Transcript
1/
,QVWUXFWLRQ0DQXDO
)
&DUDFWpULVWLTXHV
&KDUJHRXSLOHVUHFKDUJHDEOHV1L0+$$5HW$$$5
jKHXUHVSRXUUHFKDUJHU[$$$$$SLOHVUHFKDUJHDEOHV1L0+
3ULVH86%SOLDEOH
$OLPHQWpSDURUGLQDWHXU
&RPSDFWOpJHUHWSRUWDEOH
,GpDOSRXUOHVYR\DJHV
'RXEOHFRXOHXUSRXUO¶LQGLFDWLRQ/('
0pWKRGHVGHILQGHFKDUJH
'pWHFWLRQGXGHOWD9QpJDWLI
&RQWU{OHWHPSRULVp
&RQWU{OHGHWHPSpUDWXUH
&RQWU{OHGHVpFXULWpDYHFFRXSXUHDXWRPDWLTXHFRQWUHOD
VXUFKDUJHSDUWHQVLRQHWWHPSRULVDWLRQ
'pWHFWLRQGHSLOHVSULPDLUHVHWGpIHFWXHXVHV
/LUHOHPDQXHOG¶XWLOLVDWLRQDYDQWXVDJH
*DUGHUOHPDQXHOSRXUOHVIXWXUHVXWLOLVDWLRQV
$ $
$ $
&KDUJLQJ7LPH
*3%DWWHU\
VHULHV
VHULHV
VHULHV
1L0+
VHULHV
$$
VHULHV
P$K
P$K
P$K
7LPHPLQV
SF SFV
7LPHPLQV
SF SFV
VHULHV a a
a a
VHULHV a a
a a
VHULHV a a
a a
P$K
a a
a a 1L0+
P$K
a a
a a $$$
P$K
a a
a a
P$K
a a
a a
P$K
a a
a a
P$K
a a
*3%DWWHU\
6SHFLILFDWLRQV
,QSXW
9ROWDJH
2XWSXW
9ROWDJH
&KDUJLQJ
&XUUHQWP$
7ULFNOH&KDUJH
&XUUHQWP$
$ $
$ $
$ $
$
$ $
$ $
$
$ $
$ $
$
$
$
$
$
'
/lGWRGHU1L0+$NNXVGHV)RUPDWV$$RGHU$$$
$XINODSSEDUHU86%$QVFKOXVV
+DQGOLFKOHLFKWXQGPRELOHLQVHW]EDU
,GHDOIUXQWHUZHJV
=ZHLIDUELJH/('$Q]HLJH
6LFKHUKHLWVDEVFKDOWXQJ
0LQXVGHOWD9ROWDJH$EVFKDOWXQJG9
=HLWDEVFKDOWXQJ
7HPSHUDWXUVHQVRU
$XWRPDWLVFKH$EVFKDOWXQJQDFK6SDQQXQJXQG=HLWXP
HLQHhEHUODGXQJ]XYHUPHLGHQ
(UNHQQXQJYRQ(LQZHJEDWWHULHQXQGGHIHNWHQ$NNXV
/HVHQ6LHGLH%HGLHQXQJVDQOHLWXQJVRUJIlOWLJGXUFKEHYRU6LHGDV
/DGHJHUlWYHUZHQGHQ%HZDKUHQ6LHGLHVH$QOHLWXQJDXI
%HGLHQXQJVKLQZHLVH
,QVWUXFWLRQVGHFKDUJH
9HUELQGHQ 6LH GHQ 86%$QVFKOXVV GLHVHU *3 3RZHU%DQN GLUHNW PLW
&RQQHFWH] *3 3RZHU%DQN 86% GLUHFWHPHQW DX SRUW 86% 1H
MDPDLVXWLOLVHUXQFRUGRQG¶H[WHQVLRQ
&KDUJH] VHXOHPHQW OHV SLOHV UHFKDUJHDEOHV *3 1L0+ GDQV OH
FKDUJHXU86%*33RZHU%DQN
)DLWHVJOLVVHUO¶HPSODFHPHQWGHVSLOHV
NHLQH9HUOlQJHUXQJVNDEHO
/DGHQ 6LH DXVVFKOLHOLFK *3 1L0+$NNXV LQ GLHVHP *3 3RZHU%DQN
86%/DGHU
=LHKHQ6LHGHQ/DGHVFKDFKWOHLFKWDXVHLQDQGHU
$ $
$ $
$ $
$ $
$ $
3RZHUHGE\FRPSXWHU
(LJHQVFKDIWHQGHV/DGHJHUlWV
$
$ $
$ $
$
$ $
$ $
$
$
$
$
$
$ $
$ $
$ $
$ $
$ $
$
$ $
$ $
$
$ $
$ $
$
$
$
$
$
,QVpUH] OHV SLOHV UHFKDUJHDEOHV *3 1L0+ $$5 HW $$$5 GDQV
OH FKDUJHXU 86% *3 3RZHU%DQN VHORQ OHV SRODULWpV GHV SLOHV (YLWH]
GHUHFKDUJHUGDQVOHVHQVFRQWUDLUH
1H SDV UHFKDUJHU OHV PrPHV IRUPDWV GH SLOHV UHFKDUJHDEOHV DYHF
GHVFDSDFLWpVGLIIpUHQWHVHQPrPHWHPSV
6HW]WHQ 6LH GLH *3 1L0+$NNXV )RUPDW $$ RGHU $$$ JHPl GHU
DQJHJHEHQHQ 3ROXQJ LQ GDV /DGHJHUlW HLQ 9HUPHLGHQ 6LH HLQH
8PSROXQJ
$NNXV GHV JOHLFKHQ )RUPDWV DEHU XQWHUVFKLHGOLFKHU .DSD]LWlW GUIHQ
QLHPDOV]XUJOHLFKHQ=HLWLQGHP*HUlWDXIJHODGHQZHUGHQ
3RXUGHVSHUIRUPDQFHVRSWLPDOHVHWSRXUGHVUDLVRQVGHVpFXULWp
FKDUJH]VHXOHPHQWGHVSLOHV*31L0+DYHF*33RZHU%DQN
)URSWLPDOH/HLVWXQJXQG]X,KUHU6LFKHUKHLWYHUZHQGHQ6LH]XP
$XIODGHQPLWGLHVHP/DGHJHUlWQXU1L0+$NNXVYRQ*3%DWWHULHV
$WWHQWLRQ
%HDFKWHQ6LHELWWH
/RUVTXH OHV SLOHV VRQW QHXYHV j F\FOHV GH FKDUJHGpFKDUJH VRQW
QpFHVVDLUHV SRXU RSWLPLVHU OHXUV SHUIRUPDQFHV 6L OHV SLOHV VRQW VWRFNpHV
SHQGDQWSOXVG¶XQHVHPDLQHUHFKDUJH]OHVDYDQWGHOHVXWLOLVHU
,O HVW QRUPDO TXH OHV SLOHV FKDXIIHQW SHQGDQW OD FKDUJH HOOHV
UHIURLGLURQWMXVTX¶jWHPSpUDWXUHDPELDQWHDSUqVODFKDUJH
3RXU GH PHLOOHXUV UpVXOWDWV XWLOLVH] OH FKDUJHXU 86% *3 3RZHU%DQN
jWHPSpUDWXUHDPELDQWHDYHFXQHERQQHDpUDWLRQ
/H WHPSV GH FKDUJH YDULH VHORQ OHV FDSDFLWpV GLIIpUHQWHV GHV SLOHV
UHFKDUJHDEOHVUpIpUH]YRXVDXWDEOHDXGHVWHPSVGHFKDUJH
(QOHYH] OHV SLOHV UHFKDUJHDEOHV GH YRWUH DSSDUHLO pOHFWULTXH VL
O¶DSSDUHLOQ¶HVWSDVXWLOLVpSHQGDQWORQJWHPSV
7HPSpUDWXUHGHVWRFNDJHGHVSLOHV&j&
7HPSpUDWXUHGHFKDUJH&j&
%HL QHXHQ $NNXV EHQ|WLJHQ 6LH EOLFKHUZHLVH /DGH]\NOHQ
$XIODGHQ XQG (QWODGHQ XP HLQH RSWLPDOH /HLVWXQJ ,KUHU $NNXV ]X
HUKDOWHQ :HQQ GLH $NNXV OlQJHU DOV HLQH :RFKH XQEHQXW]W JHODJHUW
ZHUGHQVROOWHQVLHYRUGHP*HEUDXFKQHXDXIJHODGHQZHUGHQ
(V LVW QRUPDO ZHQQ GLH $NNXV ZlKUHQG GHV /DGHYRUJDQJV KHL
ZHUGHQ 6LH ZHUGHQ VLFK DEHU UDVFK ZLHGHU DXI =LPPHUWHPSHUDWXU
DENKOHQZHQQGLH$XIODGXQJDEJHVFKORVVHQLVW
)U EHVWH 5HVXOWDWH YHUZHQGHQ 6LH GHQ *3 3RZHU%DQN 86% /DGHU
EHL=LPPHUWHPSHUDWXUXQGDXVUHLFKHQGHU%HOIWXQJ
'LH /DGH]HLW LVW DEKlQJLJ YRQ GHQ .DSD]LWlWHQ GHU $NNXV %HDFKWHQ
6LHGD]XGLH/DGH]HLWHQWDEHOOH
1HKPHQ 6LH GLH $NNXV DXV ,KUHP YHUZHQGHWHQ *HUlW ZHQQ 6LH HV
EHUHLQHQOlQJHUHQ=HLWUDXPQLFKWEHQXW]HQ
3UpFDXWLRQV
$$
9'&
9
$$$
$$
$$$
SF SFV SF SFV
/(',QGLFDWLRQV
/('6LJQDO
5HG
&RPSOHWHG&KDUJHRU7ULFNOH
&KDUJH
*UHHQ
3ULPDU\RU'DPDJHG
%DWWHULHV
%OLQNLQJ5HG
,
&RQGLWLRQ
&KDUJLQJ
&KDUJH]VHXOHPHQWOHVSLOHVUHFKDUJHDEOHV*31LFNHO0HWDO+\GULGH1L0+
1HSDVFKDUJHUG¶DXWUHVW\SHVGHSLOHVFRPPHOHVDOFDOLQHVOHV
DOFDOLQHVUHFKDUJHDEOHVRXG¶DXWUHVVRUWHVGHSLOHVTXHFHX[VSpFLILpV
FDUFHODSRXUUDLWFDXVHUGHVEOHVVXUHVRXGHVGRPPDJHVFRUSRUHOV
1HSDVXWLOLVHUGHUDOORQJHRXWRXWDXWUHFRUGRQG¶DOLPHQWDWLRQ
QRQUHFRPPDQGpSDU*3FDULO\DXUDLWULVTXHG¶LQFHQGLH
G¶pOHFWURFXWLRQRXGHEOHVVXUHV
'pEUDQFKH]OHFKDUJHXUGXSRUW86%DYDQWGHOHQHWWR\HURX
ORUVTX¶LOQ¶HVWSDVXWLOLVp
1HSDVFRXUWFLUFXLWHUOHVSLOHVUHFKDUJHDEOHV
1HSDVPRXLOOHULQFLQpUHURXGpPRQWHUOHFKDUJHXURXOHVSLOHV
UHFKDUJHDEOHV
8WLOLVDWLRQLQWpULHXUVHXOHPHQW1HSDVH[SRVHUjODSOXLHjOD
QHLJHRXjGHVFRQGLWLRQVH[WUrPHV
1H SDV MHWHU OHV DSSDUHLOV pOHFWULTXHV FRPPH OD SOXSDUW GHV GpFKHWV GRPHVWLTXHV XWLOLVH] OHV pTXLSHPHQWV
GH FROOHFWHV GH WULV VpOHFWLIV &RQWDFWH] YRWUH DXWRULWp ORFDOH SRXU REWHQLU GHV LQIRUPDWLRQV FRQFHUQDQW
OH V\VWqPH GH FROOHFWH 6L OHV DSSDUHLOV pOHFWULTXHV VRQW MHWpV GDQV OD QDWXUH RX GDQV OHV GpFKDUJHV
GHV VXEVWDQFHV SROOXDQWHV SRXUUDLHQW FRXOHU GDQV OD QDSSH SKUpDWLTXH HW LPSDFWHU OD FKDLQH DOLPHQWDLUH
SRXYDQW FDXVHU DLQVL GHV GRPPDJHV SRXU YRWUH VDQWp RX OH ELHQ rWUH GH WRXV
9RUVLFKW
9HUZHQGHQ6LHQXU1LFNHO0HWDOOK\GULG1L0+$NNXVYRQ*3
/DGHQ 6LH NHLQH DQGHUHQ %DWWHULHQ ZLH $ONDOLQH =LQN.RKOH /LWKLXP
RGHU DXIODGEDUH $ONDOLQH GD GLHVH DXVODXIHQ RGHU H[SORGLHUHQ
N|QQHQZDV]X6FKlGHQXQG9HUOHW]XQJHQIKUHQNDQQ
9HUZHQGHQ 6LH QLHPDOV HLQ 9HUOlQJHUXQJVNDEHO RGHU DQGHUHV =XEHK|U
ZHOFKHV QLFKW YRQ *3 HPSIRKOHQ ZLUG GD GLHVHV VRQVW )HXHU
(OHNWURVFKRFNVRGHUDQGHUH9HUOHW]XQJHQKHUEHLIKUHQNDQQ
(QWIHUQHQ 6LH GDV /DGHJHUlW YRQ GHU 6WHFNGRVH EHYRU 6LH GLHVHV
VlXEHUQRGHUZHQQ6LHHVQLFKWYHUZHQGHQ
9HUXUVDFKHQ6LHNHLQHQ.XU]VFKOXVVGHU$NNXV
%ULQJHQ 6LH ZHGHU $NNXV QRFK /DGHJHUlW LQ 9HUELQGXQJ PLW 1lVVH XQG
YHUVXFKHQ6LHQLFKWGLH3URGXNWH]X|IIQHQRGHUDXVHLQDQGHU]XEDXHQ
1XU IU WURFNHQH ,QQHQUlXPH JHHLJQHW 6HW]HQ 6LH GDV /DGHJHUlW
QLHPDOV5HJHQ6FKQHHRGHUDQGHUHQH[WUHPHQ:LWWHUXQJHQDXV
:HUIHQ 6LH $NNXV XQG %DWWHULHQ QLFKW LQ GHQ 5HVWPOO VRQGHUQ HQWVRUJHQ 6LH GLHVH LP 6RQGHUPOO
RGHU DQ HQWVSUHFKHQGHQ 6WDWLRQHQ .RQWDNWLHUHQ 6LH ,KUH 6WDGW RGHU *HPHLQGHYHUZDOWXQJ XP PHKU
EHU GLH (QWVRUJXQJVP|JOLFKNHLWHQ ]X HUIDKUHQ :HQQ HOHNWULVFKH *HUlWH LQ GHU 1DWXU RGHU LP
5HVWPOO ODQGHQ N|QQHQ JHIlKUOLFKH 6XEVWDQ]HQ LQ GDV *UXQGZDVVHU VLFNHUQ XQG LQ GLH 1DKUXQJVNHWW H
JHODQJHQ ,KUH *HVXQGKHLW XQG ,KU :RKOEHILQGHQ N|QQHQ VR JHIlKUGHW ZHUGHQ
