)RUP 1R 5HF\FOHUÇ 7RQGHXVH j JXLGDJH DUULqUH 0RGqOH QR ³ HW VXLYDQWV 0RGqOH QR ³ HW VXLYDQWV 0RGqOH QR ³ HW VXLYDQWV 0RGqOH QR ³ HW VXLYDQWV 0DQXHO GH O·XWLOLVDWHXU )UDQoDLV )
7DEOH GHV PDWLqUHV ,QWURGXFWLRQ 6pFXULWp 6pFXULWp GHV WRQGHXVHV j JD]RQ 'pFDOFRPDQLHV GH VpFXULWp HW G·LQVWUXFWLRQV $VVHPEODJH 'pSOLDJH GX PDQFKHURQ 5pJODJH GH OD KDXWHXU GX PDQFKHURQ $YDQW OD PLVH HQ PDUFKH
58'(1&( VLJQDOH XQ ULVTXH GH EOHVVXUHV OpJqUHV RX PRGpUpHV VL OHV SUpFDXWLRQV UHFRPPDQGpHV QH VRQW SDV UHVSHFWpHV 6pFXULWp GHV WRQGHXVHV j JD]RQ 'HX[ DXWUHV WHUPHV VRQW pJDOHPHQW XWLOLVpV SRXU IDLUH SDVVHU GHV LQIRUPDWLRQV HVVHQWLHOOHV ,PSRUWDQW SRXU DWWLUHU O·DWWHQWLRQ VXU GHV GRQQpHV PpFDQLTXHV VSpFLILTXHV HW 5HPDUTXH SRXU GHV LQIRUPDWLRQV G·RUGUH JpQpUDO PpULWDQW XQH DWWHQWLRQ SDUWLFXOLqUH /HV LQVWUXFWLRQV TXL VXLYHQW VRQW DGDSWpHV GHV QRUPHV $16, 23(, % ³ HW ,62 ( /HV LQIRU
(WUH H[WUrPHPHQW SUXGHQW ORUVTX·RQ IDLW PDUFKH DUULqUH RX TX·RQ WLUH OD WRQGHXVH YHUV VRL $YDQW OD WRQWH LQVSHFWHU VRLJQHXVHPHQW OD SHORXVH SRXU OD GpEDUUDVVHU GHV SLHUUHV EUDQFKHV FkEOHV ILOV GH IHU HWF $YDQW HW SHQGDQW OD PDUFKH DUULqUH WRXMRXUV ELHQ UHJDUGHU GHUULqUH VRL HW YHUV OH EDV V·LO Q·\ D SDV GH SHWLWV HQIDQWV $WWHQWLRQ O·HVVHQFH HVW H[WUrPHPHQW LQIODPPDEOH 3UHQGUH OHV SURWHFWLRQV VXLYDQWHV $UUrWHU OD RX OHV ODPHV V·LO IDXW LQFOLQHU OD WRQGHXVH SRXU WUDYHUVHU GHV VXUID
$UUrWHU OD RX OHV ODPHV DYDQW GH WUDYHUVHU GHV DOOpHV GH JUDYLHU GHV FKHPLQV RX GHV URXWHV 9pULILHU IUpTXHPPHQW O·pWDW HW O·XVXUH GX VDF GH UDPDVVDJH &RXSHU OH PRWHXU HW DWWHQGUH O·DUUrW FRPSOHW GH OD ODPH DYDQW GH GpSRVHU OH VDF GH UDPDVVDJH 5HPSODFHU OHV SLqFHV XVpHV RX HQGRPPDJpHV SRXU pYLWHU OHV DFFLGHQWV 1H SDV XWLOLVHU O·XQLWp GH WUDFWLRQ ORUVTX·RQ HVW VRXV O·LQIOXHQFH G·DOFRRO GH GURJXHV RX GH PpGLFDPHQWV (WUH SDUWLFXOLqUHPHQW SUXGHQW ORUVTX·RQ PDQLSXOH GH O·HVVHQFH FDU OHV Y
$VVHPEODJH 0RGqOH $77(17,21 5HPDUTXH 3RXU GpWHUPLQHU OD GURLWH HW OD JDXFKH GH OD WRQGHXVH VH WHQLU HQ SRVLWLRQ GH FRQGXLWH GHUULqUH OH PDQFKHURQ '$1*(5 327(17,(/ 6L O·RQ SOLH RX GpSOLH OH PDQFKHURQ VDQV IDLUH DWWHQWLRQ RQ ULVTXH G·pFUDVHU pWLUHU RX HQGRPPDJHU XQ RX SOXVLHXUV FkEOHV 'pSOLDJH GX PDQFKHURQ 0RGqOHV HW 48(/6 6217 /(6 5,648(6" 8Q FkEOH pFUDVp pWLUp RX HQGRPPDJp SHXW HQWUDvQHU XQ GpIDXW GH IRQFWLRQQHPHQW VXVFHSWLEOH GH UHQGUH O·XWLOLVDWLRQ GDQJHUHXVH
5pJOHU OH FkEOH YRLU 5pJODJH GX FkEOH GH WUDFWLRQ SDJH $YDQW OD PLVH HQ PDUFKH P 5HPSOLVVDJH G·KXLOH GX FDUWHU PRWHXU )LJXUH &kEOHV &RUGH GX ODQFHXU /H FDUWHU PRWHXU SHXW FRQWHQLU PO G·KXLOH R] 8WLOLVHU XQH KXLOH GpWHUJHQWH GH KDXWH TXDOLWp GH GHQVLWp 6$( RX : HW GH ´FODVVH GH VHUYLFHµ $3, $PHULFDQ 3HWUROHXP ,QVWLWXWH 6) 6* 6+ RX 6- 6HUUHU VROLGHPHQW OHV GHX[ ERXWRQV GX PDQFKHURQ $FFURFKHU OH UHVVRUW GX FkEOH GH WUDFWLRQ DX VXSSRUW GH WUDQVPLVV
5HPSOLVVDJH GX UpVHUYRLU G·HVVHQFH '$1*(5 '$1*(5 327(17,(/ /RUV GX UHPSOLVVDJH GDQV FHUWDLQHV FLUFRQVWDQFHV LO SHXW \ DYRLU IRUPDWLRQ G·pOHFWULFLWp VWDWLTXH G·R ULVTXH TX·XQH pWLQFHOOH PHWWH IHX j O·HVVHQFH 3RXU XQ IRQFWLRQQHPHQW RSWLPDO XWLOLVHU GH O·HVVHQFH VDQV SORPE SURSUH HW IUDvFKH pYHQWXHOOHPHQW R[\JpQpH RX UHIRUPXOpH DYHF XQ LQGLFH G·RFWDQH GH RX SOXV 3RXU JDUDQWLU OD IUDvFKHXU GH O·HVVHQFH QH SDV DFKHWHU SOXV TXH OD TXDQWLWp TXH O·RQ FRPSWH XWLOLVHU HQ XQ PRLV /·XVDJH G·HVVHQFH VD
'pPDUUDJH GX PRWHXU &RQQHFWHU OD ERXJLH 3RXVVHU WURLV IRLV VXU O·DPRUFHXU j VHFRQGHV G·LQWHUYDOOH )LJ *5$3+,& )LJXUH %RXFKRQ GX UpVHUYRLU G·HVVHQFH 5HWLUHU OH ERXFKRQ GX UpVHUYRLU G·HVVHQFH 9HUVHU GH O·HVVHQFH VDQV SORPE MXVTX·j j PP µ GX KDXW GX UpVHUYRLU 9HLOOHU j FH TXH OH QLYHDX Q·DWWHLJQH SDV OH JRXORW GH UHPSOLVVDJH )LJXUH 5HSODFHU OH ERXFKRQ HW HVVX\HU O·HVVHQFH pYHQWXHOOHPHQW UpSDQGXH $PRUFHXU 5HPDUTXH 6L OD WHPSpUDWXUH HVW L
$XWRWUDFWLRQ '$1*(5 3RXU FRPPDQGHU OD WUDFWLRQ VHUUHU OD EDUUH GH FRPPDQGH GH WUDFWLRQ FRQWUH OH PDQFKHURQ HW OD PDLQWHQLU )LJ '$1*(5 327(17,(/ /RUVTX·RQ UqJOH OHV OHYLHUV GH KDXWHXU GH FRXSH OHV PDLQV ULVTXHQW G·HQWUHU HQ FRQWDFW DYHF OD ODPH HQ URWDWLRQ 48(/6 6217 /(6 5,648(6" /H FRQWDFW GH OD ODPH HQ URWDWLRQ SHXW FDXVHU GHV EOHVVXUHV JUDYHV &200(17 6( 3527(*(5" $YDQW GH FKDQJHU OD KDXWHXU GH FRXSH FRXSHU OH PRWHXU HW DWWHQGUH O·DUUrW FRPSOHW GH WRXWHV OHV SLqFHV PRELOHV
3RXU XQ UpVXOWDW RSWLPDO GX SDLOODJH UpJOHU OD KDXWHXU GH FRXSH GH PDQLqUH j FH TXH OD WRQGHXVH QH UpGXLVH SDV OD KDXWHXU GH O·KHUEH GH SOXV G·XQ WLHUV RX TXH OD ORQJXHXU GHV EULQV FRXSpV QH GpSDVVH SDV FP µ 6L O·RQ HVVDLH GH FRXSHU SOXV RX VL O·KHUEH HVW WUqV GUXH OHV UpVXOWDWV GX SDLOODJH QH VHURQW SDV VDWLVIDLVDQWV 'DQV FHV FRQGLWLRQV XWLOLVHU SOXW{W O·pMHFWLRQ ODWpUDOH RX OH UDPDVVDJH HW UHFRPPHQFHU OH SDLOODJH TXHOTXHV MRXUV SOXV WDUG DSUqV DYRLU UHPRQWp OD SODTXH GH SDLOODJH 6L OD WR
6L OHV IHXLOOHV QH VRQW SDV KDFKpHV DVVH] PHQX WRQGUH HQ DYDQoDQW SOXV OHQWHPHQW 6L O·RQ KDFKH GHV IHXLOOHV GH FKrQH LO SHXW rWUH XWLOH GH FKDXOHU OD SHORXVH DX SULQWHPSV SRXU FRPSHQVHU O·DFLGLWp GHV IHXLOOHV (QWUHWLHQ 3URJUDPPH G·HQWUHWLHQ UHFRPPDQGp 3LqFH &KDTXH 7RXWHV 7RXWHV 7RXWHV 7RXWHV IRLV OHV K OHV K OHV K OHV K (QWUHWLHQ &RQWU{OHU OH QLYHDX DYDQW FKDTXH VpDQFH +XLOH PRWHXU ; 9LGHU O·KXLOH GX FDUWHU PRWHXU HW OD UHPSODFHU SDU GH O·KXLOH IUDvFKH DSUqV OHV FLQT SUHPLqUHV KH
3LqFH &KDTXH IRLV (QWUHWLHQ 7RXWHV 7RXWHV 7RXWHV 7RXWHV OHV K OHV K OHV K OHV K &DUWHU GH FRXUURLH 'pSRVHU HW HQOHYHU OHV GpFKHWV GH WRQWH HW GpEULV DFFXPXOpV HQ GHVVRXV %RXJLH ,QVSHFWHU HW QHWWR\HU OD ERXJLH /D UHPSODFHU VL QpFHVVDLUH ; 6\VWqPH GH UHIURLGLVVHPHQW (QOHYHU OHV GpEULV GpSRVpV VXU OHV DLOHWWHV GH UHIURLGLVVHPHQW GX PRWHXU HW OH GpPDUUHXU 1HWWR\HU OH V\VWqPH SOXV VRXYHQW V·LO VH VDOLW YLWH ; 5pVHUYRLU G·HVVHQFH 9LGHU OH UpVHUYRLU G·HVVHQFH DYDQW OH UHPLVDJH HW OHV
9LGDQJH GH O·KXLOH SDU DX GHVVXV GX FDUWHU GH WRQGHXVH $77(17,21 5HPDUTXH &HWWH SURFpGXUH HVW UHFRPPDQGpH SDU 7RUR SRXU OD YLGDQJH GH O·KXLOH GX PRWHXU '$1*(5 327(17,(/ /D ODPH HVW FRXSDQWH 'pEUDQFKHU OD ERXJLH )LJ 48(/6 6217 /(6 5,648(6" /H FRQWDFW GH OD ODPH SHXW FDXVHU GHV EOHVVXUHV JUDYHV 9LGHU O·HVVHQFH GX UpVHUYRLU YRLU OHV SRLQWV HW GHV LQVWUXFWLRQV GH 9LGDQJH GX UpVHUYRLU G·HVVHQFH SDJH &200(17 6( 3527(*(5" 3RUWHU GHV JDQWV RX HQYHORSSHU OD ODPH G·XQ FKLIIRQ
)DLUH UHF\FOHU O·KXLOH YLGDQJpH FRQIRUPpPHQW DX[ UqJOHPHQWV HQ PDWLqUH G·HQYLURQQHPHQW &RXSHU OH PRWHXU HW DWWHQGUH O·DUUrW GH WRXWHV OHV SLqFHV PRELOHV &RXSHU O·HDX 1HWWR\DJH GX GHVVRXV GX FDUWHU GH WRQGHXVH 0HWWUH OH PRWHXU HQ PDUFKH HW ODLVVHU OD ODPH WRXUQHU TXHOTXHV PLQXWHV SRXU VpFKHU OD WRQGHXVH 3HQGDQW TXH OH PRWHXU WRXUQH HPEUD\HU HW GpEUD\HU SOXVLHXUV IRLV OH V\VWqPH GH WUDFWLRQ SRXU OH VpFKHU /H GHVVRXV GX FDUWHU GH WRQGHXVH GRLW UHVWHU SURSUH 9HLOOHU SDUWLFXOLqUHPHQW
)LJXUH )LOWUH j DLU 9LV )LJXUH &RXYHUFOH )LOWUH j DLU &RXYHUFOH 9LV 3UpILOWUH /DLVVHU OH FRXYHUFOH GHVFHQGUH HW OH QHWWR\HU VRLJQHXVHPHQW )LJ /DLVVHU OH FRXYHUFOH GHVFHQGUH HW OH QHWWR\HU VRLJQHXVHPHQW )LJ 5HWLUHU OH ILOWUH HQ SDSLHU )LJ HW OH MHWHU 5HWLUHU OH SUpILOWUH OH ODYHU j O·HDX DYHF XQ GpWHUJHQW OLTXLGH HW OH ODLVVHU VpFKHU FRPSOqWHPHQW ,03257$17 1H SDV HVVD\HU GH QHWWR\HU OH ILOWUH HQ SD
,QVSHFWLRQ GH OD ODPH $77(17,21 &RQWU{OHU O·DFXLWp GH OD ODPH HW VRQ XVXUH pYHQWXHOOH VXUWRXW DX SRLQW GH UHQFRQWUH GHV SDUWLHV SODQHV HW LQFXUYpHV )LJ $ &RQWU{OHU O·pWDW GH OD ODPH DYDQW FKDTXH XWLOLVDWLRQ GH OD WRQGHXVH FDU OH VDEOH HW OHV PDWLqUHV DEUDVLYHV SHXYHQW pURGHU OH PpWDO DX SRLQW R OD ODPH V·LQFXUYH 6L O·RQ REVHUYH GH O·XVXUH RX OD IRUPDWLRQ G·XQH HQWDLOOH )LJV % HW & UHPSODFHU OD ODPH YRLU 'pSRVH GH OD ODPH SDJH '$1*(5 327(17,(/ /D ODPH HVW FRXSDQWH 48(/6 6217 /(6
6L OD ODPH SHQFKH G·XQ F{Wp OLPHU OH ERXW GH OD ODPH GH FH F{Wp QH SDV OLPHU O·DUrWH GH FRXSH QL OH ERXW SURFKH GH O·DUrWH /D ODPH HVW pTXLOLEUpH ORUVTX·HOOH QH SHQFKH QL G·XQ F{Wp QL GH O·DXWUH 0RQWDJH GH OD ODPH 0RQWHU OD ODPH VXU O·D[H HW OH SRUWH ODPH /HV H[WUpPLWpV LQFXUYpHV GRLYHQW rWUH WRXUQpHV YHUV OH FDUWHU GH WRQGHXVH HW OH SRUWH ODPH GRLW VH ORJHU GDQV OH FUHX[ GH OD ODPH )LJ )LJXUH %RXORQ GH ODPH /DPH 5RQGHOOH IUHLQ 3RUWH ODPH $
,03257$17 8Q H[FqV GH JUDLVVH SHXW HPSrFKHU OH ERQ IRQFWLRQQHPHQW GH O·HPEUD\DJH GHV URXHV 1HWWR\DJH HQ GHVVRXV GX FDUWHU GH FRXUURLH 5pJODJH GX FkEOH GH FRPPDQGH GH WUDFWLRQ /D ]RQH VRXV OH FDUWHU GH FRXUURLH GRLW UHVWHU SURSUH &RXSHU OH PRWHXU HW DWWHQGUH O·DUUrW GH WRXWHV OHV SLqFHV PRELOHV 8Q UpJODJH GX FkEOH GH FRPPDQGH GH WUDFWLRQ HVW QpFHVVDLUH ORUVTX·RQ FKDQJH OD KDXWHXU GX PDQFKHURQ TX·RQ UHPSODFH OH FkEOH RX TXH OD FRXUURLH GH WUDQVPLVVLRQ SDWLQH 5HWLUHU OHV ERXORQV GH IL[DWLRQ G
9LGDQJH GX UpVHUYRLU G·HVVHQFH 5pJOHU O·pFDUWHPHQW GHV pOHFWURGHV GH OD QRXYHOOH ERXJLH j PP µ )LJ &RXSHU OH PRWHXU HW OH ODLVVHU UHIURLGLU PP µ 'pEUDQFKHU OD ERXJLH )LJ 5HWLUHU OH ERXFKRQ GX UpVHUYRLU G·HVVHQFH )LJXUH 6LSKRQQHU O·HVVHQFH GX UpVHUYRLU GDQV XQ ELGRQ j HVVHQFH SURSUH j O·DLGH G·XQH SRPSH PDQXHOOH PP µ 5HFRQQHFWHU OD ERXJLH 0HWWUH OD ERXJLH HQ SODFH DYHF VRQ MRLQW )DLUH WRXUQHU OH PRWHXU MXVTX·j FH TX·LO
352%/(0( 7RQWH QRQ XQLIRUPH 0(685( &255(&7,9( 5pJOHU OHV URXHV j OD PrPH KDXWHXU $IIWHU HW pTXLOLEUHU OD ODPH &KDQJHU OH SDUFRXUV GH OD WRQGHXVH 1HWWR\HU OH GHVVRXV GX FDUWHU GH WRQGHXVH 2EVWUXFWLRQ GX FRQGXLW G·pMHFWLRQ $XJPHQWHU OD KDXWHXU GH FRXSH 1H SDV WRQGUH TXDQG O·KHUEH HVW PRXLOOpH 1HWWR\HU OH GHVVRXV GX FDUWHU GH WRQGHXVH 3DV GH WUDFWLRQ 5pJOHU OH FkEOH GH FRPPDQGH GH WUDFWLRQ (QOHYHU OHV GpEULV VRXV OH FDUWHU GH FRXUURLH 5HPLVDJH 3UpSDUDWLRQ GX PRWHXU
/XEULILHU OHV URXHV YRLU /XEULILFDWLRQ GH O·HQWUDvQHPHQW GH WUDFWLRQ SDJH 'HVVHUUHU OHV ERXWRQV GH IL[DWLRQ GX PDQFKHURQ VXSpULHXU DX PDQFKHURQ LQIpULHXU HW UHSOLHU OH PDQFKHURQ VXSpULHXU YHUV O·DUULqUH GH OD WRQGHXVH HQ SRVLWLRQ GH UHPLVDJH )LJ 5HWRXFKHU WRXV OHV SRLQWV GH URXLOOH HW OHV HQGURLWV pFDLOOpV DYHF GH OD SHLQWXUH SRXU UHWRXFKH HQ YHQWH FKH] OHV FRQFHVVLRQQDLUHV DJUppV 5HPDUTXH 3RXU OH UDQJHPHQW GH FRXUWH GXUpH SODFHU OH PDQFKHURQ FRPPH LOOXVWUp j OD )LJXUH 5H
(IIHFWXHU OHV SURFpGXUHV G·HQWUHWLHQ UHFRPPDQGpHV DX FKDSLWUH (QWUHWLHQ SDJH 5HPSOLU OH UpVHUYRLU )LJ G·HVVHQFH IUDvFKH &RQWU{OHU OH QLYHDX G·KXLOH GX PRWHXU YRLU &RQWU{OH GX QLYHDX G·KXLOH GX PRWHXU SDJH &RQQHFWHU OD ERXJLH $FFHVVRLUHV P )LJXUH /D WRQGHXVH SHXW rWUH pTXLSpH G·DFFHVVRLUHV GLVSRQLEOHV FKH] QRV GpWDLOODQWV DJUppV 3RXU PRQWHU FRUUHFWHPHQW FHV DFFHVVRLUHV SURFpGHU FRPPH LQGLTXp FL GHVVRXV 3ODTXH G·pMHFWLRQ %RXORQV 9LV HW pF
'$1*(5 '$1*(5 327(17,(/ 6L OH FRXYHUFOH G·pMHFWLRQ ODWpUDOH Q·HVW SDV VROLGHPHQW YHUURXLOOp HQ SRVLWLRQ IHUPpH GHV GpEULV ULVTXHQW rWUH SURMHWpV SDU O·RXYHUWXUH 48(/6 6217 /(6 5,648(6" /HV GpEULV SURMHWpV SHXYHQW LQIOLJHU GHV EOHVVXUHV JUDYHV YRLUH PRUWHOOHV j O·XWLOLVDWHXU RX DX[ SHUVRQQHV j SUR[LPLWp &200(17 6( 3527(*(5" 1H SDV XWLOLVHU OD WRQGHXVH VDQV V·rWUH DVVXUp DX SUpDODEOH TXH OH FRXYHUFOH G·pMHFWLRQ ODWpUDOH HVW FRQYHQDEOHPHQW IHUPp HW YHUURXLOOp SDU OD EULGH GH EORFD
&RXSHU OH PRWHXU HW DWWHQGUH O·DUUrW GH WRXWHV OHV SLqFHV PRELOHV 9pULILHU TXH OD SRLJQpH GX YROHW G·pMHFWLRQ HVW HQWLqUHPHQW DEDLVVpH YHUV O·DYDQW YROHW IHUPp FRPPH LOOXVWUp j OD )LJXUH )LJXUH 7LJH GH YHUURXLOODJH HQJDJpH GDQV OHV FUDQV &UDQV GH YHUURXLOODJH GX VDF GX VDF 5HPDUTXH 3RXU SOXV GH FODUWp OD SURWHFWLRQ Q·HVW SDV UHSUpVHQWpH j OD )LJXUH )LJXUH 3RLJQpH DEDLVVpH j IRQG '$1*(5 &URFKHW GH O·DUPDWXUH GX YHUV O·DYDQW VDF GHYD
9LGDJH GX VDF GH UDPDVVDJH 5HWLUHU OH ERXWRQ SODFHU OD EULGH GH EORFDJH HW OD IL[HU j O·DLGH GX ERXWRQ SRXU YHUURXLOOHU OH FRXYHUFOH G·pMHFWLRQ ODWpUDOH HQ SRVLWLRQ IHUPpH )LJ HW &RXSHU OH PRWHXU HW DWWHQGUH O·DUUrW GH WRXWHV OHV SLqFHV PRELOHV 6RXOHYHU OD WLJH GH YHUURXLOODJH GH OD SRLJQpH SRXU OD GpJDJHU GHV FUDQV GX VDF HW DEDLVVHU OD SRLJQpH GX YROHW YHUV O·DYDQW )LJ 3UHQGUH OH VDF SDU OD SRLJQpH GH O·DUPDWXUH HW SDU OH IRQG HW OH UHWLUHU GH OD WRQGHXVH P %DV
,QVpUHU G·DERUG OH EDV GH O·REWXUDWHXU GDQV O·RXYHUWXUH GX FRQGXLW G·pMHFWLRQ )LJ )LJXUH /RTXHW 6RXOHYHU OH ORTXHW GH OD SRLJQpH GX YROHW )LJ HW HQIRQFHU FRPSOqWHPHQW OH KDXW GH O·REWXUDWHXU HQ GpSODoDQW OD SRLJQpH GX YROHW YHUV O·DUULqUH /kFKHU OH ORTXHW HW OH ODLVVHU V·DFFURFKHU VXU OHV SDWWHV GH O·REWXUDWHXU )LJ P )LJXUH 3DWWHV 3RXU UHWLUHU O·REWXUDWHXU VRXOHYHU OH ORTXHW GX YROHW G·pMHFWLRQ HW PDLQWHQLU OH YROHW JUDQG RXYHUW /RUVTXH O·
/D SROLWLTXH GH 7RUR HVW GH FRQFHYRLU HW IDEULTXHU GHV SURGXLWV GH KDXWH TXDOLW (Q SOXV GH FHWWH JDUDQWLH GH FRXYHUWXUH WRWDOH QRWUH FRQILDQFH GDQV OD ORQJ 3RXU JDUDQWLU OD QRXV RIIURQV DXVVL XQH WHQGXHV 9RWUH PDFKLQH FRXYHUWV SDU GHV JDUDQWLHV /HV G PRWHXU 7RUR *76 HVW FRXYHUWH SDU GHX[ JDUDQWLHV /D JDUDQWLH 7RUR GH FRXYHUWXUH WRWDOH LPSULP YLW HW OH KDXW QLYHDX GH SHUIRUPDQFHV GHV PRWHXUV 7RUR *76 HVW WHOOH TXH VDWLVIDFWLRQ GHV XWLOLVDWHXUV OHV SURGXLWV 7RUR VRQW LQGLTX H JDUDQWLH GH
F OD SU VHQFH G LPSXUHW G O XWLOLVDWLRQ G XQ FDUEXUDQW RX G XQ P H O DEVHQFH GH YLGDQJH GX V\VWýPH G DOLPHQWDWLRQ DYDQW XQH S I XQ XVDJH DEXVLI J GHV U OD Q V GDQV OH V\VWýPH GH FDUEXUDWLRQ JOLJHQFH RX SDUDWLRQV RX WHQWDWLYHV GH U ODQJH LQDG TXDW HQ FDV GH GRXWH FRQVXOWH] OH PDQXHO G XWLOLVDWLRQ ULRGH G LQXWLOLVDWLRQ GH SOXV GH WURLV PRLV XQ DFFLGHQW SDUDWLRQ SDU WRXWH DXWUH SHUVRQQH TX XQ U SDUDWHXU 7RUR DJU /HV FRQGLWLRQV G XWLOLVDWLRQ SDUWLFXOLýUHV SRXYDQW H[LJHU SOX
*DUDQWLH WRWDOH 7RUR 7RQGHXVHV j JXLGDJH DUULqUH j HVVHQFH RX pOHFWULTXHV DYHF RX VDQV ILO HW SURIHVVLRQQHOOHV GH FP µ *DUDQWLH FRPSOqWH *DUDQWLH OLPLWpH SRXU XVDJH FRPPHUFLDO &RQGLWLRQV HW SURGXLWV FRXYHUWV 2EOLJDWLRQV GX SURSULpWDLUH /D VRFLpWp 7RUR HW VD ILOLDOH OD VRFLpWp 7RUR :DUUDQW\ V·HQJDJHQW 9RWUH SURGXLW 7RUR GRLW rWUH HQWUHWHQX HQ VXLYDQW OHV LQVWUXFWLRQV GX VROLGDLUHPHQW HQ YHUWX G·XQ DFFRUG SDVVp HQWUH HOOHV j UpSDUHU PRGH G·HPSORL &HW HQWUHWLHQ GH URXWLQH TX·LO VRLW HIIHFW