OHV FDUDFWpULVWLTXHV KLVWRULTXHV WHFKQLTXHV RX VFLHQWLILTXHV GHV DUPHV j
IHX TXL IRQW SDUWLH G¶XQH FROOHFWLRQ
x FRQVHQWLU SDU pFULW j XQH IRUPH UDLVRQQDEOH GH YLVLWHV SpULRGLTXHV GHV OLHX[ R VRQW
JDUGpHV OHV DUPHV j IHX HW
x VH FRQIRUPHU DX[ QRUPHV GH VpFXULWp VXU O¶HQWUHSRVDJH O¶H[SRVLWLRQ OH PDQLHPHQW
HW OH WUDQVSRUW
/RUVTX¶XQH SHUVRQQH IDLW O¶DFTXLVLWLRQ G¶XQH DUPH j IHX j DXWRULVDWLRQ UHVWUHLQWH RX
G¶XQH DUPH GH SRLQJ SURKLEpH RX ORUVTX¶HOOH UHQRXYHOOH VRQ SHUPLV G¶DUPHV j IHX OH
FRQWU{OHXU GHV DUPHV j IHX GRLW pWDEOLU VL O¶DUPH j IHX HVW DFTXLVH RX VL OHV DUPHV j IHX
GpMj HQ VD SRVVHVVLRQ GRLYHQW IDLUH SDUWLH G¶XQH FROOHFWLRQ
6RXUFH  DUWLFOHV   HW  GH OD /RL VXU OHV DUPHV j IHX



0$18(/ '( /¶e78',$17± 

$QQH[H,  3HUPLV G¶DUPHV j IHX


(Q YHUWX GH OD /RL VXU OHV DUPHV j IHX TXLFRQTXH YHXW SRVVpGHU HPSUXQWHU RX DFKHWHU
XQH DUPH j IHX KpULWH G¶XQH WHOOH DUPH RX HQ DFTXLqUH XQH SDU G¶DXWUHV PR\HQV GRLW
rWUH WLWXODLUH G¶XQ SHUPLV G¶DUPHV j IHX YDOLGH
x /D /RL VXU OHV DUPHV j IHX HW OH 5qJOHPHQW VXU OHV SHUPLV G¶DUPHV j IHX SUpYRLHQW
OHV W\SHV GH SHUPLV VXLYDQWV 
x 3HUPLV GH SRVVHVVLRQ VLPSOH
x 3HUPLV GH SRVVHVVLRQ HW G¶DFTXLVLWLRQ
x 3HUPLV GH SRVVHVVLRQ SRXU PLQHXU
x 3HUPLVGHSRVVHVVLRQ GHMRXUV SRXUQRQUpVLGHQW DUPHVj IHXHPSUXQWpHV
x 'pFODUDWLRQ G¶DUPHV j IHX SRXU QRQUpVLGHQW FRQILUPDWLRQ GH O¶LPSRUWDWLRQ G¶XQH
DUPH j IHX SDU XQ QRQUpVLGHQW
/HV FULWqUHV j UHVSHFWHU SRXU REWHQLU XQ SHUPLV G¶DUPH j IHX VRQW OHV PrPHV GDQV
O¶HQVHPEOH GX &DQDGD

3HUPLV GH SRVVHVVLRQ HW G¶DFTXLVLWLRQ 33$


&H W\SH GH SHUPLV HVW REOLJDWRLUH SRXU TXLFRQTXH GpVLUH DFTXpULU GHV DUPHV j IHX SHX
LPSRUWH TX¶LO RX HOOH VRLW RX QRQ GpMj SURSULpWDLUH G¶DXWUHV DUPHV j IHX /HV SHUVRQQHV
TXL GpVLUHQW REWHQLU FH SHUPLV SRXU GHV DUPHV j IHX VDQV UHVWULFWLRQ GHV DUPHV j IHX j
DXWRULVDWLRQ UHVWUHLQWH RX GHV DUPHV j IHX SURKLEpHV GRLYHQW SUHPLqUHPHQW UpXVVLU OH
FRXUV FDQDGLHQ GH VpFXULWp GDQV OH PDQLHPHQW GHV DUPHV j IHX SHUWLQHQW HW OHV
H[DPHQV UHTXLV ,O \ D XQH SpULRGH G¶DWWHQWH G¶DX PRLQV  MRXUV SRXU O
REWHQWLRQ GH FH
SHUPLV j PRLQV TXH OH GHPDQGHXU QH VRLW GpMj WLWXODLUH G¶XQ 33$ RX G¶XQ SHUPLV GH
SRVVHVVLRQ SRXU PLQHXU



$11(;(6

$QQH[H -  &HVVLRQ G¶DUPHV j IHX j DXWRULVDWLRQ


UHVWUHLQWH
(Q YHUWX GHV DUWLFOHV  HW  GHV OD /RL VXU OHV DUPHV D IHX OHV GHX[ SDUWLHV WRXFKpHV
SDU OD FHVVLRQ G¶XQH DUPH j IHX j DXWRULVDWLRQ UHVWUHLQWH GRLYHQW UHVSHFWHU FHUWDLQHV
FRQGLWLRQV DYDQW TXH OD FHVVLRQ QH VRLW DXWRULVpH 'H SOXV SOXVLHXUV FRQGLWLRQV
V¶DSSOLTXHQW HQ YHUWX GX 5qJOHPHQW VXU OHV FRQGLWLRQV YLVDQW OD FHVVLRQ GHV DUPHV
j IHX HW DXWUHV DUPHV

/¶LQIRUPDWLRQ TXL VXLW GRQQH XQ DSHUoX GHV UHQVHLJQHPHQWV j IRXUQLU SRXU OD FHVVLRQ
YHQWH pFKDQJH RX GRQ GHV DUPHV j IHX

2EOLJDWLRQV GX FpGDQW
8QH SHUVRQQH TXL GpVLUH FpGHU XQH DUPH j IHX GRLW 

x rWUH VXIILVDPPHQW FHUWDLQH TXH O¶DFTXpUHXU Q¶HVW SDV DWWHLQW G¶XQH PDODGLH PHQWDOH
TXL SRXUUDLW UHSUpVHQWHU XQH PHQDFH j OD VpFXULWp SXEOLTXH

x rWUH VXIILVDPPHQW FHUWDLQH TXH OHV IDFXOWpV GH O¶DFTXpUHXU QH VRQW SDV DIIDLEOLHV SDU
O¶DOFRRO RX OHV GURJXHV

x H[LJHU TXH O¶DFTXpUHXU OXL PRQWUH XQ SHUPLV O¶DXWRULVDQW j DFTXpULU HW j SRVVpGHU


FHWWH FDWpJRULH G¶DUPHV j IHX SDUWLFXOLqUH

x rWUH FRQYDLQFXH TXH OH SHUPLV DXWRULVH O¶DFTXpUHXU j DFTXpULUHW jSRVVpGHUFHWWH


FDWpJRULH G¶DUPHV j IHX SDUWLFXOLqUH

x LQIRUPHU XQ FRQWU{OHXU GHV DUPHV j IHX GH OD FHVVLRQ HW REWHQLU VRQ DXWRULVDWLRQ

x YHLOOHU j FH TXH OHV FRQGLWLRQV VXLYDQWHV SDUDJUDSKH   GX 5qJOHPHQW VXU OHV


FRQGLWLRQV YLVDQW OD FHVVLRQ GHV DUPHV j IHX HW DXWUHV DUPHV j DXWRULVDWLRQ
UHVWUHLQWH VRLHQW UHVSHFWpHV 

R IRXUQLU DX FRQWU{OHXU GHV DUPHV j IHX VRQ QRP HW VRQ DGUHVVH DLQVL TXH FHX[ GH
O¶DFTXpUHXU
R IRXUQLU DX FRQWU{OHXU GHV DUPHV j IHX VRQ QXPpUR GH SHUPLV DLQVL TXH FHOXL GH
O¶DFTXpUHXU HW
R IRXUQLU DXFRQWU{OHXU GHVDUPHVj IHX OH QXPpUR GX FHUWLILFDW G¶HQUHJLVWUHPHQW GH
O¶DUPH j IHX FpGpH

2EOLJDWLRQV GX FHVVLRQQDLUH
$ILQ TXH OD FHVVLRQ VRLW DXWRULVpH OD SHUVRQQH j TXL O¶DUPH j IHX HVW FpGpH GRLW 



0$18(/ '( /¶e78',$17± 

x GpWHQLU XQ SHUPLV GH SRVVHVVLRQ HW G¶DFTXLVLWLRQ SRXU OD FDWpJRULH G¶DUPHV j IHX HQ


SDUWLFXOLHU
x YHLOOHU j FH TXH OH QRXYHDX FHUWLILFDW G¶HQUHJLVWUHPHQW VRLW GpOLYUp SDU OH GLUHFWHXU
x SRXU OD FHVVLRQ G¶DUPHV j IHX j DXWRULVDWLRQ UHVWUHLQWH HW G¶DUPHV GH SRLQJ
SURKLEpHV SpULRGH DQWpULHXUH DX HU GpFHPEUH  VHXOHPHQW 
R LQIRUPHU OH FRQWU{OHXU GHV DUPHV j IHX GH OD UDLVRQ SRXU ODTXHOOH HOOH D EHVRLQ
G¶DFTXpULU O¶DUPH j IHX SURWHFWLRQ GH OD YLH SURWHFWLRQ OpJLWLPH WLU j OD FLEOH RX
FRPSpWLWLRQ RX XQH FROOHFWLRQ G¶DUPHV 
R VL OH FHVVLRQQDLUH DFTXLHUW XQH DUPH j IHX TXL IDLW SDUWLH G¶XQH FROOHFWLRQ G¶DUPHV
j IHX LO GHYUD IRXUQLU DX FRQWU{OHXU GHV DUPHV j IHX 
ƒ GHV UHQVHLJQHPHQWV TXDQW j VD FRQQDLVVDQFH GHV FDUDFWpULVWLTXHV
SDUWLFXOLqUHV DX[ DUPHV j IHX j DXWRULVDWLRQ UHVWUHLQWH RX DX[ DUPHV GH SRLQJ
TX¶LO SRVVqGH
ƒ VRQ FRQVHQWHPHQW SDU pFULW j XQH HQWHQWH UDLVRQQDEOH GH YLVLWHV SpULRGLTXHV
GHV OLHX[ R GRLYHQW rWUH FRQVHUYpHV FHV DUPHV j IHX HW
ƒ GHV SUpFLVLRQV VXU VD FRPSUpKHQVLRQ GHV H[LJHQFHV UHODWLYHV j O¶HQWUHSRVDJH
VpFXULWDLUH GHV DUPHV j IHX j DXWRULVDWLRQ UHVWUHLQWH RX GHV DUPHV GH SRLQJ
SURKLEpHV
x SRXU OD FHVVLRQ G¶DUPHV j IHX j DXWRULVDWLRQ UHVWUHLQWH HW SURKLEpHV VHXOHPHQW
IRXUQLUDXFRQWU{OHXU GHVDUPHVj IHXOHQXPpUR GX FHUWLILFDWG¶HQUHJLVWUHPHQW TXLOXL
j pWp GpOLYUp
$YDQW G¶DXWRULVHU OD FHVVLRQ G¶XQH DUPH j IHX OH FRQWU{OHXU GHV DUPHV j IHX GRLW
GpWHUPLQHU VL OD FHVVLRQ SHXW FRPSURPHWWUH OD VpFXULWp GHV DXWUHV 6L OD FHVVLRQ HVW
DXWRULVpH OH FRQWU{OHXU GHV DUPHV j IHX GpOLYUHUD XQ VHXO HW PrPH QXPpUR
G¶DXWRULVDWLRQ GH FHVVLRQ DX[ GHX[ SDUWLHV /RUVTXH OD FHVVLRQ HVW UpJOpH SDU WpOpSKRQH
OH QXPpUR GH FHVVLRQ GpOLYUp DX[ GHX[ SDUWLHV VHUYLUD GH FRQILUPDWLRQ GH FHVVLRQ HW GH
FHUWLILFDW G¶HQUHJLVWUHPHQW WHPSRUDLUH MXVTX
j FH TX¶XQ QRXYHDX FHUWLILFDW
G¶HQUHJLVWUHPHQW VRLW HQYR\p SDU FRXUULHU



$11(;(6

$QQH[H.  &HVVLRQ G¶DUPHV j IHX VDQV UHVWULFWLRQ


/H  DYULO  OH SURMHW GH ORL & /RL VXU O¶DEROLWLRQ GX UHJLVWUH GHV DUPHV G¶pSDXOH
HVW HQWUp HQ YLJXHXU PHWWDQW ILQ j O¶REOLJDWLRQ SRXU OH FpGDQW G¶XQH DUPH j IHX VDQV
UHVWULFWLRQ G¶DWWHQGUH OD FRQILUPDWLRQ GH O¶DYLV GH FHVVLRQ DYDQW GH FpGHU O¶DUPH j IHX DX
FHVVLRQQDLUH /H FpGDQW GRLW FRQILUPHU TXH OH FHVVLRQQDLUH HVW WLWXODLUH G¶XQ 33$ YDOLGH
DYHF OHV SULYLOqJHV DSSURSULpV DYDQW TXH OD FHVVLRQ VRLW ILQDOLVpH

(Q YHUWX GHV DUWLFOHV  HW  GHV OD /RL VXU OHV DUPHV D IHX OHV GHX[ SDUWLHV WRXFKpHV
SDU OD FHVVLRQ G¶XQH DUPH j IHX VDQV UHVWULFWLRQ GRLYHQW UHVSHFWHU FHUWDLQHV FRQGLWLRQV

2EOLJDWLRQV GX FpGDQW
8QH SHUVRQQH TXL GpVLUH FpGHU XQH DUPH j IHX GRLW 

x rWUH VXIILVDPPHQW FHUWDLQH TXH O¶DFTXpUHXU Q¶HVW SDV DWWHLQW G¶XQH PDODGLH PHQWDOH
TXL SRXUUDLW UHSUpVHQWHU XQH PHQDFH j OD VpFXULWp SXEOLTXH

x rWUH VXIILVDPPHQW FHUWDLQH TXH OHV IDFXOWpV GH O¶DFTXpUHXU QH VRQW SDV DIIDLEOLHV SDU
O¶DOFRRO RX OHV GURJXHV

x H[LJHU TXH O¶DFTXpUHXU OXL PRQWUH XQ SHUPLV O¶DXWRULVDQW j DFTXpULU HW j SRVVpGHU


FHWWH FDWpJRULH G¶DUPHV j IHX SDUWLFXOLqUH

2EOLJDWLRQ GX FHVVLRQQDLUH
/D SHUVRQQH j TXL O¶DUPH j IHX HVW FpGpH GRLW 
x GpWHQLU XQ SHUPLV GH SRVVHVVLRQ HW G¶DFTXLVLWLRQ YDOLGH SRXU OD FDWpJRULH G¶DUPHV j
IHX HQ SDUWLFXOLHU



0$18(/ '( /¶e78',$17± 

*/266$,5(
*/266$,5(

*/266$,5(
$
DOLPHQWHU  $FWLRQ GH IDLUH SDVVHU XQH FDUWRXFKH GDQV OD FKDPEUH
kPH  3DUWLH LQWpULHXUH GX FDQRQ G¶XQH DUPH j IHX FH TXL H[FOXW OD FKDPEUH 9RLH SDU
ODTXHOOH YR\DJH OD EDOOH RX OHV DXWUHV SURMHFWLOHV WLUpV GH O¶DUPH j IHX
kPH OLVVH  ÆPH TXL Q¶HVW SDV UD\pH FRPPH FHOOH G¶XQ IXVLO GH FKDVVH
kPH OLVVH F\OLQGUpH  ÆPH G¶XQ FDQRQ GH IXVLO GH FKDVVH TXL D XQ GLDPqWUH XQLIRUPH
VXU WRXWH VD ORQJXHXU LO Q¶HVW SDV PXQL G¶XQ pWUDQJOHPHQW  6HUW j WLUHU GHV EDOOHV
UD\pHV GHV EDOOHV OLVVHV VDERWV HW GH OD FKHYURWLQH 
DPRUFH  7HUPH GpVLJQDQW O¶DOYpROH O¶HQFOXPH HW OH FRPSRVp G¶DPRUoDJH /RUVTX¶HOOH
HVW IUDSSpH O¶DPRUFH H[SORVH HOOH DOOXPH DORUV OD FKDUJH SURSXOVLYH SRXGUH 
DPRUFHU  'DQV OH FDV G¶XQH DUPH j IHX j SRXGUH QRLUH SODFHU OD SRXGUH GDQV OH
EDVVLQHW RX OD FDSVXOH GpWRQDQWH VXU OD FKHPLQpH $XVVL HQ SUDWLTXH GH UHFKDUJHPHQW
LQVpUHU XQH DPRUFH GDQV O¶DOYpROH G¶XQH GRXLOOH
DUPp  3RVLWLRQ GX FKLHQ RX GX SHUFXWHXU ORUVTXH O¶DUPH j IHX HVW SUrWH j WLUHU
DUPH j DLU FRPSULPp  $UPH XWLOLVDQW O¶DLU FRPSULPp RX OH GLR[\GH GH FDUERQH SRXU WLUHU
XQ SURMHFWLOH
DUPH j %%  7\SH G¶DUPH j DLU FRPSULPp FRQoXH SRXU Q¶XWLOLVHU TXH GHV SURMHFWLOHV
VSKpULTXHV HQ DFLHU GH FDOLEUH %%
DUPH j FKDUJHPHQW SDU OD FXODVVH  $UPH j IHX TXL VH FKDUJH SDU OD FXODVVH
DUPH j IHX  9RLU O¶$QQH[H &  'pILQLWLRQV OpJDOHV
DUPH j IHX j DXWRULVDWLRQ UHVWUHLQWH  9RLU O¶$QQH[H &  'pILQLWLRQV OpJDOHV
DUPH j IHX j OHYLHU  8QH DUPH j IHX j UpSpWLWLRQ GRWpH G¶XQ FKDUJHXU HW GRQW OH
PpFDQLVPH GH FXODVVH HVW DFWLRQQp SDU XQ OHYLHU DSSDUHQW VLWXp KDELWXHOOHPHQW VRXV OD
ERvWH GH FXODVVH RX OD FDUFDVVH
DUPH jIHXjSRPSH 
D 8Q PpFDQLVPH TXL HVW DFWLRQQp HQ GpSODoDQW OH JDUGHPDLQ GDQV O¶D[H GX FDQRQ
E 8QH DUPH j IHX TXL HVW PXQLH G¶XQ FKDUJHXU HW TXL HVW DFWLRQQp PDQXHOOHPHQW SDU XQ
PpFDQLVPH j SRPSH VH GpSODoDQW GDQV O¶D[H GX FDQRQ DXVVL DSSHOpH DUPH j IHX j
FRXOLVVH RX j JOLVVLqUH
DUPH jIHXjXQ FRXS  8QH DUPH j IHX FRPSRUWDQW XQ VHXO FDQRQ j FKDUJHPHQW
PDQXHO HW GpSRXUYXH GH FKDUJHXU RX GH PDJDVLQ



0$18(/ '( /¶e78',$17± 

DUPH j IHX j YHUURX  8QH DUPH j IHX j UpSpWLWLRQ GRWpH G¶XQ FKDUJHXU HW GRQW OH YHUURX
RX OH PpFDQLVPH GH IHUPHWXUH GH FXODVVH VH GpSODFH GDQV O¶D[H GX FDQRQ OD FXODVVH
HVW DFWLRQQpH PDQXHOOHPHQW SDU OH ELDLV G¶XQH SDWWH RX G¶XQH PDQHWWH IL[pH HQ
SHUPDQHQFH DX YHUURX RX DX PpFDQLVPH GH IHUPHWXUH
DUPH j IHX KLVWRULTXH  9RLU O¶$QQH[H &  'pILQLWLRQV OpJDOHV
DUPH j IHX QHXWUDOLVpH  $UPH j IHX TXL D pWp UHQGXH LQRSpUDQWH HW FH GH IDoRQ
SHUPDQHQWH /HV QRUPHV OLpHV DX[ DUPHV j IHX QHXWUDOLVpHV VRQW pWDEOLHV SDU OD
*5&&$)&
DUPH j IHX SURKLEpH  9RLU O¶$QQH[H &  'pILQLWLRQV OpJDOHV
DUPH j IHX VDQV UHVWULFWLRQ  9RLU O¶$QQH[H &  'pILQLWLRQV OpJDOHV
DUPH j IHX j FKDUJHPHQW SDU OD ERXFKH  'pVLJQHXQHDUPH j IHX VHFKDUJHDQWSDUOD
ERXFKH GX FDQRQ
DUPH G¶pSDXOH  7HUPH JpQpULTXH VHUYDQW D GpFULUH OHV FDUDELQHV HW OHV IXVLOV GH
FKDVVH
DUPHGHSRLQJ 9RLU O¶$QQH[H &  'pILQLWLRQV OpJDOHV
DUPH VHPLDXWRPDWLTXH  8QH DUPH j IHX j UpSpWLWLRQ SRXU ODTXHOOH LO IDXW DSSX\HU VXU
OD GpWHQWH SRXU WLUHU FKDTXH FDUWRXFKH HW TXL XWLOLVH O¶pQHUJLH SURGXLWH SDU OH WLU SRXU
DVVXUHU OH IRQFWLRQQHPHQW SDUWLHO GX PpFDQLVPH SDUIRLV DSSHOpH DUPH j FKDUJHPHQW
DXWRPDWLTXH
DUPHU  3ODFHU OH PpFDQLVPH G
XQH DUPH j IHX HQ SRVLWLRQ GH WLU 6XU FHUWDLQHV DUPHV j
IHX OH PpFDQLVPH FRPSRUWH XQH SRVLWLRQ LQWHUPpGLDLUH DSSHOpH © VHPLDUPpH ª
DUUrW GH FKDUJHXU  'LVSRVLWLI TXL LQWHUURPSW O¶DOLPHQWDWLRQ HQWUH OH FKDUJHXU HW O¶DUPH j
IHX
$UUrWRLU  %XWpH HPSrFKDQW XQ PpFDQLVPH G¶DOOHU SOXV ORLQ
DWWHQWH  $FWLRQ GH PDLQWHQLU OHV YLVHXUV VXU OD FLEOH WRXW HQ SUHVVDQW OD GpWHQWH
DXWRPDWLTXH  6H GLW G¶XQ PpFDQLVPH TXL WLUH UDSLGHPHQW GHV FDUWRXFKHV DYHF XQH
VHXOH SUHVVLRQ GH OD GpWHQWH

%
EDJXHWWH GH FKDUJHPHQW  %DJXHWWH GH ERLV RX GH PpWDO VHUYDQW j SRXVVHU OH FKLIIRQ
HW OD EDOOH GDQV OH FDQRQ G
XQH DUPH j IHX VH FKDUJHDQW SDU OD ERXFKH
EDJXHWWH SRXU OD YpULILFDWLRQ GX FDQRQ  %DJXHWWH VHUYDQW j QHWWR\HU XQH DUPH j
IHX (OOH HVW DXVVL LQVpUpH GDQV OH FDQRQ SRXU YpULILHU V¶LO \ D GHV REMHWV TXL O¶REVWUXHQW
DYDQW GH FKDUJHU O¶DUPH j IHX 3HXW DXVVL rWUH DSSHOpH © EDJXHWWH GH FKDUJHPHQW ª RX
© EDJXHWWH GH YpULILFDWLRQ ª



*/266$,5(

EDOLVWLTXH  6FLHQFH TXL pWXGLH OH GpSODFHPHQW GHV SURMHFWLOHV HW OHV pOpPHQWV D\DQW
XQH LQFLGHQFH VXU OHXU PRXYHPHQW GDQV OH FDQRQ HQ YRO HW VXU OD FLEOH OD WUDMHFWRLUH OD
IRUFH O¶LPSDFW HW OD SpQpWUDWLRQ VRQW OHV DVSHFWV pWXGLpV
EDOOH 
D 3URMHFWLOH GH SORPE XWLOLVp SRXU OHV DUPHV j IHX j SRXGUH QRLUH
E 3URMHFWLOH FRQoX SRXU rWUH WLUp G¶XQ FDQRQ UD\p
EDOOH j PpSODW  %DOOH j SRLQWH SODWH XWLOLVpH VXUWRXW GDQV OHV FDUWRXFKHV FRQoXHV SRXU
OD FDUDELQH j FKDUJHXU WXEXODLUH
EDOOH j SRLQWH FRQLTXH  %DOOH F\OLQGULTXH GRQW OH ERXW HVW GH IRUPH FRQLTXH
EDOOH j SRLQWH FUHXVH  %DOOH GRQW O¶
H[WUpPLWp DYDQW HVW PXQLH G¶XQH FDYLWp TXL HQ
IDFLOLWH O¶H[SDQVLRQ DX PRPHQW GH O¶LPSDFW
EDOOH j SRLQWH PROOH VHPLEOLQGpH RX H[SDQVLYH  %DOOH D\DQW XQH FKHPLVH SDUWLHOOH
TXL H[SRVH XQH SDUWLH GX QR\DX GH SORPE j OD SRLQWH
EDOOH j SRLQWH URQGH  %DOOH REORQJXH j ERXW DUURQGL
EDOOH EOLQGpH  %DOOH UHFRXYHUWH G¶XQH HQYHORSSH FKHPLVH GH PpWDO SOXV GXU  $XVVL
DSSHOpH EDOOH FKHPLVpH 8WLOLVpH SRXU OHV PXQLWLRQV j EDOOH
EDOOH F\OLQGULTXH © ZDGFXWWHU ª  %DOOH F\OLQGULTXH j ERXW SUHVTXH SODW HW j UHERUG
WUDQFKDQW FRQoXH GH IDoRQ j WURXHU QHWWHPHQW OHV FLEOHV GH SDSLHU HW j IDFLOLWHU DLQVL OH
FRPSWH GHV SRLQWV
EDOOH F\OLQGULTXH pSDXOpH © VHPLZDG FXWWHU ª  %DOOH F\OLQGULTXH D\DQW XQ SHWLW F{QH
WURQTXp GLVWLQFW DX ERXW GH OD EDOOH 6RXYHQW XWLOLVpH SRXU OH WLU VXU FLEOHV GH SDSLHU
EDOOH 0LQLp  %DOOH FRQLTXH HQ SORPE XWLOLVpH GDQV OHV DUPHV UD\pHV j FKDUJHPHQW SDU
OD ERXFKH HW PXQLH G¶XQ FXORW pYLGp TXL VH GLODWH ORUV GX WLU
EDOOH SHUGXH RX EDOOH IROOH  3URMHFWLOH HQ ILQ GH WUDMHFWRLUH TXL D SHUGX SUHVTXH WRXWH
VD IRUFH GH SpQpWUDWLRQ 0DOJUp OHXU PDQTXH GH IRUFH OHV EDOOHV SHUGXHV SHXYHQW
SpQpWUHU OD FLEOH
EDOOH UD\pH  *URV SURMHFWLOH XQLTXH j UD\XUHV HQ VSLUDOHV XWLOLVp GDQV OHV IXVLOV GH
FKDVVH
EDULOOHW  3LqFH URWDWLYH G¶XQ UpYROYHU GDQV ODTXHOOH VRQW SHUFpHV GHV FKDPEUHV SRXU
ORJHU GHV FDUWRXFKHV &HWWH SLqFH FRPELQH OHV IRQFWLRQV GH FKDUJHXU GH V\VWqPH
G¶DOLPHQWDWLRQ HW GH FKDPEUH GH PLVH j IHX
EDVVLQHW  3HWLWH FDYLWp VLWXpH VXU OH F{Wp RX OH GHVVXV G¶XQH DUPH j IHX j PqFKH /HV
DUPHV j IHX j URXHW RX j VLOH[ VRQW GRWpHV G¶XQ EDVVLQHW TXL FRQWLHQW OD SRXGUH
G¶DPRUoDJH SXOYpULQ 



0$18(/ '( /¶e78',$17± 

EDWWHULH  %UDV HQ DFLHU GX PpFDQLVPH G¶XQH SODWLQH j VLOH[ FRQWUH OHTXHO YLHQW IUDSSHU
OH VLOH[ SRXU SURGXLUH OHV pWLQFHOOHV TXL HQ WRPEDQW GDQV OH EDVVLQHW DOOXPH OD FKDUJH
G¶DPRUoDJH
EOHXLVVDJH RX EOHXLVVHPHQW  3URFpGp G¶R[\GDWLRQ URXLOOH GHV SLqFHV PpWDOOLTXHV
GHV DUPHV j IHX FRQWU{Op SDU O¶DSSOLFDWLRQ G¶XQH KXLOH TXL VH PpODQJH DX[ QLWUDWHV
XWLOLVpV GDQV OH SURFpGp /¶KXLOH VFHOOH OH PpWDO HW O
HPSrFKH GH URXLOOHU /H PpWDO GHYLHQW
EOHX QRLU G¶R OH QRP GH © EOHXLVVDJH ª
EORF GH FXODVVH  0pFDQLVPH YHUURXLOODQW TXL VRXWLHQW OH FXORW GH OD FDUWRXFKH $XVVL
DSSHOp FXODVVH PRELOH
ERvWH j FKLIIRQ  3HWLW FRPSDUWLPHQW TXL HVW FUHXVp GDQV OH F{Wp GH OD FURVVH G¶XQH
DUPH j IHX j FKDUJHPHQW SDU OD ERXFKH HW TXL VHUW j HQWUHSRVHU GHV FKLIIRQV RX G¶DXWUHV
SHWLWV DFFHVVRLUHV
ERvWH GH FXODVVH  &DUFDVVH PpWDOOLTXH G¶XQH DUPH j IHX FRQWHQDQW HQ JpQpUDO OHV
PpFDQLVPHV GH FXODVVH GH YHUURXLOODJH GH GpYHUURXLOODJH HW GH FKDUJHPHQW
+DELWXHOOHPHQW OH QXPpUR GH VpULH VH WURXYH VXU OD ERvWH GH FXODVVH $XVVL DSSHOpH ©
FDUFDVVH ª
ERXFKH  2XYHUWXUH j O¶H[WUpPLWp DYDQW G¶XQ FDQRQ G¶R VRUW OH SURMHFWLOH
ERXUUH  'LVTXH HQ ILEUH GH SDSLHU RX HQ SODVWLTXH VHUYDQW j VpSDUHU OD SRXGUH GH OD
JUHQDLOOH G¶XQH FDUWRXFKH GH FKDVVH RX G¶XQH EDOOH UD\pH j VFHOOHU OHV JD] SURSXOVHXUV
GHUULqUH OD FKDUJH SURSXOVLYH RX j PDLQWHQLU FHOOHFL JURXSpH GDQV OH FDQRQ
ERXUUHOHW  5HERUG GX FXORW G¶XQH FDUWRXFKH 3DUWLH GH OD FDUWRXFKH TXH O¶H[WUDFWHXU
VDLVLW SRXU pMHFWHU FHWWH GHUQLqUH GH OD FKDPEUH
EUHWHOOH  &RXUURLH TXL VHUW j SRUWHU XQH DUPH j IHX HW TXL SHXW DXVVL DLGHU DX WLU j OD
FDUDELQH
EU€OXUH GH SRXGUH  &DUERQLVDWLRQ G¶XQH VXUIDFH FDXVpH SDU GHV UpVLGXV GH WLU

&
FDFKHIODPPH  'LVSRVLWLIUDWWDFKp j ODERXFKHSRXUUHIURLGLU OHV JD]HW HPSrFKHURX
UpGXLUH OD OXHXU GH GpSDUW
FDOHSLQ RX HQYHORSSH 
D 3HWLW PRUFHDX GH FXLU RX GH WLVVX HQGXLW GH OXEULILDQW TXH O¶RQ SODFH DXWRXU G
XQH EDOOH
DYDQW GH OD IRUFHU GDQV OH FDQRQ G¶XQH DUPH j IHX VH FKDUJHDQW SDU OD ERXFKH
E 0RUFHDX GH WLVVX SDVVp GDQV O¶kPH GX FDQRQ SRXU OH QHWWR\HU
FDOLEUH G¶XQH DUPH j IHX  0HVXUH SDU XQLWp PpWULTXH RX DQJORVD[RQQH VHUYDQW j
GpFULUH OH GLDPqWUH LQWpULHXU GX FDQRQ G¶XQH DUPH j IHX UD\pH /H WHUPH © FDOLEUH ª VHUW
DXVVL j GpFULUH OH GLDPqWUH G¶XQ SURMHFWLOH GDQV XQH FDUWRXFKH
FDOLEUH GH IXVLO GH FKDVVH  0HVXUH GX GLDPqWUH GH O¶kPH G
XQ IXVLO GH FKDVVH



*/266$,5(

FDQRQ  7XEH PpWDOOLTXH G¶XQH DUPH j IHX /D EDOOH OD JUHQDLOOH RX WRXW DXWUH SURMHFWLOH
V¶DFFpOqUHQW GDQV OH FDQRQ TXDQG OH FRXS HVW WLUp
FDQRQV MXPHOp j  6H GLW G¶XQH DUPH j IHX PXQLH GH GHX[ FDQRQV SODFpV F{WH j F{WH
RX VXSHUSRVpV
FDQRQV MX[WDSRVpV j  6H GLW G¶XQH DUPH j IHX JpQpUDOHPHQW XQ IXVLO GH FKDVVH
PXQLH GH GHX[ FDQRQV SODFpV F{WH j F{WH
FDSVXOH GpWRQDQWH  3HWLWH FDSVXOH PpWDOOLTXH FRQWHQDQW XQ FRPSRVp H[SORVLI (OOH HVW
SODFpH VXU OD FKHPLQpH G¶XQH DUPH j IHX j SHUFXVVLRQ
FDUDELQH  $UPH G¶pSDXOH PXQLH G¶XQH kPH UD\pH HW FRQoXH SRXU WLUHU XQ VHXO SURMHFWLOH
j OD IRLV /H WHUPH DQJODLV © FDUELQH ª GpVLJQH XQ PRGqOH G¶DUPH G¶pSDXOH j FDQRQ
FRXUW HW UD\p 9RLU UD\DJH
FDUFDVVH  3DUWLH GH O¶DUPH j IHX TXL FRQWLHQW OH PpFDQLVPH +DELWXHOOHPHQW OH QXPpUR
GH VpULH VH WURXYH VXU OD FDUFDVVH $SSHOpH DXVVL FKkVVLV
FDUWRXFKH  0XQLWLRQ FRPSOqWH FRPSUHQDQW XQH GRXLOOH XQH DPRUFH GH OD SRXGUH HW XQ
SURMHFWLOH /HV FDUWRXFKHV PRGHUQHV VRQW JpQpUDOHPHQW FODVVpHV HQ GHX[ VRUWHV  OHV
FDUWRXFKHV j SHUFXVVLRQ FHQWUDOH HW OHV FDUWRXFKHV j SHUFXVVLRQ DQQXODLUH /HV
FDUWRXFKHV GH IXVLO GH FKDVVH FRQVWLWXHQW XQH FODVVH SDUWLFXOLqUH HW GpVLJQHQW WRXWHV OHV
FDUWRXFKHV TXL UHQIHUPHQW GH OD ERXUUH HW GH OD JUHQDLOOH
FDUWRXFKH j JUDQGH SXLVVDQFH  7HUPH TXL V¶DSSOLTXDLW DX[ SUHPLqUHV FDUWRXFKHV j
SRXGUH VDQV IXPpH GRQW OD YpORFLWp pWDLW G¶HQYLURQ  PqWUHV j OD VHFRQGH
  SLHGV j OD VHFRQGH 
FDUWRXFKH j SHUFXVVLRQ DQQXODLUH  'pVLJQH WRXWHV OHV FDUWRXFKHV GRQW O¶DPRUFH HVW
VFHOOpH VXU OH ERXUUHOHW DXWRXU GX FXORW
FDUWRXFKH j SHUFXVVLRQ FHQWUDOH  'pVLJQH XQH FDUWRXFKH GRQW O¶DPRUFH HVW VLWXpH DX
FHQWUH GX FXORW
FDUWRXFKH GH IXVLO GH FKDVVH  &DUWRXFKH XWLOLVpH GDQV XQ IXVLO GH FKDVVH HW
FRQWHQDQW XQH FKDUJH GH JUHQDLOOH RX XQ SURMHFWLOH XQLTXH DSSHOp EDOOH
FDUWRXFKH PpWDOOLTXH  &DUWRXFKH D\DQW XQH GRXLOOH PpWDOOLTXH 3DU FRQWUH OHV
SUHPLqUHV FDUWRXFKHV DYDLHQW XQH GRXLOOH GH OLQ GH SDSLHU HWF
FHVVH]OHIHX  2UGUH GRQQp TXL LQGLTXH OH PRPHQW j SDUWLU GXTXHO OH WLU GRLW FHVVHU
O¶DUPH j IHX GRLW rWUH GpFKDUJpH HW OHV WLUHXUV GRLYHQW UHFXOHU GHUULqUH j OLJQH GH FHVVH]
OHIHX SHQGDQW TXH OHV FLEOHV VRQW FKDQJpHV RX TXH G¶DXWUHV DFWLYLWpV VH GpURXOHQW
FKDPEUH  3DUWLH DUULqUH GX FDQRQ /D FDUWRXFKH HVW SODFpH GDQV OD FKDPEUH HW HOOH HVW
SUrWH j WLUHU 8Q UpYROYHU HVW GRWp GH SOXVLHXUV FKDPEUHV
FKDPSLJQRQQDJH  )RUPH TXH SUHQQHQW GH QRPEUHXVHV EDOOHV j SRLQWH PROOH
ORUVTX¶HOOHV VH GLODWHQW DX PRPHQW GH O¶LPSDFW



0$18(/ '( /¶e78',$17± 

FKDUJH 
D 3RLGV GH OD SRXGUH SURSXOVLYH G¶XQH FDUWRXFKH
E 'DQV OH FDV GH OD SRXGUH QRLUH YROXPH GH SRXGUH XWLOLVp
FKDUJH SURSXOVLYH  3RLGV GH OD SRXGUH FRQWHQXH GDQV OD GRXLOOH SRXU OD SRXGUH VDQV
IXPpH HW YROXPH GH OD SRXGUH FRQWHQXH GDQV OD GRXLOOH SRXU OD SRXGUH QRLUH 
FKDUJHU DOLPHQWHU DSSURYLVLRQQHU  3UpSDUHU XQH DUPH j IHX DX WLU HQ \ LQVpUDQW GHV
PXQLWLRQV 3ODFHU XQH FDUWRXFKH GDQV OD FKDPEUH 5HPSOLU XQ FKDUJHXU GH FDUWRXFKHV
FKDUJHXU  0pFDQLVPH RX pWXL JUkFH DXTXHO OHV PXQLWLRQV SHXYHQW rWUH LQVpUpHV GDQV
OD FKDPEUH G
XQH DUPH j IHX /D SDUWLH  GX 5qJOHPHQW GpVLJQDQW GHV DUPHV j IHX
DUPHV pOpPHQWV RX SLqFHV G¶DUPHV DFFHVVRLUHV FKDUJHXUV PXQLWLRQV HW SURMHFWLOHV
FRPPH pWDQW SURKLEpV RX j DXWRULVDWLRQ UHVWUHLQWH pWDEOLW OH QRPEUH OLPLWH GH FDUWRXFKHV
SHUPLVHV GDQV GLIIpUHQWV JHQUHV GH FKDUJHXUV
FKHPLVH  (QYHORSSH PpWDOOLTXH UHFRXYUDQW OH QR\DX GH PpWDO G¶XQH EDOOH
FKHYURWLQHV  *URVVHV ELOOHV XWLOLVpHV GDQV OHV FDUWRXFKHV GH IXVLO GH FKDVVH
FKLHQ  eOpPHQW EDVFXODQW G¶XQ PpFDQLVPH GH PLVH j IHX TXL IUDSSH OH SHUFXWHXU ORUV
GX WLU 'DQV OH FDV GHV DUPHV j IHX VH FKDUJHDQW SDU OD ERXFKH OH FKLHQ FRQWLHQW OH VLOH[
RX OD PqFKH
FORLVRQV  9RLU UD\DJH
F{QH GH IRUFHPHQW  3DUWLH WURQFRQLTXH GX FDQRQ G¶XQ IXVLO OLVVH RX GX FDQRQ G¶XQ
UpYROYHU UHOLDQW OD FKDPEUH j O¶kPH ,O IDFLOLWH OH SDVVDJH GX SURMHFWLOH GH OD FDUWRXFKH j
O¶kPH GX FDQRQ $XVVL DSSHOp © F{QH GH UDFFRUGHPHQW ª
FRQWU{OHXU GHV DUPHV j IHX  3HUVRQQH FKDUJpH GDQV XQH SURYLQFH RX XQ WHUULWRLUH GH
OD GpOLYUDQFH GHV SHUPLV GHV DXWRULVDWLRQV GH WUDQVSRUW GHV DXWRULVDWLRQV GH SRUW HW
G¶DXWUHV IRQFWLRQV OLpHV j O¶DSSOLFDWLRQ GH OD /RL VXU OHV DUPHV j IHX HW VHV UqJOHPHQWV
FRUGRQ GH QHWWR\DJH  &RUGH VHUYDQW j SDVVHU XQ pFRXYLOORQ RX XQ FKLIIRQ GH
QHWWR\DJH GDQV O¶kPH G¶XQH DUPH j IHX
FRUURVLRQ  'pJUDGDWLRQ SURJUHVVLYH GHV SDUWLHV PpWDOOLTXHV G¶XQH DUPH j IHX FDXVpH
SDU OD URXLOOH RX G¶DXWUHV UpDFWLRQV FKLPLTXHV
FRXS  &RXS WLUp SDU XQH DUPH j IHX 'pVLJQH pJDOHPHQW XQH FDUWRXFKH RX XQH
PXQLWLRQ FRPSOqWH F¶HVWjGLUH FRPSRUWDQW WRXV OHV pOpPHQWV UHTXLV SRXU WLUHU XQ FRXS
FRXS G¶DPRUFH  )DLEOH VRQ SURGXLW SDU XQH GpFKDUJH XQLTXHPHQW G¶DPRUFH HQ UDLVRQ
GH O¶DEVHQFH WRWDOH RX G¶XQ PDQTXH FRQVLGpUDEOH GH SRXGUH GDQV OD FDUWRXFKH
FUrWH GH FURVVH  5HERUG VXSpULHXU GH OD FURVVH G¶XQH FDUDELQH RX G¶XQ IXVLO GH FKDVVH
FRQWUH OHTXHO OH WLUHXU DSSXLH VX MRXH



*/266$,5(

FURVVH  ([WUpPLWp SRVWpULHXUH G¶XQH FDUDELQH RX G¶XQ IXVLO GH FKDVVH OD SDUWLH TXL
UHSRVH FRQWUH O¶pSDXOH  'DQV OH FDV G¶XQH DUPH GH SRLQJ F¶HVW OD SDUWLH LQIpULHXUH GH
O¶DUPH j IHX
FXODVVH  ([WUpPLWp DUULqUH GX FDQRQ G¶XQH DUPH j IHX GDQV ODTXHOOH RQ LQVqUH OHV
PXQLWLRQV 9RLU DXVVL FKDPEUH

'
GpPRQWDJH VRPPDLUH  'pPRQWDJH G
XQH DUPH j IHX HQ YXH GH O
HQWUHWLHQ HW GX
QHWWR\DJH UpJXOLHUV
GpWHQWH  'LVSRVLWLI GX PpFDQLVPH G
XQH DUPH j IHX TXL GpFOHQFKH OD PLVH j IHX GH OD
PXQLWLRQ
GLDPqWUH GH O¶kPH  0HVXUH GX GLDPqWUH GH O¶kPH G¶XQ F{Wp D O¶DXWUH 9RLU DXVVL UD\DJH
HW FDOLEUH
GLVSRVLWLI GH GpYHUURXLOODJH GX PpFDQLVPH  3DUWLH G¶XQH DUPH j IHX TXL GpYHUURXLOOH
RX RXYUH OH PpFDQLVPH DILQ GH GRQQHU DFFqV j OD FKDPEUH
GLVSRVLWLI GH YHUURXLOODJH VpFXULWDLUH  9RLU O¶$QQH[H &  'pILQLWLRQV OpJDOHV
GLVSRVLWLI GH YLVpH  'LVSRVLWLI PpFDQLTXH RX RSWLTXH G¶XQH DUPH j IHX TXL DLGHOHWLUHXU
j YLVHU DYHF SUpFLVLRQ
GLVSRVLWLI SURKLEp  9RLU O¶$QQH[H &  'pILQLWLRQV OpJDOHV
GRXLOOH  eWXL H[WpULHXU G¶XQH FDUWRXFKH 3RXU OHV FDUDELQHV HW OHV DUPHV GH SRLQJ OD
GRXLOOH HVW KDELWXHOOHPHQW IDLWH GH ODLWRQ RX G¶XQ DXWUH PpWDO 3RXU OHV IXVLOV GH FKDVVH
HOOH HVW KDELWXHOOHPHQW IDLWH GH SDSLHU RX GH SODVWLTXH DYHF XQ FXORW GH PpWDO HW HVW
VRXYHQW DSSHOpH © FDUWRXFKH ª

(
pFRXYLOORQ  %URVVH VHUYDQW j QHWWR\HU OH FDQRQ G¶XQH DUPH j IHX
pMHFWHXU  3LqFH RX SDUWLH GX PpFDQLVPH G¶XQH DUPH j IHX TXL VHUW j pMHFWHU OHV
FDUWRXFKHV RX OHV GRXLOOHV
HQFUDVVDJH GX FDQRQ © HPSORPEDJH ª  'pS{W GH PpWDO VXU OD VXUIDFH GH O¶kPH G¶XQ
FDQRQ FDXVp SDU OD FKDOHXU RX OD IULFWLRQ GX SDVVDJH GH OD JUHQDLOOH RX GHV EDOOHV
pWUDQJOHPHQW RX © FKRNH ª  5pWUpFLVVHPHQW DX QLYHDX GH OD ERXFKH G¶XQ IXVLO GH
FKDVVH TXL FRQWU{OH OD FRQFHQWUDWLRQ GH OD JHUEH GH JUHQDLOOH
H[SORVLRQ SURJUHVVLYH  %U€OXUH GH UpVLGXV GH SRXGUH QRLUH DYHF EHDXFRXS GH FKDOHXU
HW SHX GH IXPpH
H[WUDFWLRQ  5HWUDLW G¶XQH FDUWRXFKH RX G¶XQH GRXLOOH GH OD FKDPEUH G¶XQH DUPH j IHX



0$18(/ '( /¶e78',$17± 

)
IHQrWUH GH FKDUJHPHQW  2XYHUWXUH SDU ODTXHOOH RQ SHXW LQWURGXLUH OHV FDUWRXFKHV GDQV
OH PDJDVLQ
ILOV FURLVpV  /LJQH GH YLVpH GDQV XQ YLVHXU WpOHVFRSLTXH
IOpFKHWWH  3HWLW SURMHFWLOH VRXVFDOLEUp HW HPSHQQp HQFKkVVp GDQV XQ VDERW
GpWDFKDEOH FDSVXOH HW FKDUJp GDQV XQH FDUWRXFKH GH IXVLO GH FKDVVH (Q JpQpUDO XQH
VHXOH FDUWRXFKH FRQWLHQW XQ FHUWDLQ QRPEUH GH IOpFKHWWHV ,O V¶DJLW G¶XQH PXQLWLRQ
SURKLEpH
IUHLQ GH ERXFKH  'LVSRVLWLI UDWWDFKp j OD ERXFKH G¶XQH DUPH j IHX SRXU GLPLQXHU OH
UHFXO GH O¶DUPH j IHX $XVVL DSSHOp © FRPSHQVDWHXU ª
IXVLO j JUDQGH SXLVVDQFH  'pVLJQH JpQpUDOHPHQW XQH DUPH j IHX XWLOLVDQW GHV
PXQLWLRQV j SHUFXVVLRQ FHQWUDOH
IXVLO GH FKDVVH  $UPH G¶pSDXOH j kPH OLVVH FRQoXH SRXU WLUHU GHV FKDUJHV GH
JUHQDLOOH DSSHOpHV © ELOOHV ª RX XQ SURMHFWLOH XQLTXH DSSHOp © EDOOH ª
I€W  3DUWLH DYDQW G¶XQH PRQWXUH j XQH RX GHX[ SLqFHV $SSHOp SDUIRLV JDUGHPDLQ
PRELOH RX JOLVVLqUH PRELOH GDQV OHV PpFDQLVPHV j SRPSH LO VHUW G¶DSSXL DYDQW SRXU OD
PDLQ HQ SRVLWLRQ GH WLU

*
JkFKHWWH  3LqFH GX PpFDQLVPH GH PLVH j IHX UHOLpH j OD GpWHQWH HW UHWHQDQW OH FKLHQ
OH SHUFXWHXU RX OD PDVVH SHUFXWDQWH HQ SRVLWLRQ DUPpH MXVTX
DX GpFOHQFKHPHQW GH OD
GpWHQWH
JUDLQ  8QLWp GH PHVXUH GH PDVVH   JUDLQV YDOHQW XQH OLYUH FRXUDPPHQW XWLOLVpH
SRXU H[SULPHU OH SRLGV GHV FRPSRVDQWHV G¶XQH PXQLWLRQ /D SRXGUH QRLUH HW VHV
VXEVWLWXWV VRQW PHVXUpV VHORQ OH YROXPH GH JUDLQV /HV SRXGUHV PRGHUQHV VRQW
PHVXUpHV G¶DSUqV OH SRLGV
JUHQDLOOH  (QVHPEOH GHV SHWLWV SURMHFWLOHV VSKpULTXHV FRQWHQXV GDQV OHV FDUWRXFKHV GH
FKDVVH GpVLJQH DXVVL OHV ELOOHV XWLOLVpHV GDQV FHUWDLQHV DUPHV j DLU FRPSULPp
JURV FDOLEUH  7HUPH GH WLU TXL VH UDSSRUWH DX[ DUPHV j IHX RX DX[ PXQLWLRQV j
SHUFXVVLRQ FHQWUDOH
JURXSHPHQW  'LVSHUVLRQ GHV ELOOHV G¶XQ FRXS GH IXVLO GH FKDVVH (OOH VH PHVXUH j XQH
GLVWDQFH QRUPDOH GH  YHUJHV VXU XQH VXUIDFH FLUFXODLUH GH  SRXFHV GH GLDPqWUH

+
KDXVVH  9RLU GLVSRVLWLI GH YLVpH
KDXVVH j FUDQ GH PLUH RXYHUWH  'LVSRVLWLI GH YLVpH G¶XQH DUPH j IHX HQ © 9 ª RX HQ
© 8 ª XWLOLVp FRPPH UHSqUH GH YLVpH DUULqUH



*/266$,5(

KDXVVH j °LOOHWRQ  +DXVVH PXQLH G¶XQ WURX SDU OHTXHO RQ SHXW YRLU OD FLEOH

,
LQFLGHQW GH WLU  'pIDXW GH IRQFWLRQQHPHQW G
XQH DUPH j IHX FDXVp SDU O¶HQUD\DJH OH
EORFDJH DFFLGHQWHO G¶XQH SLqFH RX XQ GpIDXW GH PpFDQLTXH RX GH VWUXFWXUH

-
$XFXQ WHUPH QH V¶DSSOLTXH

.
$XFXQ WHUPH QH V¶DSSOLTXH

/
OHYLHU GH GpYHUURXLOODJH GX FKDUJHXU  %RXWRQ RX PpFDQLVPH TXL SHUPHW G¶H[WUDLUH OH
FKDUJHXU GH O¶DUPH j IHX
OLJQH GH PLUH  /LJQH GURLWH LPDJLQDLUH DOODQW GH O¶°LO GX WLUHXU j WUDYHUV OHV GLVSRVLWLIV
GH YLVpH MXVTX¶DX SRLQW GH PLUH $SSHOpH DXVVL OLJQH GH YLVpH
ORQJ IHX  5HWDUG GH O¶DOOXPDJH RX GpIHFWXRVLWp GH OD PLVH j IHX G¶XQH FDUWRXFKH DSUqV
OD SHUFXVVLRQ GH O¶DPRUFH SDU OH SHUFXWHXU
ORQJXHXU GH FDQRQ  'LVWDQFH HQWUH OD ERXFKH GX FDQRQ HW OD FKDPEUH \ FRPSULV FHOOH
FL &HOD H[FOXW OHV DFFHVVRLUHV RX UDOORQJHV GH FDQRQ WHOV TXH FDFKHIODPPH RX IUHLQV
GH ERXFKH 'DQV OH FDV GHV UpYROYHUV F¶HVW OD GLVWDQFH HQWUH OD ERXFKH GX FDQRQ HW OH
ERXW GH OD FXODVVH MXVTX¶j XQ SRLQW VLWXp MXVWH GHYDQW OH EDULOOHW
OXQHWWHGHYLVpH  9RLU GLVSRVLWLI GH YLVpH

0
PDJQXP 
D 'pVLJQH XQH FDUWRXFKH D\DQW XQH SOXV JUDQGH SXLVVDQFH RX XQH SOXV KDXWH YpORFLWp
TXH OD PR\HQQH GHV FDUWRXFKHV GH PrPH FDOLEUH H[ XQH FDUWRXFKH GH IXVLO GH FKDVVH
GH  SR 0DJQXP GH FDUDELQH GH FDOLEUH  :LQFKHVWHU 0DJQXP GH SLVWROHW 
5HPLQJWRQ 0DJQXP  /HV DUPHV j IHX TXL XWLOLVHQW GHV PXQLWLRQV PDJQXP SHXYHQW
DXVVL rWUH DSSHOpHV © PDJQXP ª
E 7HUPH FRPPHUFLDO XWLOLVp SDU OHV IDEULFDQWV TXL SHXW LQGLTXHU RX QRQ SOXV GH
SXLVVDQFH RX GH SRUWpH
PDLQWLHQ GH OD YLVpH VXLYL  )DLW GH FRQVHUYHU VD SRVLWLRQ GH WLU DSUqV DYRLU DSSX\p VXU
OD GpWHQWH FH TXL DVVXUH XQH PHLOOHXUH SUpFLVLRQ GH WLU 6L OD FLEOH HVW HQ PRXYHPHQW
O¶DFWLRQ FRQVLVWH j OD VXLYUH PrPH DSUqV OH WLU
PpFDQLVPH  3DUWLHV DPRYLEOHV G
XQH DUPH j IHX TXL SHUPHWWHQW G¶LQVpUHU GH WLUHU
G¶H[WUDLUH HW G¶pMHFWHU OHV PXQLWLRQV



0$18(/ '( /¶e78',$17± 

PpFDQLVPH j DFWLRQ GRXEOH VHXOHPHQW  0pFDQLVPH TXL QH SHXW SDV IRQFWLRQQHU j


DFWLRQ VLPSOH
PpFDQLVPH j DFWLRQ GRXEOH  0pFDQLVPH GRQW OH F\FOH HQWLHU GH WLU HVW DFFRPSOL
XQLTXHPHQW SDU XQH SUHVVLRQ IHUPH VXU OD GpWHQWH
PpFDQLVPH j DFWLRQ VLPSOH RX XQLTXH  0pFDQLVPH SHUPHWWDQW GH OLEpUHU OH FKLHQ GH
OD SRVLWLRQ DUPpH TXDQG RQ DSSXLH VXU OD GpWHQWH
PpFDQLVPH j EDULOOHW  0pFDQLVPH PXQL G¶XQ EDULOOHW URWDWLI SHUFp G¶XQ FHUWDLQ QRPEUH
GH FKDPEUHV TXL O¶XQH DSUqV O¶DXWUH YLHQQHQW VH SODFHU GDQV O¶D[H GX FDQRQ
PpFDQLVPH j OHYLHU  0pFDQLVPH G¶DUPH j IHX DFWLRQQp SDU XQ OHYLHU YHUWLFDO VLWXp
VRXV OD FDUFDVVH &H OHYLHU VHUW DXVVL GH SRQWHW
PqFKH  /RQJXH FRUGH LPSUpJQpH GH VDOSrWUH TXL EU€OH OHQWHPHQW HW TXL GDQV OHV
SUHPLqUHV DUPHV j IHX VHUYDLW j DOOXPHU OD FKDUJH G¶DPRUoDJH SXOYpULQ 
PLSRUWpH j  3RLQW GH OD WUDMHFWRLUH VLWXp j PLGLVWDQFH HQWUH OD ERXFKH HW OD FLEOH
PRQWXUH DUULqUH  6XU OHV DUPHV G¶pSDXOH SDUWLH GH OD PRQWXUH TXL YD GH OD ERvWH GH
FXODVVH j OD FURVVH
PRXVTXHW  8QH GHV SUHPLqUHV DUPHV G¶pSDXOH j kPH OLVVH
PXQLWLRQ  9RLU O¶$QQH[H &  'pILQLWLRQV OpJDOHV
PXQLWLRQ FKDUJpH RX UpHOOH  0XQLWLRQ FRQWHQDQW GH OD SRXGUH RX GHV DJHQWV
SURSXOVHXUV SRXYDQW WLUHU GHV EDOOHV RX G¶DXWUHV SURMHFWLOHV
PXQLWLRQ IDFWLFH LQHUWH IDXVVH RX j EODQF  0XQLWLRQ LQDFWLYH VHUYDQW j OD SUDWLTXH GX
PDQLHPHQW GHV DUPHV j IHX &HV PXQLWLRQV Q¶RQW QL DPRUFH QL DJHQW SURSXOVHXU 9RLU
DXVVL PXQLWLRQ FKDUJpH RX UpHOOH
PXQLWLRQ SURKLEpH  9RLU O¶$QQH[H &  'pILQLWLRQV OpJDOHV

1
QRQ FKDUJpH  9RLU O¶$QQH[H &  'pILQLWLRQV OpJDOHV
QRQ IHX RX UDWp  'pIDXW GH IRQFWLRQQHPHQW G¶XQH FDUWRXFKH DSUqV TXH OH SHUFXWHXU DLW
IUDSSp O¶DPRUFH 1H SDV FRQIRQGUH DYHF © ORQJ IHX ª TXL HVW XQ UHWDUG G¶DOOXPDJH
QRQ VXUYHLOOp 9RLU O¶$QQH[H &  'pILQLWLRQV OpJDOHV
QR\DX  3DUWLH FRQWHQXH GDQV OD FKHPLVH GH OD EDOOH FRPPH OH FHQWUH GH OD EDOOH

2
°LO GRPLQDQW  °LO DYHF OHTXHO XQH SHUVRQQH YRLW OH PLHX[ HW GRQW HOOH VH VHUW
KDELWXHOOHPHQW SRXU WLUHU DYHF XQH DUPH j IHX



*/266$,5(

RJLYH G
LQWHUGLFWLRQ  ([WUpPLWp DUULqUH HW SURILOpH GH FHUWDLQHV EDOOHV ELRJLYDOHV
DSSHOpH DXVVL RJLYH GH TXHXH TXL VHUW j DFFURvWUH O¶HIILFLHQFH EDOLVWLTXH GX SURMHFWLOH VXU
XQH ORQJXH GLVWDQFH
RSDTXH  2EMHW TXL Q¶HVW SDV WUDQVSDUHQW

3
SpQpWUDWLRQ  3URIRQGHXU j ODTXHOOH XQ SURMHFWLOH V¶HQIRQFH GDQV OD FLEOH DYDQW GH
V¶DUUrWHU
SHUFXVVLRQ DQQXODLUH j  &DUWRXFKH GRQW OH FRPSRVp FKLPLTXH G¶DPRUoDJH HVW VLWXp
j O¶LQWpULHXU GH O¶DQQHDX ERXUUHOHW HQWRXUDQW OH FXORW GH OD FDUWRXFKH 9RLU DXVVL
FDUWRXFKH
SHUFXVVLRQ FHQWUDOH j  &DUWRXFKH GRQW O¶DPRUFH HVW VLWXpH DX FHQWUH GX FXORW
SHUFXWHXU  3LqFH GX PpFDQLVPH GH OD FXODVVH TXL IUDSSH O¶DPRUFH GH OD FDUWRXFKH
SHWLW FDOLEUH  6H GLW JpQpUDOHPHQW G¶XQH DUPH j IHX GH FDOLEUH  +05 RX GHV
PXQLWLRQV j SHUFXVVLRQ DQQXODLUH
SLVWROHW  $UPH GH SRLQJ
SODWHDX GH FKDUJHXU  3ODWHIRUPH j UHVVRUW GDQV XQ FKDUJHXU TXL SODFH OHV FDUWRXFKHV
HQ SRVLWLRQ G¶DOLPHQWDWLRQ 'RLW rWUH ELHQ YLVLEOH TXDQG RQ YpULILH VL XQH DUPH j IHX HVW
WRWDOHPHQW GpFKDUJpH VXUWRXW V¶LO V¶DJLW GH FKDUJHXUV WXEXODLUHV
SODWLQH 
D 0pFDQLVPH GH PLVH j IHX GHV DUPHV j IHX j FKDUJHPHQW SDU OD ERXFKH
E 'DQV OHV DUPHV j IHX j FKDUJHPHQW SDU OD FXODVVH OD SODWLQH FRPSUHQG OH
PpFDQLVPH GH PLVH j IHX HW O¶HQVHPEOH GH OD FXODVVH
SODWLQH j PqFKH  0pFDQLVPH G¶DUPH j IHX XWLOLVDQW XQ VHUSHQWLQ RX XQH SLqFH GH PpWDO
HQ IRUPH GH 6 SRXU WHQLU XQH PqFKH LQFDQGHVFHQWH TXL SDU VRQ FRQWDFW DYHF OD SRXGUH
G¶DPRUoDJH GX EDVVLQHW DOOXPH OD FKDUJH SURSXOVLYH
SODWLQH j URXHW  $QFLHQ PpFDQLVPH G¶DUPH j IHX GDQV OHTXHO XQH URXH GHQWpH HVW
IURWWpH FRQWUH XQ PRUFHDX GH S\ULWH GH IHU SRXU SURGXLUH OHV pWLQFHOOHV GHVWLQpHV j
DOOXPHU OD FKDUJH FRQWHQXH GDQV OH EDVVLQHW
SODWLQH j VLOH[  0pFDQLVPH G¶DQFLHQQHV DUPHV j IHX TXL SURGXLVDLW GHV pWLQFHOOHV SDU
OH FKRF G¶XQ VLOH[ FRQWUH XQH EDWWHULH G¶DFLHU FH TXL HQIODPPDLW OD FKDUJH SURSXOVLYH
SRLJQpH  3DUWLH DPLQFLH GH OD FURVVH TXH VDLVLW OD PDLQ DYHF ODTXHOOH OD SHUVRQQH WLUH
SRQWHW  $UFHDX PpWDOOLTXH ULJLGH HQWRXUDQW OD GpWHQWH SRXU OD SURWpJHU HW IDLUH HQ VRUWH
TX¶RQ QH OD WRXFKH SDV DFFLGHQWHOOHPHQW
SRUWpH G¶XQ SURMHFWLOH  /D SRUWpH G¶XQ SURMHFWLOH VH GpILQLW FRPPH VXLW 
D /D GLVWDQFH IUDQFKLH SDU XQ SURMHFWLOH GHSXLV O¶DUPH j IHX MXVTX¶j OD FLEOH



0$18(/ '( /¶e78',$17± 

E /D GLVWDQFH PD[LPDOH IUDQFKLH SDU XQ SURMHFWLOH


F /D SRUWpH GDQJHUHXVH  GLVWDQFH PD[LPDOH TXH OH SURMHFWLOH SHXW IUDQFKLU
G /D SRUWpH HIILFDFH RX SUDWLTXH  OD SOXV JUDQGH GLVWDQFH TXH OH SURMHFWLOH SHXW IUDQFKLU
DYHF SUpFLVLRQ
SRUWpH GDQJHUHXVH G¶XQ SURMHFWLOH  'LVWDQFH PD[LPDOH TX¶RQ SURMHFWLOH SHXW
SDUFRXULU 9RLU DXVVL SRUWpH G¶XQ SURMHFWLOH
SRUWpH HIILFDFH  'LVWDQFH PD[LPDOH j ODTXHOOH XQ WLUHXU SHXW rWUH V€U GH WRXFKHU OD
FLEOH /¶H[SUHVVLRQ GpVLJQH DXVVL OD SRUWpH XWLOH GHV SURMHFWLOHV 9RLU DXVVL VWDQG GH WLU
FKDPS RX VDOOH GH WLU 
SRUWLqUH GH FKDUJHPHQW  9ROHW j FKDUQLqUH UHFRXYUDQW O¶RXYHUWXUH SDU ODTXHOOH VRQW
LQVpUpHV OHV FDUWRXFKHV GDQV OH FKDUJHXU RX GDQV OH EDULOOHW G¶XQ UpYROYHU
SRUWLqUH GH FKDUJHXU  3ODTXH PpWDOOLTXH VLWXpH DX IRQG GH FHUWDLQV FKDUJHXUV GH
FDUWRXFKHV OD SRUWLqUH HVW JpQpUDOHPHQW j FKDUQLqUH j O¶DYDQW HW UHWHQXH SDU XQ UHVVRUW
GH UDSSHO VLWXp MXVWH GHYDQW OH SRQWHW 
SRXGUH  7HUPH JpQpULTXH GpVLJQDQW WRXW DJHQW SURSXOVLI TXL HVW XWLOLVp GDQV OHV DUPHV
j IHX HW TXL EU€OH j OD PLVH j IHX /HV GHX[ SULQFLSDX[ W\SHV VRQW OD SRXGUH QRLUH XQH
SRXGUH H[SORVLYH  HW OD SRXGUH VDQV IXPpH XQH SRXGUH SURSXOVLYH 
SRXGUH QRLUH  0pODQJH GH SRXGUH ILQHPHQW EUR\pH FRPSRVp GH WURLV LQJUpGLHQWV
IRQGDPHQWDX[  VDOSrWUH QLWUDWH GH SRWDVVLXP  FKDUERQ FDUERQH HW VRXIUH (OOH HVW
SULQFLSDOHPHQW XWLOLVpH GDQV OHV DUPHV j IHX j FKDUJHPHQW SDU OD ERXFKH
SRXGUH SURSXOVLYH  6XEVWDQFH FKLPLTXH TXL PLVH j IHX SURSXOVH OHV SURMHFWLOHV KRUV
GX FDQRQ
SRXGUH VDQV IXPpH SRXGUH S\UR[\OpH  &KDUJH SURSXOVLYH XWLOLVpH GDQV OHV DUPHV j
IHX PRGHUQHV
SURMHFWLOH  /D EDOOH RX OD JUHQDLOOH ODQFpH SDU XQH DUPH j IHX

4
$XFXQ WHUPH QH V¶DSSOLTXH

5
UD\DJH  5DLQXUHV HQ VSLUDOHV SUDWLTXpHV GDQV O¶kPH GX FDQRQ G¶XQH DUPH j IHX SRXU
FRPPXQLTXHU DX SURMHFWLOH XQ PRXYHPHQW URWDWLI TXL DXJPHQWH VD SUpFLVLRQ HW VD
SRUWpH /HV SDUWLHV VXUpOHYpHV GH O¶kPH VRQW DSSHOpHV FORLVRQV RX SDURLV HW OHV
VHJPHQWV FUHXVpV UD\XUHV RX UDLQXUHV
UHFXO  0RXYHPHQW DUULqUH G¶XQH DUPH j IHX DX GpSDUW GX FRXS
UpSOLTXH  9RLU O¶$QQH[H &  'pILQLWLRQV OpJDOHV



*/266$,5(

UHVVRUW GH SHUFXVVLRQ  5HVVRUW VROLGH DFWLRQQDQW OH SHUFXWHXU RX OH FKLHQ G¶XQH DUPH


j IHX
UpYROYHU 
D $UPH GH SRLQJ j UpSpWLWLRQ PXQLH G¶XQ EDULOOHW URWDWLI GDQV OHTXHO VH WURXYHQW SOXVLHXUV
FKDPEUHV /H EDULOOHW SHXW WRXUQHU GDQV XQ VHQV RX GDQV O¶DXWUH VHORQ OH IDEULFDQW GH
O¶DUPH j IHX
E 8QH DUPH j IHX KDELWXHOOHPHQW XQH DUPH GH SRLQJ FRPSRUWDQW XQ EDULOOHW URWDWLI
GDQV OHTXHO VH WURXYHQW SOXVLHXUV FKDPEUHV /HV FDUWRXFKHV VRQW DOLJQpHV VXU OH FDQRQ
j WRXU GH U{OH ORUVTXH OH EDULOOHW WRXUQH HW OH WLU HVW DFWLRQQp SDU XQ VHXO HW PrPH
PpFDQLVPH /H EDULOOHW SHXW WRXUQHU GDQV XQ VHQV RX GDQV O¶DXWUH VHORQ OH IDEULFDQW GH
O¶DUPH j IHX
UpYROYHU j DFWLRQ GRXEOH  UpYROYHU TXL V¶DUPH HW WLUH DYHF XQH SUHVVLRQ IHUPH VXU OD
GpWHQWH
UpYROYHU j DFWLRQ VLPSOH RX XQLTXH  UpYROYHUGRQW LO IDXW DUPHU OH FKLHQ PDQXHOOHPHQW
7DQW TXH FHOD Q¶HVW SDV IDLW OH FRXS QH SDUWLUD SDV PrPH VL O¶RQ DSSXLH VXU OD GpWHQWH
ULFRFKHW  5HERQG G¶XQ SURMHFWLOH KDELWXHOOHPHQW ORUVTX¶LO IUDSSH XQH VXUIDFH GXUH 3DU
H[HPSOH XQH EDOOH TXL UHERQGLW VXU XQH URFKH

6
VDERW  &DSVXOH HQ SODVWLTXH FRQWHQDQW XQH EDOOH UD\pH TXL HVW SOXV SHWLWH TXH OH
GLDPqWUH GH O¶kPH G¶XQH DUPH j IHX /H VDERW HVW VXUWRXW XWLOLVp SRXU OHV IXVLOV GH
FKDVVH HW OHV DUPHV j IHX j FKDUJHPHQW SDU OD ERXFKH
VHPLDUPpH  3RVLWLRQ GX FKLHQ TXL VHUW GH GLVSRVLWLI GH V€UHWp VXU FHUWDLQHV DUPHV j
IHX /H FKLHQ HVW UDPHQp j PLFKHPLQ GH VD FRXUVH SRXU TXH O¶DUPHj IHXQHSXLVVH
WLUHU VL RQ DSSXLH VXU OD GpWHQWH
VHPLDXWRPDWLTXH  0pFDQLVPH G¶DUPH j IHX TXL DFFRPSOLW SRXU FKDTXH SUHVVLRQ VXU
OD GpWHQWH XQ F\FOH FRPSOHW GH IRQFWLRQQHPHQW GX GpSDUW GX FRXS MXVTX¶DX
UHFKDUJHPHQW  WLUH H[WUDLW pMHFWH UHFKDUJH HW DUPH
VHUWLVVXUH  3DUWLH G¶XQH FDUWRXFKH RX G¶XQH GRXLOOH TXL HVW FLQWUpH YHUV O¶LQWpULHXU SRXU
UHWHQLU HQ SODFH OD EDOOH RX OD JUHQDLOOH
VWDQG GH WLU FKDPS RX VDOOH GH WLU  /LHX RX LQVWDOODWLRQ R O¶RQ SHXW V¶DGRQQHU DX WLU
G¶DUPHV j IHX HQ WRXWH VpFXULWp
VWDWLRQDYDO  6XU XQ FKDPS GH WLU GLUHFWLRQ YHUV ODTXHOOH OH WLUHXU UHJDUGH TXDQG LO YLVH
OD FLEOH 9RLU DXVVL VWDQG GH WLU FKDPS RX VDOOH GH WLU 
VXSHUSRVpV  6H GLW GH GHX[ FDQRQV SODFpV XQ DXGHVVXV GH O¶DXWUH JpQpUDOHPHQW VXU
XQ IXVLO GH FKDVVH
V€UHWp  'LVSRVLWLI TXL EORTXH OH PpFDQLVPH GH PLVH j IHX G¶XQH DUPH j IHX



0$18(/ '( /¶e78',$17± 

7
WrWH GH FXODVVH PRELOH  ([WUpPLWp DYDQW GH OD FXODVVH TXL VXSSRUWH OH FXORW GH OD
FDUWRXFKH
WLUjYLGH 'pFOHQFKHPHQW GX PpFDQLVPH GH SHUFXVVLRQ G¶XQH DUPH j IHX QRQ
FKDUJpH SRXU OD SUDWLTXH GX PDQLHPHQW GHV DUPHV j IHX HW GHV WHFKQLTXHV GH WLU /H WLU
j YLGH GH FHUWDLQV PRGqOHV ULVTXH G¶HQGRPPDJHU GHV SLqFHV GX PpFDQLVPH
SDUWLFXOLqUHPHQW V¶LO V¶DJLW G¶XQH DUPH j IHX j SHUFXVVLRQ DQQXODLUH
WLU HQ VpULH  7HUPHXWLOLVp SRXU GpFULUH OH GDQJHU TXL DSSDUDvW ORUVTX¶RQ Q¶D SDV
DSSOLTXp GH JUDLVVH VXU OHV EDOOHV XWLOLVpHV GDQV XQ UpYROYHU j SRXGUH QRLUH /RUVTXH OD
FDUWRXFKH VLWXpH GDQV OD FKDPEUH SULQFLSDOH HVW WLUpH OH PDQTXH GH JUDLVVH GDQV OHV
DXWUHV FKDPEUHV SHXW FDXVHU OD PLVH j IHX GHV DXWUHV FDUWRXFKHV DYDQW TXH FKDTXH
FKDPEUH QH VRLW DOLJQpH DYHF OH FDQRQ
WUDMHFWRLUH  /LJQH TXH SDUFRXUW XQ SURMHFWLOH SHQGDQW VRQ YRO
WUDMHW G
DOLPHQWDWLRQ  7UDMHW TXH VXLW OD FDUWRXFKH GDQV XQ PpFDQLVPH
WURXVVH GH QHWWR\DJH  $VVRUWLPHQW G¶DFFHVVRLUHV VSpFLDOLVpV VHUYDQW j QHWWR\HU HW j
HQWUHWHQLU XQH DUPH j IHX

8
$XFXQ WHUPH QH V¶DSSOLTXH

9
YpKLFXOH  9RLU O¶$QQH[H &  'pILQLWLRQV OpJDOHV
YHUURX RX FXODVVH PRELOH  7LJH G¶DFLHU j PRXYHPHQW GH YDHWYLHQW GDQV XQ
PpFDQLVPH TXL EORTXH OD FDUWRXFKH GDQV OD FKDPEUH DX FRXUV GH OD PLVH j IHX
YLWHVVH  'LVWDQFH SDUFRXUXH SDU XQ SURMHFWLOH GDQV XQH GLUHFWLRQ GRQQpH

:
$XFXQ WHUPH QH V¶DSSOLTXH

;
$XFXQ WHUPH QH V¶DSSOLTXH

<
$XFXQ WHUPH QH V¶DSSOLTXH

=
$XFXQ WHUPH QH V¶DSSOLTXH



*/266$,5(

7RXV OHV LQVWUXFWHXUV TXL HQVHLJQHQW OH &RXUV FDQDGLHQ GH VpFXULWp GDQV OH PDQLHPHQW GHV DUPHV j IHX
&&60$) HW OH &RXUV FDQDGLHQ GH VpFXULWp GDQV OH PDQLHPHQW GHV DUPHV j IHX j DXWRULVDWLRQ UHVWUHLQWH
&&60$)$5 GRLYHQW UHVSHFWHU HW PDLQWHQLU FHUWDLQHV QRUPHV GH VHUYLFH HW OD TXDOLWp GH O¶HQVHLJQHPHQW
/H 3URJUDPPH FDQDGLHQ GHV DUPHV j IHX 3&$) XWLOLVH OHV FRPPHQWDLUHV GHV SDUWLFLSDQWV SRXU VXUYHLOOHU
HW DPpOLRUHU VDQV FHVVH OD IDoRQ GRQW OD IRUPDWLRQ VXU OH PDQLHPHQW VpFXULWDLUH GHV DUPHV j IHX HVW
RIIHUWH

6L YRXV GpVLUH] SUpVHQWHU GHV REVHUYDWLRQV DX 3&$) DX VXMHW GH YRWUH H[SpULHQFH UHODWLYHPHQW DX
&&60$) RX DX &&60$)$5 YHXLOOH] FRPPXQLTXHU DYHF QRXV j O¶DGUHVVH VXLYDQWH  &)2B3URJUDP
3URJUDPPHB&$)#UFPSJUFJFFD




Vous aimerez peut-être aussi