1FR00063b.fm Page 5 Tuesday, November 11, 2003 10:58 AM
,167$//$7,21'8)285(1&$675$%/(
6286813/$1'(75$9$,/
5HFRPPDQGDWLRQV
$77(17,21OHIRXUGRLWLPSpUDWLYHPHQWrWUH
GpEUDQFKpDYDQWG HIIHFWXHUWRXWHLQWHUYHQWLRQ
G LQVWDOODWLRQRXG HQWUHWLHQVXUO DSSDUHLO
/ LQVWDOODWLRQGRLWrWUHUpDOLVpHSDUXQWHFKQLFLHQ
TXDOLILpFRQIRUPpPHQWDX[LQVWUXFWLRQVGX
IDEULFDQWHWGDQVOHUHVSHFWGHVQRUPHVORFDOHVHQ
YLJXHXUHQPDWLqUHGHVpFXULWp
$SUqVDYRLUGpEDOOpOHIRXUFRQWU{OH]TXH
O DSSDUHLOQ DSDVpWpHQGRPPDJpSHQGDQWOH
WUDQVSRUWHWTXHODSRUWHIHUPHSDUIDLWHPHQW(Q
FDVGHSUREOqPHFRQWDFWH]YRWUHUHYHQGHXU
RXOH6HUYLFH$SUqVYHQWHOHSOXVSURFKH
$SUqVDYRLUGpEDOOpOHIRXULQVWDOOH]OHVXUODEDVH
HQSRO\VW\UqQHGHIDoRQjSUpYHQLUWRXW
HQGRPPDJHPHQWGHO DSSDUHLO
3RXULQVWDOOHUO DSSDUHLOLOHVWFRQVHLOOpGHVH
PXQLUGHJDQWVGHSURWHFWLRQ
1HVRXOHYH]MDPDLVOHIRXUHQDJULSSDQWOD
SRLJQpHGHODSRUWH6DLVLVVH]OHSDUOHVF{WpVHQ
SUHQDQWSULVHGDQVOHVRXYHUWXUHVSUpYXHVjFHW
HIIHW
3UpSDUDWLRQGXPHXEOH
G HQFDVWUHPHQW
)RXUHQFDVWUDEOHjLQVWDOOHUVRXVXQSODQGH
WUDYDLO
/HVPHXEOHVGHFXLVLQHDGMDFHQWVDXIRXUGRLYHQW
UpVLVWHUjODFKDOHXU PLQ& 3URFpGH]DXGpFRXSDJHGXPHXEOHHWGXSODQGH
WUDYDLODYDQWG LQVWDOOHUOHVDSSDUHLOV3UHQH]VRLQ
G pOLPLQHUWRXVOHVFRSHDX[HWODVFLXUHGHERLV
TXLSRXUUDLHQWHQWUDYHUOHERQIRQFWLRQQHPHQW
GHO DSSDUHLO
/HVGLPHQVLRQVGXIRXUHWGXPHXEOHVRQW
LOOXVWUpHVGDQVOHVILJXUHV
3RXUDVVXUHUXQHYHQWLODWLRQFRUUHFWHYHLOOH]j
ODLVVHUXQHRXYHUWXUHjO DUULqUHGHO DSSDUHLOHQ
UHVSHFWDQWOHVGLPHQVLRQVLQGLTXpHVGDQVODILJ 8QHVSDFHGHPPDXPRLQVHVWUHTXLVHQWUHOH
ERUGVXSpULHXUGXIRXUHWOHERUGLQIpULHXUGX
SODQGHWUDYDLO ILJ &HWHVSDFHQHGRLW
MDPDLVrWUHREVWUXp
,QVWDOOH]OHIRXUHQYHLOODQWjFHTXHOHVSDURLVGX
IRXUQ HQWUHQWSDVGLUHFWHPHQWHQFRQWDFWDYHF
OHVPHXEOHVDGMDFHQWV
6LOHPHXEOHQ HVWSDVVROLGHPHQWIL[pDXPXU
UHQIRUFH]OHGLVSRVLWLIGHIL[DWLRQjO DLGHG pWULHUV
GLVSRQLEOHVGDQVOHFRPPHUFH * YRLUILJ 7DEOHGHFXLVVRQ
$WWHQWLRQVLODWDEOHGHFXLVVRQHVWLQVWDOOpHVXUXQH
VXUIDFHFRQVWLWXpHG XQDXWUHPDWpULDXTXHOHERLV
PDUEUHSODVWLTXHFpUDPLTXHSLHUUHHWF Q RXEOLH]
SDVGHYRXVSURFXUHUOHVpTXHUUHVGHIL[DWLRQ ILJ DXSUqVGHYRWUH6HUYLFH$SUqVYHQWH
/DWDEOHGHFXLVVRQGRLWrWUHLQVWDOOpHGDQVXQSODQGH
WUDYDLOG XQHpSDLVVHXUGHjPPPD[LPXP
/ HVSDFHVpSDUDQWODWDEOHGHFXLVVRQHWOHIRXUQHGRLW
SDVrWUHHQFRPEUpSDUGHVVXSSRUWVWUDQVYHUVDX[RX
GHVPDWpULDX[LVRODQWVSDUH[HPSOH
8QHVSDFHGHPPDXPRLQVGHYUDrWUHSUpYX
HQWUHOHPHXEOHjFRORQQHDGMDFHQWDXSODQGH
FXLVVRQHWOHERUGGHFHGHUQLHU ILJ 3UDWLTXH]XQHRXYHUWXUHGDQVOHSODQGHWUDYDLOHQ
UHVSHFWDQWOHVGLPHQVLRQVLQGLTXpHVGDQVOD)LFKH
SURGXLWGXSODQGHFXLVVRQDFFRPSDJQDQWFHGHUQLHU
,OHVWUHFRPPDQGpGHVFHOOHUOHVERUGVLQWpULHXUVGX
SODQGHWUDYDLOjO DLGHGHFROOHjERLVRXGHVLOLFRQH
6LFHODQ DSDVGpMjpWpIDLWDSSOLTXH]OHMRLQWIRXUQL
DXSODQGHFXLVVRQDSUqVDYRLUQHWWR\pDYHFVRLQOD
VXUIDFHGHFRQWDFW
7DEOHGHFXLVVRQpOHFWULTXHWUDGLWLRQQHOOH
$77(17,21DYDQWG LQVWDOOHUODWDEOHGH
FXLVVRQUHWLUH]OHILOPGHSURWHFWLRQ
pYHQWXHOOHPHQWSUpVHQW
6LOHSODQGHWUDYDLOHVWHQERLVXWLOLVH]OHV
SLQFHVHWYLVIRXUQLHVDYHFO DSSDUHLO
,QWURGXLVH]OHVSLQFHV % ILJ GDQVOHXUV
UDLOVUHVSHFWLIVVLWXpVGDQVOHERUGLQIpULHXUGX
SODQGHFXLVVRQ
,QVWDOOH]ODWDEOHGHFXLVVRQGDQVOHSODQGHWUDYDLO
6LOHSODQGHFXLVVRQHVWHQPDUEUHRXWRXW
DXWUHPDWpULDX SODVWLTXHFpUDPLTXHSLHUUH
HWF ODIL[DWLRQGRLWV HIIHFWXHUDXPR\HQG pWULHUV
VSpFLDX[ & ILJ SRUWDQWOHFRGH
GLVSRQLEOHVHQVHWVFRPSOHWVDXSUqVGX
6HUYLFH$SUqVYHQWH
)L[H]OHVpWULHUVGDQVOHVRULILFHVSUpYXVjFHWHIIHW
DXPR\HQGHVYLVIRXUQLHV
,QVWDOOH]ODWDEOHGHFXLVVRQGDQVOHSODQGHWUDYDLO
7DEOHGHFXLVVRQYLWURFpUDPLTXH
$77(17,21DYDQWG LQVWDOOHUODWDEOHGH
FXLVVRQUHWLUH]OHILOPGHSURWHFWLRQ
pYHQWXHOOHPHQWSUpVHQW
9pULILH]TXHO RXYHUWXUHSUDWLTXpHGDQVOHSODQGH
WUDYDLOHWGHVWLQpHjUHFHYRLUODWDEOHGHFXLVVRQ
SRVVqGHQWSUpFLVpPHQWOHVGLPHQVLRQVLQGLTXpHV
GDQVOD)LFKHSURGXLWGHODWDEOHGHFXLVVRQ
eYLWH]DEVROXPHQWG LQVWDOOHUODWDEOHGHFXLVVRQ
GDQVOHSODQGHWUDYDLOHQODIRUoDQW6RXVODSUHVVLRQ
H[HUFpHODVXUIDFHYLWURFpUDPLTXHSRXUUDLWVH
IUDFWXUHU PrPHXOWpULHXUHPHQW 1FR00063b.fm Page 6 Tuesday, November 11, 2003 10:58 AM
6LOHSODQGHWUDYDLOHVWHQERLVXWLOLVH]OHV
SLQFHVHWYLVIRXUQLHVDYHFO DSSDUHLO
)L[H]OHVSLQFHV ' ILJ jO DLGHGHVYLV
SUpYXHVjFHWHIIHWHWIRXUQLHVDYHFO DSSDUHLO ( ILJ FRQIRUPpPHQWjO LOOXVWUDWLRQHQ
UHVSHFWDQWOHVGLVWDQFHVLQGLTXpHV
,QVWDOOH]ODWDEOHGHFXLVVRQGDQVOHSODQGHWUDYDLO
6LOHSODQGHWUDYDLOHVWHQPDUEUHHQSODVWLTXH
HQFpUDPLTXHRXHQSLHUUHHWFODIL[DWLRQGHOD
WDEOHGHFXLVVRQGRLWV HIIHFWXHUDXPR\HQG pWULHUV
VSpFLDX[ ) ILJ SRUWDQWOHFRGH
GLVSRQLEOHVDXSUqVGX6HUYLFH$SUqVYHQWH
,QVWDOOH]ODWDEOHGHFXLVVRQGDQVOHSODQGHWUDYDLO
,QVWDOOH]OHVpWULHUV ) FRPPHVSpFLILpGDQVOD
ILJ HQIRQFWLRQGHO pSDLVVHXUGXSODQGHWUDYDLO
)L[H]OHVYLV * GDQVOHVWURXV + ILJ %UDQFKHPHQWpOHFWULTXH
/DPLVHjODWHUUHGHO DSSDUHLOHVW
REOLJDWRLUHDX[WHUPHVGHODORL
/HEUDQFKHPHQWpOHFWULTXHGHO DSSDUHLOGRLWrWUH
HIIHFWXpSDUXQWHFKQLFLHQTXDOLILpFRQIRUPpPHQW
DX[LQVWUXFWLRQVGXIDEULFDQWHWGDQVOHUHVSHFWGHV
QRUPHVORFDOHVHQYLJXHXUHQPDWLqUHGHVpFXULWp
/ LQVWDOODWHXUHVWUHVSRQVDEOHGXEUDQFKHPHQW
pOHFWULTXHFRUUHFWGHO DSSDUHLOHWGXUHVSHFWGHV
UpJOHPHQWDWLRQVORFDOHVHQYLJXHXUHQPDWLqUHGH
VpFXULWp
/HFRUGRQG DOLPHQWDWLRQGHO DSSDUHLOGRLWrWUH
VXIILVDPPHQWORQJSRXUSHUPHWWUHOHEUDQFKHPHQW
GHO DSSDUHLOHQFDVWUpjODSULVHGXVHFWHXU
'DQVOHUHVSHFWGHVUpJOHPHQWDWLRQVHQYLJXHXU
HQPDWLqUHGHVpFXULWpLOHVWQpFHVVDLUHG XWLOLVHU
DXPRPHQWGHO LQVWDOODWLRQXQGLVSRVLWLIj
FRXSXUHRPQLSRODLUHD\DQWXQHGLVWDQFH
PLQLPXPGHPPHQWUHOHVFRQWDFWV
1 XWLOLVH]HQDXFXQFDVGHSULVHVPXOWLSOHVRXGH
UDOORQJHV
8QHIRLVO LQVWDOODWLRQWHUPLQpHOHVFRPSRVDQWV
pOHFWULTXHVGRLYHQWrWUHLQDFFHVVLEOHV
%UDQFKHPHQWGXIRXU
9pULILH]TXHODWHQVLRQILJXUDQWVXUODSODTXH
VLJQDOpWLTXHGHO DSSDUHLOFRUUHVSRQGjFHOOHGH
YRWUHKDELWDWLRQ/DSODTXHVLJQDOpWLTXHVHWURXYH
VXUOHUHERUGDYDQWGXIRXU YLVLEOHORUVTXHOD
SRUWHHVWRXYHUWH 'HVVHUUH]OHVGHX[YLVGHIL[DWLRQGXFRXYHUFOHGX
VHUUHILOV VLSUpVHQW VLWXpVXUODSDUWLHLQIpULHXUHGH
ODFRXYHUWXUHDUULqUHGXIRXU5HWLUH]OHFRXYHUFOH
SRXUDFFpGHUDXVHUUHILOVHWLQWURGXLVH]OHFRUGRQ
G DOLPHQWDWLRQ YRLUWDEOHDX jWUDYHUVO RXYHUWXUH
VLWXpHVXUOHIRQGGXIRXU5DFFRUGH]OHFRUGRQDX
VHUUHILOVHWDFFURFKH]OHDXFkEOLHU5pLQVWDOOH]OH
FRXYHUFOHHQLQWURGXLVDQWOHVGHX[DLOHWWHVGDQVOHXUV
ORJHPHQWVUHVSHFWLIVHWIL[H]OHjO DLGHGHVGHX[YLV
7DEOHDXGHVFkEOHVG DOLPHQWDWLRQ
1GHVFRQGXFWHXUV
7\SHGHFkEOH
1
a
+55);PPò
a
+55);PPò
1
a
+55);PPò
1
a
+55);PPò
a
+55);PPò
&RXSODJHGHODWDEOHGHFXLVVRQHW
GXIRXU
$77(17,21QHEUDQFKH]HQDXFXQFDVOHIRXU
DYDQWG DYRLUDFKHYpOHVEUDQFKHPHQWVHQWUHOH
IRXUHWODWDEOHGHFXLVVRQ
$YDQWGHEUDQFKHUOHIRXUYpULILH]TXHOHPRGqOH
GHODWDEOHGHFXLVVRQILJXUHSDUPLFHX[LQGLTXpV
GDQVODILFKHSURGXLWGHFRXSODJHWDEOHGH
FXLVVRQIRXUIRXUQLH
5DFFRUGH]OHVGHX[ERUQHVPkOHVXQHjS{OHV
+ ILJ HWXQHjS{OHV - ILJ GHODWDEOH
GHFXLVVRQDX[ERUQHVIHPHOOHVFRUUHVSRQGDQWHV
VLWXpHVGDQVODSDUWLHGURLWHGHODFRXYHUWXUH
VXSpULHXUHGXIRXU
'HVVHUUH]O pFURXGHODYLV . ILJ GHPLVHjOD
WHUUH
VLWXpHVXUODFRXYHUWXUHVXSpULHXUHGX
IRXUHWLQWURGXLVH]OHILOMDXQHYHUWGHPLVHjOD
PDVVHHQODLVVDQWODURQGHOOHHQSODFH
5HVVHUUH]O pFURXGHODYLVHWYLVVH]OHjIRQG
&RPPHQWIL[HUOHIRXU
6RXOHYH]OHIRXUHQOHVDLVLVVDQWSDUOHVRXYHUWXUHV
ODWpUDOHVHWLQVWDOOH]OHGDQVO HQFDVWUHPHQWGX
PHXEOHHQYHLOODQWjQHSDVFRLQFHUOHFRUGRQ
G DOLPHQWDWLRQ ILJ &HQWUH]OHIRXUjO LQWpULHXUGXPHXEOHDYDQWGH
OHIL[HUGpILQLWLYHPHQW
9pULILH]TXHOHVHQWUHWRLVHVHQSODVWLTXHVRQW
LQVWDOOpHVFRUUHFWHPHQWGDQVOHVRULILFHVGH
IL[DWLRQSUpYXVjFHWHIIHW3URFpGH]HQVXLWHjOD
IL[DWLRQGpILQLWLYHGXIRXUjO DLGHGHVYLVIRXUQLHV
ILJ ">
