AFPG-Etude-Marche Maj2013 V072014 (1)

8/17/2019 AFPG-Etude-Marche Maj2013 V072014 (1)

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-95)&,+*,3(0 =)993 .B)*, =)*1-&9' :3( 1)&+;3( :3 &3=)**+-((+*=3 1-*+*='( 5+& .BJK? MJ;3*=3

K&+*N+-(3 :3 ?'83.)55393*,O 3, .3 KKC> MK)*:( K&+*N+-( 5)7& .BC*8-&)**393*, >)*:-+.OH ?3(1)&+;3( :B3h5.)&+,-)*0 &'+.-('( 3* #G""`#G"#0 5)7&&+-3*, +D)7,-& 4 .+ =&'+,-)* :B7*3 7*-,' :3

5&):7=,-)* :3 #G >p3 3*8-&)*0 =3 67- :'D)7=@3&+-, 537,`j,&3 5+& .+ (7-,3 4 7*3 =3*,&+.3 :3 5.7(

;&+*:3 =+5+=-,' :3 "#G >p3H [- .+ 5&39-2&3 =3*,&+.3 (3&+-, 4 7(+;3 .)=+.0 .+ (3=)*:3 (3&+-, :3(,-*'3 4

.B3h5)&,+,-)* :B'.3=,&-=-,' 8-+ 7*3 -*,3&=)**3h-)* +83= .+ F7+:3.)753 3,v)7 .+ >+&,-*-673H

'+1')! < (.""!(1*-00!/

L&39-2&3 :'=.-*+-()* 1&+*N+-(3 :3 .+ &'7((-,3 :3 [)7.,n`[)7(`K)&j,(0 .+ 5&39-2&3 =3*,&+.3

9)*:-+.3 :3 5&):7=,-)* :3 =@+.37& 5)7& .B-*:7(,&-3 ;&s=3 4 .+ ;'),@3&9-3 5&)1)*:3 :38&+-, 8)-& .3

Q)7& 3* #G"^0 4 W-,,3&(@)113*H P+ ()=-',' CIXFU MCh5.)-,+,-)* :3 .+ I@+.37& :BX&-;-*3 F'),@3&9+.3

5)7& .BU*:7(,&-3O0 67- &'7*-, ,&)-( +=,37&( 9+Q37&( MC.3=,&-=-,' :3 [,&+(D)7&;0 W)673,,3 K&2&3( 3, .+I+-((3 :3( ?'5o,(O0 +83= .3 ()7,-3* :3 .BJ?C>C 3, :3 .+ &';-)* J.(+=3 3, .B+557- :3 .+ [JK

C*8-&)**393*, 5)7& .+ ;+&+*,-3 :7 &-(6730 3(, 3* =@+&;3 :3 =3 5&)Q3, 67- +.-93*,3&+ .B7(-*3 :7 (-,3

W)673,,3 K&2&3( 4 A3-*@3-9H J83= 7*3 57-((+*=3 :3 #Z >p,@ =3,,3 =3*,&+.3 53&93,,&+ :B'8-,3& .3

&3Q3, :3 Sf GGG ,)**3( :3 IX#v+*0 3, 1)7&*-&+ a^k :3 .B'*3&;-3 *'=3((+-&3 +7 1)*=,-)**393*, :3

.B7(-*3H P3 5&39-3& 1)&+;30 -*+7;7&' 1-* )=,)D&3 #G"#0 + =)*1-&9' .3 5),3*,-3. '*3&;',-673 :7 (-,3H P3

:37h-293 57-,( (3&+ 1)&' +7 :'D7, :3 .B+**'3 #G"ZH [- .3( 3((+-( 1-*+7h ()*, =)*=.7+*,(0 .+ 9-(3 3*

3h5.)-,+,-)* (3 13&+ 3* #G"^H

+!1 =!(1=!)".?!1 0('/)'.1!1 =-#( +' *'#"! !/!(,.!

J83= 7*3 =+5+=-,' 9)*:-+.3 :B3*8-&)* "" Fp30 7* 5&-h 4 .+ 5&):7=,-)* 3* :3N4 :3( '*3&;-3(,&+:-,-)**3..3( 3, 7*3 ;&+*:3 :-(5)*-D-.-,'0 .+ ;'),@3&9-3 @+7,3 '*3&;-3 5)7&&+-, +8)-& 7* 17,7&

D&-..+*,0 *),+993*, 3* K&+*=3H I353*:+*,0 .+ =)95.3h-,' :3 .+ .';-(.+,-)* 3, .B+D(3*=3 :3 ;+&+*,-3(


8/22

d

5)7& .+ 5&):7=,-)* :B'.3=,&-=-,' =)*(,-,73*, 7* 1&3-* 4 ()* :'83.)55393*, < :3( :-(=7((-)*( 5)7&

.B',+D.-((393*, :B7* 1)*: :3 ;+&+*,-3 =)993 -. 3h-(,3 5)7& .+ 5&):7=,-)* :3 =@+.37& ()*, 3* =)7&(0

.3( &'(7.,+,( :3 =3( :'D+,( :38&+-3*, j,&3 =)**7( 3* #G"SH P+ ;'),@3&9-3 5&)1)*:3 :3 *)783..3

;'*'&+,-)* *'=3((-,3 5)7&,+*, :B3*=)7&+;3& .+ Ww? 3, :3 97.,-5.-3& .3( :'9)*(,&+,37&( 5)7&

+,,3-*:&3 7*3 5.3-*3 9+,7&-,' ,3=@*).);-673 :+*( 673.673( +**'3(H I3.+ :)-, (+*( *7. :)7,3 j,&3

3*=)7&+;' 3, ()7,3*7 5+& 7*3 13&93 8).)*,' :3( 5)78)-&( 5).-,-673(H

V'+*9)-*(0 .+ ;'),@3&9-3 :3 @+7,3 '*3&;-3 :38&+-, =)**+-,&3 7*3 =&)-((+*=3 3h5)*3*,-3..3 3*

K&+*=3 :+*( .3( 5&)=@+-*3( :'=3**-3(H C* 3113,0 (- .3( -*(,+..+,-)*( @3h+;)*+.3( (3 ()*, .-9-,'3(

Q7(67B4 +7Q)7&:B@7- 4 .+ =3*,&+.3 :3 A)7-..+*,3 3* F7+:3.)753 3, +7 5-.),3 (=-3*,-1-673 :3 [)7.,n`

[)7(`K)&j,( 3* J.(+=30 .+ 1-.-2&3 (B)&;+*-(3 :'()&9+-( 5)7& 1+-&3 '93&;3& :3 *)783+7h 5&)Q3,( :)*,

.3( 5&39-3&( :38&+-3*, +D)7,-& 4 7* @)&-n)* :3 ^ 4 "G +*(H

• P3( &3(()7&=3( 8).=+*-673(

I)*=3&*+*, .3( &3(()7&=3( 8).=+*-673(0 .+ K&+*=3 + .+ =@+*=3 :3 5)78)-& =)95,3& (7& 7* 5),3*,-3.;'),@3&9-673 -95)&,+*, 3* X7,&393&0 67- 5.7( 3(, (7& :3( ,3&&-,)-&3( :)*, .3 =)*,3h,3 '*3&;',-673

3(, =&-,-673 3* ,3&93( :3 ('=7&-,' :B+55&)8-(-)**393*,0 :3 =)95',-,-8-,' 3, :3 :'53*:+*=3 +7h

'*3&;-3( 1)((-.3(H

?B-=- #G#^0 7*3 *)783..3 =3*,&+.3 :38&+-, 83*-& =)95.',3& .3( -*(,+..+,-)*( :3 A)7-..+*,3 3*

F7+:3.)753 5)7& 5)&,3& =3..3(`=- 4 5.7( :3 ZG >p '.3=,&-673H

P3 5&)Q3, :3 .+ ?)9-*-6730 D-3* 67B+D+*:)**' 5+& .3 ;&)753 C?K0 -*,'&3((3 :3 *)9D&37h +=,37&(

-*:7(,&-3.( 67B-.( ()-3*, 1&+*N+-( )7 ',&+*;3&(H >j93 (- .3( -*(,+..+,-)*( *3 (3&)*, 5+( (-,7'3( (7& .3

,3&&-,)-&3 1&+*N+-(0 # -*,3&=)**3h-)*( 53&93,,&)*, 4 .+ =3*,&+.3 :)9-*-67+-(3 :B+.-93*,3& .3(

:'5+&,393*,( :3 .+ >+&,-*-673 3, :3 .+ F7+:3.)753 3* '.3=,&-=-,' ;'),@3&9-673 4 @+7,37& :3 ZG

>p =@+=7*3H

P3 =)*,3h,3 ;').);-673 3, .3( )DQ3=,-1( :B+7,)*)9-3 '*3&;',-673 :3( ?X> 5&'873 5+& .+ .)- F&3*3..3

# 4 .B@)&-n)* #GSG 8)*, 1+8)&-(3& .3 :'83.)55393*, :3 *)783+7h 5&)Q3,( :)93(,-673(0 *),+993*,

3* >+&,-*-673 3, 4 .+ W'7*-)*H I3( :37h :'5+&,393*,( :38&+-3*, j,&3 3* 93(7&3 :B+==73-..-&

&3(53=,-8393*, +7 9)-*( 7*3 -*(,+..+,-)* :3 #G >p :B-=- #G#^H ^G >p '.3=,&-673( (755.'93*,+-&3(

()*, 3*(7-,3 5&'87( 4 .B@)&-n)* #GSG 3, .3 :'83.)55393*, :3 .+ ,3=@*).);-3H

J7 ,),+. .3( =+5+=-,'( 1&+*N+-(3( -*(,+..'3( :3 ;'),@3&9-3 8).=+*-673 +,,3-*:&)*, 3* #GSG 5&2( :3 #SG

>p0 -*,3&=)**3h-)*( =)95&-(3(H

• P+ ;'),@3&9-3 3* D+((-* :B311)*:&393*, 1&+=,7&'

P+ ;'),@3&9-3 3* D+((-* :B311)*:&393*, 1&+=,7&'0 :-,3 xCF[B0 8+ 53&93,,&3 .3 :'5.)-393*, :3 .+

;'),@3&9-3 :3 @+7,3 '*3&;-3 5)7& .+ 5&):7=,-)* :B'.3=,&-=-,' 3, :3 =@+.37& 3* 9',&)5).3H L&3783 :3

.B3*;)7393*, :3( -*:7(,&-3.( 5)7& =3,,3 ,3=@*).);-30 -. 3h-(,3 +7Q)7&:B@7- "" LCW +,,&-D7'( 3, f 3*

=)7&( :B-*(,&7=,-)*( 3* K&+*=30 &'5+&,-( 3* ^ +=,37&(H

IB3(, 3* J.(+=30 D3&=3+7 :3 .+ ;'),@3&9-3 CF[ +83= .3 5-.),3 (=-3*,-1-673 :3 [)7.,n`[)7(`K)&j,(0 673

.3 :'83.)55393*, :3 .+ ;'),@3&9-3 CF[ :38&+-, j,&3 .3 5.7( -95)&,+*,H d :3( "" LCW 3* =)7&( :3

8+.-:-,' ()*, (-,7'( 3* J.(+=3 3, .+ &';-)* D'*'1-=-3 :3 .B3*(39D.3 :3( ,&+8+7h :3 &3=@3&=@3 -*-,-'(

:+*( .3 =+:&3 :7 FCUC Ch5.)-,+,-)* >-*-2&3 :3 .+ I@+.37&H


9/22

f

P3 5&39-3& 5&)Q3, -*:7(,&-3. 4 8)-& .3 Q)7& (3&+ =3.7- :ByIXFU :)*, .3( ,&+8+7h 5)7& .3 (3=)*: 1)&+;3

(3&)*, 3113=,7'( =)7&+*, #G"Z 5)7& 7*3 9-(3 3* (3&8-=3 3* #G"aH I3,,3 -*(,+..+,-)* 53&93,,&+ .+

5&):7=,-)* :3 #Z >p ,@3&9-673H ?B-=- #G#^0 7*3 :-n+-*3 :3 *)783+7h 5&)Q3,(0 3((3*,-3..393*,

:3(,-*'( 4 .+ =);'*'&+,-)* )7 4 .+ 5&):7=,-)* 3h=.7(-83 :3 =@+.37&0 +7&)*, ',' 9-( 3* (3&8-=3 5)&,+*,

.3( =+5+=-,'( ;'),@3&9-673( -*(,+..'3( :3 .+ &';-)* 4 5.7( :3 #G >p '.3=,&-673 3, #SG >p

,@3&9-673H

P+ P-9+;*30 5)7& .+673..3 # LCW ()*, :B)&3( 3, :'Q4 8+.-:'( 3, Z ()*, 3* =)7&( :B-*(,&7=,-)*(0

&35&'(3*,3 +7((- 7*3 &';-)* 5&)93,,37(3H ?B-=- #GSG0 S 4 ^ 5&)Q3,( :38&)*, R j,&3 :'83.)55'( 5)7&

7*3 =+5+=-,' ;.)D+.3 :3 "G >p '.3=,&-673 3, ^G >p ,@3&9-673H z 3..3 :37h0 .3( &';-)*( :7 A+((-*

W@):+*-3* 3, :3( LR&'*'3( J,.+*,-673( :38&+-3*, j,&3 3* 93(7&3 :3 1)7&*-& .3( 9j93( =+5+=-,'( :3

5&):7=,-)* :B'*3&;-3 ;'),@3&9-673H

?B-=- #GSG0 .+ ;'),@3&9-3 3* D+((-* :B311)*:&393*, 1&+=,7&' (3&+ 3* 93(7&3 :3 1)7&*-& ^G >p3 3,

SdG >p ,@ :3 57-((+*=3 3* 9',&)5).3H

!"#$%&'()# *+#&,'()#

-.)%/01.)1023%1 !"# %&'

-.)10%.%4" 567 9:#

;.)'""4


10/22

"G

:;: < +8#1',! $.(!)" $! +' )*'+!#(

J83= Z# &'(3+7h 3* 1)*=,-)**393*,0 .+ K&+*=3 3(, .3 5+R( 37&)5'3* 67- =)95,3 .3 5.7( :3

&'(3+7h :3 =@+.37& 7&D+-* ;'),@3&9-673(0 3, (3 =.+((3 +7 S293 &+*; 37&)5'3* :3&&-2&3 .BU(.+*:3 3, .+

%7&67-3 (- .B)* =)*(-:2&3 .+ 57-((+*=3 ,),+.3 -*(,+..'3H P+ K&+*=3 5)7&(7-, 537 4 537 (+ (,&7=,7&+,-)*

3, :'83.)553 :3 *)783+7h 5&)Q3,(0 +83= #a *)783+7h &'(3+7h 4 .B',7:3 3* #G"# M()7&=3 < CFCIOH

PB3h5'&-3*=3 +=67-(3 :+*( .3 :'83.)55393*, :3( &'(3+7h :3 =@+.37& 7&D+-*( 53&93, 7*3 3h5)&,+,-)*

:7 (+8)-&`1+-&3 1&+*N+-( 4 .B-*,3&*+,-)*+.0 *),+993*, 3* C7&)53 :3 .BC(,H

.+! $! 0('/)!

L.7( :3 .+ 9)-,-' :3( &'(3+7h ;'),@3&9-673( 1&+*N+-( ()*, .)=+.-('( 3* U.3`:3`K&+*=3 < )* R :'*)9D&3

3* 3113, #f &'(3+7h :3 =@+.37& ;'),@3&9-673( 5)7& SZ -*(,+..+,-)*( M:)7D.3,(O0 5.7( :3 "^G GGG

.);393*,( 1&+*=-.-3*( ()*, +-*(- +.-93*,'( ;&s=3 4 .+ ;'),@3&9-3H

P3 ,+D.3+7 =-`:3(()7( &+((39D.3 .3( 5&-*=-5+7h &'(3+7h :3 =@+.37& ;'),@3&9-673( 3* U.3`:3`K&+*=30

+83= .3( *)783+7h &'(3+7h 3* (3&8-=3 )7 3* 5&)Q3, 3* =)7.37&H

(


11/22

""

%&-5.3, :3 P+ I)7&*3783 [7: 1-*-

P3 >'3 [7& [3-*3"fad S0#

#G"# 1)&+;3( :7 *)783+7 :)7D.3, +=@38'(

P);*3(`%)&=R

>+-()* J.1)&, " "fd^

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"fdS "S0a

>3+7h A3+78+. " K)&+;3 3* #G"S ""0_

>3+7h A3+78+. # K)&+;3 3* #G"S a0S

>3+7h ])5-,+."fdS S0d

K)&+;3 3* #G"S a0S

>3.7* .{J.9)*, "fa" f

>)*,;3&)* "fd# a

V37-..R`(7&`>+&*3 ?)7D.3, &'+.-(' 3* #G"S "S0Z

V)-(R .3 (3= ',7:3 3* =)7&(

X&.R " 3, # M#GGfO #GGaL+&-( 5)&,3 :3 [, I.)7: ',7:3 3* =)7&( a

W-(`X&+*;-( "fdS Z0"

W)(*R ()7( D)-( 1)&+;3( 3* #G"Z f

[38&+* ',7:3 3* =)7&( d

[7=R`3* A&-3 #GGd _0#

%@-+-( "fd_ d0d

%)&=R #G"# "G

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"fdZ

5&)Q3, :3 *)783+7 :)7D.3, 5)7& &395.+=3& .{+=,73.0',7:3 ?[L 3* =)7&(

"S0f

c+. :{C7&)53 c-..+;3(V+,7&3

:39+*:3 :3 LCW`?X%Cg :'5)('3 3* L&'13=,7&3 "d0a

c+. >+7D7'3 #G"# d0_

c-;*37h`(7&`[3-*3 "fd^ d0#

c-..3Q7-1 :39+*:3 :3 LCW`?X%Cg :'5)('3 3* L&'13=,7&3 "^0a

c-..3*3783`[+-*,`F3)&;3(

"fda "#0_

c-..35-*,3 ',7:3 3* =)7&( M1)&+;3 3* #G"^O "a0Z

c-..-3&(`.3`A3. "fd^ a0#

c-,&R I@)-(R 3* =)7&(

*-(1 .+! $! 0@9AB6

F503 '871,2 ( ?0,1(/%9@ Z GGG #0^

"fd^ A)&:3+7h [,+:-79 " Gd#

A2B(& ?%#-,(# # GGZ

C('%-5(2 # afS


12/22

"#

"fd_ >'&-;*+= ` AJ "G_ "_ #"d S0Z

"fdZ >-)(`.3`%3-=@ #" ZZG

"fa_ >)*,`:3`>+&(+* " "S "_f

"faa >)*,`:3`>+&(+* # # ZdG

#G"# >)*,`:3`>+&(+*

L@+(3 ',7:3 M5&)Q3,

:3 &'-*Q3=,-)*O"fd# D%##(9 E F(.'% G+,5(&+1, "a GGG _

"faf [+-*,`L+7.`.2(`?+h " "S aa^ Z0Z

[+-*,`L+7.`.2(`?+h # Z #ff

"fa^ A.+;*+= " S #G#

"fa^ =.('&(9 6 a GGG S

V);+&) # "d ZfZ

"fdG E)*n+= " ^ Zda "0"

E)*n+= # "# GS"

B195723 J-;7353&(3 "" ^"#

V5==12


13/22

"S

:;C < +' "(!1 D'11! !/!(,.!

P3 9+&=@' :3 .+ ,&2( D+((3 '*3&;-3 +((-(,'3 5+& 5)953 4 =@+.37& 3(, (=-*:' 3* :37h

=+,';)&-3( < .B@+D-,+, =)..3=,-1 3, ,3&,-+-&3 :B7*3 5+&,0 3, .B-*:-8-:73. :B+7,&3 5+&,H [- )* )D(3&83 7*3

.';2&3 ,3*:+*=3 4 .+ @+7((3 (7& .3 9+&=@' :7 =)..3=,-10 .3 9+&=@' :3 .B-*:-8-:73. 3* &38+*=@3 (7D-,

7*3 ,&2( 1)&,3 D+-((3 :357-( 5.7(-37&( +**'3( 9+-*,3*+*,H I3.+ + 5)7& =)*('673*=3 7* *3, &3=7. :7*)9D&3 ,),+. :3 5)953( 4 =@+.37& 83*:73( +**73..393*, < 7* 537 9)-*( :3 _^GG LJI )*, +-*(- ','

83*:73( 3* #G"#0 =)*,&3 #G GGG 3* #GGd0 ()-, 7*3 D+-((3 :3 aGk 3* (37.393*, Z +*(H P3( =@-11&3( :3

.BJKLJI w I.-9BU*1) +,,3(,3*, 4 *)783+7 :B7* &+.3*,-((393*, 5)7& .B+**'3 #G"#0 .+-((+*, =&+-*:&3 7*

+83*-& '=)*)9-673 3h,&j9393*, =)95.-67' 5)7& =3,,3 1-.-2&3H

MNOO MNOM ;S,6.01,2 32 X

),6Y=,6 fG# `S#

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$($!B aa_# _ZZd `"ak

LJM1::,%# NGDNJOJ.15$P&:+Q

PC >JWI]C ?C PJ %WC[ AJ[[C CVCWFUC

P3 9+&=@' :3 .+ ,&2( D+((3 '*3&;-3 3(, ;.)D+.393*, 3* D+-((3 5+& &+55)&, 4 .B+**'3 #G""H P3(

=@-11&3( :3 .BJKLJI 67- 5&3**3*, 3* =)95,3 7*3 57-((+*=3 9)R3**3 5+& 5)953 4 =@+.37& :3 .B)&:&3:3 "#qp,@0 :'9)*,&3*, 673 .3 9+&=@' :3( LJI 5)7& .3( 9+-()*( -*:-8-:73..3( (B3(, 3*=)&3 :';&+:'H

P3 9+&=@' :3( =@+95( :3 ()*:3( M5.7( :3 =-*6 ()*:3(O 67- '93&;30 *3 =)953*(3 5+( =3,,3 D+-((3H

C* &38+*=@30 .3 9+&=@' :3 .+ ;'),@3&9-3 (7& *+553 5&);&3((3 ,&2( .';2&393*,H

>C%]X?XPXFUC

P+ 9',@):).);-3 (7-8-3 5)7& =)*(,&7-&3 =3( =@-11&3( 3(, -:3*,-673 4 =3..3 395.)R'3 5)7& .B',7:3

:3 9+&=@' :3 .B+**'3 #G""H P3 :',+-. :3 =3,,3 9',@):).);-3 3(, :-(5)*-D.3 3* +**3h3H

WC[YP%J%[

P3( )5'&+,-)*( (7& +67-12&3( &35&'(3*,3*, _ak :7 9+&=@' :3 .B+**'3 #G"#0 =)*,&3 SSk 5)7& .3(

()*:3( ;'),@3&9-673(H

P+ ,3*:+*=3 ;'*'&+.3 3(, 4 .+ D+-((3 MU. 3(, :-11-=-.3 :3 1+-&3 .+ 5+&, 3*,&3 7*3 D+-((3 &'3..3 )7 :3(

:'=.+&+,-)*( -*=)95.2,3( (7& *),&3 3*67j,3 +**73..3O0 9j93 (- =3&,+-*3( &';-)*( =)993 .BJ783&;*3

3, .3 P-9)7(-* +11-=@3*, 7*3 *3,,3 5&);&3((-)*H


14/22

"Z

MNOM MNOO

>p@ %CL >p@ %CL '8).7,-)* 3* k

Alsace "Gd#a f#^ ##S_G "f"G `^#

Aquitaine Z_Z" Sfa ^d^G ^GG `#"

Auvergne "G_SZ fGf #S"G #GG S^Z

Basse-Normandie #f#S #^G ZdZG Z"G `Sf

Bourgogne "a_ "^ VI VI VI

Bretagne "###G "GZZ #^^fG #"fG `^#

Centre "_G"f "S_f a#GG _"G "#Z

Champagne- Ardenne #SSf #GG ZâG SfG `Zf

Corse dd" a^ VI VI VI

Franche-Comté "G_f f" ZS_G SaG à^

Haute-Normandie ##af "f^ VI VI VI

Ile-de-France Z_"_Z SfZ_ S#_dG #dGG Z"

Languedoc-Roussillon fZd d" "a#G "^G `Z_

Limousin _^^Z ^_G #"#G "dG #""

Lorraine aZZ _Z "#_SG "GdG `fZ

Midi-Pyrénées "#da ""G #^#G ##G `^G

Nord-Pas-de-Calais ##f^ "f_ ^d^G ^GG `_"

Pays de la Loire ""#SS f_G dddG a_G #_

Picardie #Z_G #"G Sd_G SSG `S_

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En MW "GG0^ ""d0^

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'8


15/22

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16/22

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17/22

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+9 FG97HIJ E

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18/22

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19/22

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>+.;&' 7*3 D+-((3 :7 *)9D&3 :B)5'&+,-)*( &'+.-('3( 5)7& .B+**'3 #G"#0 .3 D-.+* K)*:( I@+.37& &3(,3

5)(-,-1H C* 3113,0 5)7& 7* *)9D&3 :3 :)((-3&( +-:'( '67-8+.3*,( 4 #G"G0 .3 &+,-) 9)R3* :B+-:3 +.';2&393*, :-9-*7' =3 67- 9)*,&3 673 .B311-=+=-,' 9)R3**3 :3( +-:3( 57D.-673( 3(, 3* 5&);&3((-)*H%)7,31)-(0 =3( &'(7.,+,( ()*, 4 9):7.3& (3.)* .3( ,3=@*).);-3( =)*(-:'&'3( 3, -*=.7(3( +7 8).3,;'),@3&9-30 4 (+8)-& .3( )5'&+,-)*( :3 ;'),@3&9-3 5&)1)*:30 LJI (7& *+553( (753&1-=-3..3(0 LJI (7&3+7h 7('3(v3+7 :3 93&0 3, LJI (7& =@+95 :3 ()*:3(H I3( :3&*-2&3( 5&'(3*,3*, .3 =)i, 9)R3*v ,35C*W 5&):7-,3( .3 5.7( '.38' 3, :)*= .);-67393*, 7* &+,-) :B+-:3v,35 C*W 5.7( ;&+*:H

+! )(!$." $8.&=K" $!?!+-==!&!/" $#('D+!

P+ &'+.-(+,-)* :3 =3&,+-*( ,&+8+7h 8-(+*, 4 +9'.-)&3& .+ 53&1)&9+*=3 '*3&;',-673 :3(

.);393*,( 537, :)**3& .-37 4 :3( =&':-,( :B-95o,(H L)7& .3( 5+&,-=7.-3&(0 =3 =&':-, :B-95o,( 3(, .3

5&-*=-5+. 9'=+*-(93 :B+-:3 '=)*)9-673 3,0 :357-( #G"G0 .+ 9+-* :B~78&3 :3( ,&+8+7h :3 1)&+;3 1+-,5+&,-3 :3 =3 =&':-, :B-95o,H

P+ .)- :3 1-*+*=3( #G"# + 1-h' 5)7& .+ ;'),@3&9-3 .3 ,+7h :3 =&':-, :B-95o,( 4 SZk :+*( .3 =+( :3 .+

&'+.-(+,-)* :B7* D)7673, :3 ,&+8+7h0 3, 4 "^k 5)7& .3( '67-5393*,( :3 &+==)&:393*, 4 7* &'(3+7 :3

=@+.37&H I)*=3&*+*, .3( 5)953( 4 =@+.37&0 .3 ,+7h #G"" :3 =3 =&':-, ',+-, :3 S_k0 ,+7h 67- + :-9-*7'

4 #_k 3* #G"#H

+!1 )!(".0.)'"1 $8!)-/-&.! $8!/!(,.!

P3 :-(5)(-,-1 :3( ICC0 &';-( 5+& .+ .)- LXLC0 )D.-;3 .3( 1)7&*-((37&( :B'*3&;-3 4 :'=.3*=@3& =@3n

.37&( =.-3*,( :3( '=)*)9-3( :B'*3&;-30 ()7( 53-*3 :3 :38)-& 5+R3& :3( 5'*+.-,'(H I3( =3&,-1-=+,(=)*=3&*3*, .+ 1-.-2&3 ;'),@3&9-6730 3, .3( 5&39-2&3( '8+.7+,-)*( :3 5&)Q3,(0 1+-,3( 4 5+&,-& :3( +=,-)*(

(,+*:+&: 5&)5)('3(0 9)*,&3*, 673 .+ ;'),@3&9-3 (7& &'(3+7h :3 =@+.37& 5&)5)(3 :3( =)i,( :3

=3&,-1-=+,( :B'=)*)9-3 :B'*3&;-3 5+&9- .3( 9)-*( '.38'(H

I3( +=,-)*( (,+*:+&:-('3(0 67- ()*, 5&'(3*,'3( ()7( 1)&93 :3 1-=@3( :)**+*, .3( 9)*,+*,(

1)&1+-,+-&3( :B'=)*)9-3 :B'*3&;-30 =)*(,-,73*, 7*3 D+(3 (7& .+673..3 .3( 1)7&*-((37&( :B'*3&;-3

53783*, 3(,-93& .37&( ;+-*(H X* :'*)9D&3 +7Q)7&:B@7- 673.673( #^G 1-=@3(0 5+&9- .3(673..3(

=3&,+-*3( ()*, :-&3=,393*, .-'3( 4 .+ ;'),@3&9-30 =)993 .3( 5)953( 4 =@+.37& 3+7v3+7 :+*( .3

(3=,37& &'(-:3*,-3. 3, ,3&,-+-&30 )7 3*=)&3 .+ 5&):7=,-)* :3 =@+.37& &3*)783.+D.3 (7& .3( &'(3+7h :3

=@+.37&H ?B+7,&3( 5)7&&+-3*, j,&3 ',3*:73( +7 (3=,37& ;'),@3&9-6730 =)993 .B-*(,+..+,-)* :35.+*=@3&( =@+711+*,( 4 3+7 D+((3 ,395'&+,7&3 :+*( .3 (3=,37& ,3&,-+-&30 67- =)*=3&*3 7*-67393*, .3(

(R(,293( :3 =@+711+;3 =3*,&+. 4 =)9D7(,-D.3H


20/22

#G

P3( )5'&+,-)*( (5'=-1-673(0 67- *3 &3*,&3*, 5+( :+*( .3 =+:&3 :3( )5'&+,-)*( (,+*:+&:-('3(0 :)-83*,

1+-&3 .B)DQ3, :B7* :)((-3& :3 :39+*:3 +55&)1)*:-0 5.7( =)i,37h 3* ,395(H IB3(, 5)7&67)-

.B+7;93*,+,-)* :7 *)9D&3 :3 1-=@3( &'1'&3*=3( 5)7& .+ ;'),@3&9-3 5)7&&+-, &'3..393*, -*=-,3& .3(

1)7&*-((37&( :B'*3&;-3 4 &3=)7&-& 4 ()* 7(+;3H

+' (" :L2:

P+ &';.393*,+,-)* ,@3&9-673 Q)73 7* &o.3 1)*:+93*,+. :+*( .+ 5).-,-673 :3 &':7=,-)* :3(

=)*()99+,-)*( '*3&;',-673( :3 .+ K&+*=3H P3 (3=,37& :7 Ds,-93*,0 67- &35&'(3*,3 4 .7- (37. ZGk :3(

=)*()99+,-)*( '*3&;',-673( 1&+*N+-(3( ,),+.3(0 3(, ()79-( :357-( .3 "3& Q+*8-3& #G"S +7 &3(53=, :3(

5&-*=-53( '*)*='( :+*( =3 ,3h,3 67- 1-h3 .3( 3h-;3*=3( '*3&;',-673( 4 &3(53=,3&0 9+-( 67- + +7((- .+

=+5+=-,' :3 &3.+*=3& .3( 1-.-2&3( :3( '=)*)9-3( :B'*3&;-3( :+*( .3 (3=,37& :7 Ds,-93*,H

I353*:+*,0 7*3 I)99-((-)* :B)&-3*,+,-)* JKLF 67- + 3h+9-*' 3* :',+-.

=3 :)=793*, +-*(- 673 (3( 5&-*=-53( :3 =+.=7. + =)*(,+,' 673 .+

;'),@3&9-3 3(, ;&+8393*, .'('3 5+& =3 ,3h,3H C* 3113,0 ,+*:-( 673 .+ 1-.-2&3

D)-( 3(, 3*=)7&+;'3 5+& 7* =)311-=-3*, (5'=-1-6730 .+ 1-.-2&3 ;'),@3&9-30

67- D'*'1-=-3 5)7&,+*, :3( 9j93( =+&+=,'&-(,-673( 673 .+ 1-.-2&3 D)-(

M395.)- .)=+.0 1+-D.3( -95)&,+,-)*( :B'*3&;-30 &':7=,-)* :B'9-((-)*( :3 ;+n

4 3113, :3 (3&&3O0 *B+ 5+( .3 9j93 =)311-=-3*,H ?B+7,&3 5+&,0 .+ 5&):7=,-)*

:3 1&)-: 5+& ;'),@3&9-3 M;')`=)).-*;O0 9+.;&' (3( ,&2( D)**3(

53&1)&9+*=3(0 *B3(, 5+( 5&-(3 3* =)95,3 :+*( =3,,3 &2;.393*,+,-)*H

C*1-*0 .+ W% #G"# =&'3 7*3 :-(,-*=,-)* 67- *B+ 5+( .-37 :Bj,&3 3*,&3 .3(

Ds,-93*,( &3.-'( 4 7* &'(3+7 :3 =@+.37& 3, =37h 67- :-(5)(3*, :3 .37&

5&)5&3 (R(,293 -*:-8-:7+.-('H I3( '.'93*,( 5&)783*, 673 .+ ;'),@3&9-3

*B3(, 5+( 3(,-9'3 4 (+ Q7(,3 8+.37& :+*( .3( 9),37&( :3 =+.=7.( :3 .+ W%#G"#0 5)7&,+*, (3*('3 3*=)7&+;3& .3 &3=)7&( +7h '*3&;-3( &3*)783.+D.3(H

Y* &+55)&, =)95.3, (7& =3 (7Q3,0 -*,-,7.' $ .38-3&( 3, 5&)5)(-,-)*( :B+=,-)*( 5)7& 7*3 93-..37&3 5&-(3

3* =)95,3 :3 .+ ;'),@3&9-3 :+*( .+ W% #G"# /0 + ',' 57D.-' 5+& .BJKLF 3* Q7-* #G"SH ?3(,-*' 4

-*,3&53..3& .3( 5)78)-&( 57D.-=( 3, .3( :-11'&3*,( +=,37&( =)*=3&*'( 5+& =3,,3 5&)D.'9+,-6730 -. 1)&97.3

:-83&(3( &3=)99+*:+,-)*( 5)7& &39':-3& 4 =3( 9-(3( 4 .B'=+&, :3 .+ ;'),@3&9-30 3, *),+993*, 5)7&

673 ()-3*, 9-37h 5&-(3( 3* =)95,3 .3( 5)953( 4 =@+.37& ;'),@3&9-673(H [B-. 3(, 5&-( 3* =)*(-:'&+,-)*

5+& .3( +7,)&-,'( =)95',3*,3(0 =3 &+55)&, 53&93,,&+ *)* (37.393*, :B3*=)7&+;3& .3 &3=)7&( 4 .+

;'),@3&9-3 3, 5+& .4 9j93 :3 &3.+*=3& .+ 1-.-2&3 +((-(,'3 5+& 5)953( 4 =@+.37&0 9+-( ';+.393*, :3

5&)5)(3& :3( '.'93*,( (755.'93*,+-&3( +7h 9+u,&3( :B)78&+;3 5)7& 673 ()-, 5.7( 1+=-.393*,&3(53=,'3 =3,,3 &';.393*,+,-)*H


21/22

#"

M< )-/)+#1.-/

P+ 1-.-2&3 @+7,3 '*3&;-3 5)7&(7-, ()* :'83.)55393*,0 3, (3( 53&(53=,-83( ()*, 3*=)7&+;3+*,3(0 ,+*,

3* 9',&)5).3 +83= .3( *)783+7h 53&9-( :3 &3=@3&=@30 673 :+*( .3( :'5+&,393*,( :BX7,&3`93& +83=.3( 5&)Q3,( :3 A)7-..+*,3 3, F'),@3&9-3 I+&+rD3(H

P+ 1-.-2&3 7(+;3( :-&3=,( :3 .+ =@+.37& =)*,-*73 ';+.393*, :3 5&);&3((3& < :3 *)783+7h &'(3+7h ()*,

-*(,+..'(0 5&-*=-5+.393*, 3* U.3`:3`K&+*=30 9+-( ';+.393*, 3* &';-)* J67-,+-*30 67- =)993*=3 53,-,

4 53,-, 4 3h5.)-,3& ()* 1)&, 5),3*,-3.H

P+ 1-.-2&3 ,&2( D+((3 '*3&;-3 +((-(,'3 5+& 5)953 4 =@+.37& ,&+83&(3 7*3 5'&-):3 :-11-=-.30 +83= .+

5)7&(7-,3 :3 .+ D+-((3 :7 *)9D&3 :3 LJI 83*:73( +**73..393*, :357-( #GGdH

P3( (,&7=,7&3( Q7&-:-673( ()*, 3* '8).7,-)*0 .+ 9-(3 3* 3* ~78&3 :7 :'=&3, (7& .+ ;'),@3&9-3 :3

9-*-93 -95)&,+*=3 3(, 3* =)7&(H

J7Q)7&:B@7-0 .+ 1-.-2&3 +((-(,'3 5+& 5)953 4 =@+.37& 3* 5+&,-=7.-3& *3 (+7&+-, ,).'&3& 7* 673.=)*673

5+(('-(93 5).-,-6730 (R*)*R93 :B7*3 +==3*,7+,-)* :3 (+ :','&-)&+,-)*H [- :3( (-;*+7h 3*=)7&+;3+*,(

()*, &3.38'(0 =)993 .B+D)7,-((393*, 5&)=@+-* :7 :'=&3, :3 9-*-93 -95)&,+*=3 )7 .+ 5&'(3*,+,-)*

:7 *)783+7 5&);&+993 :B-*83(,-((393*, :B+83*-& $ U*83(,-& 5)7& .+ K&+*=3 / 67- 5.+=3

.B-*83(,-((393*, 5)7& .+ ,&+*(-,-)* '=).);-673 3, '*3&;',-673 5+&9- (3( 5&-)&-,'(0 :B+7,&3( :'=-(-)*(

*+,-)*+.3( =)993 .+ :-9-*7,-)* :3( =&':-,( :7 K)*:( I@+.37& :3 .BJ?C>C )7 5.7( &'=3993*, .+

:-9-*7,-)* +**)*='3 :7 D7:;3, +..)7' +7 >-*-(,2&3 :3 .BC=).);-30 :7 ?'83.)55393*, ?7&+D.3 3, :3.BC*3&;-3 5)7& .B+**'3 #G"Z &-(673*, :3 *3 5+( j,&3 3* 5@+(3 +83= .3( D3()-*( :3( 1-.-2&3(

&3*)783.+D.3(H V)7( 9+-*,3*)*( 673 .3 :'83.)55393*, :3 .+ ;'),@3&9-3 5+((3 *'=3((+-&393*, 5+&

7* ()7,-3* :3( 5)78)-&( 57D.-=(0 4 =)993*=3& 5+& 7* &3=+.+;3 :3 .+ &';.393*,+,-)* W% #G"# *3

(3&+-,`=3 5+& '67-,' 8-(`4`8-( :3( +7,&3( CVWH P3 9-*-(,2&3 :3 .BC=).);-3 + ',' (+-(- :3 =3,,3 :39+*:3

1)&,3 :3 .+ 5&)13((-)*H


22/22

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>C%]X?XPXFUC LXYW PBC%Y?C ?C >JWI]C ?C PJ %WC[ AJ[[C CVCWFUC

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&3=)7&( 4 .+ ()..-=-,+,-)* :-&3=,3 :3( 5&)13((-)**3.( :3 .+ ;'),@3&9-3H J-*(- ,&)-( :3( 5&-*=-5+7h =)&5(

:3 9',-3& )*, ',' 673(,-)**'(0 4 (+8)-& <

• .3( 1)&37&( :B3+7 M;'),@3&9-3 (7& +67-12&3( (753&1-=-3.(O0

• .3( 1)&37&( :3 ()*:3( ;'),@3&9-673( 83&,-=+.3( M[FcO0

• .3( +=,37&( 9+*71+=,7&-3&( :3 .+ 1-.-2&3 ;'),@3&9-3 M1+D&-=+*,( :3 ()*:3 3, :3 5)953 4=@+.37&OH

P+ =)*().-:+,-)* :3( =@-11&3( &3.+,-1( +7h +**'3( #G"G 3, #G"" + ',' 3113=,7'3 3* 7,-.-(+*, <

• ()-, .3( &'5)*(3( :-&3=,3( :3( &'+.-(+,-)*( 1+-,3( 5+& .3( 3*,&35&-(3( :3 1)&+;3( ()..-=-,'3(0

• ()-, 3* 3(,-9+*, .3( =@-11&3( :B+11+-&3( M:)**'3( 57D.-673(O :':-'( +7h +=,-8-,'(;'),@3&9-673( :3( 3*,&35&-(3( *B+R+*, 5+( &'5)*:7 +7h 673(,-)**+-&3( JKLFH

P3( &'(7.,+,( )D,3*7( )*, 3*(7-,3 ',' =)95+&'( +83= :B+7,&3( +55&)=@3(0 ,3..3( 673 .3( 9',&+;3(83*:7( :3 [Fc 3, :3 =+5,37&( @)&-n)*,+7h +7 *-83+7 *+,-)*+. M_G k :3 ,+7h :3 &'5)*(3(O0 )7 3*=)&3.+ =)*(7.,+,-)* :3 .+ A[[ :7 AWF> +=,7+.-('3 3* Q7-* #G"#H

J7 1-*+.0 .BJKLF 3(,-93 +8)-& 7*3 =)**+-((+*=3 3h@+7(,-83 :3 5.7( :3 _S k :3 .+ 57-((+*=3 -*(,+..'3=)*=3&*+*, .3( 1)&+;3( :3 ()*:3( ;'),@3&9-673( 83&,-=+.3(0 dG k :3( =+5,+;3( @)&-n)*,+7h 3, :3 aZk :3 .+ 57-((+*=3 -*(,+..'3 =)*=3&*+*, .3( 1)&+;3( (7& *+553( (753&1-=-3..3(H

B3= Q3=,12= 32 /45.\\573

J1-* :3 :'1-*-& .3( =)*()99+,-)*( '*3&;',-673( 5&)5&3( 4 =@+673

&';-)* 7* &+,-) + ',' +55.-67' 3* =)*(-:'&+*, .3( 8+&-+,-)*( :3D3()-*( 3* =@+711+;3H

I3 &+,-) + 5)7& )DQ3=,-1 :B3(,-93& .3( =)*()99+,-)*( '*3&;',-673(

+**73..3( M3h5&-9'3( 3* >p@ ,@3&9-673O +1-* :3

:',3&9-*3& .3 *)9D&3 :B@37&3( :B7,-.-(+,-)* :3( 5)953( 4

=@+.37&H

P3 *)9D&3 :3 ?3;&'( Q)7&( 7*-1-'( M?EYO +**73. ,&+:7-, .+

&-;737& @-83&*+.3H L.7( .3 =@-11&3 3(, '.38'0 5.7( .3 =.-9+, 3(,

=)*(-:'&' =)993 &-;)7&37hH P{-*:-=+,37& 93(7&30 3*

5)7&=3*,+;30 .{'8).7,-)* ,3*:+*=-3..3 3*,&3 #GGG 3, #G"G :7*)9D&3 +**73. :3 :3;&'( Q)7&( 7*-1-'( -*1'&-37&( 4 "a}I M?EY D+(3

"aO0 5)7& 7* 3*(39D.3 :3 (,+,-)*( 9',')&).);-673(H

Z+2,# /% :+&9-1+&&%5%&- /$2&% DNJ' #2, 2&% (&&0% #%.+& .( -%5*0,(-2,% %>-0,1%2,%

I)*=3&*+*, .3 1)*=,-)**393*, :3( 5)953( 4

=@+.37&0 .+ 9)R3**3 *+,-)*+.3 5&-(3 3* =)95,3 5+&

.BJKLF 3(, :3 " ^GG @37&3( 5+& +*H X* )D(3&83 :3(

'=+&,( -95)&,+*,( 3* 1)*=,-)* :3( &';-)*(0 =)993

5+& 3h395.3 3*,&3 .BJ.(+=3 M" _^G @v+*O 3, .+A&3,+;*3 :3 M" S^G @v+*OH

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AFPG-Etude-Marche Maj2013 V072014 (1)