Transcript

3XEOLFDWLRQ�GH�OD�'pOpJDWLRQ�GH�3DULV� GH�OD�/LJXH�GHV�&RPEDWWDQWV�3RUWXJDLV� GLWH�DXVVL�© /LJD�GRV�&RPEDWWHQWHV�ª

/¶DVVRFLDWLRQ�GH�OD�ORL������pWDQW�HQ�FRXUV�GH�FUpDWLRQ� j�OD�3UpIHFWXUH�GH�3ROLFH�GH�3DULV

�������� %XOOHWLQ�Q�����1RYHPEUH����� ��������������������������������������

&KHUV�$VVRFLpV�HW�$PLV�� /D�'pOpJDWLRQ�GH�3DULV�GH�OD�/LJXH�GHV�&RPEDWWDQWV�3RU�WXJDLV�� TXL� HVW� GLWH� DXVVL� GDQV� OD� ODQJXH� GH� &DP}HV�© /LJD�GRV�&RPEDWWHQWHV ª��YRXV�SUpVHQWH�VHV�WRXWHV�SUH�PLqUHV� DFWLYLWpV�� '¶DLOOHXUV�� j� O¶KHXUH� DFWXHOOH�� HOOH� HQ�FRXUV�GH�FUpDWLRQ�j�OD�3UpIHFWXUH�GH�3ROLFH�GH�3DULV� (Q�KDUPRQLH�DYHF� ODGLWH�© /LJD�GRV�&RPEDWWHQWHV ª�� OD�'pOpJDWLRQ�GH�3DULV�D�SRXU�REMHFWLIV�GH�GpIHQGUH�OHV�YD�OHXUV�FRPEDWWDQWHV�G¶HQWUDLGHV��PpPRULHOOHV�HW�PRUDOHV��$X[� )UDQoDLV�� HOOH� UDSSHOOHUDLW� WRXW� QDWXUHOOHPHQW� GDQV�VD�SKLORVRSKLH�OH�6RXYHQLU�)UDQoDLV�TXL�UHPpPRUH�GDQV�OHV�FpUpPRQLHV�OHV�*XHUUHV�HW�OHV�0RUWV�SRXU�OD�)UDQFH�WRXW� HQ� YHLOODQW� j� WUDQVPHWWUH� OHV� YDOHXUV� PRUDOHV� DX[�QRXYHOOHV� JpQpUDWLRQV�PDLV� DXVVL� HQ� HQWUHWHQDQW�PRQX�PHQWV�HW�WRPEHV�GHV�VROGDWV�PRUWV�SRXU�OD�3DWULH�� /H�%XUHDX�GH�OD�'pOpJDWLRQ�GH�3DULV�DYDLW�DLQVL�OH�GHYRLU�GH� FpOpEUHU� OH� ��H� $QQLYHUVDLUH� GH� O¶$UPLVWLFH� GH� OD�*UDQGH�*XHUUH� HQ� DQQRQoDQW� pJDOHPHQW� VHV� SURFKDLQHV�PDQLIHVWDWLRQV�� ,O� D� pWp� DLQVL� SUpVHQWp� VXU� OHV� JULOOHV�GX�VTXDUH� )HUGLQDQG� %UXQRW� O¶H[SRVLWLRQ� YRXOXH� SDU� OD�PDLUH�&DULQH�3HWLW�� TXH� QRXV� UHPHUFLRQV��&HWWH� H[SRVL�WLRQ�V¶LQWLWXOH�/H�FKHPLQ�GH�PpPRLUH�� OH���H�SHQGDQW�OD�JXHUUH�GH����R��VH�WURXYH�pJDOHPHQW�LQWpJUp��OH�&KHPLQ�GH�0pPRLUH�GHV�&RPPpPRUDWLRQV�FHQWHQDLUHV�GH������������������HW������GX�&RUSV�([SpGLWLRQQDLUH�3RUWXJDLV�$X�3RUWXJDO�� HQ�)UDQFH� HW� j�3DULV�� ,O� D� GRQQp�DXVVL� OH�WLWUH� DX�&ROORTXH�GX����QRYHPEUH������R�� OHV� LQWHUYH�QDQWV� VRQW� OH�3URIHVVHXU�<YHV�/pRQDUG��GRFWHXU� HQ�KLV�WRLUH��GLSO{Pp�GH�6FLHQFHV�3R�HW�VSpFLDOLVWH�GH�O¶KLVWRLUH�FRQWHPSRUDLQH� GX� 3RUWXJDO�� 0DQXHO� 'R� 1DVFLPHQWR��DXWHXU�� KLVWRULHQ� HW�7UpVRULHU�*pQpUDO� GH� ODGLWH�'pOpJD�

WLRQ�GH�3DULV�DLQVL�TXH�YRWUH�VHUYLWHXU��5DSSHORQV��VL�EH�VRLQ� HVW�� TXH� OH�3RUWXJDO� D� IDLW� SDUWLH� GHV� IRUFHV� DOOLpHV�DYHF� XQH� DUPpH� GH� TXHOTXH� ��� ���� RIILFLHUV� HW� VROGDWV�GDQV�OHV�)ODQGUHV�IUDQoDLVHV���� 'H�O¶DQQpH�������OH�SUHPLHU�SDQQHDX�UDFRQWH�O¶HQWUpH�HQ�JXHUUH�GX�3RUWXJDO��OH���PDUV«�DLQVL�TXH�OD�SUpSDUDWLRQ�DX�FRQIOLW�HXURSpHQ�GX�&(3�TXL�IXW�DSSHOp�© OH�0LUDFOH�GH�7DQFRV ª��UHFHYDQW��G¶DLOOHXUV��OHV�ORXDQJHV�GX�PDUp�FKDO� -RIIUH�� 'H� O¶DQQpH� ������ OH� GHX[LqPH� UHWUDFH� VRQ�DUULYpH� DX� SRUW� GH� %UHVW� HW� VRQ� LQVWDOODWLRQ� GDQV� OHV�)ODQGUHV�j�SDUWLU�GX���IpYULHU«�DLQVL�TXH�OD�YLVLWH�G¶eWDW�HQ�)UDQFH� HW� j� 3DULV� GX� SUpVLGHQW�%HUQDUGLQR�0DFKDGR�GX��� DX����RFWREUH��'H� O¶DQQpH������� OH� WURLVLqPH� UDS�SRUWH�OD�WHUULEOH�EDWDLOOH�GH�/D�/\V�TXL�D�SHUGX�������GH�VHV�HIIHFWLIV��VXELVVDQW�XQH�DWWDTXH�VHPEODEOH�j�FHOOH�GHV�SUHPLHUV�MRXUV�GH�OD�%DWDLOOH�GH�9HUGXQ�DLQVL�TXH�OH�'p�ILOp� GX� ��� -XLOOHW� ������ 'H� O¶DQQpH� ������ OH� TXDWULqPH�UHODWH�O¶KLVWRLUH�GX�7UDLWp�GH�9HUVDLOOHV�DYHF�OH�3RUWXJDO�HW� OD� )rWH� GH� OD� 9LFWRLUH� TXL� D� pWp� O¶DSRWKpRVH� GH� OD�*UDQGH�*XHUUH�� /¶DQQpH�SURFKDLQH��QRXV�DYRQV�OH�GHYRLU�PRUDO�HW�HW�SD�WULRWLTXH�GH�FRPPpPRUHU�OH�&HQWHQDLUH�GH�OD�%DWDLOOH�GH�/D� /\V�� /D� 'pOpJDWLRQ� GH� 3DULV� D� HQYLVDJp� XQH� SOXV�JUDQGH�H[SRVLWLRQ�DLQVL�TX¶XQH�UHFRQVWLWXWLRQ�KLVWRULTXH�SDU�XQ�GpILOp�HW�XQH�UpWURVSHFWLYH�GH�FHWWH�SpULRGH� &KHUV�$PLV�DGKpUH]�j�QRWUH�DVVRFLDWLRQ��QRXV�DYRQV�WDQW�j� IDLUH� DILQ� G¶KRQRUHU� OHV� RIILFLHUV� HW� VROGDWV� TXL� RQW�FRPEDWWX�SRXU� OD� OLEHUWp�GX�PRQGH�GRQW�EHDXFRXS� VRQW�0RUWV�SRXU�OD�)UDQFH�HW�O¶+RQQHXU�GX�3RUWXJDO� *HRUJHV�9LDXG���SUpVLGHQW�GH�OD��'pOpJDWLRQ�GH�3DULV�GH�OD�/LJXH�GHV�&RPEDWWDQWV�3RUWXJDLV�HW�GH�OD�6RFLpWp�+LV�WRULTXH�HW�$UFKpRORJLH�GX�;,9H�DUURQGLVVHPHQW�GH�3DULV���

$�SDUWLU�GH����KHXUHV�GX����IpYULHU�������/H�3RUWXJDO�VDLVLW����QDYLUHV�JHUPDQLTXHV�FH�TXL�D�pWp�j�O¶RULJLQH�GH�OD�GpFODUDWLRQ�GH�JXHUUH�DOOHPDQGH�GX���PDUV�DORUV�TX¶LO�pWDLW�GDQV�XQH�JXHUUH�VDQV�QRP�GHSXLV������HQ�$IULTXH�OXVRSKRQH�DYHF�O¶$OOHPDJQH�

3UqV�GH�1HXYH-&KDSHOOH��DUULYpH�GH�OD�VRXSH�� &ROOHF�%',&B9$/B���B���������������

(Q������DX�3RUWXJDO�

'DQV� OH� FRQFHUW� GHV� QDWLRQV� j� OD� YHLOOH� GH� OD� *UDQGH�*XHUUH�� O¶(XURSH� QH� FRPSWDLW� TXH� TXDWUH� SD\V� HQ� UpSX�EOLTXH�GRQW�OD�5pSXEOLTXH�GH�6DLQW-0DULQ��VRXYHQW�TXDOL�ILpH� GH� ©� SOXV� YLHLOOH� UpSXEOLTXH� GX� PRQGH� ª�� /HV� WURLV�DXWUHV� pWDLHQW� OD� )UDQFH� TXL�� VRXV� OH� UpJLPH� GH� OD� 7URL�VLqPH�5pSXEOLTXH�� V¶pWDLW� LQVSLUpH�GH� OD�*UDQGH�5pYROX�WLRQ�GH�������OD�5pSXEOLTXH�+HOYpWLTXH�TXL�O¶pWDLW�pJDOH�PHQW�� ,O� HQ� pWDLW� GH� PrPH� GH� FHOOH� GX� 3RUWXJDO� R�� VHV�pOLWHV�IUDQFRSKLOHV�pWDLHQW�UHSUpVHQWpHV�DX�SOXV�KDXW�VRP�PHW� SDU�%HUQDUGLQR�0DFKDGR� �����-������� SUpVLGHQW�GH�OD�5pSXEOLTXH�GH������j������HW�GH������j������HW�$IRQ�VR�&RVWD������-�������SUpVLGHQW�GX�&RQVHLO�SDU�WURLV�IRLV�TXL�HVW�GLW�DXVVL�GX�©�0LQLVWqUH�ª���OHV�UpSXEOLFDLQV�SRUWX�JDLV�O¶pWDQW�SDU�OHV�OXPLqUHV�GH�OD�GpPRFUDWLH�IUDQoDLVH�� 1RXV� DYRQV� j� FpOpEUHU� OHV� &HQWHQDLUHV� GH� ������ ����������� HW� ����� GX� &RUSV� ([SpGLWLRQQDLUH� 3RUWXJDLV� HQ�)UDQFH�HW�j�3DULV��(Q�������LO�\�HXW�OD�VDLVLH�GX����IpYULHU�GH� ��� QDYLUHV� DOOHPDQGV� HQ� EDLH� GH� /LVERQQH� HW� DXWUHV�SRUWV�SRUWXJDLV�TXL�D�pWp�j�O¶RULJLQH�GH�O¶(QWUpH�HQ�JXHUUH�GX�3RUWXJDO��$OOLp�GH�OD�)UDQFH��TXL�HXW�OLHX�OH���PDUV��,O�QRXV�IDXW�GLUH�TXH�OH�3RUWXJDO�pWDLW�GDQV�XQH�JXHUUH�VDQV�QRP�HQ�$IULTXH�/XVRSKRQH��,O�HQ�HVW�GH�PrPH�GX�©�0L�UDFOH�GH�7DQFRV�ª��TXL�HQ�VRQ�3RO\JRQH�PLOLWDLUH�GH�ODGLWH�YLOOH� GH� ©� 7DQFRV� ª�� D� HQWUDLQp� HW� SUpSDUp� G¶DYULO� j� Gp�FHPEUH� GH� OD� PrPH� DQQpH� TXHOTXH� ��� ���� VROGDWV� GX�&RUSV�([SpGLWLRQQDLUH�3RUWXJDLV�HQ�VD�EDVH�PLOLWDLUH�DX[�ILQV�GH�OHV�HQYR\HU�HQ�)UDQFH�HW�j�3DULV�� UHFHYDQW�PrPH�OHV�IpOLFLWDWLRQV�GX�0DUpFKDO�-RIIUH�

(Q�������DX�3RUWXJDO��j�3DULV�HW�HQ�)UDQFH�

$SUqV�OH�©�0LUDFOH�GH�7DQFRV�ª��OHV�TXHOTXH��������VRO�GDWV� GX� &RUSV� ([SpGLWLRQQDLUH� 3RUWXJDLV� SDUWLUHQW� SUR�JUHVVLYHPHQW� GX� SRUW� PLOLWDLUH� G¶$OFDQWDUD� GH� /LVERQQH�G¶R��LOV�DUULYqUHQW�j�OD�EDVVH�PLOLWDLUH�GH�%UHVW�j�SDUWLU�GX���IpYULHU������MXVTX¶HQ�QRYHPEUH�GH�OD�PrPH�DQQpH��,OV�RQW� pWp� DLQVL� LQFRUSRUpV� GDQV� O¶DUPpH� EULWDQQLTXH� TXL�pWDLW��HQ�UDLVRQ�GH�OD�SUR[LPLWp�GX�OLWWRUDO�DQJODLV��GDQV�OHV�VHFWHXUV�GH�O¶$UWRLV�HW�GHV�)ODQGUHV�IUDQoDLVHV�� '¶DLOOHXUV�� LOV� O¶RQW� pWp� DXVVL� SDU� OD� SOXV� YHLOOH� DOOLDQFH�GLSORPDWLTXH�UHPRQWDQW�DX�;,9H�VLqFOH�TXL�H[LVWDLW�HQWUH�O¶$QJOHWHUUH� HW� OH� 3RUWXJDO�� $YHF� GHV� XQLIRUPHV� VHP�EODEOHV��OHV�3RUWXJDLV�RQW�pWp�FRQIRQGXV�DYHF�OHV�DQJODLV�

/HV�SUpVLGHQWV�0DFKDGR� HW�3RLQFDUp�DUULYDQW� OH� ���RFWREUH������j�9HUGXQ��DORUV�TX¶LO�SOHXYDLW��LO�\�HXW�j�OD�VXLWH�VRXV�O¶DXYHQW�YHUV����KHXUHV������OD�UHPLVH�j�OD�YLOOH�PDUW\UH�GHV�LQVLJQHV�GH�O¶2UGUH�GH�OD�7RXU�HW�O¶eSpH��OD�SOXV�KDXWH�GLVWLQFWLRQ�SRUWXJDLVH��

&ROOHF��%',&B9$/B���B��� 9LVLWH�G¶eWDW�GX���DX����RFWREUH������GX�SUpVLGHQW�GH�OD�5pSXEOLTXH�3RUWXJDLVH�%HUQDUGLQR�0DFKDGR 'X���DX����RFWREUH������� OH�SUpVLGHQW�GH� OD�5pSXEOLTXH�3RUWXJDLVH�%HUQDUGLQR�0DFKDGR������-������D�DFFRPSOL�XQH�LPSRUWDQWH�YLVLWH�G¶eWDW�HQ�)UDQFH��%HOJLTXH��$QJOH�WHUUH�HW�3DULV��'qV�MXLQ�GH�OD�PrPH�DQQpH�� LO�DYDLW�SUpYX�GH�V¶\�UHQGUH��,O�pWDLW�TXHVWLRQ�G¶HVWLPHU�HW�HQFRXUDJHU�VHV�VROGDWV��© VHV�HQIDQWV ª��,O�D�pJDOHPHQW�UpXVVL�DLQVL�j�FRQ�VDFUHU�OD�UHFRQQDLVVDQFH�LQWHUQDWLRQDOH�GH�OD�MHXQH�5pSX�EOLTXH�SRUWXJDLVH��LQILQLPHQW�ILqUH�GH�© O¶8QLRQ�6DFUpH ª�DYHF�OD�)UDQFH��TXL�pWDLW�WDQW�DGPLUpH��'¶DLOOHXUV��OH�SUpVL�GHQW�5D\PRQG�3RLQFDUp� O¶KRQRUD�GH�VD�FRPSDJQLH� OH����RFWREUH� ORUV�GH� OD�YLVLWH�GH�9HUGXQ�R�� LO� DVVLVWD� j� OD� UH�PLVH�j�OD�YLOOH�PDUW\UH�GHV�LQVLJQHV�GH�O¶2UGUH�GH�OD�7RXU�HW�O¶eSpH��OD�SOXV�KDXWH�GLVWLQFWLRQ�SRUWXJDLVH��pTXLYDODQW��SDU�DLOOHXUV��j�OD�/pJLRQ�G¶+RQQHXU« '¶DLOOHXUV�� LOV�QH�VH�UHYLUHQW�TXH�OH����RFWREUH�ORUV�GH�OD�GHUQLqUH�MRXUQpH�GH�OD�YLVLWH�G¶eWDW�SRXU�OH�GpMHXQHU�RIIL�FLHO�DX�3DODLV�GH�O¶eO\VpH�SXLV�j�OD�UHPLVH�GH�GpFRUDWLRQV�GH�O¶2UGUH�GH�OD�/pJLRQ�G¶+RQQHXU�DX�VDORQ�G¶KRQQHXU�GH�OD� JDUH� G¶2UVD\� G¶R�� OH� FRPLWp� SRUWXJDLV� SDUWLUHQW� SRXU�+HQGD\H�HW�/LVERQQH�

%LEOLRJUDSKLH� -�<YHV�/pRQDUG��KLVWRLUH�GX�3RUWXJDO�FRQWHPSRUDLQ��eGL�WLRQV�&KDQGHLJQH��3DULV������� -�0DQXHO�GR�1DVFLPHQWR���/D�%DWDLOOH�GH�/D�/\V�-���DYULO�������'HYRLU� GH�0pPRLUH� �� 'HYHU� GH�0HPyULD�� /¶+DU�PDWWDQ�� 3DULV�� ���� �� 3UHPLqUH� *XHUUH� PRQGLDOH��&HQWHQDLUH� ����-������ HW� /HV� VROGDWV� SRUWXJDLV� GHV�WUDQFKpHV� GH�)ODQGUH� HW� OD�PDLQ-G¶°XYUH� j� OD� GHPDQGH�GH�O¶eWDW�IUDQoDLV��/¶+DUPDWWDQ��3DULV�������� -�/XVRMRUQDO�FRP�–�*HRUJHV�9LDXG��3RXUTXRL�OH�3RUWXJDO�HVW� UHQWUp� HQ�*XHUUH "� –� ����-���� �� OHV� UDLVRQV� H[Wp�ULHXUHV� HW� LQWpULHXUHV� GH� O¶HQWUpH� HQ� JXHUUH�GX�3RUWXJDO�KWWS���OXVRMRUQDO�FRP������������SRXUTXRL-OH-SRUWXJDO-HVW-UHQWUH-HQ-JXHUUH�� -� 3RUWXJDO� ��-��� –� 'H� 7DQFRV j� )ODQGUHV� �©� 'H� 7DQ�FRV DX[�)ODQGUHV IUDQoDLVHV�ª� �KWWS���ZZZ�SRUWXJDO�����RUJ�SRUWDO�SW�KLVWRULD�D-JXHUUD-����-�����LWHP����-GH-WDQFRV-D-IODQGUHV

/H�'pILOp�GX����MXLOOHW������GHV�WURXSHV�SRUWXJDLVHV��DYHQXH�GHV�

7HUQHV���$UQROG�*DUFH]�-�/LJD�GRV�FRPEDWWHQWHV��VLVH�j�/LVERQQH��3RUWXJDO

(Q�������HQ�)UDQFH�HW�j�3DULV�

4XDQG�OD�EDWDLOOH�GH�/D�/\V�pFODWH�OH���DYULO�������OD��H�GLYLVLRQ� GX� &(3� TXL� WHQDLW� VRQ� TXDUWLHU� JpQpUDO� j� /HV�WUHP� �FKkWHDX� GH� OD� &LJDOH�� GRLW� DIIURQWHU� OD� ,,H� $UPpH�DOOHPDQGH�GH�9RQ�4XDVW� FRPSRVpH�GH��������KRPPHV�HQ� SOXVLHXUV� OLJQHV� VXFFHVVLYHV� TXL� SLORQQDLW� WRXWHV� OHV�URXWHV��FKHUFKDQW�j�LVROHU�OH�TXDUWLHU�JpQpUDO�HW�OD��H�GLYL�VLRQ�SRUWXJDLVH��3UqV�GH�����FDQRQV�DOOHPDQGV�GH�*LYHQ�FK\�j�%RLV-*UHQLHU�ERPEDUGqUHQW�SHQGDQW�SUqV�GH�TXDWUH�KHXUHV��0DOJUp�TXHOTXHV�SRLQWV�GH�UpVLVWDQFH�SDU�OHV�VRO�GDWV�SRUWXJDLV�GX�&(3��OD��H�GLYLVLRQ�HVW�SUHVTXH�HQWLqUH�PHQW�EDOD\pH�SDU�O¶RIIHQVLYH�DOOHPDQGH�GH�O¶RSpUDWLRQ�©�*HRUJHWWH�ª�GHYDQW�1HXYH-&KDSHOOH� HW� )DXTXLVVDUW� OH� ��DYULO�������/HV�VROGDWV�SRUWXJDLV�VRQW�ERXVFXOpV��HW�VDQV�DUUrW� OHV� WURXSHV� DOOHPDQGHV� IRQW� LUUXSWLRQ� VXU� OHV� GHX[�OLJQHV� GX� IURQW� SRUWXJDLV��1HXYH-&KDSHOOH�� )DXTXLVVDUW��5LFKHERXUJ�� %RLV-*UHQLHU� HW� /DYHQWLH� WRPEqUHQW�� /HV�OLJQHV�SRUWXJDLVHV�VRQW�GpWUXLWHV�HW�IRUPHQW�XQ�DPDV�Kp�WpURFOLWH�GH�GpFRPEUHV�HW�GH�FDGDYUHV�� 8Q� VLqFOH� DSUqV� OD� EDWDLOOH� GH�/D�/\V�� LO� HVW� LPSRVVLEOH�G¶LQGLTXHU�DYHF�SUpFLVLRQ�OH�QRPEUH�H[DFW�GHV�SHUWHV�GX�&(3�ORUV�GH�OD�EDWDLOOH�GX���DYULO�HW�GXUDQW�OD�JXHUUH�GDQV�OHV�)ODQGUHV���WRXWHIRLV�FHUWDLQV�KLVWRULHQV�LQGLTXHQW�TXH�ORUV�GH�OD�EDWDLOOH�GH�/D�/\V�GX���DYULO�������LO�D�pWp�SHU�GX� ������ GHV� HIIHFWLIV� GX�&(3� HW� VXU� OHV� ��� ����PLOL�WDLUHV� SRUWXJDLV� HQJDJpV� VXU� OH� IURQW� GH� )ODQGUH�� 2Q�FRPSWH�������PRUWV��������EOHVVpV��������SULVRQQLHUV�HW�GLVSDUXV��VRLW�XQ�WRWDO�GH���������FH�TXL�DUULYH�j�SUqV�GH�����GHV�HIIHFWLIV�� /RUV�GH�OD�EDWDLOOH�GH�/D�/\V�GX���DYULO�������OHV�VROGDWV�SRUWXJDLV� WHQDLHQW� OH� UpGXLW� GH� OD� YLOOH� GH�/D�&RXWXUH����6HORQ� OH� MRXUQDO� IUDQoDLV� ©� 7pOpJUDPPH� ª� GX� ��� DYULO��������/¶+LVWRLUH�SDUOHUD�XQ�MRXU�G¶XQ�EDWDLOORQ�SRUWXJDLV�TXL� j� /D� &RXWXUH� V¶HVW� EDWWX� MXVTX¶j� OD� GHUQLqUH� FDU�WRXFKH�� �LQ� �� KWWS���ZZZ�PRPHQWRV� GH� KLVWRULD�FRP�0+B��B��B��-([HUFLWR�KWP���/D�GpIHQVH�SRUWXJDLVH���������KRPPHV��GDQV�OD�EDWDLOOH�GH�/D�/\V�FRQWUH�O¶RIIHQ�VLYH�DOOHPDQGH���������KRPPHV���YDOLRVD�SDUD�D�YLWyULD�GRV�DOLDGRV��Q¶D-W-HOOH�SDV�pWp�SUpFLHXVH�SRXU�OD�YLFWRLUH�ILQDOH�GHV�DOOLpV�HW�GH�OD�OLEHUWp�GX�SHXSOH�IUDQoDLV�� 6HORQ�XQH�pWXGH�HQ�UDSSRUW�DYHF�OD�SRSXODWLRQ�DX�3RUWX�JDO�HQ�FH�GpEXW�GX�;;H�VLqFOH�� LO�HVW�pFULW ��© SRXU�FKD�FXQH�GHV� WUHL]H� IDPLOOHV�SRUWXJDLVHV� LO� \�DYDLW�XQ�VROGDW�PRELOLVp�GDQV�OH�FRQIOLW���-���HQ�)UDQFH ª�

8QH�MHXQH�ILOOH�IUDQoDLVH�VDOXDQW�GHV�RIILFLHUV�SRUWXJDLV�ORUV�GX�'pILOp�GX����-XLOOHW�������DSSHOp�pJDOHPHQW�)rWH�GH�OD�9LFWRLUH��$UQROG�*DUFH]�-�/LJD�GRV�&RPEDWWHQWHV��/LVERQQH��3RUWXJDO

(Q������j�9HUVDLOOHV�HW�j�3DULV�

'DQV�OH�FRXUV�GH�OD�WHUULEOH�HW�JORULHXVH�DQQpH�������OHV�WURXSHV�GX�&RUSV�([SpGLWLRQQDLUH�3RUWXJDLV�FRPPHQFq�UHQW�j�HPEDUTXHU�SRXU� OH�3RUWXJDO��(OOHV� OH� ILUHQW�SDU� OH�SRUW�PLOLWDLUH�GH�&KHUERXUJ�TXL� pWDLW� VRXV� OHV�RUGUHV�GH�&DUORV�GH�)DULD�0LODQRV�� EDURQ�GH�&DGRUR�HW� OLHXWHQDQW�FRORQHO�GH�FDYDOHULH�TXL�DYDLW�GpMj�FRPPDQGp�OH�GpVHP�EDUTXHPHQW�GHVGLWHV� WURXSHV�YHQDQW�GX�3RUWXJDO�DX�SRUW�GH�%UHVW��HQ������� /¶DQQpH� ����� D� pWp� pJDOHPHQW� FHOOH� GX� 7UDLWp� GH� 9HU�VDLOOHV�HW�GX�'pILOp�GX����-XLOOHW��,O�V¶HVW��G¶DLOOHXUV��DSSH�Op�OD�)rWH�GH�OD�9LFWRLUH��(QJDJp�VXU�OHV�IURQWV�DIULFDLQ�HW�HXURSpHQ�DYHF�TXHOTXH���������VROGDWV��OH�3RUWXJDO��TXL�DYDLW�VXEL�GHV�SHUWHV�pOHYpHV��DYDLW�FRQVHQWL�j�XQ�HIIRUW�GH�JXHUUH�FRQVLGpUDEOH��$OOLp�SDUPL� OHV����GH� OD�)UDQFH�� OH�3RUWXJDO�D�SX�DLQVL�UHYHQGLTXHU�VD�SODFH�GDQV�OH�7UDLWp�GH�9HUVDLOOHV��eODERUp�DX�FRXUV�GH�OD�&RQIpUHQFH�GH�3DL[�GH�3DULV�� LO� D� pWp� VLJQp� OH���� MXLQ������GDQV� OD�JDOHULH�GHV�*ODFHV�GX�&KkWHDX�GH�9HUVDLOOHV�HW�D�pWp�SURPXOJXp�OH����MDQYLHU�������/HV�VHQWHQFHV�DUELWUDOHV�HQWUH�O¶$OOHPDJQH�HW�OH�3RUWXJDO�GXUqUHQW�HQ�IDLW�MXVTX¶DX����DYULO������Up�SDUDQW� DLQVL� OD� JXHUUH� VDQV� QRP� HQ� $IULTXH� j� SDUWLU� GH������HW�OD�SDUWLFLSDWLRQ�GX�&RUSV�([SpGLWLRQQDLUH�3RUWX�JDLV��HQ�)UDQFH�HW�3DULV��/H�OXQGL����MXLOOHW������j�3DULV��XQ� FRQWLQJHQW� GH� ���� EUDYHV� GX� &RUSV� ([SpGLWLRQQDLUH�3RUWXJDLV� GHV� )ODQGUHV� IUDQoDLVHV� D� GpILOp� GH� OD� 3RUWH�0DLOORW� j� OD� SODFH� GH� OD� 5pSXEOLTXH�� HQ� SDVVDQW� VRXV�O¶$UF� GH� 7ULRPSKH� HW� VXU� OHV� &KDPSV� eO\VpHV�� ,O� pWDLW�VRXV�OH�FRPPDQGHPHQW�GX�PDMRU�G¶LQIDQWHULH�5LEHLUR�GH�&DUYDOKR� DYHF� HQ� WrWH� OH� FDSLWDLQH� %HQWR� 5RPD�� HW� OH�OLHXWHQDQW� 3HUHVWUHOOR� GD� 6LOYD�� SRUWH-GUDSHDX� GX�5����%����� KpURV� GXUDQW� OD� WHUULEOH� HW�PHXUWULqUH� %DWDLOOH� GH�/D�/\V��&H�IXW�GDQV�OH�UpGXLW�GH�/D�&RXWXUH�ORUV�GH�ODGLWH�%DWDLOOH�GH�/D�/\V�TXH�OH�&RORQHO�%HQWR�5RPD�>TXL�DYDLW�DORUV�OH�JUDGH�GH�FDSLWDLQH@��OH�OLHXWHQDQW�6DYLHLUD�HW�OHXUV�VROGDWV�UpDOLVqUHQW�OHXUV�SOXV�EULOODQWV�IDLWV�G¶DUPHV�� 'XUDQW�OD�EDWDLOOH��OHGLW�&RORQHO�%HQWR�5RPD�VH�UHQGLW�DX�© %ORFN-+RXVH ª��TXL�VH�WURXYDLW� WRXW�SUqV�GH�O¶pJOLVH�GH�/D�&RXWXUH�� DILQ� GH� GHPDQGHU� DX� FRPPDQGDQW� GHV� F\�FOLVWHV�EULWDQQLTXHV�GH� OXL�IRXUQLU�GHV�PXQLWLRQV�PDLV�OH�PDMRU� OXL� UpSRQGLW� DORUV�TX¶LO� Q¶HQ� DYDLW� SDV� DVVH]�SRXU��HQ�GLVWULEXHU� 0DQXHO� GR� 1DVFLPHQWR�� DXWHXU�� KLVWRULHQ� HW� 7UpVRULHU�*pQpUDO�GH�OD�'pOpJDWLRQ�GH�3DULV�GH�OD�/LJXH�GHV�&RP�EDWWDQWV�3RUWXJDLV�

—————————————————————————————————————————————————————————————————————�———————————————

&27,6$7,216������'(�/$�'e/e*$7,21�'(�3$5,6 '(�/$�/,*8(�'(6�&20%$77$176�32578*$,6�

&RWLVDWLRQ�GH�OD�SUHPLqUH�DQQpH����HXURV�GRQW���HXURV�TXL�VRQW�YHUVpV�DX�VLqJH�GH�OD�PDLVRQ-PqUH -�&RWLVDWLRQ�GHV�DQQpHV�VXLYDQWHV������HXURV�RX�SOXV�

�/HV���HXURV�HQ�TXHVWLRQ�GRQQHQW�GURLW�j�O¶LQVFULSWLRQ�j�OD�© /LJD�GRV�&RPEDWWHQWHV ª��VLVH�j�/LVERQQH��3RUWXJDO� 5qJOHPHQW�SDU�FKqTXH�EDQFDLUH�RX�SRVWDO�j�O¶RUGUH�GH���/D�'pOpJDWLRQ�GH�3DULV

$�HQYR\HU�FKH]�0DQXHO�GR�1DVFLPHQWR������5RXWH�G¶$UJHQWHXLO���������&RUPHLOOHV-HQ-3DULVLV

/D�© /LJD�GRV�&RPEDWWHQWHV ª� HW�VD�'pOpJDWLRQ�GH�3DULV�

5DSSHORQV�TXH�OD�GpQRPLQDWLRQ�GH�OD�© /LJD�GRV�&RPEDW�WHQWHV ª�pWDLW�j�VD�FUpDWLRQ�HQ������OD�© /LJD�GRV�&RPEDW�WHQWHV GD�*UDQGH�*XHUUD ª�TX¶HOOH�D�DEUpJp�SDU�OD�VXLWH��(OOH�D��G¶DLOOHXUV�� WRXWH� OpJLWLPLWp�HW�DXWRULWp�DILQ�GH�PH�QHU��HQWUH�DXWUHV��OHV�FpUpPRQLHV�GX�VRXYHQLU�� 'DQV�VHV�YDOHXUV�PRUDOHV��LO�\�D�O¶DPRXU�GH�OD�3DWULH�WRXW�HQ�IDLVDQW�HQ�VRUWH�GH�FRQWULEXHU�DX�SUHVWLJH�LQWHUQDWLRQDO�GX� 3RUWXJDO�� ,O� HQ� HVW� GH�PrPH� GX� VRXWLHQ�PRUDO� HW� GH�O¶DVVLVWDQFH� DX[� DQFLHQV� FRPEDWWDQWV� WRXW� HQ� V¶DOOLDQW�DYHF� OHV� HQWLWpV� SXEOLTXHV�� '¶DLOOHXUV� HQ� V¶DSSHODQW�© © /LJD�GRV�&RPEDWWHQWHV ª��TXHOTXHV� DQQpHV�SOXV� WDUG��F¶pWDLW� WRXMRXUV� OHV�PrPHV�REMHFWLIV�TXL�H[FHOODLHQW��(OOH�HVW��G¶DLOOHXUV��GDQV�VD�SKLORVRSKLH�VHPEODEOH�DX�6RXYHQLU�)UDQoDLV�TXL� UHPpPRUH�GDQV� OHV�FpUpPRQLHV� OHV�*XHUUHV�HW�OHV�0RUWV�SRXU�OD�)UDQFH�WRXW�HQ�YHLOODQW�j�WUDQVPHWWUH�OHV�YDOHXUV�PRUDOHV�DX[�QRXYHOOHV�JpQpUDWLRQV�PDLV�DXVVL�HQ� HQWUHWHQDQW� PRQXPHQWV� HW� WRPEHV� GHV� VROGDWV� PRUWV�SRXU�OD�)UDQFH�� /D�'pOpJDWLRQ�GH�3DULV�GH�OD�/LJXH�GHV�&RPEDWWDQWV�3RU�WXJDLV�D��G¶DLOOHXUV��GDQV�VHV�VWDWXWV�© SRXU�REMHW�GH�UHSUp�VHQWHU� WRXV� OHV�&RPEDWWDQWV�3RUWXJDLV�TXL�RQW� FRPEDWWX�SRXU�OD�)UDQFH SHQGDQW�OD�3UHPLqUH�*XHUUH�PRQGLDOH�HW�OHXUV�GHVFHQGDQWV�DLQVL�TXH�OHV�DQFLHQV�&RPEDWWDQWV�3RU�WXJDLV�� UpVLGDQW� j� 3DULV� HW� HQ� ÌOH-GH-)UDQFH� TXL� VH� VRQW�EDWWXV�HQ�$IULTXH�/XVRSKRQH�HW�GDQV�OHV�DQFLHQQHV�FROR�QLHV�SRUWXJDLVHV��/¶DVVRFLDWLRQ�D��HQ�RXWUH��SRXU�REMHW�GH�SDUWLFLSHU�DX[�FRPPpPRUDWLRQV�QDWLRQDOHV� IUDQoDLVHV� HW�SRUWXJDLVHV� HW� G¶RUJDQLVHU� GHV� FROORTXHV�� FRQIpUHQFHV��GpEDWV� HW� H[SRVLWLRQV� DLQVL� TXH� GHV� UHQFRQWUHV� DILQ� GH�SRXYRLU�SDUWDJHU�GHV� VRXYHQLUV� HW� GHV� H[SpULHQFHV�HW� GH�PHWWUH�HQ�SODFH�XQH�SDJH�)DFHERRN�TXL�GLIIXVHUD�VHV�DFWL�YLWpV ª��$�FH�WLWUH��QRXV�YRXORQV�DXVVL�UHPHUFLHU�OHV��3UpVL�GHQWV�G¶KRQQHXU�TXL�HQ�VRQW�OHV�&RQVHLOOHUV�GH�3DULV�3DV�FDO�&KHUNL� HW�+HUPDQR�6DQFKH]�5XLYR�DLQVL�TXH� OH�3UR�IHVVHXU�<YHV�/pRQDUG��

3URSRVLWLRQV�HQ�GHYHQLU�GHV�&RPPpPRUDWLRQV� FHQWHQDLUHV�GH�OD�%DWDLOOH�GH�OD�/\V� SDU�OH�*pQpUDO��&KLWR�5RGULJXHV��

3UpVLGHQW�GH�OD�© /LJD�GRV�&RPEDWWHQWHV ª� -�(Q�FDV�GH�UHIXV�GH�OD�GDWH�GX���DYULO�������OD�FpUpPRQLH�VHUDLW�j�HQYLVDJHU�SRXU�OH�VDPHGL����DYULO G¶DSUqV��� -�5pDOLVHU�OD�FpUpPRQLH�j�OD�GDWH�DQQLYHUVDLUH�GX�OXQGL���DYULO������DX�FLPHWLqUH�PLOLWDLUH�GH�5LFKHERXUJ�HW�DX�PR�QXPHQW� GH� OD� *UDQGH� *XHUUH� GH� /D� &RXWXUH� HQ� )UDQFH�GDQV�OH�3DV-GH-&DODLV�VDXI�GpFLVLRQ�FRQWUDLUH�GHV�DXWRULWpV�PLOLWDLUHV� IUDQoDLVHV�� ,O� HVW� j� UDSSHOHU� TXH� OHVGLWV� FLPH�

WLqUH� HW� PRQXPHQW� VRQW�� G¶DLOOHXUV�� WRXV� OHV� GHX[� VRXV�O¶DXWRULWp�GH�OD�© /LJXH�GHV�&RPEDWWDQWV�3RUWXJDLV ª�GLWH�DXVVL�© /LJD�GRV�&RPEDWWHQWHV ª�HW�VRQW�GHV�PRQXPHQWV�KLVWRULTXHV�SRUWXJDLV�� -�(Q�FDV�GH�UHIXV�GH�OD�GDWH�GX���DYULO�������ODGLWH�FpUp�PRQLH�VHUDLW�j�HQYLVDJHU�SRXU�OH�VDPHGL����DYULO �� -� eWXGLHU� pJDOHPHQW� O¶K\SRWKqVH� GH� OLHU� OHV� FpUpPRQLHV�DXGLWV�FLPHWLqUH�PLOLWDLUH�GH�5LFKHERXUJ�HW�DX�PRQXPHQW�GH�OD�*UDQGH�*XHUUH�GH�/D�&RXWXUH�DYHF�FHOOH�G¶XQ�KRP�PDJH�DX�6ROGDW�,QFRQQX�j�O¶$UF�GH�7ULRPSKH�TXL�SRXUUDLW�VH�UpDOLVHU�DORUV�OD�YHLOOH�RX�OH�MRXU�G¶DSUqV�OHVGLWHV�FpUp�PRQLHV� HQ� VRXKDLWDQW�� G¶DLOOHXUV�� OD� SUpVHQFH� GHV� SOXV�KDXWHV�DXWRULWpV�GHV�eWDWV�IUDQoDLV�HW�SRUWXJDLV � -� 'LOLJHQWHU� OD� SUpVHQFH� GX� SUpVLGHQW� GH� OD� 5pSXEOLTXH�SRUWXJDLVH�� 0DUFHOR� 5HEHOR� GH� 6RXVD� RX� ELHQ� GH� WRXWH�DXWUH� KDXWH� DXWRULWp� SRUWXJDLVH� DX[GLWHV� FpUpPRQLHV� j�5LFKHERXUJ��/D�&RXWXUH�HW�$UF�GH�7ULRPSKH � -� 5HODQFHU� OHV� GpOpJDWLRQV� G¶$UUDV�� %RXORJQH-VXU-0HU��/LOOH�HW�9HUGXQ�DILQ�TX¶HOOHV�SDUWLFLSHQW�DX[GLWHV�FpUpPR�QLHV�FLWpHV�FL-GHVVXV �� -� eWXGLHU� O¶K\SRWKqVH� GH� GpFRUHU� OHVGLWHV� YLOOHV� G¶$UUDV��%RXORJQH-VXU-0HU�� /LOOH�� 9HUGXQ� HW� PrPH� 3DULV� SDU� OH�JRXYHUQHPHQW�SRUWXJDLV�� -� ,QWpJUHU� GDQV� OHV� FpUpPRQLHV� XQH� FpOpEUDWLRQ� j� %RX�ORJQH-VXU-0HU� HQ� LPSOLTXDQW� OH�PDLUH� GH� OD� YLOOH� HW� VRQ�FRQVHLO�PXQLFLSDO� DLQVL� TXH� G¶DXWUHV� HQWLWpV� IUDQoDLVHV� j�FRQYLHU � -� 3UpYRLU� OD� SDUWLFLSDWLRQ� j� WRXWHV� OHV� FpUpPRQLHV� GH�IRUFHV�PLOLWDLUHV�IUDQoDLVHV�HW�SRUWXJDLVHV«�� -�'LOLJHQWHU�RSSRUWXQpPHQW�GDQV�OH�SURJUDPPH�GH�OD�SDU�WLFLSDWLRQ�SRUWXJDLVH�j�O¶LQLWLDWLYH�GH�OD�9LOOH�GH�1LFH��GH�OD�3URYLQFH�GHV�$OSHV�&RWH�G¶$]XU�HW�GH�OD�&KDPEUH�GH�&RPPHUFH� HW� ,QGXVWULH� )UDQFR-3RUWXJDLVH� DILQ� TXH� OD�9LOOH�GH�%HDXVROHLO�pULJH�XQ�PRQXPHQW�HQ�KRPPDJH�DX[�3RUWXJDLV�0RUWV�SRXU�OD�)UDQFH�GXUDQW�OD�*UDQGH�*XHUUH � -� &RQVWLWXHU� XQ� FRPLWp� SURWRFRODLUH� DX� GpURXOHPHQW� GHV�FpUpPRQLHV� HQ�)UDQFH� j� UpDOLVHU�SDU� OD� © /LJD�GRV�&RP�EDWWHQWHV ª�FRPSRVp�GH�PHPEUHV�G¶HQWLWpV�SRUWXJDLVHV�HW�IUDQoDLVHV�� -� 3UpYRLU� DSUqV� OHV� FpUpPRQLHV� GH� 5LFKHERXUJ� HW� GH� /D�&RXWXUH��OH�GpMHXQHU�R��VHURQW�FRQYLpHV�OHV�SHUVRQQDOLWpV�SRUWXJDLVHV�HW�IUDQoDLVHV�SDUWLFLSDQW�j�O¶pYpQHPHQW��

&pUpPRQLHV�ORFDOHV�

GHV�© 1XFOpRV�GD�/LJD�GRV�&RPEDWWHQWHV ª GLWV�DXVVL�© 'pOpJDWLRQV�GH�OD�/LJXH�

GHV�&RPEDWWDQWV�3RUWXJDLV ª� -� 7RXV� OHVGLWV� © 1XFOpRV ª� RX� © 'pOpJDWLRQV ª�� WDQW� DX�3RUWXJDO�TX¶j� O¶pWUDQJHU�GHYURQW� UpDOLVHU�GHV� FpUpPRQLHV�ORFDOHV�j�XQH�DXWUH�GDWH�TXH�FHOOH�GHV�JUDQGHV�VROHQQLWpV�QDWLRQDOHV �� -� /HV� FpUpPRQLHV� ORFDOHV� GHVGLWV� © 1XFOpRV ª� RX�© 'pOpJDWLRQV ª�VHURQW�HQ�OLHQ�DYHF�OHV�DXWRULWpV�ORFDOHV � -� � ,OV�DXURQW�DXVVL�j�UpDOLVHU�GHV�H[SRVLWLRQV��FRQIpUHQFHV�RX�FROORTXHV�


Top Related