étude REGLIST de ORSAG en 2010

Transcription

Rapport d’étude
(WXGH5(*/,67
/HVLQIHFWLRQVVH[XHOOHPHQW
WUDQVPLVVLEOHVHQ*XDGHORXSHHWj
6DLQW0DUWLQHQHW
$YULO
/HVLQIHFWLRQVVH[XHOOHPHQWWUDQVPLVVLEOHVHQ
*XDGHORXSHHWj6DLQW0DUWLQHQHW
(ODERUDWLRQGHODPpWKRGH
0D[7KpRGRUH3UpVLGHQWGHO¶256D*
0DULH7KpUqVH6RZ3UpVLGHQWHGX&25(9,+GH*XDGHORXSH
5HFXHLOGHVGRQQpHVDXSUqVGHVODERUDWRLUHV6DLVLH
0D[7KpRGRUH
6pYHULQH)HUGLQDQG&KDUJpHG¶pWXGHV256D*
&KULVWLQH5DPEKRMDQ&KDUJpHG¶pWXGHV256D*
$QDO\VHGHVUpVXOWDWV5pGDFWLRQGXUDSSRUW
6pYHULQH)HUGLQDQG
6XSHUYLVLRQHWYDOLGDWLRQPpWKRGRORJLTXH
9DQHVVD&RUQpO\'LUHFWULFH256D*
5HOHFWXUHV
)UDQoRLV%LVVXHO3UDWLFLHQKRVSLWDOLHU6DLQW0DUWLQ
6WpSKDQLH*X\RPDUG5DEHQLULQD3KDUPDFLHQELRORJLVWH,QVWLWXW3DVWHXUGH*XDGHORXSH
)LQDQFHPHQWGHO·pWXGH
*URXSHPHQW5pJLRQDOGH6DQWp3XEOLTXHGH*XDGHORXSH
5DSSRUWG¶pWXGH/HVLQIHFWLRQVVH[XHOOHPHQWWUDQVPLVVLEOHVHQ*XDGHORXSHHWj6DLQW0DUWLQHQHW256D*
5(0(5&,(0(176
$ 0DGDPH 0DULH 7KpUqVH *RHUJHU6RZ SUpVLGHQWH GX &25(9,+ GH *XDGHORXSH 6W0DUWLQ HW 6W%DUWKpOpP\ SRXU VD
FROODERUDWLRQjODPLVHHQSODFHGXSURWRFROH
$XV\QGLFDWGHVELRORJLVWHVUHSUpVHQWpSDU1LFRODV+XFHWDXFROOqJHGHVELRORJLVWHVHQODSHUVRQQHGH-DFTXHOLQH%DQJRX
SRXUOHVFRQFHUWDWLRQVPpWKRGRORJLTXHV
$X[UHVSRQVDEOHVHWSHUVRQQHOVGHODERUDWRLUHVG¶DQDO\VHVGHELRORJLHPpGLFDOHQRQKRVSLWDOLHUVGH*XDGHORXSHSRXUOHXU
SDUWLFLSDWLRQ
6DQGULQH +LSSRPqQH 2OLYLHU 0HQXWHDX 3LHUUH 0DULH -HVVLH -RPEHUW 3DWULFLD +XF 6WpSKDQLH *X\RPDUG5DEHQLULQD
1LFRODV+XF0RQLTXH%HDXEUXQ&OpPHQW%RXUJRLQ6WpSKDQH/DXUHQW)UpGpULF/HUR\%HUQDGHWWH6FKRXOHU%ULJLWWH*UHFR
/DFDVFDGH6WpSKDQH-HTXHFH -HDQ0DULH/XELQ&RULQH)DFRUDW<YD (VSLDQG0DULH/LQH 3pDQ<YHV 3LTXLRQ %HUQDUG
%URFKLHU)DULG6DKHE
$X[ODERUDWRLUHVGXUpVHDX5(*/,67
$)UDQoRLV%LVVXHO3UDWLFLHQKRVSLWDOLHU&HQWUHKRVSLWDOLHUGH6DLQW0DUWLQSRXUODPRELOLVDWLRQG¶XQ/$%0GH6DLQW0DUWLQ
HW3DWULFLD+XFELRORJLVWH/DERUDWRLUH/HSHUVj6DLQW0DUWLQSRXUDYRLUELHQYRXOXSUHQGUHO¶pWXGHHQFRXUV
$WRXWHVOHVSHUVRQQHVTXLRQWjTXHOTXHQLYHDXTXHFHVRLWFRQWULEXpDXERQGpURXOHPHQWGHFHWUDYDLO
5(680(
&RQWH[WH /D UHFUXGHVFHQFH GHV LQIHFWLRQV VH[XHOOHPHQW WUDQVPLVVLEOHV ,67 HVW GHYHQXH GHSXLV OHV DQQpHV XQH
SUpRFFXSDWLRQPDMHXUHGHVDQWpSXEOLTXHSRXUO¶2UJDQLVDWLRQPRQGLDOHGHODVDQWp/D*XDGHORXSHDFRQQXXQHpSLGpPLHGH
V\SKLOLVHQ3DUDLOOHXUVODSUpYDOHQFHGHO¶DQWLJqQH+%V\HVWGHX[IRLVSOXVpOHYpHTX¶HQ)UDQFHPpWURSROLWDLQHHQHW
OH WDX[ GH GpFRXYHUWHV GH VpURSRVLWLYLWp 9,+ HVW SOXV GH IRLV VXSpULHXU DX QLYHDX QDWLRQDO /HV GRQQpHV DFWXHOOHPHQW
GLVSRQLEOHVVXUODVLWXDWLRQpSLGpPLRORJLTXHGHV,67HQ*XDGHORXSHUHSRVHQWVXUOHVGpFODUDWLRQVREOLJDWRLUHVTXLFRQFHUQHQW
XQLTXHPHQWO¶LQIHFWLRQSDUOH9,+HWOHVIRUPHVV\PSWRPDWLTXHVDLJXsVGHVKpSDWLWHV%
2EMHFWLI/¶REMHFWLIJpQpUDOGHFHWUDYDLOYLVHjGLVSRVHUG¶pOpPHQWVGHFRQQDLVVDQFHUpFHQWVVXUODVLWXDWLRQGHO¶LQIHFWLRQSDUOH
YLUXVGHO¶LPPXQRGpILFLHQFHKXPDLQH9,+OHYLUXVGHO¶KpSDWLWH%9+%OHSDSLOORPDYLUXVKXPDLQ+39OHYLUXVGHO¶KpSDWLWH
&9+&HWOHVLQIHFWLRQVj&KODP\GLDWUDFKRPDWLVSDUOHJRQRFRTXHOHVP\FRSODVPHVHWOHWUpSRQqPHSkOH/DSUpVHQWHpWXGH
DpWpPHQpHSHQGDQWXQHDQQpHHQFROODERUDWLRQDYHFOHVODERUDWRLUHVG¶DQDO\VHVGHELRORJLHPpGLFDOHGH*XDGHORXSHHWGH
6DLQW0DUWLQ
0pWKRGH&HWWHpWXGHORQJLWXGLQDOHGHVFULSWLYHFRQFHUQHWRXVOHVQRXYHDX[FDVG¶LQIHFWLRQVFLWpHVFLGHVVXVGLDJQRVWLTXpVSDU
OHV/$%0HQWUHOHHUDYULOHWOHPDUV'DQVXQHUYROHWpWDLHQWUHFXHLOOLVPHQVXHOOHPHQWOHQRPEUHG¶H[DPHQV
HIIHFWXpVDLQVLTXHOHQRPEUHG¶H[DPHQVSRVLWLIVSRXUFKDFXQHGHVLQIHFWLRQVpWXGLpHV/HVHFRQGYROHWFRQVLVWDLWjUHFXHLOOLUOHV
FDUDFWpULVWLTXHVGHVFDVSRVLWLIV/HVGRQQpHVRQWIDLWO¶REMHWG¶XQHDQDO\VHVWDWLVWLTXHGHVFULSWLYH
'LIILFXOWpVGHO·pWXGH/DSULQFLSDOHGLIILFXOWpUHQFRQWUpHDXFRXUVGHO¶pWXGHpWDLWGXHjO¶LQIRUPDWLVDWLRQGHV/$%0&HWWHpWXGH
QpFHVVLWDLWG¶HIIHFWXHUGHVUHTXrWHVVSpFLILTXHVQRQSUpYXHVjO¶RULJLQHSDUOHORJLFLHOGRQWpWDLHQWpTXLSpVOHVODERUDWRLUHV&HWWH
OLPLWHDpWpGpWHFWpHDXPRPHQWGXUHFXHLOGHVGRQQpHV'HFHIDLWWRXVOHVODERUDWRLUHVVROOLFLWpVQ¶RQWSDVSXSDUWLFLSHUHWSHX
GHODERUDWRLUHVpWDLHQWHQPHVXUHGHIRXUQLUOHVFDUDFWpULVWLTXHVGpWDLOOpHVGHVFDVSRVLWLIV
5pVXOWDWV/HVWDX[GHSRVLWLYLWpSRQGpUpVPR\HQVpWDLHQWGHSRXUO¶LQIHFWLRQSDUOH9,+SRXUOD V\SKLOLV
SRXU O¶LQIHFWLRQ j JRQRFRTXHV SRXU O¶LQIHFWLRQ j &KODP\GLD WUDFKRPDWLV SRXU O¶LQIHFWLRQ SDU OH 9+% SRXU
O¶LQIHFWLRQSDUOH9+&HWSRXUO¶LQIHFWLRQSDU+39
/HVKRPPHVpWDLHQWSOXVVRXYHQWGpSLVWpVSRVLWLIVSRXUO¶LQIHFWLRQjJRQRFRTXHYVDORUVTXHOHVIHPPHVpWDLHQW
SOXVVRXYHQWSRUWHXVHVGH&KODP\GLDWUDFKRPDWLVYV/HVSHUVRQQHVLQIHFWpHVSDU&KODP\GLDWUDFKRPDWLVHW
JRQRFRTXHVpWDLHQWSOXVVRXYHQWGHVSHUVRQQHVMHXQHVkJpHVGHPRLQVGHDQV
3DUPL OHV ,67 GLDJQRVWLTXpHV OHV LQIHFWLRQV SDU OH 9,+ HW SDU +39 pWDLHQW SOXV LPSRUWDQWHV j 6DLQW0DUWLQ UHVSHFWLYHPHQW
HW TX¶HQ *XDGHORXSH UHVSHFWLYHPHQW HW $ FRQWUDULR OD SDUW GHV SHUVRQQHV SRUWHXVHV GH
O¶DQWLJqQH+%VpWDLWPRLQVLPSRUWDQWHj6DLQW0DUWLQTX¶HQ*XDGHORXSH
'LVFXVVLRQ /HV UpVXOWDWV GH FHWWH pWXGH UHSUpVHQWHQW HQ PR\HQQH XQ WLHUV GH O¶DFWLYLWp GH GLDJQRVWLF GpFODUpH SDU GL[ VHSW
ODERUDWRLUHVQRQKRVSLWDOLHUVGH*XDGHORXSHHQHWSRXUOH9,+ODV\SKLOLVOHVJRQRFRTXHVOH9+%HWOH9+&/HV
UpVXOWDWVDXUDLHQWSXJDJQHUHQSUpFLVLRQDYHFO¶DGDSWDWLRQSUpDODEOHGHVUHTXrWHVLQIRUPDWLTXHVQpFHVVDLUHVjODSURGXFWLRQGHV
GRQQpHVGHO¶pWXGH3DUFHELDLVODSDUWLFLSDWLRQGHVODERUDWRLUHVDXUDLWSXrWUHSOXVLPSRUWDQWH3DUFRQVpTXHQFHHWpJDOHPHQW
GXIDLWGHO¶LPSRVVLELOLWpSRXUOHVODERUDWRLUHVG¶LGHQWLILHUOHVQRXYHDX[FDVLOQ¶pWDLWSDVSRVVLEOHG¶DERUGHUODQRWLRQG¶LQFLGHQFH
&HWWHpWXGHVHPEOHUpYpOHUGHVFRQGLWLRQVLQpJDOHVG¶DFFqVDX[VRLQVHWGHVGpSLVWDJHVWDUGLIV
&RQFOXVLRQHWUHFRPPDQGDWLRQV$ODOXPLqUHGHFHWWHpWXGHODOXWWHFRQWUHOHV,67HQ*XDGHORXSHLPSOLTXHQRQVHXOHPHQW
O¶pODUJLVVHPHQWGHO¶RIIUHGHGpSLVWDJHPDLVDXVVLODPLVHHQSODFHG¶XQGLVSRVLWLIGHGpSLVWDJHJOREDOGHV,67/DSODQLILFDWLRQ
GHFDPSDJQHVGHGpSLVWDJHVHWODVXUYHLOODQFHGHV,67SHUPHWWUDLHQWGHVXLYUHOHXUpYROXWLRQHWG¶DGDSWHUOHVPHVXUHVGHSULVH
HQFKDUJH
6200$,5(
,&217(;7((3,'(0,2/2*,48(
,,2%-(&7,)6'(/·(78'(
,,,3238/$7,21(70(7+2'(
,,,6&+(0$'¶(78'(
,,,3238/$7,21'¶(78'(
,,,&ULWqUHVG¶pOLJLELOLWp
,,,(&+$17,//211$*(
,,,&2//(&7('(6'211((6
,,,,67HWLQIHFWLRQVDSSDUHQWpHVpWXGLpHV
,,,,QIRUPDWLRQVUHFXHLOOLHVSDUOHV/$%0
,,,0RGHGHUHFXHLOHWFLUFXLWGHO¶LQIRUPDWLRQ
,,,,1)250$7,6$7,21(7&21752/(48$/,7(
,,,$1$/<6('(6'211((6
,95(68/7$7692/(7
,95(3$57,7,21'8120%5(727$/'¶(;$0(16())(&78(63$50$548(85'¶,1)(&7,21
,95(3$57,7,21'87$8;'(326,7,9,7(3$50$548(85'¶,1)(&7,21
,9/HFDVGHVP\FRSODVPHV
,9/HVDXWUHV,67pWXGLpHV
,97$8;'(326,7,9,7((77$8;'(35(9$/(1&(6(/21/(6,67
,95(3$57,7,2175,0(675,(//(02<(11('87$8;'(326,7,9,7(
,9/DV\SKLOLV
,9,QIHFWLRQVj&KODP\GLDWUDFKRPDWLV
95(68/7$7692/(7
9&$5$&7(5,67,48(6*(1(5$/(6'(63$7,(176
96H[HHWkJH
9,QIHFWLRQV
95pSDUWLWLRQJpRJUDSKLTXHGHVFDV
9,1)(&7,216$9,+
9/$6<3+,/,6
9,1)(&7,216$*212&248(6
9,1)(&7,216$&+/$0<',$75$&+20$7,6
93257$*('(/¶$17,*(1(+%6
9,1)(&7,2163$5/(9+&
9,1)(&7,2163$5+39
9&203$5$,621*8$'(/283(6$,170$57,1
9,',6&866,21
9,,&21&/86,21(75(&200$1'$7,216
9,,,6<17+(6('(65(&200$1'$7,216
,;5()(5(1&(6%,%/,2*5$3+,48(6
;$11(;(6
;$11(;()2508/$,5('(5(&8(,/0(168(/
;$11(;()2508/$,5('(5(&8(,/75,0(675,(/
;$11(;($8725,6$7,21&1,/
;$11(;(/,67('(6$%5(9,$7,216
7DEOHGHVLOOXVWUDWLRQV
7DEOHDX,&DUDFWpULVWLTXHVGHVKXLW,67HWLQIHFWLRQVDSSDUHQWpHVpWXGLpHV
7DEOHDX,,7DX[GHSRVLWLYLWpHWWDX[GHSUpYDOHQFHVHORQOHV,67
7DEOHDX,,,&DUDFWpULVWLTXHVGHVSDWLHQWVVHORQOHVH[H
7DEOHDX,9'HVFULSWLRQGHVLQIHFWLRQVPXOWLSOHV
7DEOHDX9&DUDFWpULVWLTXHVGHVSDWLHQWVLQIHFWpVSDUOH9,+
7DEOHDX9,&DUDFWpULVWLTXHVGHVFDVGHV\SKLOLV
7DEOHDX9,,&DUDFWpULVWLTXHVGHVSDWLHQWVLQIHFWpVSDUJRQRFRTXHV
7DEOHDX9,,,&DUDFWpULVWLTXHVGHVSDWLHQWVLQIHFWpVSDU&KODP\GLDWUDFKRPDWLV
7DEOHDX,;&DUDFWpULVWLTXHVGHVSDWLHQWVSRUWHXUVGHO¶DQWLJqQH+%V
7DEOHDX;&DUDFWpULVWLTXHVGHVSDWLHQWVLQIHFWpVSDUOH9+&
7DEOHDX;,&DUDFWpULVWLTXHVGHVSDWLHQWVLQIHFWpVSDU+39
7DEOHDX;,,&DUDFWpULVWLTXHVGHVSDWLHQWVVHORQOHOLHXGHUpVLGHQFH
7DEOHDX;,,,3DUWGHVH[DPHQVHIIHFWXpVSDUOHUpVHDXGHODERUDWRLUHV5(*/,67SDUUDSSRUWjGHVODERUDWRLUHV
SDUWLFLSDQWVHQ*XDGHORXSH
)LJXUH5pSDUWLWLRQGHVH[DPHQVGHPDQGpVVHORQOHV,67
)LJXUH7DX[GHSRVLWLYLWpSRQGpUpPR\HQVHORQOHV,67
)LJXUH5pSDUWLWLRQWULPHVWULHOOHGXWDX[GHSRVLWLYLWpSRXUODV\SKLOLV
)LJXUH5pSDUWLWLRQWULPHVWULHOOHGXWDX[GHSRVLWLYLWpjFKODP\GLD
&217(;7((72%-(&7,)6
, &217(;7((3,'(0,2/2*,48(
(Q )UDQFH FRPPH GDQV OD SOXSDUW GHV SD\V G¶(XURSH GH O¶RXHVW OD UHFUXGHVFHQFH GHV LQIHFWLRQV VH[XHOOHPHQW
WUDQVPLVVLEOHV ,67 HVW GHYHQXH GHSXLV OHV DQQpHV XQH SUpRFFXSDWLRQ PDMHXUH GH VDQWp SXEOLTXH /¶2UJDQLVDWLRQ
PRQGLDOHGHODVDQWp206DPLVHQSODFHHQXQHVWUDWpJLHSRXUDFFpOpUHUODSUpYHQWLRQHWODOXWWHFRQWUHOHV,67>@
/HV,67VHWUDQVPHWWHQWSULQFLSDOHPHQWORUVGHVUDSSRUWVVH[XHOVFHUWDLQHVVHWUDQVPHWWHQWpJDOHPHQWGHODPqUHjO¶HQIDQW
SHQGDQWODJURVVHVVHSHQGDQWO¶DFFRXFKHPHQWSDUWUDQVIXVLRQHWORUVGHWUDQVSODQWDWLRQVGHWLVVXV/HVDJHQWVLQIHFWLHX[
VRQWG¶RULJLQHEDFWpULHQQHYLUDOHRXSDUDVLWDLUH/HVSOXVFRXUDQWVVRQW&KODP\GLDWUDFKRPDWLV7UHSRQHPDSDOOLGXPDJHQW
GHODV\SKLOLVOHVP\FRSODVPHVOHJRQRFRTXH+DHPRSKLOXVGXFUH\LDJHQWGXFKDQFUHPRXOHYLUXVGHO¶KHUSqVJpQLWDOOH
YLUXVGHO¶KpSDWLWH%9+%OHSDSLOORPDYLUXVKXPDLQ+39OHYLUXVGHO¶LPPXQRGpILFLHQFHKXPDLQH9,+HW7ULFKRPRQDV
YDJLQDOLV/HV,67VRQWVRXYHQWDV\PSWRPDWLTXHVQRWDPPHQWFKH]ODIHPPH1pDQPRLQVHOOHVSHXYHQWrWUHjO¶RULJLQHGH
VWpULOLWp GH FDQFHU GX FRO GH O¶XWpUXV HW GH PDODGLHV FKURQLTXHV /HV ,67 VRQW SRXU OD SOXSDUW FXUDEOHV ORUVTX¶HOOHV VRQW
GpSLVWpHVjWHPSV(OOHVVRQWSDUIRLVODFDXVHG¶XOFpUDWLRQVJpQLWDOHVTXLIDYRULVHQWODWUDQVPLVVLRQGX9,+>@/¶XWLOLVDWLRQGX
SUpVHUYDWLIPDVFXOLQRXIpPLQLQORUVGHVUHODWLRQVVH[XHOOHVHWO¶LQIRUPDWLRQGXSDUWHQDLUHHQFDVGHFRQWDPLQDWLRQSDUXQH
,67DILQTX¶LOFRQVXOWHHWTX¶LOVHSURWqJHDLQVLTXHOHGpSLVWDJHVRQWOHVPR\HQVGHSUpYHQWLRQDFWXHOV3RXUFHUWDLQHV,67
9+%HW+39ODYDFFLQDWLRQYLHQWFRPSOpWHUOHGLVSRVLWLIGHSUpYHQWLRQ
6HORQO¶206FKDTXHDQQpHDGROHVFHQWHVXUFRQWUDFWHXQHLQIHFWLRQEDFWpULHQQHORUVGHFRQWDFWVVH[XHOVHWO¶kJHGH
VXUYHQXHGHFHVLQIHFWLRQVHVWGHSOXVHQSOXVSUpFRFH/HVOpVLRQVGHVWURPSHVGH)DOORSHjODVXLWHGHFKODP\GLRVHVVRQW
jO¶RULJLQHGHjGHVFDVGHVWpULOLWpIpPLQLQH3HQGDQWODJURVVHVVHODV\SKLOLVSUpFRFHQRQWUDLWpHHVWjO¶RULJLQHGH
GHVGpFqVQpRQDWDX[3UDWLTXHPHQWWRXVOHVFDVGHFDQFHUGXFROGHO¶XWpUXVVRQWDWWULEXpVjXQHLQIHFWLRQJpQLWDOHSDU
+39 'DQV OH PRQGH F¶HVW OH GHX[LqPH W\SH GH FDQFHU OH SOXV IUpTXHQW FKH] OD IHPPH RQ UHFHQVH HQYLURQ
QRXYHDX[FDVHWGpFqVSDUDQ>@
(Q)UDQFHOHVLQIHFWLRQVjJRQRFRTXHVFRPPHG¶DXWUHVLQIHFWLRQVVH[XHOOHPHQWWUDQVPLVVLEOHV,67VRQWHQSURJUHVVLRQ
GHSXLVSOXVLHXUVDQQpHV>@(Q*XDGHORXSHXQHpSLGpPLHGHV\SKLOLVHQDWRXFKpSHUVRQQHV>@HWGHVFDVGH
WUDQVPLVVLRQPDWHUQRI°WDOHRQWpWpGpFULWV>@$YHFGpFRXYHUWHVGHVpURSRVLWLYLWp9,+SDUPLOOLRQG¶KDELWDQWVHQ
OD*XDGHORXSHHVWODVHFRQGHUpJLRQGH)UDQFHDSUqVOD*X\DQHjSUpVHQWHUOHWDX[GHGpFRXYHUWHVOHSOXVpOHYp>@/D
SUpYDOHQFH GH O¶KpSDWLWH % Q¶HVW SDV FRQQXH HQ SRSXODWLRQ JpQpUDOH PDLV GHV FKLIIUHV pOHYpV RQW pWp WURXYpV ORUV G¶XQH
pWXGHVWDWLVWLTXHHQFHQWUHGHVDQWpRODSUpYDOHQFHGHO¶DQWLJqQH+%VpWDLWGHHQ>@FHWDX[HVWGHX[IRLVSOXV
pOHYpTXHFHOXLGHOD)UDQFHPpWURSROLWDLQH>@
(Q*XDGHORXSHOHV,67VRQWGLDJQRVWLTXpHVSDUOHVPpGHFLQVOLEpUDX[JpQpUDOLVWHVJ\QpFRORJXHVGHUPDWRYpQpURORJXHV
HW XURORJXHV j O¶K{SLWDO RX GDQV OHV FHQWUHV G¶LQIRUPDWLRQ GH GpSLVWDJH HW GH GLDJQRVWLF GHV LQIHFWLRQV VH[XHOOHPHQW
WUDQVPLVVLEOHV&,'',67([FHSWpSRXUODVXUYHLOODQFHGX9,+OHVUpVHDX[GHODERUDWRLUHVGHVXUYHLOODQFHGHV,67PLVHQ
SODFHHQ)UDQFHQHUHFHQVHQWSDVGHGRQQpHVGH*XDGHORXSH$LQVLOHVGRQQpHVDFWXHOOHPHQWGLVSRQLEOHVVXUODVLWXDWLRQ
pSLGpPLRORJLTXH GHV ,67 HQ *XDGHORXSH UHSRVHQW VXU OH UHFHQVHPHQW GHV QRXYHDX[ FDV GpFODUpV DXSUqV GHV DXWRULWpV
VDQLWDLUHV FRPSpWHQWHV &HSHQGDQW SDUPL OHV ,67 VHXOH O¶LQIHFWLRQ SDU OH 9,+ HW OHV IRUPHV V\PSWRPDWLTXHV DLJXsV GHV
KpSDWLWHV%VRQWGHVPDODGLHVjGpFODUDWLRQREOLJDWRLUH(Q)UDQFHSRXUO¶DQQpHGpFRXYHUWHVGHVpURSRVLWLYLWp
1HVRQWSDVFRQVLGpUpHVFRPPHGpFRXYHUWHVOHVGLDJQRVWLFV9,+SRXUOHVTXHOVXQHVpURORJLHDQWpULHXUHGXSOXVGHPRLVHVWFRQQXH
&217(;7((72%-(&7,)6
SRXUOH9,+RQWpWpUDSSRUWpHV>@/HVWDX[UpJLRQDX[GHGpFRXYHUWHGHVpURSRVLWLYLWpDX9,+V¶pFKHORQQHQWGHjSDU
PLOOLRQG¶KDELWDQWVKRUPLVSRXUOD0DUWLQLTXHO¶,OHGH)UDQFHOD*XDGHORXSHHWOD*X\DQH>@'H
jFDVG¶KpSDWLWH%DLJXsV\PSWRPDWLTXHRQWpWpHQUHJLVWUpVHQ)UDQFH>@
/D ORL GH VDQWp SXEOLTXH GX DRW VRXOLJQH OD QpFHVVLWp G¶DVVXUHU OD FRKpUHQFH GH OD OXWWH FRQWUH OH YLUXV GH
O¶LPPXQRGpILFLHQFH KXPDLQH 9,+ HW OHV LQIHFWLRQV VH[XHOOHPHQW WUDQVPLVVLEOHV ,67 DILQ GH UHPpGLHU DX[ LQpJDOLWpV GH
SUpYHQWLRQGHGpSLVWDJHHWGHSULVHHQFKDUJH/¶REMHFWLIQGXSURJUDPPHUpJLRQDOGHVDQWp9,+6LGDGH*XDGHORXSHYLVH
jIDYRULVHUO¶DFFqVDXGpSLVWDJHHWRSWLPLVHUOHVXLYLpSLGpPLRORJLTXHGX9,+6,'$HWGHV,67
&¶HVWGDQVFHFRQWH[WHTXHO¶2EVHUYDWRLUHUpJLRQDOGHODVDQWpGH*XDGHORXSH256D*DPHQpXQHpWXGHVXUOHVLQIHFWLRQV
VH[XHOOHPHQWWUDQVPLVVLEOHVDYHFOHVRXWLHQILQDQFLHUGX*URXSHPHQWUpJLRQDOGHVDQWpSXEOLTXH*563
,, 2%-(&7,)6'(/·(78'(
&HWWHpWXGHVHGpFOLQHHQGHX[YROHWVD\DQWSRXUREMHFWLIFRPPXQG
pYDOXHUODVLWXDWLRQpSLGpPLRORJLTXHGHV,67HWGXYLUXV
GH O
KpSDWLWH & 9+& HQ *XDGHORXSH HW j 6DLQW0DUWLQ j WUDYHUV XQH pWXGH VWDWLVWLTXH GHV UpVXOWDWV GH O¶DFWLYLWp GHV
ODERUDWRLUHVG¶DQDO\VHVGHELRORJLHPpGLFDOH/$%0QRQKRVSLWDOLHUVDXFRXUVG¶XQHDQQpH
/HVREMHFWLIVVSpFLILTXHVDXYROHWVRQWGH
UHFHQVHUOHQRPEUHGHQRXYHDX[FDVG¶,67HWG¶KpSDWLWH&GLDJQRVWLTXpVVXUODSpULRGHSDUFKDFXQGHV/$%0
VXLYUHO¶pYROXWLRQSDUPRLVGXWDX[GHSRVLWLYLWpSRXUFKDFXQHGHFHVLQIHFWLRQV
/HVREMHFWLIVVSpFLILTXHVDXYROHWVRQWGH
GpFULUH OHV FDUDFWpULVWLTXHV GHVQRXYHDX[ FDV G¶,67 HW G¶KpSDWLWH & GLDJQRVWLTXpV VXU OD SpULRGH SDU OHV /$%0
YRORQWDLUHV
PHWWUHHQSODFHXQV\VWqPHG¶DOHUWHSpUHQQH
'RQQpHVDXFRUULJpHVSRXUOHVGpODLVGHGpFODUDWLRQHWODVRXVGpFODUDWLRQ
/H9+&VHWUDQVPHWSULQFLSDOHPHQWSDUYRLHVDQJXLQH/DWUDQVPLVVLRQVH[XHOOHH[LVWHPDLVGHPHXUHH[FHSWLRQQHOOHFDUOLpHDXFRQWDFWVDQJXLQHWQH
SHXWDSULRULDYRLUOLHXTX¶HQFDVGHOpVLRQVJpQLWDOHVRXSHQGDQWOHVUqJOHVVLODIHPPHHVWSRUWHXVH&HPRGHGHFRQWDPLQDWLRQUHVWHSRXUWDQWWRXMRXUV
GLVFXWpHQSUpVHQFHGHFHUWDLQVIDFWHXUVFRPPHO
LQIHFWLRQSDUOH9,+RXOHVLQIHFWLRQVVH[XHOOHPHQWWUDQVPLVVLEOHV
3238/$7,21(70(7+2'(
,,, 3238/$7,21(70(7+2'(
,,, 6FKpPDG·pWXGH
,OV¶DJLWG¶XQHpWXGHpSLGpPLRORJLTXHORQJLWXGLQDOHHWGHVFULSWLYH
,,, 3RSXODWLRQG·pWXGH
9ROHW
7RXVOHVH[DPHQVHIIHFWXpVHWOHVUpVXOWDWVSRVLWLIVLGHQWLILpVSRXUOHVLQIHFWLRQVpWXGLpHVSDUFKDTXH/$%0VXUXQHSpULRGH
G¶XQDQ
9ROHW
7RXWHVOHVSHUVRQQHVSRXUOHVTXHOOHVDXPRLQVXQHGHVLQIHFWLRQVpWXGLpHVDpWpGLDJQRVWLTXpHSDUOHV/$%0YRORQWDLUHVGX
UpVHDX5(*/,67VXUXQHSpULRGHG¶XQDQ
,,, &ULWqUHVG¶pOLJLELOLWp
,QFOXVLRQWRXVOHVQRXYHDX[FDVG¶LQIHFWLRQSRXUOH/$%0GLDJQRVWLTXpVHQWUHOHHUDYULOHWOHPDUV
([FOXVLRQ OHV UpFLGLYHV G¶,67 GpMj GLDJQRVWLTXpHV SDU OH /$%0 OHV H[DPHQV UpDOLVpV GDQV OH FDGUH GHV GpSLVWDJHV
DQRQ\PHV&,'',67DLQVLTXHOHVH[DPHQVHQSURYHQDQFHGHVODERUDWRLUHVKRVSLWDOLHUVHQUDLVRQQRWDPPHQWGXULVTXHGH
GRXEORQV
,,, (FKDQWLOORQQDJH
/HYROHWGHO¶pWXGHDpWpSURSRVpjO¶HQVHPEOHGHV/$%0QRQKRVSLWDOLHUVGH*XDGHORXSHHWjGHX[/$%0QRQ
KRVSLWDOLHUVGH6DLQW0DUWLQ3DUWLFLSDLHQWDXYROHWOHV/$%0YRORQWDLUHVGXUpVHDX5(*/,67
,,, &ROOHFWHGHVGRQQpHV
,,, ,67HWLQIHFWLRQVDSSDUHQWpHVpWXGLpHV
+XLWJHUPHVUHVSRQVDEOHVG¶,67RXGHO¶KpSDWLWH&RQWpWpO¶REMHWGHFHWUDYDLO/HXUGpVLJQDWLRQDLQVLTXHO¶LQIHFWLRQ
SURYRTXpHVRQWLQGLTXpHVGDQVOH7DEOHDX,
5eVHDX*XDGHORXSpHQGH/DERUDWRLUHVSRXUOHVXLYLGHV,67
3238/$7,21(70(7+2'(
7DEOHDX,&DUDFWpULVWLTXHVGHVKXLW,67HWLQIHFWLRQVDSSDUHQWpHVpWXGLpHV
,QIHFWLRQV
7\SHGH
JHUPH
1RPGXJHUPH
0RGHVGHWUDQVPLVVLRQ
3UpOqYHPHQWRX
H[DPHQHIIHFWXp
&ULWqUHVYDOLGDQWXQ
GLDJQRVWLFSRVLWLI
,QIHFWLRQj9,+
9LUXV
YLUXVGHO¶LPPXQRGpILFLHQFH
KXPDLQH9,+
YRLHVH[XHOOHYRLHVDQJXLQHYRLH
PDWHUQRI°WDOH
SUpOqYHPHQWVDQJXLQ
(/,6$SRVLWLIV
FRQILUPDWLRQSDU
:HVWHUQ%ORWSRVLWLI
SUpOqYHPHQWVDQJXLQ
9'5/HW73+$
SRVLWLIV
6\SKLOLV
%DFWpULH
7UHSRQHPDSDOOLGXP
FRQWDFWVH[XHOHQWUHOHV
PXTXHXVHVPrPHVDQV
SpQpWUDWLRQFRQWDFWERXFKHVH[H
HWERXFKHDQXVSDUOHEDLVHUVL
SUpVHQFHG
XQFKDQFUHDXQLYHDX
EXFFDOYRLHPDWHUQRI°WDOH
*RQRFRFFLHV
%OHQQRUUDJLH
%DFWpULH
1HLVVHULDJRQRUUKRHDH
YRLHVH[XHOOHYRLHPDWHUQRI°WDOH
SUpOqYHPHQWJpQLWDO
H[DPHQGLUHFWSRVLWLI
&KODP\GLRVHV
%DFWpULH
&KODP\GLDWUDFKRPDWLV
YRLHVH[XHOOHYRLHPDWHUQRI°WDOH
SUpOqYHPHQWORFDOHW
FHUYLFDO
3&5SRVLWLYH
+pSDWLWH%
9LUXV
YLUXVGHO¶KpSDWLWH%9+%
YRLHVH[XHOOHYRLHVDQJXLQHYRLH
PDWHUQRI°WDOH
SUpOqYHPHQWVDQJXLQ
$QWLJqQHGHVXUIDFH
GHO¶KpSDWLWH%
$J+%VSRVLWLI
+pSDWLWH&
9LUXV
YLUXVGHO¶KpSDWLWH&9+&
SULQFLSDOHPHQWYRLHVDQJXLQH
PRLQVIUpTXHPPHQWYRLHVH[XHOOH
SUpOqYHPHQWVDQJXLQ
VpURORJLH9+&
SRVLWLYH
0\FRSODVPHV
%DFWpULH
8UHDSODVPDXUHDO\WLFXPHW
0\FRSODVPDKRPLQLV
YRLHVH[XHOOH
SUpOqYHPHQWJpQLWDOHW
VDQJXLQ
FXOWXUHSRVLWLYH
,QIHFWLRQj
+39
9LUXV
3DSLOORPDYLUXVKXPDLQ
+39
YRLHVH[XHOOHFRQWDFWG
XQH
PXTXHXVHDYHFXQH]RQHGXFRUSV
LQIHFWpHFRQG\ORPHV
3UpOqYHPHQWFHUYLFDO
3&5SRVLWLYH
7HFKQLTXHVGHGLDJQRVWLFELRORJLTXHYRLUOLVWHGHVDEUpYLDWLRQV$QQH[H
3238/$7,21(70(7+2'(
,,, ,QIRUPDWLRQVUHFXHLOOLHVSDUOHV/$%0
6HXOVOHVH[DPHQVSRVLWLIVREWHQXVVHORQOHVFULWqUHVYDOLGDQWGpILQLWGDQVOH7DEOHDX,pWDLHQWUHFHQVpV
9ROHW
/H UHFXHLO GHV GRQQpHV FRQVLVWDLW SRXU OHV /$%0 j WUDQVPHWWUH OH QRPEUH PHQVXHOV G¶H[DPHQV HIIHFWXpV HW GH SRVLWLIV
LGHQWLILpVSRXUFKDFXQHGHVLQIHFWLRQVpWXGLpHV
9ROHW
3RXUOHVODERUDWRLUHVYRORQWDLUHVGXUpVHDX5(*/,67OHUHFXHLOGHVGRQQpHVFRQVLVWDLWjLQGLTXHUOHVFDUDFWpULVWLTXHVQRQ
QRPLQDWLYHV GHV SDWLHQWV SRXU OHVTXHOV XQH RX SOXVLHXUV ,67 DYDLW pWp GpSLVWpHV 3RXU FHUWDLQV ODERUDWRLUHV GRQW OHV
UHFKHUFKHV GH SDSLOORPDYLUXV KXPDLQ +39 pWDLHQW HQYR\pHV HQ )UDQFH PpWURSROLWDLQH OHV GRQQpHV RQW pWp FROOHFWpHV
DXSUqVGXODERUDWRLUHFROODERUDWHXU/HVGRQQpHVUHFXHLOOLHVFRQFHUQDQWOHSDWLHQWpWDLHQWODGDWHGHQDLVVDQFHOHVH[HOH
FRGHSRVWDOGXOLHXGHUpVLGHQFH/HVGRQQpHVFRQFHUQDQWOHVDQDO\VHVELRORJLTXHVpWDLHQWOHQXPpURGHGRVVLHUOHQRPGX
ODERUDWRLUHOHWULPHVWUHGXUHOHYpGHVGRQQpHVODGDWHGXSUpOqYHPHQWHWODQDWXUHGHO¶H[DPHQSRVLWLI
,,, 0RGHGHUHFXHLOHWFLUFXLWGHO¶LQIRUPDWLRQ
3RXUFKDTXHYROHWGHO¶pWXGHXQIRUPXODLUHDpWppODERUpHWSURSRVpSDUO¶256D*&KDTXHPRLVYROHWHWFKDTXHWULPHVWUH
YROHWOHV/$%0FRQFHUQpVUHPSOLVVDLHQWOHIRUPXODLUHHWOHUHQYR\DLHQWSDUWpOpFRSLHRXFRXUULHUpOHFWURQLTXHjO¶256D*
$QQH[HHW$QQH[H
,,, ,QIRUPDWLVDWLRQHWFRQWU{OHTXDOLWp
&RQIRUPpPHQWDX[GLVSRVLWLRQVGHO¶DUWLFOHGHODORLGXMDQYLHUPRGLILpHUHODWLYHjO¶LQIRUPDWLTXHDX[ILFKLHUVHWDX[
OLEHUWpV OH WUDLWHPHQW LQIRUPDWLTXH GHV GRQQpHV LQGLYLGXHOOHV SRXU FHWWH pWXGH D REWHQX O¶DXWRULVDWLRQ GH OD &RPPLVVLRQ
1DWLRQDOHGHO¶,QIRUPDWLTXHHWGHV/LEHUWpV&1,/$QQH[H
/HVGRQQpHVLQIRUPDWLTXHVRQWpWpVDLVLHVjO¶DLGHGXORJLFLHO(SL,QIRSRXU:LQGRZV/HILFKLHULQIRUPDWLTXHH[SORLWp
QHFRQWHQDLWSDVGHGRQQpHVQRPLQDWLYHV/HELRORJLVWHDYDLWjFKDUJHG¶pOLPLQHUOHVGRXEORQVLQWUDODERUDWRLUHH[DPHQV
SRVLWLIVSRXUOHPrPHSDWLHQWHWSRXUODPrPH,67DYDQWOHUHPSOLVVDJHGXIRUPXODLUH'HVpFKDQJHVDYHFOHVODERUDWRLUHV
SDUWLFLSDQWVRQWpWpHIIHFWXpVDILQGHYDOLGHUFHUWDLQHVGRQQpHVHWGHV¶DIIUDQFKLUG¶pYHQWXHOOHVHUUHXUV
,,, $QDO\VHGHVGRQQpHV
/¶DQDO\VHDpWpHIIHFWXpHjO¶DLGHGXORJLFLHO67$7$8QHDQDO\VHVWDWLVWLTXHGHVFULSWLYHDpWpUpDOLVpHVXUOHVGRQQpHV
FROOHFWpHV'HVWHVWVQRQSDUDPpWULTXHVRQWpWpXWLOLVpVSRXUOHVFRPSDUDLVRQVG¶kJHV/HWHVWGX&KLHWOHFDVpFKpDQWOH
WHVWGH)LVKHURQWSHUPLVGHFRPSDUHUOHVYDULDEOHVTXDOLWDWLYHVDXVHXLOGHVLJQLILFDWLRQGH8QUpVXOWDWQRQVLJQLILFDWLI
3238/$7,21(70(7+2'(
HVW QRWp 16 $ILQ GH WHQLU FRPSWH GX SRLGV GH O¶DFWLYLWp GH FKDTXH ODERUDWRLUH OHV GRQQpHV GX YROHW GH O¶pWXGH RQW pWp
SRQGpUpHVVXUO¶DFWLYLWpGHVODERUDWRLUHVVHORQODPpWKRGHLQGLTXpHGDQVO¶HQFDUWFLGHVVRXV/HVWDX[GHSRVLWLYLWpFDOFXOpV
VRQWGRQFWRXVGHVWDX[GHSRVLWLYLWpSRQGpUpVPR\HQVTXLUHSUpVHQWHQWODSURSRUWLRQG¶H[DPHQVFRQILUPpVSRVLWLIVSRXU
H[DPHQVHIIHFWXpV
/DPR\HQQHSRQGpUpHHVWODPR\HQQHG
XQFHUWDLQQRPEUHGHYDOHXUVDIIHFWpHVGH
FRHIILFLHQWV(QFRQVLGpUDQWXQHQVHPEOHGHGRQQpHV
HWOHVSRLGVFRUUHVSRQGDQWV
ODPR\HQQHSRQGpUpH HVWFDOFXOpHVXLYDQWODIRUPXOH
TXRWLHQWGHODVRPPHSRQGpUpHGHV[ LSDUODVRPPHGHVSRLGV
VRLW
5(68/7$7692/(7
5(68/7$76
3DUWLFLSDWLRQGHVODERUDWRLUHV
/HVUHVSRQVDEOHVGHVODERUDWRLUHVG¶DQDO\VHVGHELRORJLHPpGLFDOH/$%0QRQKRVSLWDOLHUVTXHFRPSWHOD*XDGHORXSH
HQ RQW SDUWLFLSp j O¶pWXGH 3DUPL HX[ DYDLHQW UHWRXUQp OHV GRQQpHV UHODWLYHV j OHXUV DFWLYLWpV HW DYDLHQW WUDQVPLV OHV GRQQpHV PHQVXHOOHV GHV ,67 UHFKHUFKpHV HW ODERUDWRLUHV DYDLHQW DFFHSWp GH UHQVHLJQHU OHV
FDUDFWpULVWLTXHVGHVFDVSRVLWLIVSRXUOHV,67pWXGLpHV/DFROOHFWHGHVGRQQpHVDHXOLHXGXHUDYULODXPDUV
,9 5(68/7$7692/(7
/HVUpVXOWDWVTXDQWLWDWLIVSUpVHQWpVRQWFRQFHUQpOHVGRQQpHVGH/$%0SULYpVYRORQWDLUHVVXUPRLVGHUHFHQVHPHQW
3RXU OHV H[DPHQV SRVLWLIV OHV ODERUDWRLUHV pWDLHQW WHQXV GH UHPRQWHU XQLTXHPHQW OHV UpVXOWDWV REWHQXV VHORQ OHV FULWqUHV
YDOLGDQWLQGLTXpVGDQVOH 7DEOHDX,3RXUO¶DQDO\VHGHVUpVXOWDWVRQVXSSRVHTXHWRXVOHVODERUDWRLUHVRQWUHVSHFWpFHWWH
FRQVLJQH
,9 5pSDUWLWLRQGXQRPEUHWRWDOG·H[DPHQVHIIHFWXpVSDUPDUTXHXUG·LQIHFWLRQ
6XUODSpULRGHGHO¶pWXGHHWSRXUO¶HQVHPEOHGHVODERUDWRLUHVSDUWLFLSDQWVH[DPHQVRQWpWpUpDOLVpV/¶H[DPHQOHSOXV
GHPDQGppWDLWODVpURORJLHSRXUOH9,+H[DPHQVLOUHSUpVHQWDLWSUqVG¶XQTXDUWGHV,67UHFKHUFKpHV6XLYDLHQWOHV
UHFKHUFKHV G¶LQIHFWLRQ SDU 9+% GHV H[DPHQV JRQRFRTXHV 9+& HW O¶DJHQW GH OD V\SKLOLV GHV H[DPHQV
FKDFXQ P\FRSODVPHV GHV H[DPHQV &KODP\GLD WUDFKRPDWLV GHV H[DPHQV HW +39 GHV H[DPHQV
)LJXUH
)LJXUH5pSDUWLWLRQGHVH[DPHQVGHPDQGpVVHORQOHV,67
9,+
9+%
*RQRFRTXHV
6\SKLOLV
9+&
0\FRSODVPHV
&KODP\GLD
+39
5(68/7$7692/(7
,9 5pSDUWLWLRQGXWDX[GHSRVLWLYLWpSDUPDUTXHXUG·LQIHFWLRQ
,9 /HFDVGHVP\FRSODVPHV
/HWDX[GHSRVLWLYLWpGHVUHFKHUFKHVGHP\FRSODVPHVQ¶HVWSDVLQGLTXpGDQVOD)LJXUHGDQVODPHVXUHRFH
WDX[UHIOqWHODSUpVHQFHGH8XUHDO\WLFXPHW0KRPLQLVVDQVGLVWLQFWLRQGXJHUPHHQFDXVH/HSRXYRLUSDWKRJqQHGHFHV
JHUPHV HVW VRXYHQW GLIILFLOH j pYDOXHU FDU LOV DSSDUWLHQQHQW j OD IORUH FRPPHQVDOH GHV YRLHV JpQLWDOHV HW OHV WDX[ GH
FRORQLVDWLRQ YDULHQW HQ IRQFWLRQ GH QRPEUHX[ SDUDPqWUHV kJH DFWLYLWp VH[XHOOH XVDJH GH FRQWUDFHSWLIV RUDX[ &KH] OD
IHPPHODFRORQLVDWLRQYDJLQDOHDWWHLQWSUqVGHSRXU8XUHDO\WLFXPHWPRLQVGHSRXU0KRPLQLV>@3RXUFHV
UDLVRQVODGpWHUPLQDWLRQGXPDUTXHXUG¶LQIHFWLRQGRLWWHQLUFRPSWHGHO
HVSqFHLVROpHODSUpVHQFHGH0KRPLQLVGDQVXQ
SUpOqYHPHQWFHUYLFRYDJLQDOGRLWDSULRULGDYDQWDJHDWWLUHUO
DWWHQWLRQTXHFHOOHG
8XUHDO\WLFXPHWGHODTXDQWLWpGHJHUPHV
WURXYpH /HV GRQQpHV GH GpQRPEUHPHQW GHV JHUPHV Q·pWDQW SDV GHPDQGpHV FHWWH pWXGH QH SHUPHW SDV GH
GLVWLQJXHUOHVFDVG·LQIHFWLRQjP\FRSODVPHVGHVSRUWDJHVVLPSOHV'HFHIDLWOHFKRL[G·DQDO\VHDpWpG·H[FOXUHOHV
H[DPHQVSRVLWLIVUHODWLIVDX[P\FRSODVPHV
,9 /HVDXWUHV,67pWXGLpHV
7RXWHV,67FRQIRQGXHVOHWDX[GHSRVLWLYLWpJOREDOpWDLWGH/HVWDX[GHSRVLWLYLWpSRXUOHV,67pWXGLpHVpWDLHQWOHV
VXLYDQWVFKODP\GLDV\SKLOLV9+%9+&9,+JRQRFRTXHV)LJXUH
)LJXUH7DX[GHSRVLWLYLWpSRQGpUpPR\HQVHORQOHV,67
Proportion de positifs/100 tests
4
3,8
3
2,3
2
1,6
1
0,6
0,2
0,1
0
VIH
Gonocoques
VHC
VHB
Syphilis
Chlamydia
OHWDX[GHSRVLWLYLWpFRUUHVSRQGjODSURSRUWLRQG¶H[DPHQVFRQILUPpVSRVLWLIVSRXUWHVWVUpDOLVpV
5(68/7$7692/(7
/D UHFKHUFKH G¶+39 HVW UDUHPHQW UpDOLVpH GH PDQLqUH V\VWpPDWLTXH PDLV OH SOXV VRXYHQW j OD VXLWH GH OD SUpVHQFH
G¶DQRPDOLHV VXU OH IURWWLV FHUYLFRYDJLQDO IURWWLV $6&86 RX GDQV OH VXLYL GHV SUpFRQLVDWLRQV GH O¶$JHQFH QDWLRQDOH
G¶DFFUpGLWDWLRQHWG¶pYDOXDWLRQHQVDQWp$1$(6(QFRQVpTXHQFHRQUHWURXYHXQWDX[GHSRVLWLYLWppOHYpSRXUOH
SHXG¶H[DPHQVUpDOLVpVQ VXUPRLVGHO¶pWXGHSRXUODERUDWRLUHV
$W\SLHGHVFHOOXOHVPDOSLJKLHQQHVGHVLJQLILFDWLRQLQGpWHUPLQpH
5(68/7$7692/(7
,9 7DX[GHSRVLWLYLWpHWWDX[GHSUpYDOHQFHVHORQOHV,67
/H WDX[ GH SRVLWLYLWp FRUUHVSRQG j OD SURSRUWLRQ PR\HQQH G¶H[DPHQV FRQILUPpV SRVLWLIV SRXU H[DPHQV UpDOLVpV
SRQGpUpHVXUO¶DFWLYLWpGHVODERUDWRLUHV/HWDX[GHSUpYDOHQFHFRUUHVSRQGjODSURSRUWLRQGXQRPEUHWRWDOG¶H[DPHQVSRVLWLIV
SRXUH[DPHQVUpDOLVpV
7DEOHDX,,7DX[GHSRVLWLYLWpHWWDX[GHSUpYDOHQFHVHORQOHV,67
,67
7DX[GH
SRVLWLYLWp
7DX[GH
SUpYDOHQFH
9,+
6\SKLOLV
*RQRFRTXHV
&KODP\GLD
+pSDWLWH%
+pSDWLWH&
+39
,9 5pSDUWLWLRQWULPHVWULHOOHPR\HQQHGXWDX[GHSRVLWLYLWp
,9 /DV\SKLOLV
(QPR\HQQHGHVH[DPHQVHIIHFWXpVpWDLHQWSRVLWLIV3RXUODV\SKLOLVODUpSDUWLWLRQWULPHVWULHOOHGXQRPEUHG¶H[DPHQV
HIIHFWXpVHVWVWDWLVWLTXHPHQWGLIIpUHQWHGHODUpSDUWLWLRQGHVH[DPHQVSRVLWLIV/HWDX[GHSRVLWLYLWppWDLWSOXVpOHYpDX
FRXUDQWGXqPHWULPHVWUH/HVWDX[GHVqPHHWqPHWULPHVWUHVVRQWVLJQLILFDWLYHPHQWSOXVpOHYpVTXHOHVWDX[GXqPH
WULPHVWUHHWHUWULPHVWUHS )LJXUH5pSDUWLWLRQWULPHVWULHOOHGXWDX[GHSRVLWLYLWpSRXUODV\SKLOLV
3,0
2,71
2,65
2,22
2,0
1,64
%
1,0
0,0
2ème trimestre 2008
1er trimestre 2009
5(68/7$7692/(7
,9 ,QIHFWLRQVj&KODP\GLDWUDFKRPDWLV
/HWDX[GHSRVLWLYLWpGHVH[DPHQVj&KODP\GLDWUDFKRPDWLVpWDLWGH,OUHSUpVHQWHOHVHFRQGWDX[OHSOXVpOHYpSRXUOHV
,67pWXGLpHV/DUpSDUWLWLRQGHVGHPDQGHVG¶H[DPHQVHWGHVH[DPHQVSRVLWLIVHVWGLIIpUHQWHVHORQOHVWULPHVWUHV(QHIIHW
OHVWDX[REVHUYpVDXFRXUVGXHUWULPHVWUHpWDLHQWVLJQLILFDWLYHPHQWSOXVpOHYpVTXHOHVWDX[VXUOHUHVWHGHO¶DQQpH$X
PRLVGHIpYULHUOHWDX[GHSRVLWLYLWpSRXUOHVH[DPHQV&KODP\GLDWUDFKRPDWLVDWWHLJQDLW
)LJXUH5pSDUWLWLRQWULPHVWULHOOHGXWDX[GHSRVLWLYLWpjFKODP\GLD
6,0
5,38
4,0
3,77
3,16
%
2,91
2,0
0,0
1er trimestre 2009
3RXU OHV DXWUHV LQIHFWLRQV pWXGLpHV OD UpSDUWLWLRQ WULPHVWULHOOH GX QRPEUH G¶H[DPHQV HIIHFWXpV Q¶HVW SDV VWDWLVWLTXHPHQW
GLIIpUHQWHGHODUpSDUWLWLRQWULPHVWULHOOHGXQRPEUHG¶H[DPHQVSRVLWLIV
5(68/7$7692/(7
9 5(68/7$7692/(7
/HV FDUDFWpULVWLTXHV GHV QRXYHDX[ FDV G¶,67 HW G¶KpSDWLWH & GLDJQRVWLTXpV FRQFHUQHQW OHV SDWLHQWV GHV ODERUDWRLUHV GX
UpVHDX5(*/,67FRPSRVpGH/$%0SULYpVYRORQWDLUHVSRXUXQHSpULRGHGHUHFHQVHPHQWGHPRLV'HX[ODERUDWRLUHV
VRQWORFDOLVpVj3RLQWHj3LWUHXQODERUDWRLUHDX[$E\PHVHWXQDXWUHj6DLQW0DUWLQ3RXUFHVODERUDWRLUHVH[DPHQV
RQWpWpUpDOLVpVVXUODSpULRGHG¶pWXGHGRQQpHVH[WUDLWHVGXYROHW'XUDQWFHWWHSpULRGHSDWLHQWVRQWpWpGpSLVWpV
SRVLWLIV j DX PRLQV XQH ,67 RX DX YLUXV GH O¶KpSDWLWH & FH TXL FRUUHVSRQG j H[DPHQV SRVLWLIV /HV UpVXOWDWV GH
GpSLVWDJHGHVP\FRSODVPHVFRUUHVSRQGHQWjH[DPHQVSRVLWLIVSURYHQDQWGHSDWLHQWVVXUODSpULRGHGHO¶pWXGH,OV
LQFOXDLHQWWRXVOHVH[DPHQVSRVLWLIVTXHOTXHVRLWOHVHXLOGHSRVLWLYLWpHWTXHOOHTXHVRLWO¶HVSqFHLVROpH'HFHIDLWFRPPH
GDQVOHYROHWOHFKRL[G·DQDO\VHDpWpG·H[FOXUHOHVH[DPHQVUHODWLIVDX[P\FRSODVPHV/¶DQDO\VHSRUWHUDVXU
H[DPHQV SRVLWLIV SURYHQDQW GH SDWLHQWV /H WDX[ GH SRVLWLYLWp JOREDO UHSUpVHQWp SDU O¶DFWLYLWp GHV ODERUDWRLUHV
YRORQWDLUHVpWDLWGH
5(68/7$7692/(7
9 &DUDFWpULVWLTXHVJpQpUDOHVGHVSDWLHQWV
9 6H[HHWkJH
3RXUODSpULRGHG¶pWXGHOHVSDWLHQWVGpSLVWpVSRVLWLIVSRXUDXPRLQVXQH,67pWDLHQWPDMRULWDLUHPHQWGHVIHPPHV
/HXUkJHPpGLDQpWDLWGHDQVpWHQGXHGHjDQV8QTXDUWGHO¶pFKDQWLOORQpWDLWkJpGHPRLQVGHDQV/HV
IHPPHVpWDLHQWVLJQLILFDWLYHPHQWSOXVMHXQHVTXHOHVKRPPHVDQVYVDQVkJHVPpGLDQV7DEOHDX,,,
7DEOHDX,,,&DUDFWpULVWLTXHVGHVSDWLHQWVVHORQOHVH[H
1RPEUHGHSHUVRQQHVLQIHFWpHV
9DOHXUS
9DULDEOHV
1RPEUHGHSHUVRQQHV
GpSLVWpHVSRVLWLYHV
$JH
0pGLDQHDQV
3DUWGHVPRLQVGHDQVQ
3pULRGHGHGpSLVWDJH
HWULPHVWUH
HWULPHVWUH
HWULPHVWUH
HUWULPHVWUH
%DVVLQG·KDELWDW
*UDQGH7HUUH
%DVVH7HUUH
6DLQW0DUWLQ
1RQUHQVHLJQp
1RPEUHGHSHUVRQQHV
SUpVHQWDQWSOXVLHXUV,67
1RPEUHVG·H[DPHQVSRVLWLIV
SDU,67
9,+
6\SKLOLV
*RQRFRTXHV
&KODP\GLD
9+%
9+&
+39
+RPPHV
)HPPHV
7RWDO
,QWHUYDOOHGH
FRQILDQFHj
Q Q Q Q ±
>±@
>±@
>±@
>±@
>±@
16
Q Q >±@
>±@
>±@
>±@
16
16
>±@
16
16
16
16
>±@
>±@
>±@
>±@
>±@
>±@
>±@
/DYDOHXUGHSFRUUHVSRQGDXUpVXOWDWGXWHVWGHFRPSDUDLVRQHQWUHOHVKRPPHVHWOHVIHPPHV
9 ,QIHFWLRQV
/HV GpSLVWDJHV +39 FRQFHUQDLHQW H[FOXVLYHPHQW OHV IHPPHV /HV KRPPHV pWDLHQW SOXV VRXYHQW GpSLVWpV SRVLWLIV SRXU
O¶LQIHFWLRQjJRQRFRTXHYVDORUVTXHOHVIHPPHVpWDLHQWSOXVVRXYHQWSRUWHXVHVGH&KODP\GLDWUDFKRPDWLV
YV 3RXUOHVDXWUHVLQIHFWLRQVpWXGLpHVLOQ¶H[LVWH SDVGHGLIIpUHQFHVWDWLVWLTXHPHQWVLJQLILFDWLYHHQWUHOHV
SURSRUWLRQVG¶LQIHFWLRQFKH]OHVKRPPHVHWFKH]OHVIHPPHV'HX[SRXUFHQWGHVSHUVRQQHVpWDLHQWGpSLVWpHVSRVLWLYHVSRXU
SOXVLHXUV,677DEOHDX,9
5(68/7$7692/(7
7DEOHDX,9'HVFULSWLRQGHVLQIHFWLRQVPXOWLSOHV
,QIHFWLRQ
1RPEUHGH
SHUVRQQHVGpSLVWpHV
SRVLWLYHV
9,+V\SKLOLV
9,+9+%
9,+9+&
&KODP\GLD*RQRFRTXHV
&KODP\GLD6\SKLOLV
9+%6\SKLOLV
7RWDO
9 5pSDUWLWLRQJpRJUDSKLTXHGHVFDV
4XDQGOHEDVVLQG¶KDELWDWQ¶pWDLWSDVUHQVHLJQpQ LOV¶DJLVVDLWOHSOXVVRXYHQWG¶H[DPHQVSUHVFULWVSDUOHVFOLQLTXHVRX
OHVK{SLWDX[/HVWURLVODERUDWRLUHVGH*XDGHORXSHpWDQWVLWXpVHQ*UDQGH7HUUHODPDMRULWpGHVSDWLHQWVGpSLVWpVSRVLWLIV
SRXUDXPRLQVXQH,67UpVLGDLHQWGDQVFHEDVVLQG¶KDELWDW
5(68/7$7692/(7
9 ,QIHFWLRQVj9,+
/DSURSRUWLRQGHSDWLHQWVD\DQWXQH[DPHQ9,+SRVLWLIpWDLWGH/¶kJHPpGLDQGHVSDWLHQWVGpSLVWpVSRVLWLIVSRXUOH9,+
pWDLWGHDQVHWLOQ¶H[LVWDLWSDVGHGLIIpUHQFHG¶kJHVLJQLILFDWLYHHQWUHOHVKRPPHVHWOHVIHPPHV/¶DVVRFLDWLRQGX9,+j
G¶DXWUHV,67pWXGLpHVDpWpUHOHYpHSRXUFDVFHTXLUHSUpVHQWDLWSDWLHQW9,+SRVLWLIVXU8QWLHUVGHVLQIHFWLRQVj9,+
pWDLHQWGLDJQRVWLTXpHVDXqPHWULPHVWUHSOXVGHODPRLWLpGHVFDVpWDLHQWREVHUYpVj6DLQW0DUWLQ7DEOHDX9
7DEOHDX9&DUDFWpULVWLTXHVGHVSDWLHQWVLQIHFWpVSDUOH9,+
9,+
$JH
0pGLDQHDQV
3DUWGHVPRLQVGHDQVQ
,QIHFWLRQPXOWLSOH
3pULRGHGHGpSLVWDJH
HWULPHVWUH
HWULPHVWUH
HWULPHVWUH
HUWULPHVWUH
%DVVLQG·KDELWDW
*UDQGH7HUUH
%DVVH7HUUH
6DLQW0DUWLQ
1RQUHQVHLJQp
1RPEUHGHSHUVRQQHV
LQIHFWpHV
,QWHUYDOOHGH
FRQILDQFHj
Q ±
>±@
±
>±@
>±@
>±@
>±@
>±@
±
>±@
±
5(68/7$7692/(7
9 /DV\SKLOLV
/HV H[DPHQV SRVLWLIV SRXU OD V\SKLOLV FRQFHUQDLHQW GH O¶pFKDQWLOORQ /D GLIIpUHQFH G¶kJH HQWUH OHV KRPPHV HW OHV
IHPPHV LQIHFWpV pWDLW VLJQLILFDWLYH DQV YV DQV kJHV PpGLDQV /HV SHUVRQQHV kJpHV GH SOXV GH DQV
UHSUpVHQWDLHQWGHVFDVGHV\SKLOLV3DUPLOHVFDVGHV\SKLOLVGHVSHUVRQQHVpWDLHQWGpSLVWpHVSRVLWLYHVSRXU
G¶DXWUHVJHUPHV$XWRWDOSOXVGHVGHX[WLHUVGHVFDVGHV\SKLOLVpWDLHQWGLDJQRVWLTXpVDXFRXUVGHVqPHHWqPHWULPHVWUHV
7DEOHDX9,
7DEOHDX9,&DUDFWpULVWLTXHVGHVFDVGHV\SKLOLV
6\SKLOLV
9DOHXUS
+RPPHV
$JH
0pGLDQHDQV
3DUWGHVPRLQVGHDQVQ
,QIHFWLRQVPXOWLSOHV
3pULRGHGHGpSLVWDJH
HWULPHVWUH
HWULPHVWUH
HWULPHVWUH
HUWULPHVWUH
%DVVLQG·KDELWDW
*UDQGH7HUUH
%DVVH7HUUH
6DLQW0DUWLQ
1RQUHQVHLJQp
)HPPHV
Q Q 7RWDO
Q ,QWHUYDOOHGH
FRQILDQFHj
16
16
16
16
±
>±@
±
>±@
>±@
>±@
>±@
>±@
>±@
>±@
5(68/7$7692/(7
9 ,QIHFWLRQVjJRQRFRTXHV
/D SURSRUWLRQ GH SHUVRQQHV LQIHFWpHV SDU OH JRQRFRTXH pWDLW GH GDQV QRWUH pFKDQWLOORQ G¶pWXGH /¶kJH PpGLDQ GX
GpSLVWDJHGHO¶LQIHFWLRQjJRQRFRTXHpWDLWGHDQV/HVSHUVRQQHVkJpHVGHPRLQVGHDQVpWDLHQWOHVSOXVWRXFKpHV
FDV VXU 'HX[ FDV G¶LQIHFWLRQ j JRQRFRTXH pWDLHQW DVVRFLpV j XQ DXWUH JHUPH /D PRLWLp GHV SDWLHQWV DYDLW pWp
GLDJQRVWLTXpHDXFRXUVGXqPHWULPHVWUH7DEOHDX9,,
7DEOHDX9,,&DUDFWpULVWLTXHVGHVSDWLHQWVLQIHFWpVSDUJRQRFRTXHV
*RQRFRTXHV
$JH
0pGLDQHDQV
3DUWGHVPRLQVGHDQVQ
,QIHFWLRQPXOWLSOH
3pULRGHGHGpSLVWDJH
HWULPHVWUH
HWULPHVWUH
HWULPHVWUH
HUWULPHVWUH
%DVVLQG·KDELWDW
*UDQGH7HUUH
%DVVH7HUUH
6DLQW0DUWLQ
1RPEUHGHSHUVRQQHV
LQIHFWpHV
Q ,QWHUYDOOHGH
FRQILDQFHj
±
>±@
±
>±@
±
±
±
>@
±
>@
5(68/7$7692/(7
9 ,QIHFWLRQVj&KODP\GLDWUDFKRPDWLV
/DSURSRUWLRQGHSDWLHQWVD\DQWXQH[DPHQ&KODP\GLDSRVLWLIpWDLWGH/DPDMRULWpGHVSDWLHQWVpWDLWkJpHGHPRLQV
GHDQVSUqVGHFDVVXU$XWRWDO GHVSHUVRQQHVLQIHFWpHVSDU &KODP\GLDWUDFKRPDWLVpWDLHQWGpSLVWpHV
GXUDQWOHHUWULPHVWUH3UqVGHGHVLQIHFWLRQVj&KODP\GLDWUDFKRPDWLVFRQFHUQDLHQWGHVSHUVRQQHVGpSLVWpHVj
6DLQW0DUWLQ7DEOHDX9,,,
7DEOHDX9,,,&DUDFWpULVWLTXHVGHVSDWLHQWVLQIHFWpVSDU&KODP\GLDWUDFKRPDWLV
&KODP\GLD
9DOHXUS
+RPPHV
$JH
0pGLDQHDQV
3DUWGHVPRLQVGHDQVQ
,QIHFWLRQVPXOWLSOHV
3pULRGHGHGpSLVWDJH
HWULPHVWUH
HWULPHVWUH
HWULPHVWUH
HUWULPHVWUH
%DVVLQG·KDELWDW
*UDQGH7HUUH
%DVVH7HUUH
6DLQW0DUWLQ
)HPPHV
7RWDO
Q Q Q ,QWHUYDOOHGH
FRQILDQFHj
16
16
16
16
16
±
>±@
±
>±@
>±@
>±@
>±@
>±@
>±@
>±@
5(68/7$7692/(7
9 3RUWDJHGHO·DQWLJqQH+%V
/DSDUWGHVSHUVRQQHVSRUWHXVHVGHO¶DQWLJqQH+%VpWDLWGH/¶kJHPpGLDQGHGpSLVWDJHGXSRUWDJHGHO¶DQWLJqQH
+%VpWDLWDQV&HSRUWDJHpWDLWSUpVHQWHQDVVRFLDWLRQDYHFXQJHUPHVXSSOpPHQWDLUHFKH]GHX[IHPPHV/DPDMRULWp
GHV H[DPHQV SRVLWLIV FRQFHUQDLW GHV SDWLHQWV UpVLGDQW HQ *UDQGH7HUUH 3UqV G¶XQ WLHUV GHV FDV GH SRUWDJH pWDLW
GLDJQRVWLTXpGXUDQWOHqPHWULPHVWUH7DEOHDX,;
7DEOHDX,;&DUDFWpULVWLTXHVGHVSDWLHQWVSRUWHXUVGHO¶DQWLJqQH+%V
9+%
9DOHXUS
+RPPHV
$JH
0pGLDQHDQV
3DUWGHVPRLQVGHDQVQ
,QIHFWLRQVPXOWLSOHV
3pULRGHGHGpSLVWDJH
HWULPHVWUH
HWULPHVWUH
HWULPHVWUH
HUWULPHVWUH
%DVVLQG·KDELWDW
*UDQGH7HUUH
%DVVH7HUUH
6DLQW0DUWLQ
1RQUHQVHLJQp
Q )HPPHV
Q 7RWDO
Q ,QWHUYDOOHGH
FRQILDQFHj
16
16
16
±
>±@
>±@
>±@
>±@
>±@
16
16
>±@
>±@
>±@
>±@
5(68/7$7692/(7
9 ,QIHFWLRQVSDUOH9+&
/DSURSRUWLRQGHSHUVRQQHVD\DQWXQHVpURORJLH9+&SRVLWLYHpWDLWGHGDQVQRWUHpFKDQWLOORQG¶pWXGH/¶kJHPpGLDQ
GHVSHUVRQQHVLQIHFWpHVpWDLWGHDQV8QHSHUVRQQHpWDLWLQIHFWpHSDUOH9+&HWOH9,+7DEOHDX;
7DEOHDX;&DUDFWpULVWLTXHVGHVSDWLHQWVLQIHFWpVSDUOH9+&
9+&
$JHPpGLDQDQV
0pGLDQHDQV
3DUWGHVPRLQVGHDQVQ
,QIHFWLRQPXOWLSOH
3pULRGHGHGpSLVWDJH
HWULPHVWUH
HWULPHVWUH
HWULPHVWUH
HUWULPHVWUH
%DVVLQG·KDELWDW
*UDQGH7HUUH
%DVVH7HUUH
6DLQW0DUWLQ
1RQUHQVHLJQp
1RPEUHGHSHUVRQQHV
LQIHFWpHV
,QWHUYDOOHGH
FRQILDQFHj
Q ±
>±@
±
>±@
>±@
>±@
±
>±@
±
±
>±@
9 ,QIHFWLRQVSDU+39
6XUO¶HQVHPEOHGHVIHPPHVD\DQWUpDOLVpXQH[DPHQSRXUOHV,67pWXGLpHVpWDLHQWSRVLWLYHVj+39/¶kJHPpGLDQGH
GpSLVWDJH GH O¶LQIHFWLRQ j +39 pWDLW DQV $XFXQH LQIHFWLRQ PXOWLSOH Q¶D pWp GpSLVWpH HW H[DPHQV VXU RQW HX OLHX
GXUDQWOHqPHWULPHVWUH6DLQW0DUWLQFRPSWDLWODPDMRULWpGHVGLDJQRVWLFV+39DYHFGpSLVWDJHVVXU7DEOHDX;,
7DEOHDX;,&DUDFWpULVWLTXHVGHVSDWLHQWVLQIHFWpVSDU+39
+39
$JHPpGLDQDQV
0pGLDQHDQV
3DUWGHVPRLQVGHDQVQ
,QIHFWLRQPXOWLSOH
3pULRGHGHGpSLVWDJH
HWULPHVWUH
HWULPHVWUH
HWULPHVWUH
HUWULPHVWUH
%DVVLQG·KDELWDW
*UDQGH7HUUH
%DVVH7HUUH
6DLQW0DUWLQ
1RQUHQVHLJQp
1RPEUHGHSHUVRQQHV
LQIHFWpHV
,QWHUYDOOHGH
FRQILDQFHj
Q ±
>±@
±
>±@
>±@
>±@
±
>±@
±
>±@
±
5(68/7$7692/(7
9 &RPSDUDLVRQ*XDGHORXSH6DLQW0DUWLQ
/¶DQDO\VHSUpVHQWpHGDQVFHSDUDJUDSKHFRQFHUQHOHVSDWLHQWVG¶XQ/$%0SULYpYRORQWDLUHGH6DLQW0DUWLQHWGHWURLV/$%0
GH *XDGHORXSH /D FRPSDUDLVRQ SRUWH VXU H[DPHQV SRVLWLIV SURYHQDQW GH SDWLHQWV SRXU OHVTXHOV OH OLHX GH
UpVLGHQFHpWDLWUHQVHLJQp
/¶DQDO\VH GHV FDUDFWpULVWLTXHV GHV SDWLHQWV VHORQ OH VH[H O¶kJH HW OD SpULRGH GH GpSLVWDJH Q¶D SDV PLV HQ pYLGHQFH GH
GLIIpUHQFHV VWDWLVWLTXHPHQW VLJQLILFDWLYHV HQWUH OHV SDWLHQWV UpVLGDQW j 6DLQW0DUWLQ HW FHX[ UpVLGDQW HQ *XDGHORXSH
&HSHQGDQWODSDUWGHVSDWLHQWVLQIHFWpHSDUGHX[JHUPHVpWDLWSOXVLPSRUWDQWHFKH]OHVSDWLHQWVUpVLGDQWj6DLQW0DUWLQ
3DUPLOHV,67GLDJQRVWLTXpHVOHVLQIHFWLRQVSDUOH9,+HWSDU+39pWDLHQWSOXVLPSRUWDQWHVj6DLQW0DUWLQUHVSHFWLYHPHQW
7DEOHDX;,,&DUDFWpULVWLTXHVGHVSDWLHQWVVHORQOHOLHXGHUpVLGHQFH
9DOHXUS
9DULDEOHV
1RPEUHGHSHUVRQQHV
GpSLVWpHVSRVLWLYHV
6H[HIpPLQLQ
$JH
0pGLDQHDQV
3DUWGHVPRLQVGHDQVQ
3pULRGHGHGpSLVWDJH
HWULPHVWUH
HWULPHVWUH
HWULPHVWUH
HUWULPHVWUH
1RPEUHGHSHUVRQQHV
SUpVHQWDQWSOXVLHXUV,67
1RPEUHVG·H[DPHQVSRVLWLIV
SDU,67
9,+
6\SKLOLV
*RQRFRTXHV
&KODP\GLD
9+%
9+&
+39
6DLQW0DUWLQ
*XDGHORXSH
7RWDO
,QWHUYDOOHGH
FRQILDQFHj
Q Q Q Q Q Q 16
16
16
>±@
±
>±@
>±@
>±@
>±@
>±@
>±@
16
16
16
16
>±@
>±@
>±@
>±@
>±@
>±@
>±@
OHVSURSRUWLRQVVRQWFDOFXOpHVSRXUGHVSDWLHQWVSRXUOHVTXHOVOHFRGHSRVWDOGXOLHXGHUpVLGHQFHHVWUHQVHLJQp
/DYDOHXUGHSFRUUHVSRQGDXUpVXOWDWGXWHVWGHFRPSDUDLVRQHQWUHOHVSDWLHQWVUpVLGDQWj6DLQW0DUWLQHWOHVSDWLHQWVUpVLGDQWHQ*XDGHORXSH
9, ',6&866,21
/HV UpVXOWDWV GX YROHW GH FHWWH pWXGH DXTXHO ODERUDWRLUHV RQW SDUWLFLSp SHUPHWWHQW G¶pWXGLHU O¶pYROXWLRQ GHV WDX[ GH
SRVLWLYLWp VXU PRLV 7RXV OHV ODERUDWRLUHV SDUWLFLSDQWV DYDLHQW UHQVHLJQpV GHV GRQQpHV VXU OHV PRLV GH O¶pWXGH /H
FDOFXOGHPR\HQQHVSRQGpUpHVSHUPHWGHWHQLUFRPSWHGHODGLIIpUHQFHG¶DFWLYLWpHQWUHOHVODERUDWRLUHV
/D UpSDUWLWLRQ WULPHVWULHOOH GHV GHPDQGHV G¶H[DPHQV Q¶pWDLW SDVGLIIpUHQWH GH FHOOH GHV H[DPHQV SRVLWLIV j O¶H[FHSWLRQ GH
O¶LQIHFWLRQ j &KODP\GLD WUDFKRPDWLV HW GH OD V\SKLOLV 3RXU FHV GHUQLqUHV OHV WDX[ GH SRVLWLYLWp OHV SOXV pOHYpV pWDLHQW
UHWURXYpVUHVSHFWLYHPHQWDXHUWULPHVWUHHWDXqPHWULPHVWUH
/DUHFKHUFKHGH&KODP\GLDWUDFKRPDWLVSDU3&5UHVWHXQH[DPHQSHXGHPDQGpSDUUDSSRUWjG¶DXWUHV,67QpDQPRLQVOH
WDX[ GH SRVLWLYLWp GH O¶LQIHFWLRQ HVW pOHYp &HV REVHUYDWLRQV VRXOqYHQW OD TXHVWLRQ GX GpSLVWDJH GH FHWWH LQIHFWLRQ
GDQVODSRSXODWLRQGH*XDGHORXSH
$XUHJDUGGHODIUpTXHQWDWLRQGHVODERUDWRLUHVG¶DQDO\VHVSRXUGHVUHFKHUFKHVG¶,67LOVHPEOHTXHOHVDFWLRQVGHSUpYHQWLRQ
SRXUUDLHQW rWUH PHQpHV GH PDQLqUH FRQWLQXH VXU OH ORQJ WHUPH DYHF QRWDPPHQW OH UHQIRUFHPHQW GHV FDPSDJQHV GH
GpSLVWDJH
'¶DSUqVOHVUpVXOWDWVGXYROHWGHFHWWHpWXGHOHVSUpYDOHQFHVGHO¶LQIHFWLRQSDUOH9+&HWGXSRUWDJHGHO¶DQWLJqQH+%V
UHVSHFWLYHPHQWHWVRQWVLPLODLUHVjFHOOHVREVHUYpHVSRXUOHVDQQpHVSRXUOD*XDGHORXSH>@(QFH
TXLFRQFHUQHOHVLQIHFWLRQVSDUOH9,+jJRQRFRTXHVj&KODP\GLDWUDFKRPDWLVHWSDUOH9+&OHVSURSRUWLRQVVHPEOHQWSOXV
IDLEOHVGDQVQRWUHpWXGHTX¶HQ)UDQFHPpWURSROLWDLQHDORUVTXHODSURSRUWLRQG¶LQIHFWLRQVSDUOH9+%SDUDvWSOXVpOHYpHGDQV
QRWUH pWXGH (Q HIIHW GDQV QRWUH pWXGH OD SURSRUWLRQ GH VpURORJLHV 9,+ FRQILUPpHV SRVLWLYHV HVW SOXV IDLEOH TXH FHOOH
REVHUYpHSDUOHUpVHDXGHVXUYHLOODQFHGHO¶DFWLYLWpGHGpSLVWDJHGX9,+DXQLYHDXQDWLRQDO/DER9,+YVHQ
>@ /D SURSRUWLRQ G¶H[DPHQV SRVLWLIV j OD UHFKHUFKH GH JRQRFRTXHV pWDLW GH FH TXL UHSUpVHQWDLW SRXU QRWUH
pWXGHXQQRPEUHPR\HQSRQGpUpGHLQIHFWLRQVjJRQRFRTXHVSDUDQHWSDUODERUDWRLUH$XVHLQGHVODERUDWRLUHVDFWLIV
GXUpVHDX5HQDJRFHFKLIIUHV¶pOHYDLWjHQHQ)UDQFHPpWURSROLWDLQH>@'DQVQRWUHpWXGHODIUpTXHQFHGH
O¶LQIHFWLRQj&KODP\GLDWUDFKRPDWLVpWDLWGHHQ)UDQFHPpWURSROLWDLQHFHWDX[pWDLWGHHQ>@(QILQOD
SUpYDOHQFH GH O¶LQIHFWLRQ SDU OH 9+& pWDLW GH FHWWH YDOHXU HVW OpJqUHPHQW LQIpULHXUH j FHOOH WURXYpH HQ )UDQFH
PpWURSROLWDLQH HQ >@ /D SUpYDOHQFH GX SRUWDJH GH O¶DQWLJqQH +%V pWDLW GH FH WDX[ TXL UHIOqWH OHV
LQIHFWLRQV DV\PSWRPDWLTXHV HW V\PSWRPDWLTXHV HW UHVWH GHX[ IRLV SOXV pOHYp TXH FHOXL GH )UDQFH PpWURSROLWDLQH HQ >@'DQVQRWUHpWXGHOHWDX[GHSRVLWLYLWpGHODVpURORJLHV\SKLOLWLTXHpWDLWGH&HQRPEUHGHQRXYHDX[FDV
GHV\SKLOLVHVWSUREDEOHPHQWVXUHVWLPpGXIDLWGHODPpFRQQDLVVDQFHSDUOHVODERUDWRLUHVGHVDQWpFpGHQWVGHV\SKLOLVGH
FHUWDLQHVSHUVRQQHV/DFRPSDUDLVRQDYHFOHVGRQQpHVGXUpVHDXQDWLRQDO5HV,67UHFHQVDQWOHVFDVGHV\SKLOLVSUpFRFH
Q¶HVWSDVSHUWLQHQWHOHVWDGHGHO¶LQIHFWLRQQ¶pWDQWSDVGHPDQGpGDQVODSUpVHQWHpWXGH
/DSDUWLFLSDWLRQDXUHFXHLOGHVGRQQpHVGXYROHWGHO¶pWXGHFRQFHUQHODERUDWRLUHVUpVHDX5(*/,67VXU/HSULQFLSDO
pOpPHQWD\DQWHQSDUWLHOLPLWpODSDUWLFLSDWLRQGHVODERUDWRLUHVHVWOHV\VWqPHLQIRUPDWLTXH(QHIIHWOHVUHTXrWHVQpFHVVDLUHV
j O¶pWXGH Q¶pWDLHQW SDV DLVpPHQW DFFHVVLEOHV DYHF OH GLVSRVLWLI HQ SODFH GDQV OHV ODERUDWRLUHV 3RXU XQH SDUW GHV
SURJUDPPHV VSpFLILTXHV RQW G rWUH GpYHORSSpV SDU XQ V\VWqPH GH WpOpPDLQWHQDQFH j GLVWDQFH VRXYHQW WUqV SHX
8QODERUDWRLUHHVWDFWLIV¶LODSDUWLFLSpDXUHFXHLOGHVGRQQpHVDXPRLQVPRLVGDQVO¶DQQpHHQFRXUV/¶LQGLFDWHXUHVWFDOFXOpSRXUOHVODERUDWRLUHVD\DQW
SDUWLFLSpDQQpHVFRQVpFXWLYHV
5pVHDXQDWLRQDOJRQRFRTXHFUppHHQD\DQWSRXUREMHFWLIG¶HVWLPHUOHVWHQGDQFHVpYROXWLYHVGHVJRQRFRFFLHV
DFFHVVLEOH8QHPHLOOHXUHpYDOXDWLRQGHFHVFRQWUDLQWHVDXUDLWSHUPLVG¶DGDSWHUOHVV\VWqPHVLQIRUPDWLTXHVDYDQWOHGpEXW
GXUHFXHLOGHVGRQQpHVHWDLQVLREWHQLUXQHSDUWLFLSDWLRQSOXVFRQVpTXHQWHGHVODERUDWRLUHV
/HVH[DPHQV9,+JRQRFRTXHV9+%9+&UHFHQVpVSDUOHVODERUDWRLUHVD\DQWSDUWLFLSpDXYROHWGHO¶pWXGHUHSUpVHQWHQW
O¶pTXLYDOHQW G¶XQ WLHUV GHV H[DPHQV 9,+ JRQRFRTXHV 9+% 9+& HIIHFWXpV SDU ODERUDWRLUHV QRQ KRVSLWDOLHUV GH
*XDGHORXSHHQHW/DSDUWGHVFDVGHV\SKLOLVHVWGH7DEOHDX;,,,/¶DFWLYLWpGHODERUDWRLUHVVXU
SHQGDQWODSpULRGHG¶pWXGHQHGLIIqUHSDVGHFHOOHGHODSpULRGH8QODERUDWRLUHHQUHJLVWUHXQHEDLVVHG¶DFWLYLWp
OLpHjODIHUPHWXUHGHO¶XQLTXHFHQWUHG¶H[DPHQGHVDQWp&(6GH*XDGHORXSH$FWXHOOHPHQWFHSXEOLFHVWSUREDEOHPHQW
PRLQVGpSLVWpHWSULVHQFKDUJHHQ*XDGHORXSHO¶RXYHUWXUHHQPDUVG¶XQQRXYHDX&(6GHYUDLWrWUHG¶XQERQDSSRUW
7DEOHDX;,,,3DUWGHVH[DPHQVHIIHFWXpVSDUOHUpVHDXGHODERUDWRLUHV5(*/,67SDUUDSSRUWjGHVODERUDWRLUHV
SDUWLFLSDQWVHQ*XDGHORXSH
,67
9,+
6\SKLOLV
*RQRFRTXHV
9+%
9+&
1RPEUHPR\HQ
G·H[DPHQVHQHW
/$%0
1RPEUHPR\HQ
G·H[DPHQVHQHW
UpVHDX5(*/,67
/$%0
1RPEUHG·H[DPHQVVXUOD
SpULRGHG¶pWXGH5pVHDX
5(*/,67
/$%0
3DUWG·H[DPHQV
5(*/,67
&RPSWHWHQXGXQLYHDXGHSDUWLFLSDWLRQGHVODERUDWRLUHVDXYROHWGHO¶pWXGHHWGHO¶LPSRVVLELOLWpSRXUFHUWDLQVODERUDWRLUHV
G¶LVROHUH[FOXVLYHPHQWOHVQRXYHDX[FDVG¶LQIHFWLRQLOQ¶pWDLWSDVSRVVLEOHG¶DERUGHUODQRWLRQG¶LQFLGHQFH(QHIIHWFHUWDLQV
SDWLHQWV Q¶pWDQW SDV GH QRXYHDX[ FDV RQW SX GRQF rWUH LQFOXV 'DQV OH FDV GH OD V\SKLOLV O¶kJH PpGLDQ GHV SDWLHQWV
DQVUHIOqWHSUREDEOHPHQWGHVFDVGHV\SKLOLVDQFLHQQH/¶RULJLQHGHODGHPDQGHGHGpSLVWDJHGHO¶LQIHFWLRQSDUO¶DJHQW
GHODV\SKLOLVUpYqOHXQUHWDUGDXGLDJQRVWLF$LQVLSUqVGHGLDJQRVWLFVGHV\SKLOLVVXURQWpWpGHPDQGpVSDUXQK{SLWDO
RX XQH FOLQLTXH SUREDEOHPHQW j OD VXLWH GH VLJQHV FOLQLTXHV pYRFDWHXUV &HV VLWXDWLRQV UHIOqWHQW SUREDEOHPHQW GHV
FRQGLWLRQVLQpJDOHVG¶DFFqVDXGpSLVWDJHPDLVDXVVLG¶LQpJDOLWpVKRPPHIHPPHDLQVLTXHG¶LQpJDOLWpVVRFLDOHV5DSSHORQV
TXHO¶pSLGpPLHGHV\SKLOLVGHHQ*XDGHORXSHDYDLWWRXFKpOHVSHUVRQQHVHQVLWXDWLRQGHSUpFDULWpHWG¶H[FOXVLRQ>@
/HV KRPPHV pWDLHQW GHX[ IRLV PRLQV UHSUpVHQWpV TXH OHV IHPPHV GDQV O¶pFKDQWLOORQ G¶pWXGH &HSHQGDQW LOV pWDLHQW
VLJQLILFDWLYHPHQWSOXVQRPEUHX[jSUpVHQWHUXQHLQIHFWLRQjJRQRFRTXHVTXHOHVIHPPHV'HSOXVLOVpWDLHQWHQSURSRUWLRQ
SOXVQRPEUHX[TXHOHVIHPPHVjSUpVHQWHUXQHLQIHFWLRQSDUOH9,+SDUO¶DJHQWGHODV\SKLOLVHWSDUOH9+%VDQVGLIIpUHQFH
VWDWLVWLTXHPHQW VLJQLILFDWLYH /HV KRPPHV VRQW SUREDEOHPHQW PRLQV VHQVLELOLVpV DX[ SUREOqPHV GH VDQWp HW OD UpDOLVDWLRQ
G¶XQ WHVW GH GpSLVWDJH HVW HIIHFWXpH ORUV G¶XQ ELODQ VDQJXLQ RX j OD VXLWH G¶XQH SUHVFULSWLRQ PpGLFDOH ORUV G¶XQH IRUWH
VXVSLFLRQG¶,676HSRVHLFLODTXHVWLRQGpMjVRXOHYpHSDUOH&RQVHLOQDWLRQDOGXVLGD>@GHO¶RUJDQLVDWLRQGXGpSLVWDJH
SRXUOHVKRPPHVHWGHO¶DPpOLRUDWLRQGHO¶DFFqVDX GpSLVWDJH8QHSDUWLPSRUWDQWHGHVIHPPHVYXHVGDQVOHV/$%0HVW
SUREDEOHPHQWDGUHVVpHGDQVXQFRQWH[WHGHVXLYLGHJURVVHVVHSRXUOHGpSLVWDJHV\VWpPDWLTXHGX9,+GHO¶KpSDWLWH%HWGH
ODV\SKLOLV&HWWHGHUQLqUHREVHUYDWLRQH[SOLTXHpJDOHPHQWTXHOHVIHPPHVVRLHQWSOXVMHXQHVHWSOXVQRPEUHXVHVGDQVQRWUH
pFKDQWLOORQG¶pWXGHTXHOHVKRPPHV
/HV IHPPHV pWDLHQW SOXV VRXYHQW FRQFHUQpHV SDU OHV LQIHFWLRQV j &KODP\GLD WUDFKRPDWLV TXH OHV KRPPHV $YHF XQ kJH
PpGLDQ GH DQV OHV FDV G¶LQIHFWLRQ j &KODP\GLD WUDFKRPDWLV VRQW SOXV MHXQHV SDU UDSSRUW j O¶pFKDQWLOORQ G¶pWXGH
/¶HQTXrWHVXUODVH[XDOLWpGHV)UDQoDLVDPRQWUpTXHODSUpYDOHQFHGHO
LQIHFWLRQj&KODP\GLDWUDFKRPDWLVHVWDVVRFLpHDX
IDLWG
DYRLUHXSOXVLHXUVSDUWHQDLUHVRXXQQRXYHDXSDUWHQDLUHVH[XHOGDQVOHVGHUQLHUVPRLV>@&HVFULWqUHVSRXUUDLHQW
rWUHXWLOLVpVSRXUGpWHUPLQHUXQHSRSXODWLRQFLEOHG¶XQGpSLVWDJHV\VWpPDWLTXHGHFHWWHLQIHFWLRQ
/D SDUW GHV LQIHFWLRQV SDU OH 9,+ HW SDU +39 pWDLW SOXV LPSRUWDQWH j 6DLQW0DUWLQ TX¶HQ *XDGHORXSH /D SUpYDOHQFH GH
O¶LQIHFWLRQSDUOH9,+VLGDHWGHFHUWDLQHVDXWUHV,67HVWSOXVpOHYpHj6DLQW0DUWLQWpPRLJQDQWG¶XQHVLWXDWLRQYLVjYLVGHV
,67SOXVSUpRFFXSDQWH
9,, &21&/86,21(75(&200$1'$7,216
(Q *XDGHORXSH GDQV OD qPH UpJLRQ GH )UDQFH OD SOXV WRXFKpH SDU O¶LQIHFWLRQ j 9,+VLGD FRQWH[WH LQVXODLUH RX OH PXOWL
SDUWHQDULDW HVW IUpTXHQW O¶DFFqV DX[ PR\HQV GH SUpYHQWLRQ HW DX GpSLVWDJH UHVWH VWLJPDWLVDQW HQ SDUWLFXOLHU SRXU OHV
SRSXODWLRQVOHVSOXVYXOQpUDEOHV/¶LQIRUPDWLRQVHPEOHLQVXIILVDQWHHWOHV,67SRVHQWXQSUREOqPHGHVDQWpSXEOLTXH
&HWWHpWXGHDSSRUWHGHVpOpPHQWVUpFHQWVVXUODVLWXDWLRQpSLGpPLRORJLTXHGHV,67HWGHO¶KpSDWLWH&HQ*XDGHORXSH(OOH
DSSRUWH GHV SLVWHV GH UpIOH[LRQ VXU OH UHQIRUFHPHQW GH OD SUpYHQWLRQ HW OD SODQLILFDWLRQ GHV FDPSDJQHV GH GpSLVWDJH
/¶DPpOLRUDWLRQHWODSpUHQQLVDWLRQGXV\VWqPHGHUHFXHLOGHVGRQQpHVDLQVLTXHOµLPSOLFDWLRQSOXVIRUWHGHVODERUDWRLUHVGH
*XDGHORXSHHWGHVvOHVGX1RUGjO¶LPDJHGHVUpVHDX[HQSODFHHQ)UDQFHPpWURSROLWDLQHSHUPHWWUDLWQRQVHXOHPHQWGH
VXLYUH OD SURJUHVVLRQ GX GpSLVWDJH PDLV DXVVL G¶pWXGLHU O¶pYROXWLRQ GH OD SUpYDOHQFH GDQV OH WHPSV /D ILQDOLWp pWDQW GH
SRXYRLUDGDSWHUOHVPHVXUHVGHSUpYHQWLRQHWGHSULVHHQFKDUJHjO¶pFKHOOHGHVWHUULWRLUHVGHVDQWpGHOD*XDGHORXSH/D
SHUVSHFWLYH G¶XQH pWXGH FRPSOpPHQWDLUH GRQW O¶REMHFWLI SULQFLSDO VHUDLW G¶LGHQWLILHU SRXU FKDTXH ,67 OHV JURXSHV GH
SRSXODWLRQOHVSOXVjULVTXHG¶LQIHFWLRQSHUPHWWUDLWGHFLEOHUOHVPHVXUHVGHSUpYHQWLRQHWG¶DIILQHUODVWUDWpJLHGHSULVHHQ
FKDUJHSRXUOD*XDGHORXSH
9,,, 6<17+(6('(65(&200$1'$7,216
5HQIRUFHPHQWGHODSUpYHQWLRQGHV,67
,QVFULUHOHVDFWLRQVGHSUpYHQWLRQVXUOHORQJWHUPH
$GDSWHUOHVPHVVDJHVGHSUpYHQWLRQDX[SRSXODWLRQVOHVSOXVH[SRVpHVDXULVTXHGHWUDQVPLVVLRQ
$PpOLRUDWLRQGHO·DFFqVDXGpSLVWDJHGHV,67
5HQIRUFHUOHGpSLVWDJHHQSDUWLFXOLHUSRXUO¶LQIHFWLRQjFKODP\GLDFKH]OHVSHUVRQQHVkJpHVGHPRLQVGHDQV
$PpOLRUHUO¶DFFqVDXGpSLVWDJHGHV,67QRWDPPHQWSRXUOHVKRPPHVOHVSHUVRQQHVkJpHVGHPRLQVGH
DQVOHVUpVLGHQWVGH6DLQW0DUWLQ
3ODQLILHUGHVFDPSDJQHVGHGpSLVWDJHGHV,67
0LVHHQSODFHG·XQV\VWqPHGHVXUYHLOODQFHGHV,67
+DUPRQLVHUOHV\VWqPHGHUHFXHLOGHVGRQQpHVDXVHLQGHVODERUDWRLUHV
0HWWUHHQSODFHXQUpVHDXGHODERUDWRLUHV
,; 5()(5(1&(6%,%/,2*5$3+,48(6
2UJDQLVDWLRQPRQGLDOHGHODVDQWp6WUDWpJLHPRQGLDOHGHOXWWHFRQWUHOHVLQIHFWLRQVVH[XHOOHPHQWWUDQVPLVVLEOHV
±S
*DOOD\$HWDO/
LQIHFWLRQSDUOH9,+SDUPLOHVSDWLHQWVDYHFXQGLDJQRVWLFG
LQIHFWLRQVH[XHOOHPHQWWUDQVPLVVLEOH
GDQVOHUpVHDX5pV,67HQWUHHWHQ)UDQFH%(+S
2UJDQLVDWLRQPRQGLDOHGHODVDQWp0DODGLHVVH[XHOOHPHQWWUDQVPLVVLEOHVSULQFLSDX[IDLWVHWFKLIIUHV
,QVWLWXWGHYHLOOHVDQLWDLUH/XWWHFRQWUHOH9,+VLGDHWOHVLQIHFWLRQVVH[XHOOHPHQWWUDQVPLVVLEOHVHQ)UDQFHDQV
GHVXUYHLOODQFH6\QWKqVH
0XOOHU3HWDO(SLGpPLHGHV\SKLOLVHQ*XDGHORXSHHQOLHQDYHFODSUpFDULWpVRFLDOHHWODFRQVRPPDWLRQ
GHFUDFN%(+S
7RXUQHX[3HWDO>&RQJHQLWDOV\SKLOLVVWLOOH[LVWV@3UHVVH0HGS
&D]HLQ)HWDO6XUYHLOODQFHGXGpSLVWDJHHWGXGLDJQRVWLFGHO
LQIHFWLRQ9,+HWGXVLGD)UDQFH%(+:HE
S
3LOODV9DQG(6DLOODUG6pURSUpYDOHQFHGHVKpSDWLWHV%HW&GDQVXQFHQWUHG
H[DPHQGHVDQWpHQ*XDGHORXSH
FRQWLQHQWDOH7KqVHGH0pGHFLQHSS
$QWRQD ' 0 /HWRUW DQG ' /pY\%UXKO (VWLPDWLRQ GX QRPEUH DQQXHO GH QRXYHOOHV LQIHFWLRQV SDU OH YLUXV GH
O
KpSDWLWH%HQ)UDQFH%(+S
)RXUPDX[ 6 DQG & %HEHDU ,QIHFWLRQV XURJpQLWDOHV OLpHV DX[ &KODP\GLD HW DX[ P\FRSODVPHV 3URJUqV HQ
8URORJLHS
*DOOD\ $ HW DO ,QIHFWLRQV *RQRFRFFLTXHV %XOOHWLQ GHV UpVHDX[ GH VXUYHLOODQFH GHV ,QIHFWLRQV 6H[XHOOHPHQW
7UDQVPLVVLEOHV,67DXGpFHPEUH5pQDJR5pQDFKODHW5pV,67
)pGpUDWLRQ QDWLRQDOH GHV REVHUYDWRLUHV UpJLRQDX[ GH VDQWp /HV PDODGLHV WUDQVPLVVLEOHV GDQV OHV UpJLRQV GH
)UDQFH&ROOHFWLRQ/HVpWXGHVGXUpVHDXGHV256SSDJHV
*RXOHW9DQG(/DXUHQW$XJPHQWDWLRQGHVGLDJQRVWLFVG
LQIHFWLRQVj&KODP\GLDWUDFKRPDWLVHQ)UDQFHDQDO\VH
GHVGRQQpHV5pQDFKODGHj%(+S
%URXDUG&HWDO(YROXWLRQGXGpSLVWDJHGHO
KpSDWLWH&HQ)UDQFHjSDUWLUGHVV\VWqPHVGHVXUYHLOODQFH5HQD
9+&HWGHVS{OHVGHUpIpUHQFH%(+S
&RQVHLOQDWLRQDOGXVLGD$YLVVXLYLGHUHFRPPDQGDWLRQVVXUODOXWWHFRQWUHO
pSLGpPLHG
LQIHFWLRQj9,+DX[$QWLOOHV
*RXOHW 9 DQG - :DUV]DZVNL 8QH HQTXrWH HQ SRSXODWLRQ JpQpUDOH VXU O
LQIHFWLRQ j &KODP\GLD WUDFKRPDWLV LQ
(QTXrWHVXUODVH[XDOLWpHQ)UDQFHSUDWLTXHVJHQUHHWVDQWp/'pFRXYHUWH(GLWRUS
;
$QQH[HV
; $QQH[H)RUPXODLUHGHUHFXHLOPHQVXHO
; $QQH[H)RUPXODLUHGHUHFXHLOWULPHVWULHO
; $QQH[H$XWRULVDWLRQ&1,/
; $QQH[H/LVWHGHVDEUpYLDWLRQV
$1$(6 $JHQFHQDWLRQDOHG¶DFFUpGLWDWLRQHWG¶pYDOXDWLRQHQVDQWp
&(6
&HQWUHG¶H[DPHQGHVDQWp
&(7$) &HQWUHWHFKQLTXHG¶DSSXLHWGHIRUPDWLRQGHVFHQWUHVG¶H[DPHQVGHVDQWp
&,'',67
&HQWUHG
LQIRUPDWLRQGHGpSLVWDJHHWGHGLDJQRVWLFGHVLQIHFWLRQVVH[XHOOHPHQWWUDQVPLVVLEOHV
&1,/
&RPPLVVLRQQDWLRQDOHGHO
LQIRUPDWLTXHHWGHVOLEHUWpV
'$9
'LVSHQVDLUHVDQWLYpQpULHQV
(/,6$ 'HO¶DQJODLV©(Q]\PHOLQNHGLPPXQRVRUEHQWDVVD\ªSRXUGRVDJHG
LPPXQRDGVRUSWLRQSDUHQ]\PHOLpH
*563
*URXSHPHQWUpJLRQDOGHVDQWpSXEOLTXH
+39
SDSLOORPDYLUXVKXPDLQ
,67
,QIHFWLRQVH[XHOOHPHQWWUDQVPLVVLEOH
/$%0
/DERUDWRLUHG¶DQDO\VHVGHELRORJLHPpGLFDOH
256D* 2EVHUYDWRLUHUpJLRQDOGHODVDQWpGH*XDGHORXSH
206
2UJDQLVDWLRQPRQGLDOHGHODVDQWp
3&5
'HO¶DQJODLV©3RO\PHUDVHFKDLQUHDFWLRQªSRXUDPSOLILFDWLRQHQFKDvQHSDUSRO\PpUDVH
5(*/,67
5pVHDXJXDGHORXSpHQGHODERUDWRLUHVSRXUO¶pWXGHGHVLQIHFWLRQVVH[XHOOHPHQWWUDQVPLVVLEOHV
5pQDJR 5pVHDXQDWLRQDOGHVJRQRFRTXHV
5HV,67 5pVHDXIUDQoDLVGHVXUYHLOODQFHGHV,67
73+$
'HO¶DQJODLV©7UHSRQHPD3DOOLGXP+HPDJJOXWLQDWLRQV$VVD\ªSRXUDQDO\VHSDUKpPDJJOXWLQDWLRQGH73DOOLGXP
9'5/
'HO¶DQJODLV©9HQHUHDO'LVHDVH5HVHDUFK/DERUDWRU\ªSRXU/DERUDWRLUHGHUHFKHUFKHGHODPDODGLHYpQpULHQQH
9+%
9LUXVGHO¶KpSDWLWH%
9+&
9LUXVGHO¶KpSDWLWH&
/HVLQIHFWLRQVVH[XHOOHPHQWWUDQVPLVVLEOHVHQ*XDGHORXSHHWj6DLQW0DUWLQHQHW
/HVLQIHFWLRQVVH[XHOOHPHQWWUDQVPLVVLEOHV,67VRQWXQHSUpRFFXSDWLRQGHVDQWpSXEOLTXHHQ*XDGHORXSH&HWUDYDLOYLVDLW
jDPpOLRUHUO¶pWDWGHVFRQQDLVVDQFHVVXUODVLWXDWLRQGHO¶LQIHFWLRQSDUOHYLUXVGHO¶LPPXQRGpILFLHQFHKXPDLQH9,+OHYLUXV
GH O¶KpSDWLWH % 9+% OH SDSLOORPDYLUXV KXPDLQ +39 OH YLUXV GH O¶KpSDWLWH & 9+& GHV O¶LQIHFWLRQV j &KODP\GLD
WUDFKRPDWLV JRQRFRTXHV DX[ P\FRSODVPHV HW j O¶DJHQW GH OD V\SKLOLV &HWWH pWXGH D pWp PHQpH SHQGDQW XQH DQQpH HQ
FROODERUDWLRQDYHFOHVODERUDWRLUHVG¶DQDO\VHVGHELRORJLHPpGLFDOHGH*XDGHORXSHHWGH6DLQW0DUWLQ
/HV WDX[ GH SRVLWLYLWp SRQGpUpV PR\HQV pWDLHQW GH SRXU O¶LQIHFWLRQ SDU OH 9,+ SRXU OD V\SKLOLV SRXU
O¶LQIHFWLRQ j JRQRFRTXHV SRXU O¶LQIHFWLRQ j &KODP\GLD WUDFKRPDWLV SRXU O¶LQIHFWLRQ SDU OH 9+% SRXU
O¶LQIHFWLRQSDUOH9+&HWSRXUO¶LQIHFWLRQSDU+39
/HV KRPPHV pWDLHQW SOXV VRXYHQW GpSLVWpV SRVLWLIV SRXU O¶LQIHFWLRQ j JRQRFRTXH YV DORUV TXH OHV IHPPHV
pWDLHQW SOXV VRXYHQW SRUWHXVHV GH &KODP\GLD WUDFKRPDWLV YV /HV SHUVRQQHV LQIHFWpHV SDU &KODP\GLD
WUDFKRPDWLVHWJRQRFRTXHVpWDLHQWSOXVVRXYHQWGHVSHUVRQQHVMHXQHVPRLQVGHDQV
3DUPLOHV,67GLDJQRVWLTXpHVOHVLQIHFWLRQVSDUOH9,+HWSDU+39pWDLHQWSOXVLPSRUWDQWHVj6DLQW0DUWLQUHVSHFWLYHPHQW
/HV UpVXOWDWV GH FHWWH pWXGH UHSUpVHQWHQW HQ PR\HQQH GH O¶DFWLYLWp GH GLDJQRVWLF GpFODUpH SDU ODERUDWRLUHV QRQ
KRVSLWDOLHUVGH*XDGHORXSHHQHWSRXUOH9,+ODV\SKLOLVOHVJRQRFRTXHVOH9+%HWOH9+&
$ODOXPLqUHGHFHWWHpWXGHODOXWWHFRQWUHOHV,67HQ*XDGHORXSHLPSOLTXHO¶pODUJLVVHPHQWGHO¶RIIUHGHGpSLVWDJHODPLVHHQ
SODFHG¶XQGLVSRVLWLIGHGpSLVWDJHJOREDOHWGHVXUYHLOODQFHGHV,67
2%6(59$72,5(5(*,21$/'(/$6$17('(*8$'(/283(256D*
&LWp*UDLQG¶2U±&LUFRQYDOODWLRQ%DVVH7HUUH
7pO)D[
(PDLOFRQWDFW#RUVDJRUJ:HEKWWSZZZRUVDJRUJ

étude REGLIST de ORSAG en 2010

Transcription

Documents pareils

conclusion generale

Liste N°1 : jeux Arcade / Neo Geo COINOPS5 et informations