Download MODE D EMPLOI

Transcript
33733115aF.fm Page 55 Tuesday, May 31, 2005 1:43 PM
02'('
(03/2,
$9$17'
87,/,6(5/
$33$5(,/ 3$*( &216(,/63285/$3527(&7,21'(
/
(19,5211(0(17 3$*( 35e&$87,216(1&$6'
$%6(1&(28'(
'e0e1$*(0(17 3$*( '(6&5,37,21'(/
$33$5(,/ 3$*( '(6&5,37,21'8%$1'($8'(
&200$1'(6 3$*( &200(17)$,5()21&7,211(5/(&203$57,0(17
&21*e/$7(855e)5,*e5$7(85 3$*( ',675,%87,21'(*/$d216*/$&(
3,/e(&(57$,1602'Ë/(6 3$*( 352'8&721$8720$7,48('(
*/$&(&(57$,1602'Ë/(6 3$*( 87,/,6$7,21'8',675,%87(85
'
($8&(57$,1602'Ë/(6 3$*( &2175Ñ/((75(03/$&(0(17'8),/75(­($8
&(57$,1602'Ë/(6 3$*( 6<67Ë0('(&,5&8/$7,21'(/
$,5
'$16/(&203$57,0(175e)5,*e5$7(85 3$*( 0$1,38/$7,21'(6e/e0(176­
/
,17e5,(85 3$*( &200(17&216(59(5(7
'e&21*(/(5'(6$/,0(176 3$*( )$%5,&$7,21'(*/$d216
352%/Ë0(6&285$176 3$*( (175(7,(1(71(772<$*( 3$*( 35e&$87,216(1&$6'
$%6(1&(28'(
'e0e1$*(0(17 3$*( ',$*1267,&5$3,'($66,67$1&( 3$*( 6(59,&($35Ë69(17( 3$*( 33733115aF.fm Page 56 Tuesday, May 31, 2005 1:43 PM
$9$17'
87,/,6(5/
$33$5(,/
‡ /
DSSDUHLOTXHYRXVYHQH]G
DFKHWHUHVWXQ
FRPELQpUpIULJpUDWHXUHWFRQJpODWHXU,OHVW
H[FOXVLYHPHQWUpVHUYpjXQXVDJHPpQDJHU
3RXUXWLOLVHUDXPLHX[YRWUHDSSDUHLOQRXV
YRXVLQYLWRQVjOLUHDWWHQWLYHPHQWOHV
LQVWUXFWLRQVUHODWLYHVjVRQXWLOLVDWLRQGDQV
OHVTXHOOHVYRXVWURXYHUH]ODGHVFULSWLRQGH
YRWUHDSSDUHLOHWGHVFRQVHLOVXWLOHVVXUOD
FRQVHUYDWLRQGHVDOLPHQWV
&RQVHUYH]FHOLYUHWSRXUWRXWHFRQVXOWDWLRQ
XOWpULHXUH
$SUqVDYRLUGpEDOOpO
DSSDUHLODVVXUH]YRXV
TX
LOQ
HVWSDVHQGRPPDJpHWTXHOHVSRUWHV
IHUPHQWSDUIDLWHPHQW7RXWGRPPDJH
pYHQWXHOGHYUDrWUHVLJQDOpDXUHYHQGHXUGDQV
XQGpODLGHKHXUHV
1RXVFRQVHLOORQVG
DWWHQGUHDXPRLQVGHX[
KHXUHVDYDQWGHPHWWUHO
DSSDUHLOHQVHUYLFH
SRXUSHUPHWWUHDXFLUFXLWGHUpIULJpUDWLRQ
G
rWUHSHUIRUPDQW
$VVXUH]YRXVTXHO
LQVWDOODWLRQHWOH
EUDQFKHPHQWpOHFWULTXHRQWpWpUpDOLVpVSDUXQ
WHFKQLFLHQTXDOLILpFRQIRUPpPHQWDX[
LQVWUXFWLRQVGXIDEULFDQWHWDX[QRUPHVORFDOHV
HQYLJXHXUHQPDWLqUHGHVpFXULWp
1HWWR\H]O
LQWpULHXUGHO
DSSDUHLODYDQWGH
O
XWLOLVHU
&216(,/63285/$3527(&7,21'(
/
(19,5211(0(17
(PEDOODJH
/
HPEDOODJHHVWUHF\FODEOHHWSRUWHOH
V\PEROHGXUHF\FODJH3RXUODPLVHDXUHEXW
VXLYH]OHVUpJOHPHQWDWLRQVORFDOHVHQYLJXHXU
/HVPDWpULDX[G
HPEDOODJHVDFKHWVHQSODVWLTXH
pOpPHQWVHQSRO\VW\UqQHHWFGRLYHQWrWUH
WHQXVKRUVGHSRUWpHGHVHQIDQWVFDULOV
FRQVWLWXHQWXQHVRXUFHSRWHQWLHOOHGHGDQJHU
0LVHDXUHEXW
/
DSSDUHLODpWpIDEULTXpDYHFGHVPDWpULDX[
UHF\FODEOHV
&HWDSSDUHLOSRUWHOHV\PEROHGXUHF\FODJH
FRQIRUPpPHQWjOD'LUHFWLYH(XURSpHQQH
&(FRQFHUQDQWOHV'pFKHWV
G·eTXLSHPHQWVeOHFWULTXHVHWeOHFWURQLTXHV
'(((RX:(((
(QSURFpGDQWFRUUHFWHPHQWjODPLVHDXUHEXW
GHFHWDSSDUHLOYRXVFRQWULEXHUH]jHPSrFKHU
WRXWHFRQVpTXHQFHQXLVLEOHSRXU
O·HQYLURQQHPHQWHWODVDQWpGHO·KRPPH
/HV\PEROH SUpVHQWVXUO·DSSDUHLORXVXUOD
GRFXPHQWDWLRQTXLO·DFFRPSDJQHLQGLTXHTXHFH
SURGXLWQHSHXWHQDXFXQFDVrWUHWUDLWpFRPPH
GpFKHWPpQDJHU,OGRLWSDUFRQVpTXHQWrWUH
UHPLVjXQFHQWUHGHFROOHFWHGHVGpFKHWVFKDUJp
GXUHF\FODJHGHVpTXLSHPHQWVpOHFWULTXHVHW
pOHFWURQLTXHV
$XPRPHQWGHODPLVHDXUHEXWUHQGH]
O
DSSDUHLOLQXWLOLVDEOHHQVHFWLRQQDQWOHFRUGRQ
G
DOLPHQWDWLRQHWHQGpPRQWDQWOHVSRUWHVHWOHV
FOD\HWWHVGHIDoRQjFHTXHOHVHQIDQWVQH
SXLVVHQW\DFFpGHUIDFLOHPHQW
3RXUODPLVHDXUHEXWUHVSHFWH]OHVQRUPHV
ORFDOHVHQYLJXHXUHWUHPHWWH]O
DSSDUHLOjXQ
FHQWUHGHFROOHFWHVSpFLDOLVp1HODLVVH]MDPDLV
O
DSSDUHLOVDQVVXUYHLOODQFHQHIXWFHTXH
TXHOTXHVMRXUVFDULOUHSUpVHQWHXQHVRXUFHGH
GDQJHUSRXUOHVHQIDQWV3RXUREWHQLUGHSOXV
DPSOHVGpWDLOVDXVXMHWGXWUDLWHPHQWGHOD
UpFXSpUDWLRQHWGXUHF\FODJHGHFHWDSSDUHLO
YHXLOOH]YRXVDGUHVVHUDXEXUHDXFRPSpWHQWGH
YRWUHFRPPXQHjODVRFLpWpGHFROOHFWHGHV
GpFKHWVRXGLUHFWHPHQWjYRWUHUHYHQGHXU
,QIRUPDWLRQ
&HWDSSDUHLOQHFRQWLHQWSDVGH&)&OHFLUFXLW
GHUHIURLGLVVHPHQWFRQWLHQWGX5DQLGH
+)&OHFLUFXLWGHUHIURLGLVVHPHQWFRQWLHQWGX
5D
3RXUOHVDSSDUHLOVDYHF,VREXWDQH5D
O·LVREXWDQHHVWXQJD]QDWXUHOTXLHVWVDQVGDQJHU
SRXUO
HQYLURQQHPHQWPDLVLOHVWLQIODPPDEOH,O
HVWGRQFLQGLVSHQVDEOHGHYRXVDVVXUHUTXHOHV
WX\DX[GXFLUFXLWGHUpIULJpUDWLRQVRQWHQSDUIDLW
pWDW
672&.$*('(6'(15e(6'$16/(6
5e)5,*e5$7(856(75Ë*/(6
'
+<*,Ë1($/,0(17$,5(
/DFRQVRPPDWLRQFURLVVDQWHGHSODWVSUpSDUpV
HWG
DXWUHVDOLPHQWVIUDJLOHVVHQVLEOHVHQ
SDUWLFXOLHUDXQRQUHVSHFWGHODFKDvQHGXIURLG
UHQGQpFHVVDLUHXQHPHLOOHXUHPDvWULVHGHOD
WHPSpUDWXUHGHWUDQVSRUWHWGHVWRFNDJHGHFHV
SURGXLWV
­ODPDLVRQOHERQXVDJHGXUpIULJpUDWHXU
HWOHUHVSHFWGHUqJOHVG
K\JLqQHULJRXUHXVHV
FRQWULEXHURQWGHIDoRQVLJQLILFDWLYHHWHIILFDFHj
O
DPpOLRUDWLRQGHODFRQVHUYDWLRQGHVDOLPHQWV
0$Í75,6('(/$7(03e5$785(
‡ 6WRFNHUOHVDOLPHQWVOHVSOXVVHQVLEOHVGDQVOD
]RQHODSOXVIURLGHGHO
DSSDUHLOFRQIRUPpPHQW
DX[LQGLFDWLRQVILJXUDQWGDQVFHWWHQRWLFH
‡ $WWHQGUHOHFRPSOHWUHIURLGLVVHPHQWGHV
SUpSDUDWLRQVDYDQWGHOHVVWRFNHU
H[HPSOHVRXSH
‡ /LPLWHUOHQRPEUHG
RXYHUWXUHVGHODSRUWH
‡ 3RVLWLRQQHUODFRPPDQGHGHUpJODJHGX
WKHUPRVWDWGHIDoRQjREWHQLUXQH
WHPSpUDWXUHSOXVEDVVH&HUpJODJHGRLWVH
IDLUHSURJUHVVLYHPHQWDILQGHQHSDV
SURYRTXHUOHJHOGHVGHQUpHV
‡ /DPHVXUHGHODWHPSpUDWXUHG
XQH]RQH
FOD\HWWHSDUH[HPSOHSHXWVHIDLUHDXPR\HQ
G
XQWKHUPRPqWUHSODFpGqVOHGpSDUWGDQV
XQUpFLSLHQWUHPSOLG
HDXYHUUH
3RXUrWUHILGqOHHWUHSUpVHQWDWLYHGHFHTXL
VHSDVVHjO
LQWpULHXUGHO
DSSDUHLOODOHFWXUH
GHODWHPSpUDWXUHGRLWrWUHIDLWHDSUqV
TXHOTXHVKHXUHVGHVWDELOLVDWLRQGH
O
HQVHPEOHSDUH[HPSOHOHPDWLQjOD
SUHPLqUHRXYHUWXUHGHODSRUWH
33733115aF.fm Page 57 Tuesday, May 31, 2005 1:43 PM
5(63(&7'(65Ë*/(6'
+<*,Ë1(
$/,0(17$,5(
‡ 5HWLUHUOHVHPEDOODJHVGXFRPPHUFHDYDQWGH
SODFHUOHVDOLPHQWVGDQVOHUpIULJpUDWHXU
H[HPSOHHPEDOODJHVGHVSDFNVGH\DRXUWV
‡ (PEDOOHUV\VWpPDWLTXHPHQWODQRXUULWXUH
SRXUpYLWHUTXHOHVGHQUpHVQHVH
FRQWDPLQHQWPXWXHOOHPHQW
‡ 'LVSRVHUOHVDOLPHQWVGHWHOOHVRUWHTXHO
DLU
SXLVVHFLUFXOHUOLEUHPHQWWRXWDXWRXU
‡ &RQVXOWHUODQRWLFHG
XWLOLVDWLRQGHO
DSSDUHLO
HQWRXWHVFLUFRQVWDQFHVHWHQSDUWLFXOLHUSRXU
OHVFRQVHLOVG
HQWUHWLHQ
‡ 1HWWR\HUIUpTXHPPHQWO
LQWpULHXUGX
UpIULJpUDWHXUHQXWLOLVDQWXQSURGXLW
G
HQWUHWLHQVDQVHIIHWR[\GDQWVXUOHVSDUWLHV
PpWDOOLTXHV
&KDvQHGXIURLGPDLQWLHQVDQVUXSWXUHGHOD
WHPSpUDWXUHUHTXLVHG
XQSURGXLWGHSXLVVD
SUpSDUDWLRQHWVRQFRQGLWLRQQHPHQWMXVTX
jVRQ
XWLOLVDWLRQSDUOHFRQVRPPDWHXU
'pFODUDWLRQGHFRQIRUPLWp
‡ &HWDSSDUHLOHVWGHVWLQpjODFRQVHUYDWLRQGHV
GHQUpHVDOLPHQWDLUHVHWHVWIDEULTXp
FRQIRUPpPHQWjOD'LUHFWLYH(XURSpHQQH
&((&(HWDXUqJOHPHQW&(Qƒ
‡ &HWDSSDUHLODpWpFRQoXIDEULTXpHW
FRPPHUFLDOLVpFRQIRUPpPHQWDX[
REMHFWLIVGHVpFXULWpGHOD'LUHFWLYH%DVVH
7HQVLRQ&((
FULWqUHVUHTXLVHQPDWLqUHGHSURWHFWLRQGHOD
'LUHFWLYH(0&&((
PRGLILpHSDUOD'LUHFWLYH&((
‡ /DVpFXULWppOHFWULTXHGHO
DSSDUHLOHVWJDUDQWLH
XQLTXHPHQWVLFHOXLFLHVWUDFFRUGpjXQH
LQVWDOODWLRQGHPLVHjODWHUUHSHUIRUPDQWH
UpDOLVpHFRQIRUPpPHQWDX[GLVSRVLWLRQVGH
ORL
33733115aF.fm Page 58 Tuesday, May 31, 2005 1:43 PM
35e&$87,216(1&$6'
$%6(1&(28'(
'e0e1$*(0(17
‡ 1
XWLOLVH]OHFRPSDUWLPHQWUpIULJpUDWHXUTXH
SRXUODFRQVHUYDWLRQG
DOLPHQWVIUDLVHWOH
FRPSDUWLPHQWFRQJpODWHXUTXHSRXUOD
FRQVHUYDWLRQG
DOLPHQWVVXUJHOpVOD
FRQJpODWLRQG
DOLPHQWVIUDLVHWODSURGXFWLRQ
GHJODoRQV
‡ $SUqVO
LQVWDOODWLRQYpULILH]TXHO·DSSDUHLOQ
HVW
SDVSRVpVXUOHFkEOHG
DOLPHQWDWLRQ
‡ 1
LQWURGXLVH]SDVGHUpFLSLHQWVHQYHUUH
FRQWHQDQWGHVOLTXLGHVGDQVOHFRQJpODWHXU
FDULOVSRXUUDLHQWH[SORVHU
‡ 1HPDQJH]SDVOHVJODoRQVRXOHVJODFHV
LPPpGLDWHPHQWDSUqVOHVDYRLUVRUWLVGX
FRQJpODWHXUFDULOVSRXUUDLHQWSURYRTXHUGHV
EU€OXUHVGXHVDXIURLG
‡ 'pEUDQFKH]WRXMRXUVOHFkEOHRXFRXSH]OH
FRXUDQWDYDQWG
LQWHUYHQLUVXUO
DSSDUHLOSRXU
VRQHQWUHWLHQRXVRQQHWWR\DJH
‡ $VVXUH]YRXVTXHO·DSSDUHLOHVWORLQGHWRXWH
VRXUFHGHFKDOHXU
‡ 1
HQWUHSRVH]SDVHWQ
XWLOLVH]SDVG
HVVHQFH
GHOLTXLGHVRXGHJD]LQIODPPDEOHVj
SUR[LPLWpGHO·DSSDUHLORXGHWRXWDXWUH
DSSDUHLOPpQDJHU/HVpPDQDWLRQVSHXYHQW
SURYRTXHUXQULVTXHG
LQFHQGLHRX
G
H[SORVLRQ
‡ /DLVVH]XQHVSDFHGHSDUWHWG
DXWUHGH
O
DSSDUHLOHWDXGHVVXVGHFHOXLFLDILQGH
JDUDQWLUXQHYHQWLODWLRQFRUUHFWH
‡ 9HLOOH]jQHMDPDLVFRXYULUOHVERXFKHV
G
DpUDWLRQSUpVHQWHVVXUO
DSSDUHLORXGDQVOD
VWUXFWXUHG
HQFDVWUHPHQW
‡ 7RXVOHVDSSDUHLOVpTXLSpVGHV\VWqPHVGH
SURGXFWLRQGHJODFHHWGHGLVWULEXWHXUVG
HDX
GRLYHQWrWUHFRQQHFWpVjXQUpVHDXK\GULTXH
TXLGLVWULEXHH[FOXVLYHPHQWGHO
HDXSRWDEOH
ODSUHVVLRQGXUpVHDXK\GULTXHGRLWrWUH
FRPSULVHHQWUHHWEDUHW36,
/HVV\VWqPHVGHSURGXFWLRQGHJODFHHWRX
G
HDXTXLQHVRQWSDVGLUHFWHPHQWFRQQHFWpVj
XQUpVHDXG
DOLPHQWDWLRQK\GULTXHGRLYHQW
rWUHUHPSOLVH[FOXVLYHPHQWDYHFGHO
HDX
SRWDEOH
‡ ,QVWDOOH]O·DSSDUHLOHWPHWWH]OHGHQLYHDXVXU
XQVROTXLHQVXSSRUWHUDOHSRLGVHWGDQVXQH
SLqFHDGDSWpHjVDWDLOOHHWjVRQXWLOLVDWLRQ
‡ ,QVWDOOH]O
DSSDUHLOGDQVXQHSLqFHVqFKHHW
FRUUHFWHPHQWYHQWLOpH/·DSSDUHLOHVWUpJOp
SRXUIRQFWLRQQHUGHIDoRQRSWLPDOHjXQH
WHPSpUDWXUHDPELDQWHFRPSULVHGDQVOHV
LQWHUYDOOHVVXLYDQWVVXUEDVHGHODFODVVH
FOLPDWLTXHG
DSSDUWHQDQFHLQGLTXpHVXUOD
SODTXHVLJQDOpWLTXHO
DSSDUHLOULVTXHQHGH
SDVIRQFWLRQQHUFRUUHFWHPHQWV
LOUHVWH
SHQGDQWXQHORQJXHSpULRGHjXQH
WHPSpUDWXUHVXSpULHXUHRXLQIpULHXUHj
O
LQWHUYDOOHSUpYX
&ODVVH&OLPDWLTXH
61
1
67
7
7$PEƒ&
'Hj
'Hj
'Hj
'Hj
7$PEƒ)
'Hj
'Hj
'Hj
'Hj
‡ 6LYRXVGHYH]GpSODFHUO
DSSDUHLOYHLOOH]jQH
SDVDEvPHUOHUHFRXYUHPHQWGHVRO
SDUTXHWSDUH[
‡ 3RXUDFFpOpUHUOHSURFHVVXVGHGpJLYUDJH
Q
XWLOLVH]MDPDLVGHPR\HQVPpFDQLTXHVDXWUHV
TXHFHX[SUpFRQLVpVSDUOHIDEULFDQW
‡ eYLWH]G
HQGRPPDJHUOHFLUFXLWGXIOXLGH
UpIULJpUDQW
‡ 1
XWLOLVH]MDPDLVG
DSSDUHLOVpOHFWULTXHVj
O
LQWpULHXUGHVFRPSDUWLPHQWVGHFRQVHUYDWLRQ
GHVDOLPHQWVFRQJHOpVDXWUHVTXHFHX[
UHFRPPDQGpVSDUOHIDEULFDQW
‡ &HWDSSDUHLOQHGRLWHQDXFXQFDVrWUHXWLOLVp
SDUGHVHQIDQWVHQEDVkJHRXGHVSHUVRQQHV
KDQGLFDSpHVVDQVVXUYHLOODQFH
‡ 3RXUpYLWHUWRXWULVTXHG
pWRXIIHPHQWHW
G
HPSULVRQQHPHQWLQWHUGLVH]DX[HQIDQWVGH
MRXHURXGHVHFDFKHUGDQVO
DSSDUHLO
‡ /HFkEOHGRLWrWUHUHPSODFpH[FOXVLYHPHQW
SDUXQWHFKQLFLHQDJUpp
‡ 1
XWLOLVH]SDVG
DGDSWDWHXUVGHUDOORQJHVQLGH
SULVHVPXOWLSOHV
‡ ,OGRLWrWUHSRVVLEOHGHGpFRQQHFWHU
O
DOLPHQWDWLRQpOHFWULTXHHQHQOHYDQWODSULVH
RXHQDFWLRQQDQWXQLQWHUUXSWHXUELSRODLUHGH
UpVHDXVLWXpHQDPRQWGHODSULVH
‡ &RQWU{OH]TXHOHYROWDJHLQGLTXpVXUOD
SODTXHWWHVLJQDOpWLTXHFRUUHVSRQGjODWHQVLRQ
GHO
KDELWDWLRQ
‡ 1
DYDOH]MDPDLVOHOLTXLGHDWR[LTXHFRQWHQX
GDQVOHVDFFXPXODWHXUVGHIURLGV
LOVVRQW
SUpVHQWV
33733115aF.fm Page 59 Tuesday, May 31, 2005 1:43 PM
'(6&5,37,21'(/
$33$5(,/
&RPSDUWLPHQWFRQJpODWHXU
6 'LVWULEXWHXUGHJODFHDXWRPDWLTXH
7 *ULOOHV
8 %DFLQIpULHXU
9 %DFVXSpULHXU
: %DFjJODoRQV
; %DOFRQQHWGDQVFRQWUHSRUWHFRQJpODWHXU
< %DOFRQQHWGDQVFRQWUHSRUWHFRQJpODWHXU
= eFODLUDJHLQWpULHXU
&RPSDUWLPHQWUpIULJpUDWHXU
$ eFODLUDJHLQWpULHXU
% eFODLUDJHLQWHUPpGLDLUH
& &OD\HWWHUpJODJH
' &RXYHUFOHGXEDF
( %DF
) %DFjOpJXPHV
* 5pJODJHGXEDFjOpJXPHV
+ %DFjYLDQGH
, 5pJODJHGXEDFjYLDQGH
. &RPSDUWLPHQW
/ %DOFRQQHWDYHFFDOHERXWHLOOHV
0 %DOFRQQHWODYHFFDOHERXWHLOOHV
1 %DOFRQQHWO
2 &ORLVRQLQWHUQH
3 &RPSDUWLPHQWSRXU±XIV
4 )LOWUHjHDXVHORQOHVPRGqOHV
5 0XOWLIORZ
33733115aF.fm Page 60 Tuesday, May 31, 2005 1:43 PM
'(6&5,37,21'8%$1'($8'(&200$1'(6
7RXFKHVGHPLVHHQPDUFKHDUUrWGHVFRPSDUWLPHQWVQDYLJDWLRQGDQVOHPHQX
!
"
#
$
6pOHFWLRQHWYDOLGDWLRQ
7RXFKHGHUpJODJHGHODWHPSpUDWXUHGDQVOH
FRPSDUWLPHQWFRQJpODWHXU
7RXFKHGHUpJODJHGHODWHPSpUDWXUHGDQVOH
FRPSDUWLPHQWUpIULJpUDWHXU
7RXFKHGHQDYLJDWLRQGDQVOHPHQX
7RXFKHGHYDOLGDWLRQ
7RXFKHGHPDUFKHDUUrWGXGLVWULEXWHXUGH
JODoRQVJODFHSLOpH
7RXFKHGHPLVHHQPDUFKHDUUrWGHO
HQVHPEOH
GHO
DSSDUHLO
,F{QHVGHVIRQFWLRQVHWUpJODJHV
)RQFWLRQVHWUpJODJHVGXFRPSDUWLPHQW
UpIULJpUDWHXUHWGXFRPSDUWLPHQWFRQJpODWHXU
,F{QHVGHIRQFWLRQQHPHQWGHO
DSSDUHLOG
DODUPH
RXGHSDQQH
,F{QHVSURGXLWHWVpOHFWLRQJODoRQV
33733115aF.fm Page 61 Tuesday, May 31, 2005 1:43 PM
'HVFULSWLRQGHVV\PEROHVSRXUOHFRPSDUWLPHQWFRQJpODWHXU
3RUWHGXFRPSDUWLPHQWFRQJpODWHXUHWRXUpIULJpUDWHXURXYHUWH
)RQFWLRQ´3DUW\µDFWLYpH
7HPSpUDWXUHSURJUDPPpHGDQVOHFRPSDUWLPHQWFRQJpODWHXU
'HVFULSWLRQGHVV\PE{OHVSRXUOHFRPSDUWLPHQWUpIULJpUDWHXU
)RQFWLRQ&RQJpODWLRQUDSLGH
7HPSpUDWXUHSURJUDPPpHGDQVOHFRPSDUWLPHQWUpIULJpUDWHXU
)RQFWLRQ5HIURLGLVVHPHQWUDSLGH
)RQFWLRQ$EVHQFHSURORQJpHYDFDQFHV
,F{QHVGHIRQFWLRQQHPHQWGHO
DSSDUHLOG
DODUPHRXGHSDQQH
)RQFWLRQWK6HQVH6L[LqPHVHQVDFWLYpH/
DSSDUHLOHVWHQWUDLQG
DWWHLQGUHOHVFRQGLWLRQV
UHTXLVHVHQYXHGHJDUDQWLUXQHFRQVHUYDWLRQRSWLPDOHGHVDOLPHQWV
)RQFWLRQ%ORFDJHFODYLHUHQFOHQFKpH
,F{QHG
DODUPHJpQpUDOHPHQWDVVRFLpHDXVLJQDOVRQRUH
,F{QHGHSDQQHHWG
DSSHODX6HUYLFHG
DVVLVWDQFHWHFKQLTXH
)RQFWLRQVHWUpJODJHVGLVSRQLEOHVSRXUODSURGXFWLRQGHJODFHHWOHILOWUHjHDX
6pOHFWLRQHQWUHODGLVWULEXWLRQGHJODoRQVRXGHJODFHSLOpH
,QGLFDWLRQGHO
pWDWGXILOWUHjHDX
33733115aF.fm Page 62 Tuesday, May 31, 2005 1:43 PM
&200(17)$,5()21&7,211(5/(
&203$57,0(17&21*e/$7(85
5e)5,*e5$7(85
5DFFRUGH]O
DSSDUHLOjO
DUULYpHG
HDXHWDXFLUFXLWpOHFWULTXHFRQVXOWH]ODQRWLFHG
LQVWDOODWLRQ
$XPRPHQWGXEUDQFKHPHQWpOHFWULTXHO
pFUDQV
DOOXPHHWWRXWHVOHV
LF{QHVV
DIILFKHQWSHQGDQWTXHOTXHVVHFRQGHV
,PPpGLDWHPHQWDSUqV
ODIRQFWLRQ
HVWDFWLYpH
SHQGDQWODSKDVHGHUHIURLGLVVHPHQWMXVTX
jODWHPSpUDWXUHUpJOpHHQ
XVLQHO
LQGLFDWHXUG
DODUPH
V
DOOXPHVXUO
pFUDQGXFRQJpODWHXUOH
VLJQDOVRQRUHVHGpFOHQFKHHWGHX[WLUHWVFOLJQRWDQWVV
DIILFKHQW&HFL
VLJQLILHTXHO
DSSDUHLOQ
DSDVHQFRUHDWWHLQWODOHVWHPSpUDWXUHV
RSWLPDOHVSRXUODFRQVHUYDWLRQRSWLPDOHGHVDOLPHQWV6LO
LQGLFDWHXUGH
WHPSpUDWXUHV
DIILFKHHWTXHOHVLJQDOVRQRUHHVWDFWLYpFHODVLJQLILHTXH
O
DODUPHFRUUHVSRQGDQWjXQHLQWHUUXSWLRQGHFRXUDQWGHORQJXHGXUpH
DpWpHQFOHQFKpHFRQVXOWH]OHFKDSLWUH´$ODUPHVµDSDJLQD OHFRPSDUWLPHQWUpIULJpUDWHXUDIILFKHXQHWHPSpUDWXUHGHƒ&UpJOpH
HQXVLQH
3RXUGpVDFWLYHUO
DODUPHVRQRUHpYHQWXHOOHPDLQWHQH]ODWRXFKH2.
HQIRQFpH
/
LQGLFDWHXUG
DODUPH
VHUDGpVDFWLYpGqVTXHOHFRPSDUWLPHQW
FRQJpODWHXUDXUDDWWHLQWXQHWHPSpUDWXUHDSSURSULpHjODFRQVHUYDWLRQ
GHVDOLPHQWV/HFRQJpODWHXUHVWDORUVSUrWjUHFHYRLUGHVDOLPHQWV
5HPDUTXHLOQ
HVWSDVSRVVLEOHG
LQWHUYHQLUDXQLYHDXGHVIRQFWLRQVGXFRQJpODWHXUSDUOHELDLVGX
EDQGHDXGHFRPPDQGHVWDQWTXHODWHPSpUDWXUHDGpTXDWHGHFRQVHUYDWLRQGHVDOLPHQWVQ
HVWSDVDWWHLQWH
$SUqVODPLVHHQPDUFKHjKHXUHVHQYLURQVRQWQpFHVVDLUHVDYDQWTXHODWHPSpUDWXUHGHFRQVHUYDWLRQ
DGpTXDWHVRLWDWWHLQWHVLOHFRPSDUWLPHQWUpIULJpUDWHXUHVWQRUPDOHPHQWFKDUJp
$77(17,21
‡ 6LYRXVLQWURGXLVH]GHVDOLPHQWVGDQVOHUpIULJpUDWHXUDYDQWTXHODWHPSpUDWXUHLGpDOHGHFRQVHUYDWLRQ
QHVRLWDWWHLQWHFHVDOLPHQWVSHXYHQWVHGpWpULRUHU
‡ ,OHVWLQXWLOHGHUpJOHUOHVFRPPDQGHVUpIULJpUDWHXUHWFRQJpODWHXUVXUXQHWHPSpUDWXUHLQIpULHXUHjOD
WHPSpUDWXUHUHFRPPDQGpHOHVFRPSDUWLPHQWVQHVHUHIURLGLURQWSDVSOXVUDSLGHPHQW
‡ 'DQVOHFRPSDUWLPHQWUpIULJpUDWHXUpYLWH]GHPHWWUHOHVDOLPHQWVjSUR[LPLWpGHVERXFKHVGHVRUWLHG
DLU
‡ 8QGLVSRVLWLILQWpJUpGHFRQWU{OHGHO
KXPLGLWpH[WpULHXUHSURWqJHFRQWUHO
DFFXPXODWLRQG
KXPLGLWpVXU
OHVERUGVIURQWDX[LOQ
\DSDVOLHXGHV
LQTXLpWHUVLOHVERUGVGHO
DSSDUHLOVRQWSDUIRLVFKDXGVDXWRXFKHU
/DOXPLqUHLQWHUQHV
DOOXPHjO
RXYHUWXUHGHVGHX[SRUWHV
33733115aF.fm Page 63 Tuesday, May 31, 2005 1:43 PM
02'('
(03/2,'(6',))e5(17(6)21&7,216
7HPSpUDWXUHFRPSDUWLPHQWFRQJpODWHXU
9LVXDOLVHODWHPSpUDWXUHSURJUDPPpHjO
LQWpULHXUGXFRPSDUWLPHQWFRQJpODWHXU
/DYDOHXUGHODWHPSpUDWXUHHVWPpPRULVpHHWDXWRPDWLTXHPHQWUpWDEOLHPrPHDSUqVXQHFRXSXUH
GHFRXUDQWRXO
H[WLQFWLRQGHO
DSSDUHLOjO
DLGHGHODWRXFKHVWDQGE\
6pOHFWLRQHWUpJXODWLRQGHODWHPSpUDWXUHGXFRPSDUWLPHQWFRQJpODWHXU
3RXUPRGLILHUODWHPSpUDWXUHLQWpULHXUHDSSX\H]VXUODWRXFKHIUHH]HUWHPSMXVTX
jO
DIILFKDJHGHOD
YDOHXUVRXKDLWpH/DWHPSpUDWXUHVpOHFWLRQQpHFOLJQRWHSHQGDQWHQYLURQVHFRQGHVDYDQWGHUHVWHU
IL[H
&RQJpODWLRQUDSLGH
&HWWHIRQFWLRQGRLWrWUHDFWLYpHDYDQWGHSURFpGHUjODFRQJpODWLRQG
DOLPHQWVIUDLV
3RXUDFWLYHUFHWWHIRQFWLRQDSSX\H]VXUODWRXFKH0HQXMXVTX
jFHTXHOHV\PEROHGHFRQJpODWLRQ
UDSLGHV
DIILFKH /HV\PEROHFOLJQRWHHWODSRUWHGXFRQJpODWHXUV
DOOXPHDSSX\H]VXU2.SRXUYDOLGHUYRWUHVpOHFWLRQ
/DIRQFWLRQVHGpVDFWLYHDXWRPDWLTXHPHQWDSUqVKHXUHVRXPDQXHOOHPHQWHQUpSpWDQWO
RSpUDWLRQ
7HPSpUDWXUHFRPSDUWLPHQWUpIULJpUDWHXU
$IILFKHODWHPSpUDWXUHSURJUDPPpHGDQVOHFRPSDUWLPHQWUpIULJpUDWHXU
/DYDOHXUGHODWHPSpUDWXUHHVWPpPRULVpHHWDXWRPDWLTXHPHQWUpWDEOLHPrPHDSUqVXQHFRXSXUH
GHFRXUDQWRXO
H[WLQFWLRQGHO
DSSDUHLOjO
DLGHGHODWRXFKHVWDQGE\
6pOHFWLRQHWUpJODJHGHODWHPSpUDWXUHGXFRPSDUWLPHQWUpIULJpUDWHXU
3RXUPRGLILHUODWHPSpUDWXUHLQWpULHXUHDSSX\H]VXUODWRXFKHIULGJHWHPSMXVTX
jFHTXHODYDOHXU
VRXKDLWpHV
DIILFKH/DWHPSpUDWXUHVpOHFWLRQQpHFOLJQRWHSHQGDQWHQYLURQVHFRQGHVDYDQWGHUHVWHU
IL[H
5HIURLGLVVHPHQWUDSLGH
&HWWHIRQFWLRQGRLWrWUHDFWLYpHDYDQWGHSURFpGHUDXUHIURLGLVVHPHQWG
DOLPHQWVIUDLV3RXUDFWLYHUFHWWH
IRQFWLRQDSSX\H]VXUODWRXFKH0HQXMXVTX
jFHTXHOHV\PEROHGXUHIURLGLVVHPHQWUDSLGHV
DIILFKH /HV\PEROHFOLJQRWHHWODSRUWHUHODWLYHDXFRPSDUWLPHQWUpIULJpUDWHXUV
DOOXPH$SSX\H]VXU2.SRXU
YDOLGHUYRWUHVpOHFWLRQ
/DIRQFWLRQVHGpVDFWLYHDXWRPDWLTXHPHQWDSUqVKHXUHVRXPDQXHOOHPHQWHQUpSpWDQWO
RSpUDWLRQ
5HPDUTXHORUVGHODVpOHFWLRQG
XQHIRQFWLRQO
XWLOLVDWHXUGLVSRVHGHVHFRQGHVSRXUYDOLGHUVD
VpOHFWLRQHQDSSX\DQWVXUODWRXFKH2.SDVVpFHGpODLO
XWLOLVDWHXUGRLWUHSUHQGUHjSDUWLUGHOD
SUHVVLRQGHODWRXFKH0HQX
)RQFWLRQ
/DIRQFWLRQWK6HQVHV
DFWLYHDXWRPDWLTXHPHQWORUVTXH
‡ YRXVDYH]VWRFNpXQHJUDQGHTXDQWLWpG
DOLPHQWVjUHIURLGLUHWRXjFRQJHOHU
‡ ODSRUWHGXUpIULJpUDWHXUHWRXGXFRQJpODWHXUHVWUHVWpHRXYHUWHWURSORQJWHPSV
‡ XQHFRXSXUHGHFRXUDQWGHORQJXHGXUpHDFDXVpXQHKDXVVHGHWHPSpUDWXUHDWWHLJQDQWXQQLYHDX
GDQJHUHX[SRXUXQHERQQHFRQVHUYDWLRQGHVDOLPHQWV
/
LF{QH
HVWHQPRXYHPHQWSHQGDQWXQFRXUWLQVWDQWSXLVUHVWHDOOXPpHWDQWTXHOHVFRQGLWLRQV
RSWLPDOHVGHFRQVHUYDWLRQQ
RQWSDVpWpUHVWDXUpHV
33733115aF.fm Page 64 Tuesday, May 31, 2005 1:43 PM
02'('
(03/2,'(6',))e5(17(6)21&7,216
$EVHQFHYDFDQFHV
&HWWHIRQFWLRQGpVDFWLYHOHUHIURLGLVVHPHQWGXFRPSDUWLPHQWUpIULJpUDWHXUHQFDVG
DEVHQFH
SURORQJpHGHO
XWLOLVDWHXU
3RXUDFWLYHUFHWWHIRQFWLRQDSSX\H]VXUODWRXFKH0HQXMXVTX
jFHTXHOHV\PEROH$EVHQFH
SURORQJpH V
DIILFKH
/HV\PEROHFOLJQRWHHWOHFRPSDUWLPHQWUpIULJpUDWHXUQ
DIILFKHSOXVODWHPSpUDWXUH$SSX\H]VXU2.
SRXUYDOLGHUYRWUHVpOHFWLRQ3RXUUpDFWLYHUODIRQFWLRQGHUpIULJpUDWLRQGXFRPSDUWLPHQW
UpIULJpUDWHXUUpSpWH]O
RSpUDWLRQ
$WWHQWLRQGqVTXHYRXVDYH]ODQFpFHWWHIRQFWLRQLOHVWQpFHVVDLUHGHUHWLUHUOHVDOLPHQWV
SpULVVDEOHVGXFRPSDUWLPHQWUpIULJpUDWHXUHWGHODLVVHUODSRUWHIHUPpHFDUOHUpIULJpUDWHXUPDLQWLHQW
XQHWHPSpUDWXUHDSWHjpYLWHUODIRUPDWLRQG
RGHXUVGpVDJUpDEOHV
5HPDUTXHLPSRUWDQWHLOQ
HVWSDVSRVVLEOHG
DFWLYHUODIRQFWLRQ´UHIURLGLVVHPHQWUDSLGHµVLOD
IRQFWLRQ9$&$1&(6DpWpSUpDODEOHPHQWDFWLYpH
0RGH3DUW\
3RXUDFWLYHUODIRQFWLRQDSSX\H]VXUODWRXFKH0HQXMXVTX
jFHTXHOHV\PEROHGXPRGH3DUW\ V
DIILFKH
/HV\PEROHFOLJQRWH$SSX\H]VXU2.SRXUYDOLGHUYRWUHVpOHFWLRQ
&HWWHIRQFWLRQSHUPHWGHUHIURLGLUGHVERLVVRQVGDQVOHFRPSDUWLPHQWFRQJpODWHXU
/RUVTXHODIRQFWLRQHVWDFWLYpHO
LF{QHHVWHQPRXYHPHQWPLQXWHVDSUqVO
DFWLYDWLRQGHODIRQFWLRQ
WHPSVQpFHVVDLUHSRXUUHIURLGLUXQHERXWHLOOHGHOVDQVTXHOHYHUUHQHVHEULVHO·LF{QH
FOLJQRWHXQVLJQDOVRQRUHVHGpFOHQFKHO
pFODLUDJHGHO
DIILFKHXUV
DOOXPHHWO
LQGLFDWHXUG
DODUPH
V
DIILFKH5HWLUH]ODERXWHLOOHHWGpVDFWLYH]ODIRQFWLRQHQDSSX\DQWVXUODWRXFKH2.
$WWHQWLRQQHODLVVH]SDVODERXWHLOOHGDQVOHFRQJpODWHXUXQHIRLVTXHOHWHPSVGHUHIURLGLVVHPHQW
QpFHVVDLUHHVWpFRXOp
%ORFDJH&ODYLHU
&HWWHIRQFWLRQSHUPHWG
pYLWHUG
pYHQWXHOOHVPRGLILFDWLRQVGHVYDOHXUVSURJUDPPpHVRXXQH
H[WLQFWLRQGHO
DSSDUHLO
3RXUYHUURXLOOHUOHFODYLHUDSSX\H]VLPXOWDQpPHQWVXUOHVWRXFKHVIUHH]HUWHPSHWIULGJHWHPSSHQGDQW
VHFRQGHVMXVTX
jFHTXHOHV\PEROH
V
DOOXPHXQVLJQDOVRQRUHLQGLTXHTXHODIRQFWLRQDpWpDFWLYpH
3RXUGpVDFWLYHUODIRQFWLRQSURFpGH]GHODPrPHIDoRQMXVTX
jO
H[WLQFWLRQGXV\PEROH
6WDQGE\
&HWWHIRQFWLRQVHUWjGpVDFWLYHUOHVGHX[FRPSDUWLPHQWVUpIULJpUDWHXUHWFRQJpODWHXU
3RXUDFWLYHUODIRQFWLRQVWDQGE\DSSX\H]VXUODWRXFKH
SHQGDQWVHFRQGHV3RXUUpWDEOLUOD
IRQFWLRQUpSpWH]OHVPrPHVRSpUDWLRQVMXVTX
jFHTXHO
pFUDQDIILFKHOHVWHPSpUDWXUHV
SUpFpGHPPHQWUpJOpHV
4XDQGO
DSSDUHLOHVWHQVWDQGE\ODOXPLqUHjO
LQWpULHXUGXFRPSDUWLPHQWUpIULJpUDWHXUHWFRQJpODWHXUHVW
pWHLQWH,OHVWLPSRUWDQWGHUDSSHOHUTX
DXFRXUVGHFHWWHRSpUDWLRQO
DSSDUHLOHVWPDLQWHQXVRXVWHQVLRQ
33733115aF.fm Page 65 Tuesday, May 31, 2005 1:43 PM
02'('
(03/2,'(6',))e5(17(6)21&7,216
$ODUPHV
&HVLQGLFDWLRQVVRQWIRXUQLHVSDUOHGpFOHQFKHPHQWG
XQVLJQDOVRQRUHHWSDUO
DOOXPDJHGHYR\DQWV
OXPLQHX[
/
pFODLUDJHGHO
DIILFKHXUV
DOOXPHFKDTXHIRLVTX
XQHVLWXDWLRQG
DODUPHVHSUpVHQWH
$ODUPHWHPSpUDWXUHGXFRQJpODWHXU
8QVLJQDOVRQRUHVHGpFOHQFKHOHV\PEROHG
DODUPHV
DIILFKHHWGHX[WLUHWVFOLJQRWDQWVUHPSODFHQW
O
LQGLFDWLRQGHWHPSpUDWXUHVXUO
pFUDQ$SSX\H]VXUODWRXFKH2.SRXUGpVDFWLYHUOHVLJQDOVRQRUH
/
DODUPHVHGpFOHQFKHTXDQG
‡ O·DSSDUHLOHVWUHOLpSRXUODSUHPLqUHIRLVDXUpVHDXpOHFWULTXHRXDSUqVXQHSpULRGHG
LQDFWLYLWp
‡ ODWHPSpUDWXUHGXFRQJpODWHXUQ
HVWSDVDSSURSULpH
‡ OHFRPSDUWLPHQWFRQJpODWHXUFRQWLHQWXQHTXDQWLWpG
DOLPHQWVVXSpULHXUHjFHOOHLQGLTXpHVXUOD
SODTXHVLJQDOpWLTXH
‡ ODSRUWHGXFRQJpODWHXUHVWUHVWpHORQJWHPSVRXYHUWH
5HPDUTXHVGDQVGHWHOVFDVODIRQFWLRQ
SHXWrWUHDFWLYpHDXWRPDWLTXHPHQW
$ODUPH&RXSXUHGHFRXUDQW
/
DIILFKHXUGXFRQJpODWHXULQGLTXHOD7ƒPD[LPXPTXLFOLJQRWHDWWHLQWHSHQGDQWODFRXSXUHGH
FRXUDQW/
LF{QHG
DODUPHV
DOOXPHHWOHVLJQDOVRQRUHVHGpFOHQFKHVLPXOWDQpPHQW
&HWWHDODUPHSHXWV
DFWLYHUGDQVOHVFDVVXLYDQWV
‡ ORUVTXHO
DSSDUHLOHVWEUDQFKpSRXUODSUHPLqUHIRLV
‡ LO\DHXXQHSDQQHGHFRXUDQWGHORQJXHGXUpHHWOD7ƒLQWHUQHGXFRQJpODWHXUHVWUHPRQWpHjGHV
QLYHDX[SRXYDQWFRPSURPHWWUHODFRQVHUYDWLRQFRUUHFWHGHVDOLPHQWV
3RXUGpVDFWLYHUO
DODUPHDSSX\H]VXUODWRXFKH2.MXVTX
jFHTXHOHVLJQDOVRQRUHFHVVHGH
UHWHQWLU
5HPDUTXHLOHVWFRQVHLOOpGHFRQWU{OHUO
pWDWGHFRQVHUYDWLRQGHVDOLPHQWVGDQVOHVGHX[
FRPSDUWLPHQWVDYDQWGHSURFpGHUjXQHUHFRQJpODWLRQRXjODFRQVRPPDWLRQ
$ODUPHGHIRQFWLRQQHPHQW
(QFDVG
DODUPHGHIRQFWLRQQHPHQWGHVLQGLFDWLRQVG
DODUPHWHOOHVTXH6)RXGHWFV
DIILFKHURQW
GDQVOHFRPSDUWLPHQWUpIULJpUDWHXURXFRQJpODWHXUVHORQO
HQGURLWGHODSDQQH$SSHOH]YRWUH6HUYLFH
G
DVVLVWDQFHWHFKQLTXHHWFRPPXQLTXH]OHXUOHFRGHDIILFKp
$ODUPHSRUWHVFRQJpODWHXUUpIULJpUDWHXURXYHUWHV
/HV\PEROHGHODSRUWHFRQJpODWHXUUpIULJpUDWHXURXOHVGHX[V
DOOXPHHWXQVLJQDOVRQRUHVH
GpFOHQFKHVLPXOWDQpPHQW
/
DODUPHVHGpFOHQFKHTXDQG
‡ XQHSRUWHRXOHVGHX[SRUWHVVRQWUHVWpHVRXYHUWHVSHQGDQWSOXVGHPLQXWHV
$SSX\H]VXU2.SRXUGpVDFWLYHUO
DODUPHVRQRUH
6LODSRUWHUHVWHRXYHUWHSHQGDQWHQFRUHPLQXWHVO
DODUPHVRQRUHUHWHQWLUDGHQRXYHDX
)HUPH]ODOHVSRUWHVSRXUGpVDFWLYHUO
DODUPH
5HPDUTXHGDQVXQWHOFDVODIRQFWLRQ
SHXWrWUHDFWLYpHDXWRPDWLTXHPHQW
33733115aF.fm Page 66 Tuesday, May 31, 2005 1:43 PM
',675,%87,21'(*/$d216*/$&(3,/e(
&(57$,1602'Ë/(6
0DUFKHDUUrWGLVWULEXWHXUGHJODFH
/DIRQFWLRQDFWLYHGpVDFWLYHOHGLVWULEXWHXUGHJODFH
3RXUO
DFWLYHUHWRXODGpVDFWLYHUDSSX\H]VXUODWRXFKHLFHRQRIIMXVTX
jFHTXHO
LF{QH
VRLWSOXVDIILFKpH
QH
6pOHFWLRQJODoRQVJODFHSLOpH
/DIRQFWLRQHVWDFWLYHTXDQGOHV\PEROH HVWDOOXPp8QHSUHVVLRQVXUODWRXFKHLFHPRGHSHUPHW
GHVpOHFWLRQQHUOHV\PEROHFRUUHVSRQGDQWDXW\SHGHJODFHVRXKDLWpJODFHSLOpHRXJODoRQVTXL
V
DOOXPHUD
3RXUREWHQLUGHODJODFH
DSSX\H]VXUODWRXFKHLFHPRGHHWFKRLVLVVH]OHW\SHGHJODFHjGLVWULEXHU
JODoRQVRXJODFHSLOpH
$SSX\H]XQYHUUHVROLGHFRQWUHOHOHYLHUGXGLVWULEXWHXUGHJODFH
0DLQWHQH]OHYHUUHFRQWUHO
RXYHUWXUHGXGLVWULEXWHXUGHPDQLqUHjFHTXH
ODJODFHQHWRPEHSDVjF{WpGXYHUUH
3RXUDFWLYHUOHGLVWULEXWHXUGHJODFHLOVXIILWG
H[HUFHUXQHOpJqUHSUHVVLRQ
VXUOHOHYLHU8QHIRUWHSUHVVLRQVXUOHOHYLHUQ
DXJPHQWHSDVODYLWHVVHRXOD
TXDQWLWpGHJODFHGLVWULEXpH
,OHVWFRQVHLOOpGHUHWLUHUOHQWHPHQWOHYHUUHSRXUDUUrWHUODGLVWULEXWLRQHW
pYLWHUTXHODJODFHQHWRPEHjO
H[WpULHXU
,OHVWFRQVHLOOpGHSUpOHYH]ODJODFHjO
DLGHG
XQYHUUHD\DQWXQHpSDLVVHXU
VXIILVDQWH
$
5HPDUTXH
/HVSUHPLHUVJODoRQVVRUWDQWGXGLVWULEXWHXUDXURQWSHXWrWUHPDXYDLVJR€WMHWH]OHV/DJODFHSURYLHQW
GXEDFGXV\VWqPHGHSURGXFWLRQDXWRPDWLTXHGHJODoRQVGDQVOHFRPSDUWLPHQWFRQJpODWHXU
/DOXPLqUHjO
LQWpULHXUGXGLVWULEXWHXUV
DOOXPHTXDQGRQDSSXLHVXUOHOHYLHUHOOHV
pWHLQWDXUHOkFKHPHQW
GXOHYLHUHWXQHWUDSSHV
RXYUHHQWUHOHEDFjJODFHHWOHGLVWULEXWHXU/DWUDSSHVHUHIHUPHTXDQGRQ
pORLJQHOHYHUUHGXOHYLHU
/HGLVWULEXWHXUQHIRQFWLRQQHSDVVLODSRUWHGXFRPSDUWLPHQWFRQJpODWHXUHVWRXYHUWH3RXUREWHQLUGH
JUDQGHVTXDQWLWpVGHJODoRQVVHUYH]YRXVGLUHFWHPHQWGDQVOHEDFjJODoRQVHWQRQSDUO
LQWHUPpGLDLUHGX
GLVWULEXWHXU
3RXUODJODFHSLOpHOHVJODoRQVVRQWSLOpVMXVWHDYDQWG
rWUHGLVWULEXpV,OIDXWGRQFXQSHWLWGpODLG
DWWHQWH
DYDQWG
REWHQLUGHODJODFHSLOpH/HEUXLWSURYHQDQWGXFRQFDVVHXUGHJODFHHVWQRUPDOHWG
DXWUHSDUWOHV
PRUFHDX[GHJODFHQHVRQWSDVWRXVGHODPrPHWDLOOH
/RUVTXHO
RQSHUPXWHGHODJODFHSLOpHDX[JODoRQVXQHSHWLWHTXDQWLWpGHJODFHSLOpHDFFRPSDJQHOHV
SUHPLHUVJODoRQV$SUqVODPLVHHQPDUFKHGHO
DSSDUHLOLOIDXWJpQpUDOHPHQWXQHQXLWDYDQWG
REWHQLUOHV
SUHPLHUVJODoRQV
‡ 6LULHQQHVRUWGXGLVWULEXWHXUTXDQGVRXVDSSX\H]VXUOHOHYLHUFKDQJH]OHPRGHGHVpOHFWLRQHQSDVVDQW
GHJODoRQVjJODFHSLOpHRXYLFHYHUVDGHPDQLqUHjpOLPLQHUOHVEORFVGHJODFHpYHQWXHOV
‡ 6LHQFRUHULHQQHVRUWTXDQGYRXVDSSX\H]VXUOHOHYLHUDWWHQGH]GHX[PLQXWHVHWUpSpWH]O
RSpUDWLRQ
‡ (QSUpVHQFHGHFRQGHQVDWLRQGDQVOD]RQHGHGLVWULEXWLRQJODFHHDXDSSX\H]VXUO
LQWHUUXSWHXU
FRUUHVSRQGDQWUHSqUH$VXUODILJXUHSRXUDFWLYHUOHGLVSRVLWLIDQWLEXpH
33733115aF.fm Page 67 Tuesday, May 31, 2005 1:43 PM
352'8&721$8720$7,48('(*/$&(
&(57$,1602'Ë/(6
&RQVHLOVXWLOHVSRXUODSURGXFWLRQDXWRPDWLTXHGH
JODFH
/RUVTXHODSRUWHGXFRPSDUWLPHQWFRQJpODWHXUHVWRXYHUWH
YHLOOH]jFHTXHOHFODSHWVHUYDQWGHFDSWHXUSRXUOHEORFDJHGX
WUDQVYDVHPHQWGHODJODFHGXSURGXFWHXUDXWRPDWLTXHVRLW
GpJDJp&HFODSHWHVWVLWXpVXUODFRQWUHSRUWHGXFRQJpODWHXU
3RXUUHWLUHUOHEDFjJODoRQVHWOHUHPHWWUHHQSODFH
(QILOH]TXDWUHGRLJWVGDQVOHUHQIRQFHPHQWVRXVOHEDFjJODFH
HWDSSX\H]VXUOHERXWRQGHGpYHUURXLOODJHDYHFOHSRXFH
(QWHQDQWGHVGHX[PDLQVODEDVHGXEDFDSSX\H]VXUOHERXWRQ
GHGpYHUURXLOODJHHWGpJDJH]HQOHWLUDQWYHUVOHKDXW,OHVW
LQXWLOHG
DUUrWHUODSURGXFWLRQGHJODFHHQSODoDQWODFRPPDQGH
VXUODSRVLWLRQRIIODSURGXFWLRQGHJODFHFHVVH
DXWRPDWLTXHPHQWVLOHEDFjJODFHQHVHWURXYHSDVGDQVOD
SRUWH
‡ 8QHSURGXFWLRQQRUPDOHGHJODFHSHUPHWG
REWHQLU
HQYLURQjORWVGHJODoRQVHQKHXUHV
3RXUHQWUHWHQLUOHEDFjJODoRQV
9LGH]OHEDFjJODoRQV$XEHVRLQIDLWHVIRQGUHODJODFHHQ
XWLOLVDQWGHO
HDXFKDXGH
1
XWLOLVH]MDPDLVG
REMHWVSRLQWXVSRXUEULVHUODJODFHGDQV
OHEDF&HODSRXUUDLWHQGRPPDJHUOHEDFHWOHPpFDQLVPHGH
GLVWULEXWLRQ
1HWWR\H]OHEDFjJODoRQVDYHFXQGpWHUJHQWGRX[ULQFH]OH
DERQGDPPHQWHWHVVX\H]OHVRLJQHXVHPHQW
1
XWLOLVH]SDVGHSURGXLWVQHWWR\DQWVRXGHVROYDQWVFDXVWLTXHV
RXDEUDVLIV
5HPDUTXHDYDQWGHGpPDUUHUODSURGXFWLRQGHJODFHYpULILH]
TXHOHV\VWqPHHVWEUDQFKpjO
DUULYpHG
HDX
‡ ,OHVWQRUPDOTXHOHVJODoRQVVRLHQWUHOLpVHQWUHHX[,OVVH
VpSDUHURQWWUqVIDFLOHPHQW
‡ /DSURGXFWLRQGHJODFHQHFRPPHQFHSDVWDQWTXHOH
FRPSDUWLPHQWFRQJpODWHXUQ
DSDVDWWHLQWXQHWHPSpUDWXUH
VXIILVDPPHQWEDVVH
&HODSHXWSUHQGUHWRXWHODQXLW
‡ 8QHHDXGHERQQHTXDOLWpHVWHVVHQWLHOOHSRXUREWHQLUXQHJODFH
GHTXDOLWp/HVVXEVWDQFHVFKLPLTXHVXWLOLVpHVSRXUDGRXFLUO
HDX
FRPPHOHVHOSHXYHQWHQGRPPDJHUOHV\VWqPHHWFDXVHUOD
SURGXFWLRQGHJODFHGHPDXYDLVHTXDOLWp
33733115aF.fm Page 68 Tuesday, May 31, 2005 1:43 PM
87,/,6$7,21'8',675,%87(85'
($8
&(57$,1602'Ë/(6
'LVWULEXWLRQGHO
HDX
3RXUIDLUHFRXOHUO
HDXLOVXIILWG
H[HUFHUXQHOpJqUHSUHVVLRQDYHFOHYHUUHVXUOHOHYLHUGXGLVWULEXWHXUG
HDX
O
HDXFHVVHGHFRXOHUGqVTXHOHOHYLHUHVWUHOkFKp/DOXPLqUHjO
LQWpULHXUGXGLVWULEXWHXUV
DOOXPHTXDQG
RQDSSXLHVXUOHOHYLHUHWV
pWHLQWjVRQUHOkFKHPHQW,OHVWFRQVHLOOpGHWHQLUOHERUGGXYHUUHSUqVGH
O
RULILFHGHVRUWLHDILQG
pYLWHUTXHO
HDXQHWRPEHjO
H[WpULHXU
'HSOXVDWWHQGH]TXHOTXHVVHFRQGHVDYDQWGHUHWLUHUOHYHUUHSRXUUHFXHLOOLUOHVGHUQLqUHVJRXWWHVG
HDX
RXOHVGHUQLHUVJODoRQV
/HUpVHUYRLUG
HDXVHWURXYHGHUULqUHOHVGHX[EDFVVLWXpVGDQVOHEDVGXFRPSDUWLPHQWUpIULJpUDWHXU
5HPDUTXH
8QHIRUWHSUHVVLRQVXUOHOHYLHUQ
DXJPHQWHSDVODYLWHVVHRXODTXDQWLWpGHO
HDXGLVWULEXpH
3RXUSUpOHYHUGHO
HDX
­ODPLVHHQIRQFWLRQGXGLVWULEXWHXUG
HDXMHWH]OHVSUHPLHUVYHUUHVGLVWULEXpVSRXUSDVVHUHQVXLWHjXQH
FRQVRPPDWLRQQRUPDOH1RXVYRXVFRQVHLOORQVGHUpSpWHUO
RSpUDWLRQVLOHGLVWULEXWHXUG
HDXQ
DSDVpWp
XWLOLVpSHQGDQWXQHORQJXHSpULRGH
([HUFH]XQHOpJqUHSUHVVLRQDYHFXQYHUUHVXUOHOHYLHUGXGLVWULEXWHXUHQPDLQWHQDQWOHERUGDSSX\p
FRQWUHO
RXYHUWXUHGHGLVWULEXWLRQ,OHVWFRQVHLOOpGHUHWLUHUOHQWHPHQWOHYHUUHDILQG
pYLWHUTXHO
HDXQH
WRPEHjO
H[WpULHXU
8QHIRUWHSUHVVLRQVXUOHOHYLHUQ
DXJPHQWHSDVODYLWHVVHRXODTXDQWLWpGHO
HDXGLVWULEXpH
33733115aF.fm Page 69 Tuesday, May 31, 2005 1:43 PM
&2175Ñ/((75(03/$&(0(17'8),/75(
­($8&(57$,1602'Ë/(6
,QGLFDWHXUGXILOWUHjHDXV
LOHVWSUpVHQW
/HV\PEROH)DIILFKpjO
pFUDQVLJQDOHO
XVXUHGXILOWUHjHDX
­O
DFKDWGHO
DSSDUHLOHWDSUqVOHUHPSODFHPHQWGXILOWUHO
LF{QHUHODWLYHDXILOWUHLQGLTXHOH
SRXUFHQWDJHGH)TXLGLPLQXHHQIRQFWLRQGHO
XWLOLVDWLRQGHO
DSSDUHLOHWGHO
XVXUHQDWXUHOOHGH
ODFDUWRXFKHGXILOWUH
4XDQGLOHVWQpFHVVDLUHG
DFKHWHUXQQRXYHDXILOWUHO
LF{QH)FOLJQRWHjO
pFUDQHWXQVLJQDOVRQRUH
UHWHQWLWDSSX\H]VXU2.SRXUO
DUUrWHU
$WWHQWLRQOHILOWUHGRLWrWUHUHPSODFpXQLTXHPHQWTXDQGO
pFUDQDIILFKH)
,OHVWDORUVQpFHVVDLUHGHUHPSODFHUODFDUWRXFKH5HPSODFH]ODFDUWRXFKHGXILOWUHHWDSSX\H]VXUOD
WRXFKH2.MXVTX
jFHTXHO
LF{QH)V
DIILFKH
7RXVOHVDSSDUHLOVpTXLSpVGHV\VWqPHVGHSURGXFWLRQGHJODFHHWGHGLVWULEXWHXUVG
HDXGRLYHQWrWUH
FRQQHFWpVjXQUpVHDXK\GULTXHTXLGLVWULEXHH[FOXVLYHPHQWGHO
HDXSRWDEOH/HVV\VWqPHVGH
SURGXFWLRQGHJODFHHWRXG
HDXTXLQHVRQWSDVGLUHFWHPHQWFRQQHFWpVjXQUpVHDXG
DOLPHQWDWLRQ
K\GULTXHGRLYHQWrWUHUHPSOLVH[FOXVLYHPHQWDYHFGHO
HDXSRWDEOH
5(03/$&(0(17'(/$&$5728&+('8),/75(­($8
/HILOWUHjHDXVHWURXYHVRXVODSRUWHGXFRPSDUWLPHQWFRQJpODWHXU
/RFDOLVH]OHERXFKRQGHODFDUWRXFKHGXILOWUHjHDXGDQVODJULOOH
IURQWDOHVRXVODSRUWHGXFRPSDUWLPHQWFRQJpODWHXU7RXUQH]OH
ERXFKRQGDQVOHVHQVLQYHUVHGHVDLJXLOOHVG
XQHPRQWUHMXVTX
jFHTX
LO
VHWURXYHHQSRVLWLRQYHUWLFDOH3XLV{WH]OHERXFKRQHWODFDUWRXFKHGH
ODJULOOHIURQWDOH
5(0$548(/DFDUWRXFKHFRQWLHQWGHO
HDXTXLSRXUUDLWFRXOHU
SHQGDQWO
RSpUDWLRQ
5HWLUH]OHERXFKRQGHO
DQFLHQQHFDUWRXFKHHQOHIDLVDQWJOLVVHUVXUOH
F{Wp/HERXFKRQJOLVVHUDYHUVODJDXFKHRXYHUVODGURLWH
1(-(7(=3$6/(%28&+21
6RUWH]ODQRXYHOOHFDUWRXFKHGHVRQHPEDOODJHHWUHWLUH]OHFDSXFKRQ
SURWHFWHXUGHVMRLQWVWRULTXHV
)DLWHVJOLVVHUOHERXFKRQGHODFDUWRXFKHVXUODQRXYHOOHFDUWRXFKH
FRPPHOHPRQWUHOHVFKpPD
/HERXFKRQpWDQWHQSRVLWLRQYHUWLFDOHSRXVVH]ODQRXYHOOH
FDUWRXFKHGXILOWUHGDQVODJULOOHMXVTX
jVDEXWpH)DLWHVWRXUQHUOH
ERXFKRQGHODFDUWRXFKHGDQVOHVHQVGHVDLJXLOOHVG
XQHPRQWUHMXVTX
j
FHTX
LOVRLWHQSRVLWLRQKRUL]RQWDOH
9(56(='(/
($8'$16/(',675,%87(85-8648
­&(
48
(//(62,7&/$,5(jOLWUHVHQYLURQRXSHQGDQWj
PLQXWHV/
HDXQHWWRLHOHV\VWqPHHWSHUPHWG
pOLPLQHUO
DLUGHV
FRQGXLWHV
5(0$548(GHO
HDXSHXWFRXOHUGXGLVWULEXWHXUSHQGDQW
O
pOLPLQDWLRQGHO
DLUGXFLUFXLW
&RPPDQGHGHVILOWUHVGHUHFKDQJH
3RXUFRPPDQGHUGHVFDUWRXFKHVGHILOWUHjHDXYHXLOOH]FRQWDFWHU
YRWUHUHYHQGHXU:KLUOSRRODJUpp
33733115aF.fm Page 70 Tuesday, May 31, 2005 1:43 PM
6e/(&7,21'(6',))e5(17(6)21&7,216
eFODLUDJH
/
DSSDUHLOHVWGRWpG
XQpFODLUDJHH[WpULHXUTXLSHUPHWG
XWLOLVHUOHGLVWULEXWHXUGHJODoRQVHWG
HDX
PrPHGDQVOHQRLU9RXVSRXYH]O
DOOXPHURXO
pWHLQGUHHQDSSX\DQWVXUODWRXFKH
VLWXpHVXUOD
EDQGHDXGHFRPPDQGHVRXHQDSSX\DQWVXUO
XQGHVGHX[OHYLHUVGXGLVWULEXWHXUHDXHWRXJODoRQV
6DFKH]TXHOHGLVWULEXWHXUGHJODFHHWO
pFODLUDJHGXEDQGHDXGHFRPPDQGHVV
pWHLJQHQW
DXWRPDWLTXHPHQWGqVTXHODGLVWULEXWLRQG
HDXRXGHJODoRQVHVWWHUPLQpH/
pFODLUDJHV
pWHLQW
DXWRPDWLTXHPHQWGqVTXHODIRQFWLRQGH%ORFDJH&ODYLHUHVWDFWLYpH
%ORFDJHFODYLHUGLVWULEXWHXUGHJODFH
&HWWHIRQFWLRQSHUPHWGHGpVDFWLYHUODGLVWULEXWLRQGHJODoRQVHWG
HDXSRXUXQHDILQGHIDFLOLWHUOH
QHWWR\DJHRXG
pYLWHUTXHGHVHQIDQWVRXGHVDQLPDX[GRPHVWLTXHVQHO
XWLOLVHQWSDULQDGYHUWDQFH
3RXUYHUURXLOOHUOHFODYLHUDSSX\H]VLPXOWDQpPHQWVXUOHVWRXFKHV
HW
SHQGDQWVHFRQGHV
MXVTX
jFHTXHOHV\PEROH
V
DOOXPHXQVLJQDOVRQRUHLQGLTXHTXHODIRQFWLRQDpWpDFWLYpH
3RXUGpVDFWLYHUODIRQFWLRQSURFpGH]GHODPrPHIDoRQMXVTX
jO
H[WLQFWLRQGXV\PEROH
5HPDUTXHODGpVDFWLYDWLRQGXGLVWULEXWHXUGHJODoRQVJODFHSLOpHHWG
HDXQHFRXSHSDV
O
DOLPHQWDWLRQpOHFWULTXHGHO
DSSDUHLOODIDEULFDWLRQGHJODoRQVRXGHODOXPLqUHPDLVGpVDFWLYH
VLPSOHPHQWOHVOHYLHUVGXGLVWULEXWHXU
33733115aF.fm Page 71 Tuesday, May 31, 2005 1:43 PM
6<67Ë0('(&,5&8/$7,21'(/
$,5'$16
/(&203$57,0(175e)5,*e5$7(85
´08/7,)/2:µHVWXQV\VWqPHGHFLUFXODWLRQGHO
DLUDVVXUDQWXQIURLGYHQWLOpJUkFHDXTXHOOD
WHPSpUDWXUHjO
LQWpULHXUGXFRPSDUWLPHQWUpIULJpUDWHXUHVWSUDWLTXHPHQWKRPRJqQH
/HVDOLPHQWVSHXYHQWrWUHGLVSRVpVVXUQ
LPSRUWHTXHOOHFOD\HWWHjFRQGLWLRQGHYHLOOHUVRLJQHXVHPHQWj
QHSDVREVWUXHUOHVERXFKHVGHGLVWULEXWLRQG
DLUSRXUSHUPHWWUHjFHOXLFLGHFLUFXOHUOLEUHPHQW
33733115aF.fm Page 72 Tuesday, May 31, 2005 1:43 PM
0$1,38/$7,21'(6e/e0(176­/
,17e5,(85
5HWUDLWHWGpSODFHPHQWGHVFOD\HWWHVGDQVOHV
FRPSDUWLPHQWVUpIULJpUDWHXUHWFRQJpODWHXU
/HVFOD\HWWHVSHXYHQWrWUHSODFpHVVHORQYRVEHVRLQV/HV
FOD\HWWHVHQYHUUHVRQWVXIILVDPPHQWVROLGHVSRXUVXSSRUWHUGHV
ERXWHLOOHVGHVEULTXHVGHODLWRXGHVDOLPHQWVORXUGVYHLOOH]
WRXWHIRLVjSRVHUFHVDOLPHQWVDYHFGpOLFDWHVVH
3RXUUHWLUHUXQHFOD\HWWHWLUH]ODFOD\HWWHMXVTX
jODEXWpH
VRXOHYH]ODHWGpJDJH]OD
5HWUDLWGXEDFjIUXLWVHWOpJXPHVRXGXEDFjYLDQGH
‡ IDLWHVJOLVVHUOHEDFMXVTX
jODEXWpH
‡ HQOHVRXWHQDQWG
XQHPDLQVRXOHYH]OHEDFHWWLUH]OHYHUV
O
DYDQW
‡ OHEDFVRUWGHVHVUDLOVHWSHXWDORUVrWUHFRPSOqWHPHQWUHWLUp
‡ SRXUDFKHYHUOHUHWUDLWGXEDFLOVXIILWGHOHIDLUHSLYRWHUHQ
VRXOHYDQWO
DYDQWHWHQDEDLVVDQWO
DUULqUH
5HWUDLWGXFRXYHUFOHHQYHUUHGXEDF
‡ 6RXOHYH]O
DYDQWGXFDGUHGHFPSXLVDYHFO
DXWUHPDLQ
VRXOHYH]O
DUULqUHHWGpJDJH]OHFRXYHUFOH
3RXUUHSODFHUOHFRXYHUFOH
‡ ,QVpUH]O
DUULqUHGXFDGUHGDQVOHVVXSSRUWVSODFpVVXUOHV
SDURLVGXUpIULJpUDWHXUHWDEDLVVH]OHSRXUOHUHPHWWUHHQ
SODFH
'LVSRVLWLIGHUpJXODWLRQGHODWHPSpUDWXUHGXEDFjYLDQGH
‡ /
DLUIURLGSpQqWUHjO
LQWpULHXUGXEDFjYLDQGHSDUXQRULILFH
DPpQDJpHQWUHOHFRPSDUWLPHQWUpIULJpUDWHXUHWOH
FRPSDUWLPHQWFRQJpODWHXU&HV\VWqPHSHUPHWGHPDLQWHQLU
XQHWHPSpUDWXUHSOXVIURLGHGDQVOHEDFjYLDQGHTXHGDQVOH
UHVWHGXUpIULJpUDWHXU,OHVWSRVVLEOHGHUpJOHUOHIOX[GHO
DLUj
O
DLGHGXFRXOLVVHDX
‡ 6LYRXVVRXKDLWH]FRQVHUYHUGHVOpJXPHVGDQVOHEDFjYLDQGH
IDLWHVJOLVVHUOHFRXOLVVHDXjIRQGYHUVODJDXFKHMXVTX
jOD
SRVLWLRQOpJXPHV'HFHWWHIDoRQYRXVpYLWHUH]GHIDLUHJHOHU
OHVOpJXPHV
5pJODJHGHO
KXPLGLWpGDQVOHEDFjIUXLWVHWOpJXPHV
‡ /HGLVSRVLWLIGHUpJXODWLRQSHXWrWUHUpJOpVXUQ
LPSRUWHTXHOOH
SRVLWLRQHQWUH HW ‡ 'DQVODSRVLWLRQ O
DLUKXPLGHHVWpOLPLQpSDUOHEDFSRXUXQH
PHLOOHXUHFRQVHUYDWLRQGHVIUXLWVHWGHVOpJXPHVDYHFSHDX
‡ 'DQVODSRVLWLRQ O
DLUKXPLGHUHVWHjO
LQWpULHXUGXEDFSRXU
XQHPHLOOHXUHFRQVHUYDWLRQGHVOpJXPHVjIHXLOOHV
5HWUDLWGHVSDQLHUVGXFRPSDUWLPHQWFRQJpODWHXU
‡ )DLWHVJOLVVHUOHSDQLHUYHUVO
H[WpULHXUMXVTX
jODEXWpH
‡ 6RXOHYH]O
DYDQWGXSDQLHUDILQGHOHGpJDJHUGHO
DUUrWRLU
‡ 5HWLUH]FRPSOqWHPHQWOHSDQLHU
3RVLWLRQQHPHQWGHVJULOOHVGDQVOHFRPSDUWLPHQW
FRQJpODWHXUVHORQOHPRGqOH
‡ 3RXUREWHQLUXQSOXVJUDQGYROXPHGHVWRFNDJHHQOHYHUOHV
GHX[EDFVLQIpULHXUVHWSRVLWLRQQHUOHVJULOOHVHQGRWDWLRQj
O
LQWpULHXUGHO
DSSDUHLOYRLUILJXUH
33733115aF.fm Page 73 Tuesday, May 31, 2005 1:43 PM
&200(17&216(59(5(7'e&21*(/(5
'(6$/,0(176
/HFRPSDUWLPHQWFRQJpODWHXUSRUWDQWOHV\PEROH
SHUPHWODFRQVHUYDWLRQGHVDOLPHQWVFRQJHOpV
DLQVLTXHODFRQJpODWLRQG
DOLPHQWVIUDLVRXSUpSDUpV,OSHUPHWpJDOHPHQWGHIDEULTXHUGHVJODoRQV/D
FRQWUHSRUWHGXFRQJpODWHXUSRUWDQWOHV\PEROHFRQYLHQWHQSDUWLFXOLHUSRXUODFRQVHUYDWLRQGHJODFHV
RXG
DOLPHQWVVXUJHOpVjFRQVRPPHUGDQVGHEUHIVGpODLV
/DTXDQWLWpG
DOLPHQWVIUDLVTX
LOHVWSRVVLEOHGHFRQJHOHUHQKHXUHVjXQHWHPSpUDWXUHDPELDQWHGH
ƒ&HVWLQGLTXpHVXUODSODTXHVLJQDOpWLTXHVLWXpHjO
LQWpULHXUGXFRPSDUWLPHQWUpIULJpUDWHXU
3RXUREWHQLUXQHFRQJpODWLRQFRUUHFWHLOHVWFRQVHLOOpG
HIIHFWXHUXQHSUpFRQJpODWLRQHQDSSX\DQWVXUOD
WRXFKHPHQX $WWHQGH]KHXUHVDYDQWG
LQWURGXLUHOHVDOLPHQWVjFRQJHOHUVXUODSUHPLqUHJDOHULHVLWXpHHQKDXWGX
FRQJpODWHXU/DFRQJpODWLRQG
DOLPHQWVIUDLVQHSHXWV
HIIHFWXHUHQPrPHWHPSVTXHODIDEULFDWLRQ
DXWRPDWLTXHGHJODFH1
RXEOLH]GRQFSDVGHGpVDFWLYHUOHV\VWqPHGHSURGXFWLRQDXWRPDWLTXHGHJODoRQV
HQDSSX\DQWVXUODWRXFKHLFHRQRII
&RQVXOWH]OHFKDSLWUH´)DEULFDWLRQGHJODoRQVµGDQVODQRWLFHG
XWLOLVDWLRQ
35e3$5$7,21'(6$/,0(176)5$,6­&21*(/(5
,OHVWLPSRUWDQWG
HQYHORSSHUOHVDOLPHQWVGHIDoRQjFHTXHQLHDXQLKXPLGLWpQLYDSHXUQ
\SpQqWUHQW
FHODpYLWHOHWUDQVIHUWG
RGHXUVRXGHJR€WVHQWUHDOLPHQWVGDQVOHUpIULJpUDWHXUHWSHUPHWXQHPHLOOHXUH
FRQVHUYDWLRQGHVDOLPHQWVFRQJHOpV,OHVWUHFRPPDQGpG
XWLOLVHUGHVUpFLSLHQWVHQSODVWLTXHKHUPpWLTXHV
GHVEDUTXHWWHVHQDOXPLQLXPGHVIHXLOOHVG
DOXPLQLXPGHVILOPVDOLPHQWDLUHVHWGHVHPEDOODJHVHQ
SODVWLTXHpWDQFKH
)(50(785(+(50e7,48(
$YDQWG
HPEDOOHUKHUPpWLTXHPHQWOHVDOLPHQWVGDQVGHVVDFVH[SULPH]O
DLUTX
LOVFRQWLHQQHQWSRXUOHV
OLTXLGHVODLVVH]XQHVSDFHDILQGHSHUPHWWUHOHXUH[SDQVLRQ)HUPH]ODSDUWLHVXSpULHXUHGXVDFjO
DLGH
G
XQHDWWDFKH,QWURGXLVH]O
pWLTXHWWHjO
LQWpULHXUGHVVDFVWUDQVSDUHQWVDSSOLTXH]GHVpWLTXHWWHV
DXWRFROODQWHVVXUO
H[WpULHXUGHVVDFVRSDTXHV
'e&21*e/$7,21
9RLFLTXHOTXHVUHFRPPDQGDWLRQVXWLOHV
/pJXPHVFUXVQHOHVGpFRQJHOH]SDVPDLVLPPHUJH]OHVGDQVGHO
HDXERXLOODQWHHWFXLVLQH]OHVFRPPH
G
KDELWXGH
9LDQGHJURVPRUFHDX[ODLVVH]GpFRQJHOHUDXUpIULJpUDWHXUVDQVGpEDOOHU$YDQWODFXLVVRQODLVVH]OD
YLDQGHjWHPSpUDWXUHDPELDQWHSHQGDQWHQYLURQGHX[KHXUHV
9LDQGHSHWLWVPRUFHDX[ODLVVH]GpFRQJHOHUjWHPSpUDWXUHDPELDQWHRXIDLWHVFXLUHGLUHFWHPHQW
3RLVVRQODLVVH]GpFRQJHOHUDXUpIULJpUDWHXUVDQVGpEDOOHURXIDLWHVFXLUHGLUHFWHPHQWDYDQWOD
GpFRQJpODWLRQFRPSOqWH
(QFDVGHFRXSXUHGHFRXUDQWOHFRPSDUWLPHQWFRQJpODWHXUFRQVHUYHXQHWHPSpUDWXUHDGpTXDWH
SHQGDQWHQYLURQKHXUHVSHQGDQWFHWHPSVQRXVYRXVVXJJpURQVGHODLVVHUODSRUWHGXFRPSDUWLPHQW
IHUPpH1HUHFRQJHOH]SDVGHVDOLPHQWVSDUWLHOOHPHQWGpFRQJHOpV
$OLPHQWVSUpFXLWVUpFKDXIIH]OHVDXIRXUVDQVOHVVRUWLUGHOHXUUpFLSLHQWHQDOXPLQLXP
)UXLWVODLVVH]GpFRQJHOHUDXUpIULJpUDWHXU
5(0$548(QHSODFH]MDPDLVGHVDOLPHQWVFKDXGVGDQVOHFRQJpODWHXU
/DLVVH]UHIURLGLUOHVDOLPHQWVFKDXGVjWHPSpUDWXUHDPELDQWHSHQGDQWPLQXWHVDYDQWGHOHVHPEDOOHU
HWGHOHVFRQJHOHU(QSURFpGDQWDLQVLYRXVpFRQRPLVH]GHO
pQHUJLHHWSURORQJH]ODYLHGHO
DSSDUHLO
33733115aF.fm Page 74 Tuesday, May 31, 2005 1:43 PM
7$%/($8'(&216(59$7,21'(6$/,0(176
/HVWHPSVGHFRQVHUYDWLRQYDULHQWHQIRQFWLRQGHODTXDOLWpGHO
DOLPHQWGXW\SHG
HPEDOODJHRXGHVDFKHW
KHUPpWLTXHjO
KXPLGLWpHWjODYDSHXUHWGHODWHPSpUDWXUHGHFRQVHUYDWLRQTXLGRLWrWUHGHƒ&
$/,0(176(77(036'(
&216(59$7,21
)UXLWV
-XVGHIUXLWVFRQFHQWUpV
)UXLWVHQJpQpUDO
$JUXPHVHWMXVGHIUXLWV
IUDLV
/pJXPHV
6XUJHOpV
&RQJHOpVPDLVRQ
9,$1'(
6DXFLVVHV
+DPEXUJHUV
%±XIYHDXDJQHDX
5{WLV
%±XI
$JQHDXHWYHDX
3RUF
6DXFLVVHVIUDvFKHV
6WHDNVHWWUDQFKHV
%±XI
$JQHDXYHDXSRUF
3RLVVRQ
0RUXHIOpWDQVROH
6DXPRQ
0DTXHUHDXSHUFKH
3RLVVRQSDQpDFKHWpGDQV
OHFRPPHUFH
3DORXUGHVKXvWUHV
3RLVVRQFXLWFUDEH
&UHYHWWHVFUXHV
92/$,//(6
3RXOHWRXGLQGHHQWLHURXHQ
PRUFHDX[
&DQDUGHWRLH
$EDWVGHYRODLOOH
9RODLOOHFXLWHHQVDXFH
%ODQFVVDQVVDXFH
5DJR€WV
9LDQGHYRODLOOHHWSRLVVRQ
PRLV
GHjPRLV
GHjPRLV
PRLV
GHjPRLV
VHPDLQHVRX
PRLQV
PRLV
GHjPRLV
GHjPRLV
GHjPRLV
GHjPRLV
GHjPRLV
GHjPRLV
GHjPRLV
352'8,76/$,7,(56
%HXUUH
GHjPRLV
0DUJDULQH
PRLV
)URPDJHV
&DPHPEHUWPR]]DUHOOD
IURPDJHVjWDUWLQHU
PRLV
)URPDJHVFUpPHX[
QHSDV
FRQJHOHU
%ULH(PPHQWDO*UX\qUHHWF
ODFRQJpODWLRQSHXWDOWpUHUOD
FRQVLVWDQFHGXIURPDJH
GHjPRLV
*ODFHVMXVGHIUXLWODLW
PRLV
2HXIV
DMRXWHUGXVXFUHRXGXVHODX[
MDXQHVHWDX[±XIVHQWLHUV
EDWWXV
(QWLHUVEDWWXVEODQFVMDXQHV
PRLV
3Ç7,66(5,((73$,1
3DLQDXOHYDLQHWSHWLWVSDLQV
PRLV
3DLQQRQFXLW
PRLV
PRLV
GHjPRLV
GHjPRLV
PRLV
&URLVVDQWV
PRLV
*kWHDX[VDQVJODoDJH
GHjPRLV
*kWHDX[DYHFJODoDJHHW
ELVFXLWV
GHjPRLV
7DUWHVDX[IUXLWV
PRLV
GHjPRLV
GHjPRLV
PRLV
3kWHjELVFXLW
PRLV
3kWHjWDUWH
GHjPRLV
PRLV
PRLV
GHjPRLV
PRLV
PRLV
GHjPRLV
33733115aF.fm Page 75 Tuesday, May 31, 2005 1:43 PM
)$%5,&$7,21'(*/$d216352%/Ë0(6
&285$176
352%/Ë0(
&$86(
5(0Ë'(
/HGLVWULEXWHXUG
HDXHWGHJODFH
QHIRQFWLRQQHSDV
/DSRUWHGXFRPSDUWLPHQW
FRQJpODWHXUHVWRXYHUWH
)HUPH]ODSRUWHGX
FRPSDUWLPHQWFRQJpODWHXU
/HEDFjJODoRQVQ
HVWSDV
FRUUHFWHPHQWLQVWDOOp
9pULILH]TXHOHEDFjJODoRQVHVW
HQIRQFpjIRQG
/HGLVWULEXWHXUQ
DSDVpWpXWLOLVp
SHQGDQWXQHORQJXHSpULRGHHW
OHVJODoRQVVHVRQWVRXGpV
6HFRXH]OHEDFGHWHPSVjDXWUH
SRXUGpWDFKHUOHVJODoRQVHW
SRXUDXJPHQWHUODFDSDFLWpGH
VWRFNDJH-HWH]OHVDQFLHQV
JODoRQVHWUHIDLWHVHQ
/HOHYLHUGXGLVWULEXWHXUGH
JODFHDpWpDFWLRQQpWURS
ORQJWHPSV
$WWHQGH]HQYLURQPLQXWHV
SRXUTXHOHPRWHXUGX
GLVWULEXWHXUVHUHPHWWHHQ
PDUFKH
6LGHJUDQGHVTXDQWLWpVGHJODFH
VRQWQpFHVVDLUHVVHUYH]YRXV
GLUHFWHPHQWGDQVOHEDFHWQRQ
SDUO
LQWHUPpGLDLUHGX
GLVWULEXWHXU
/DJODFHDEVRUEHOHVRGHXUV
SUpVHQWHVGDQVO
DLU
,OIDXWUHQRXYHOHUODJODFH-HWH]
OHVDQFLHQVJODoRQVHWUHIDLWHV
HQ
(DXGHPDXYDLVHTXDOLWp
&RQVHUYH]O
H[FpGHQWGHJODFH
GDQVXQUpFLSLHQWIHUPp
,OSHXWrWUHQpFHVVDLUHGHILOWUHU
O
HDXVLHOOHFRQWLHQWGHV
PLQpUDX[
$OLPHQWVPDOHQYHORSSpV
(QYHORSSH]OHVDOLPHQWV
FRUUHFWHPHQW
/HEDFjJODoRQVHWOH
FRPSDUWLPHQWFRQJpODWHXURQW
SHXWrWUHEHVRLQG
rWUH
QHWWR\pV
1HWWR\H]OHEDFjJODoRQVHWOH
FRQJpODWHXU
6XLYH]OHVLQVWUXFWLRQVUHODWLYHV
DXUDFFRUGHPHQWGHO
DUULYpH
G
HDXDXGLVWULEXWHXUGHJODoRQV
5DFFRUGHPHQWGHO
DUULYpHG
HDX
DXV\VWqPHGHSURGXFWLRQGH
JODoRQV
/HVSUHPLHUVJODoRQVSURGXLWV
SRXUUDLHQWDYRLUPDXYDLVJR€W
-HWH]OHVSUHPLHUVJODoRQVHW
DWWHQGH]ODSURGXFWLRQGHV
JODoRQVXLYDQWV
/HGLVWULEXWHXUGHJODFHVH
EORTXH
/DJODFHDXQPDXYDLVJR€WRX
XQHPDXYDLVHRGHXU
5(0$548(1HFRQVRPPH]TXHOHVJODoRQVIDEULTXpVSDUOHV\VWqPHGHSURGXFWLRQGHJODFH
33733115aF.fm Page 76 Tuesday, May 31, 2005 1:43 PM
(175(7,(1(71(772<$*(
$YDQWG
HIIHFWXHUWRXWHRSpUDWLRQG
HQWUHWLHQRXGHQHWWR\DJHUHWLUH]ODILFKHGHODSULVHGHFRXUDQWRX
GpEUDQFKH]O
DSSDUHLO
1HWWR\H]SpULRGLTXHPHQWOHFRPSDUWLPHQWUpIULJpUDWHXUHWOHFRPSDUWLPHQWFRQJpODWHXUjO
DLGHG
XQ
FKLIIRQHWG
XQHVROXWLRQG
HDXWLqGHHWGHGpWHUJHQWQHXWUHVSpFLDOSRXUUpIULJpUDWHXU
1
XWLOLVH]MDPDLVGHGpWHUJHQWVRXGHSURGXLWVDEUDVLIV1HQHWWR\H]MDPDLVOHVpOpPHQWVGXUpIULJpUDWHXU
DYHFGHVOLTXLGHVLQIODPPDEOHV/HVpPDQDWLRQVSHXYHQWSURYRTXHUXQULVTXHG
LQFHQGLHRXG
H[SORVLRQ
1HWWR\H]O
H[WpULHXUGHO
DSSDUHLOHWOHMRLQWGHVSRUWHVjO
DLGHG
XQFKLIIRQKXPLGHHWHVVX\H]jO
DLGHG
XQ
FKLIIRQGRX[
‡ 1
XWLOLVH]SDVG
DSSDUHLOGHQHWWR\DJHjYDSHXU
‡ ,OHVWFRQVHLOOpGHQHWWR\HUOHFRQGHQVHXUjO
DLGHG
XQDVSLUDWHXUGHODPDQLqUHVXLYDQWH UHWLUH]OD
SOLQWKHDYDQWYRLUQRWLFHG
LQVWDOODWLRQSXLVSURFpGH]DXQHWWR\DJH
$WWHQWLRQSRXUQHWWR\HUOHVWRXFKHVHWO
DIILFKDJHGXEDQGHDXGHFRPPDQGHVVLWXpVXUODSRUWH
FRQJpODWHXUQ
XWLOLVH]SDVGHVXEVWDQFHVjEDVHG
DOFRRORXGpULYpHVPDLVXQFKLIIRQVHF
5(0$548(OHVWX\DX[GXV\VWqPHGHUHIURLGLVVHPHQWVRQWSODFpVjF{WpGXEDFGHGpJLYUDJHHW
SHXYHQWGHYHQLUWUqVFKDXGV1HWWR\H]OHVUpJXOLqUHPHQWDYHFXQDVSLUDWHXU
$YDQWGHUHPSODFHUXQHDPSRXOHGpEUDQFKH]WRXMRXUVOHUpIULJpUDWHXU
&RPPHQWUHPSODFHUO
DPSRXOHGXFRPSDUWLPHQWVXSpULHXUGXUpIULJpUDWHXU
‡ 'pYLVVH]ODYLVGHIL[DWLRQGXFDSRWGHO
DPSRXOH
‡ 7LUH]OHFDSRWYHUVOHEDVHWIDLWHVOHJOLVVHUYHUVO
LQWpULHXUGXFRPSDUWLPHQWUpIULJpUDWHXU
‡ 5HPSODFH]O
DPSRXOHJULOOpHSDUXQHDPSRXOHVHPEODEOHGLVSRQLEOHXQLTXHPHQWDXSUqVGX6HUYLFH
$SUqVYHQWH
‡ 5HPRQWH]OHFDSRWHQSURFpGDQWGDQVOHVHQVFRQWUDLUH
&RPPHQWUHPSODFHUO
DPSRXOHVXSpULHXUHGXFRPSDUWLPHQWGXFRQJpODWHXU
‡ 5HWLUH]O
pFUDQSURWHFWHXUHQDSSX\DQWVXUOHVF{WpV
‡ 5HPSODFH]O
DPSRXOHJULOOpHSDUXQHDPSRXOHGHPrPHW\SHGLVSRQLEOHXQLTXHPHQWDXSUqVGHQRWUH
6HUYLFH$SUqVYHQWHHWGHQRV5HYHQGHXUVDJUppV
‡ 5HPRQWH]O
pFUDQSURWHFWHXUHQSURFpGDQWGDQVOHVHQVLQYHUVH
&RPPHQWUHPSODFHUO
DPSRXOHLQIpULHXUHGHVFRPSDUWLPHQWVUpIULJpUDWHXUHWFRQJpODWHXU
FHUWDLQVPRGqOHV
‡ 5HWLUH]O
pFUDQSURWHFWHXUGHODODPSHHQVDLVLVVDQWVDSDUWLHFHQWUDOHVXSpULHXUH
‡ 7LUH]YHUVO
DYDQWWRXWHQWRXUQDQWOpJqUHPHQWO
pFUDQG
XQF{Wp
‡ 5HWLUH]O
DPSRXOHJULOOpHHWUHPSODFH]ODSDUXQHDPSRXOHVHPEODEOHGLVSRQLEOHXQLTXHPHQWDXSUqV
GHQRWUH6HUYLFH$SUqVYHQWHHWGHQRWUH5HYHQGHXUDJUppV
3RXUUHPHWWUHO
pFUDQGHODODPSHHQSODFH
‡ 6DLVLVVH]ODSDUWLHFHQWUDOHVXSpULHXUHGHO
pFUDQGHODODPSH
‡ ,QVpUH]OHVHUJRWVG
XQF{WpGHO
pFUDQGDQVOHVUDLQXUHVFRUUHVSRQGDQWHV
‡ SOLH]GpOLFDWHPHQWO
pFUDQHQVRQFHQWUHGHPDQLqUHjSRXYRLULQVpUHUOHVODQJXHWWHVGHO
DXWUHF{Wp
&RPPHQWUHPSODFHUO
DPSRXOHGXGLVWULEXWHXUGHJODoRQVHWG
HDXFHUWDLQVPRGqOHV
‡ 6DLVLVVH]O
DPSRXOHGDQVOHORJHPHQWSUpYXjFHWHIIHWGDQVOHGLVWULEXWHXU
5HWLUH]O
DPSRXOHJULOOpHHWUHPSODFH]ODSDUXQHDPSRXOHVHPEODEOHGLVSRQLEOHXQLTXHPHQWDXSUqVGH
QRWUH6HUYLFH$SUqVYHQWHHWGHQRWUH5HYHQGHXUDJUppV
33733115aF.fm Page 77 Tuesday, May 31, 2005 1:43 PM
35e&$87,216(1&$6'
$%6(1&(28'(
'e0e1$*(0(17
$EVHQFHGHFRXUWHGXUpH
6LYRXVYRXVDEVHQWH]SHQGDQWPRLQVGHWURLVVHPDLQHVLOQ
HVWSDVQpFHVVDLUHGHGpEUDQFKHUOH
UpIULJpUDWHXU&RQVRPPH]OHVDOLPHQWVSpULVVDEOHVHWFRQJHOH]OHVDXWUHV6LYRWUHUpIULJpUDWHXUHVW
pTXLSpG
XQV\VWqPHGHSURGXFWLRQDXWRPDWLTXHGHJODoRQV
pWHLJQH]OHV\VWqPHGHSURGXFWLRQGHJODFH
IHUPH]O
DUULYpHG
HDXDXGLVWULEXWHXUGHJODoRQV
YLGH]OHEDFjJODoRQV
$EVHQFHSURORQJpH
6LYRXVSDUWH]SHQGDQWSOXVGHWURLVVHPDLQHVUHWLUH]WRXVOHVDOLPHQWVGXUpIULJpUDWHXU6LYRWUH
UpIULJpUDWHXUHVWpTXLSpG
XQV\VWqPHGHSURGXFWLRQDXWRPDWLTXHGHJODoRQVIHUPH]O
DUULYpHG
HDXDX
PRLQVODYHLOOHpWHLJQH]OHGLVWULEXWHXUGqVTXHOHVGHUQLHUVJODoRQVRQWpWpSURGXLWVHW9,'(=/(%$&­
*/$&('pEUDQFKH]OHUpIULJpUDWHXUHWQHWWR\H]OH5LQFH]OHHWHVVX\H]OHVRLJQHXVHPHQW
)L[H]GHVFDOHVGHERLVRXGHSODVWLTXHjO
DLGHG
XQUXEDQDGKpVLIVXUODSDUWLHVXSpULHXUHGHVGHX[SRUWHV
GHIDoRQjODLVVHUXQHRXYHUWXUHVXIILVDQWHSRXUSHUPHWWUHjO
DLUGHFLUFXOHUGDQVOHVGHX[FRPSDUWLPHQWV
&HODpYLWHUDODIRUPDWLRQG
RGHXUVHWGHPRLVLVVXUHV
'pPpQDJHPHQW
‡ 5HWLUH]WRXVOHVpOpPHQWVDPRYLEOHVHQYHORSSH]OHVVRLJQHXVHPHQWHWIL[H]OHVHQVHPEOHDYHFGH
O
DGKpVLISRXUpYLWHUTX
LOVQHV
HQWUHFKRTXHQWRXVHGLVSHUVHQW
‡ 6HUUH]OHVYLVGHPLVHjQLYHDX
‡ 8WLOLVH]OHUXEDQDGKpVLISRXUVFHOOHUOHVGHX[SRUWHVGHPrPHTXHSRXUIL[HUOHFRUGRQG
DOLPHQWDWLRQ
VXUO
DSSDUHLO
&RXSXUHGHFRXUDQW
(QFDVGHFRXSXUHGHFRXUDQWUHQVHLJQH]YRXVDXSUqVGXEXUHDXORFDOGHODVRFLpWpGHGLVWULEXWLRQ
G
pOHFWULFLWpSRXUFRQQDvWUHODGXUpHGHO
LQWHUUXSWLRQ
6LODFRXSXUHGHFRXUDQWHVWG
XQHGXUpHPD[LPXPGHKHXUHVPDLQWHQH]OHVGHX[SRUWHVGH
O
DSSDUHLOIHUPpHV&HODSHUPHWDX[DOLPHQWVGHUHVWHUIURLGVOHSOXVORQJWHPSVSRVVLEOH
6LODFRXSXUHGHFRXUDQWHVWVXSpULHXUHjKHXUHV{WH]WRXVOHVDOLPHQWVFRQJHOpVHWPHWWH]OHVGDQV
XQFRQJpODWHXUEDKXW6LYRXVQHGLVSRVH]SDVGHFHW\SHGHFRQJpODWHXUHWVLYRXVQ
DYH]SDVGHJODFH
DUWLILFLHOOHHVVD\H]GHFRQVRPPHUOHVDOLPHQWVOHVSOXVSpULVVDEOHV
6RXYHQH]YRXVTX
XQFRQJpODWHXUUHPSOLG
DOLPHQWVVXUJHOpVFRQVHUYHOHIURLGSOXVORQJWHPSVTX
XQ
FRQJpODWHXUjPRLWLpSOHLQ
9LGH]OHEDFjJODFH
'HSOXVXQFRQJpODWHXUUHPSOLGHYLDQGHVXUJHOpHFRQVHUYHOHIURLGEHDXFRXSSOXVORQJWHPSVTX
XQ
FRQJpODWHXUFRQWHQDQWGHVSODWVFXLVLQpVVXUJHOpV
6LOHVDOLPHQWVVRQWHQFRUHUHFRXYHUWVGHFULVWDX[GHJODFHLOHVWSRVVLEOHGHOHVUHFRQJHOHUVDQVULVTXH
PDLVOHXUDVSHFWHWOHXUJR€WSRXUUDLHQWrWUHDOWpUpV
-HWH]OHVDOLPHQWVHQPDXYDLVHVFRQGLWLRQV
33733115aF.fm Page 78 Tuesday, May 31, 2005 1:43 PM
',$*1267,&5$3,'($66,67$1&(
6LYRXVHQWHQGH]FHVEUXLWV
YRWUHDSSDUHLOIRQFWLRQQHSDUIDLWHPHQW
$YDQWG
DSSHOHUOH6HUYLFHDSUqVYHQWH
/HVSUREOqPHVGHIRQFWLRQQHPHQWVRQWVRXYHQWSURYRTXpVSDUGHSHWLWVLQFLGHQWVDX[TXHOVYRXVSRXUUH]
IDFLOHPHQWUHPpGLHUSDUYRXVPrPHVDQVRXWLOSDUWLFXOLHU
/·DSSDUHLOQHIRQFWLRQQHSDV
‡ /HUpIULJpUDWHXUHVWLOELHQEUDQFKpjXQHSULVHVHFWHXUDOLPHQWpHSDUOHYROWDJHDGpTXDW"
‡ $YH]YRXVFRQWU{OpOHVIXVLEOHVGHYRWUHLQVWDOODWLRQpOHFWULTXH"
/DSURGXFWLRQGHJODFHHVWEUX\DQWH
eWDQWGRQQpTXHOHUpIULJpUDWHXUHVWGRWpG
XQV\VWqPHGHSURGXFWLRQGHJODFHYRXVSRXYH]HQWHQGUHXQ
ERXUGRQQHPHQWSURYHQDQWGXURELQHWG
HDXXQEUXLWG
HDXTXLUXLVVHOOHHWOHFUDTXHPHQWGHVJODoRQV
WRPEDQWGDQVOHEDF
/DSURGXFWLRQGHJODFHQHIRQFWLRQQHSDV
‡ /HFRQJpODWHXUDWLOHXVXIILVDPPHQWGHWHPSVSRXUUHIURLGLU"3RXUXQUpIULJpUDWHXUQHXIFHODSHXW
SUHQGUHWRXWHODQXLW
‡ /DWRXFKH212))GXV\VWqPHGHSURGXFWLRQGHJODoRQVHVWHOOHVXUODSRVLWLRQ21"
‡ /HURELQHWG
HDXHVWLORXYHUW"/
HDXDUULYHWHOOHDXV\VWqPHGHSURGXFWLRQGHJODoRQV"
‡ /HUpIULJpUDWHXUHVWLOGRWpG
XQILOWUHjHDX"/HILOWUHSRXUUDLWrWUHFROPDWpRXPDOLQVWDOOp9pULILH]
G
DERUGOHVLQVWUXFWLRQVUHODWLYHVjO
LQVWDOODWLRQGXILOWUHSRXUYRXVDVVXUHUTXHOHILOWUHDpWpLQVWDOOp
FRUUHFWHPHQWHWQ
HVWSDVERXFKp6LOHSUREOqPHQHGpSHQGSDVGHO
LQVWDOODWLRQRXG
XQHREVWUXFWLRQ
DSSHOH]XQHSHUVRQQHTXDOLILpHRXXQWHFKQLFLHQ
,O\DGHO
HDXGDQVOHEDFGHGpJLYUDJH
‡ &HODHVWQRUPDOSDUWHPSVFKDXGHWKXPLGH/HEDFSHXWPrPHrWUHjPRLWLpSOHLQ9pULILH]TXHOH
UpIULJpUDWHXUHVWGHQLYHDXDILQG
pYLWHUTXHOHEDFQHGpERUGH
/HVERUGVGXUpIULJpUDWHXUTXLVRQWHQFRQWDFWDYHFOHVMRLQWVG
pWDQFKpLWpGHODSRUWHVRQW
FKDXGVDXWRXFKHU
‡ &HODHVWQRUPDOSDUWHPSVFKDXGORUVTXHOHFRPSUHVVHXUHVWHQPDUFKH
/DOXPLqUHQHV
DOOXPHSDV
‡ $YH]YRXVFRQWU{OpOHVIXVLEOHVGHYRWUHLQVWDOODWLRQpOHFWULTXH"
‡ /HUpIULJpUDWHXUHVWLOELHQEUDQFKpjXQHSULVHVHFWHXUDOLPHQWpHSDUOHYROWDJHDGpTXDW"
‡ /
DPSRXOHHVWHOOHJULOOpH"
/
DPSRXOHHVWJULOOpH
'pEUDQFKH]WRXMRXUVO
DSSDUHLO
&RQVXOWH]OHFKDSLWUH´(QWUHWLHQHW1HWWR\DJHµ
33733115aF.fm Page 79 Tuesday, May 31, 2005 1:43 PM
/HPRWHXUVHPEOHIRQFWLRQQHUVDQVDUUrW
‡ <DWLOGHODSRXVVLqUHRXGHVPRXWRQVVXUOHFRQGHQVHXUJULOOHDUULqUH"
‡ /HVSRUWHVIHUPHQWHOOHVFRUUHFWHPHQW"
‡ /HVMRLQWVGHSRUWHVRQWLOVELHQpWDQFKHV"
‡ 3DUWHPSVFKDXGRXGDQVXQHSLqFHFKDXGHOHPRWHXUIRQFWLRQQHQDWXUHOOHPHQWSOXVORQJWHPSV
6LODSRUWHHVWUHVWpHORQJWHPSVRXYHUWHRXVLYRXVDYH]VWRFNpXQHJUDQGHTXDQWLWpG
DOLPHQWVGDQV
O
DSSDUHLOOHPRWHXUIRQFWLRQQHUDSOXVORQJWHPSVDILQGHUHIURLGLUO
LQWpULHXUGXFRPSDUWLPHQW
­QRWHU
/DGXUpHGHIRQFWLRQQHPHQWGXPRWHXUGpSHQGGHGLIIpUHQWVIDFWHXUVIUpTXHQFHG
RXYHUWXUHGHODSRUWH
TXDQWLWpG
DOLPHQWVVWRFNpVWHPSpUDWXUHGHODSLqFHUpJODJHGHVWKHUPRVWDWV
6LDSUqVDYRLUHIIHFWXpOHVYpULILFDWLRQVFLGHVVXVYRWUHDSSDUHLOQHIRQFWLRQQHWRXMRXUVSDVFRUUHFWHPHQW
SUHQH]FRQWDFWDYHFOH6HUYLFH$SUqVYHQWH([SOLTXH]FODLUHPHQWFHTXLQHYDSDVHWLQGLTXH]OHW\SHHW
OHQXPpURGHVpULHGHYRWUHDSSDUHLOFHVGRQQpHVILJXUHQWVXUODSODTXHVLJQDOpWLTXH
/DWHPSpUDWXUHGXUpIULJpUDWHXUHVWWURSpOHYpH
‡ /HVUpJODJHVGXUpIULJpUDWHXUVRQWLOVFRUUHFWV"
‡ 8QHJUDQGHTXDQWLWpG
DOLPHQWVDWHOOHpWpLQWURGXLWHGDQVOHUpIULJpUDWHXURXOHFRQJpODWHXU"
‡ /HVSRUWHVQHVRQWHOOHVSDVRXYHUWHVWURSIUpTXHPPHQW
‡ /DIHUPHWXUHGHVSRUWHVV
HIIHFWXHWHOOHFRUUHFWHPHQW
‡ /HVERXFKHVG
DpUDWLRQGXFRPSDUWLPHQWQHVRQWHOOHVSDVREVWUXpHV"&HODHPSrFKHUDLWHQHIIHWOD
FLUFXODWLRQGHO
DLUIURLG
'HODFRQGHQVDWLRQVHIRUPH
‡ /HVERXFKHVG
DpUDWLRQGXFRPSDUWLPHQWQHVRQWHOOHVSDVREVWUXpHVHPSrFKDQWODOLEUHFLUFXODWLRQGH
O
DLU"
‡ /HVDOLPHQWVVRQWLOVHPEDOOpVFRUUHFWHPHQW"(VVX\H]WRXWHFRQGHQVDWLRQSUpVHQWHVXUOHVUpFLSLHQWV
DYDQWGHOHVSODFHUDXUpIULJpUDWHXU
‡ /HVSRUWHVQHVRQWHOOHVSDVRXYHUWHVWURSIUpTXHPPHQW"/RUVTXHODSRUWHHVWRXYHUWHO
KXPLGLWpGH
O
DLUDPELDQWSpQqWUHGDQVOHUpIULJpUDWHXU3OXVODSRUWHHVWRXYHUWHSOXVO
KXPLGLWpVHIRUPH
UDSLGHPHQWHQSDUWLFXOLHUORUVTXHODSLqFHHVWHOOHPrPHKXPLGH
‡ 6LODSLqFHHVWWUqVKXPLGHLOHVWQRUPDOTXHGHODFRQGHQVDWLRQVHIRUPHjO
LQWpULHXUGXUpIULJpUDWHXU
‡ ,OHVWQRUPDOTXHGHVJRXWWHVG
HDXVHIRUPHQWVXUODSDURLDUULqUHGXUpIULJpUDWHXUjODVXLWHGXF\FOH
G
DXWRGpJLYUDJH
/HVSRUWHVQHVHIHUPHQWSDVHWQHV
RXYUHQWSDVFRUUHFWHPHQW
‡ 9pULILH]TXHGHVDOLPHQWVQHEORTXHQWSDVODSRUWH
‡ /HVEDFVOHVFOD\HWWHVHWOHGLVWULEXWHXUGHJODFHVRQWLOVELHQHQSODFH"
‡ 9pULILH]TXHOHVMRLQWVGHVSRUWHVQHVRQWSDVVDOHVRXFROODQWV
‡ $VVXUH]YRXVTXHO
DSSDUHLOHVWGHQLYHDX
33733115aF.fm Page 80 Tuesday, May 31, 2005 1:43 PM
,F{QHG
pWDW
3RXUFHQWDJH
/LWUHV
7HPSV
MRXUV
1LYHDXG
XVXUHGXILOWUH
)
%DV)LOWUHjHDXHQERQQHVFRQGLWLRQV
)
%DV)LOWUHjHDXHQERQQHVFRQGLWLRQV
)
%DV)LOWUHjHDXHQERQQHVFRQGLWLRQV
)
%DV)LOWUHjHDXHQERQQHVFRQGLWLRQV
)
%DV)LOWUHjHDXHQERQQHVFRQGLWLRQV
)
%DV)LOWUHjHDXHQERQQHVFRQGLWLRQV
)
%DV)LOWUHjHDXHQERQQHVFRQGLWLRQV
)
%DV)LOWUHjHDXHQERQQHVFRQGLWLRQV
)
%DV)LOWUHjHDXHQERQQHVFRQGLWLRQV
)
0R\HQ)LOWUHjHDXjFRPPDQGHU
)
0R\HQ)LOWUHjHDXjFRPPDQGHU
)
0R\HQ)LOWUHjHDXjFRPPDQGHU
)
0R\HQ)LOWUHjHDXjFRPPDQGHU
)
0R\HQ)LOWUHjHDXjFRPPDQGHU
)
0R\HQ)LOWUHjHDXjFRPPDQGHU
)
0R\HQ)LOWUHjHDXjFRPPDQGHU
)
0R\HQ)LOWUHjHDXjFRPPDQGHU
)
0R\HQ)LOWUHjHDXjFRPPDQGHU
)
!
!
+DXW)LOWUHjHDXjUHPSODFHU
/HVYDOHXUVLQGLTXpHVGDQVOHWDEOHDXVRQWSXUHPHQWLQGLFDWLYHV
6(59,&($35Ë69(17(
$YDQWGHFRQWDFWHUOH6HUYLFH$SUqVYHQWH
9pULILH]V
LOQ
HVWSDVSRVVLEOHG
pOLPLQHUOHVSDQQHVVDQV
DLGHYRLU´',$*1267,&5$3,'($66,67$1&(µ
5HPHWWH]O
DSSDUHLOHQPDUFKHSRXUYRXVDVVXUHUTXH
O
LQFRQYpQLHQWDpWppOLPLQp6LOHSUREOqPHSHUVLVWH
GpEUDQFKH]jQRXYHDXO
DSSDUHLOHWUpSpWH]
O
RSpUDWLRQXQHKHXUHSOXVWDUG
6LOHUpVXOWDWHVWHQFRUHQpJDWLIFRQWDFWH]OH6HUYLFH
$SUqVYHQWH
&RPPXQLTXH]
‡ OHW\SHGHSDQQH
‡ OHPRGqOH
‡ OHQXPpURGH6HUYLFHQXPpURTXLVHWURXYHDSUqVOH
PRW6(59,&(VXUODSODTXHVLJQDOpWLTXHSODFpHj
O
LQWpULHXUGHO
DSSDUHLO
‡ YRWUHDGUHVVHFRPSOqWH
‡ YRWUHQXPpURGHWpOpSKRQHDYHFO
LQGLFDWLI
5HPDUTXH
/HFKDQJHPHQWGXVHQVGHO
RXYHUWXUHGHODSRUWH
GHO
DSSDUHLOHIIHFWXpSDUOH6HUYLFH$SUqVYHQWH
Q
HVWSDVFRQVLGpUpFRPPHXQHLQWHUYHQWLRQVRXV
JDUDQWLH