1Fr00070b.fm Page 1 Tuesday, November 11, 2003 10:48 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
UHVSHFWDQWOHVGLPHQVLRQVGHODILJ
8QHVSDFHGHPPDXPRLQVHVWUHTXLVHQWUHOH
ERUGVXSpULHXUGXIRXUHWOHERUGLQIpULHXUGX
SODQGHWUDYDLO9HLOOH]jQHMDPDLVREVWUXHU
FHWHVSDFH ILJ ,QVWDOOH]OHIRXUHQYHLOODQWjFHTXHOHVSDURLVGX
IRXUQ HQWUHQWSDVGLUHFWHPHQWHQFRQWDFWDYHF
OHVPHXEOHVDGMDFHQWV
6LOHPHXEOHQ HVWSDVVROLGHPHQWIL[pDXPXU
UHQIRUFH]OHGLVSRVLWLIGHIL[DWLRQjO DLGHG pWULHUV
GLVSRQLEOHVGDQVOHFRPPHUFH * YRLUILJ
7DEOHGHFXLVVRQ
$WWHQWLRQVLODWDEOHGHFXLVVRQHVWLQVWDOOpH
VXUXQHVXUIDFHFRQVWLWXpHG XQDXWUHPDWpULDXTXHOH
ERLV SODVWLTXHFpUDPLTXHPDUEUHSLHUUHHWF Q RXEOLH]SDVGHYRXVSURFXUHUOHVpTXHUUHVGHIL[DWLRQ
)LJ DXSUqVGHYRWUH6HUYLFH$SUqVYHQWH
/DWDEOHGHFXLVVRQGRLWrWUHLQVWDOOpHGDQVXQSODQ
GHWUDYDLOG XQHpSDLVVHXUGHjPPPD[LPXP
/ HVSDFHVpSDUDQWODWDEOHGHFXLVVRQHWOHIRXUQHGRLW
SDVrWUHHQFRPEUpSDUGHVVXSSRUWVWUDQVYHUVDX[RX
GHVPDWpULDX[LVRODQWVSDUH[HPSOH
8QHVSDFHGHPPDXPRLQVGHYUDrWUHSUpYX
HQWUHOHPHXEOHjFRORQQHDGMDFHQWDXSODQGH
FXLVVRQHWOHERUGGHFHGHUQLHU ILJ 3UDWLTXH]XQHRXYHUWXUHGDQVOHSODQGHWUDYDLOHQ
UHVSHFWDQWOHVGLPHQVLRQVLQGLTXpHVGDQVOD)LFKH
SURGXLWGXSODQGHFXLVVRQDFFRPSDJQDQWFHGHUQLHU
,OHVWUHFRPPDQGpGHVFHOOHUOHVERUGVLQWpULHXUVGX
SODQGHWUDYDLOjO DLGHGHFROOHjERLVRXGHVLOLFRQH
6LFHODQ DVSDVGpMjpWpIDLWDSSOLTXH]OHMRLQWIRXUQL
DXSODQGHFXLVVRQDSUqVDYRLUQHWWR\pDYHFVRLQOD
VXUIDFHGHFRQWDFW
7DEOHGHFXLVVRQpOHFWULTXHWUDGLWLRQQHOOH
$77(17,21DYDQWGHSURFpGHUj
O LQVWDOODWLRQGHODWDEOHGHFXLVVRQUHWLUH]OH
ILOPGHSURWHFWLRQpYHQWXHOOHPHQWSUpVHQW
6LOHSODQGHWUDYDLOHVWHQERLVXWLOLVH]OHV
SLQFHVHWYLVIRXUQLHVDYHFO DSSDUHLO
,QWURGXLVH]OHVSLQFHV % ILJ GDQVOHXUV
UDLOVUHVSHFWLIVVLWXpVGDQVOHERUGLQIpULHXUGX
SODQGHFXLVVRQ
,QVWDOOH]ODWDEOHGHFXLVVRQGDQVOHSODQGHWUDYDLO
6LOHSODQGHWUDYDLOHVWHQPDUEUHRXWRXW
DXWUHPDWpULDX SODVWLTXHFpUDPLTXH
PDUEUHSLHUUHHWF ODIL[DWLRQGRLWV HIIHFWXHU
DXPR\HQG pWULHUVVSpFLDX[ & ILJ SRUWDQWOH
FRGHGLVSRQLEOHVDXSUqVGX
6HUYLFH$SUqVYHQWH
)L[H]OHVpWULHUVGDQVOHVRULILFHVSUpYXVjFHW
HIIHWDXPR\HQGHVYLVIRXUQLHV
,QVWDOOH]ODWDEOHGHFXLVVRQGDQVOHSODQGHWUDYDLO
7DEOHGHFXLVVRQYLWURFpUDPLTXH
$77(17,21DYDQWG LQVWDOODHUODWDEOHGH
FXLVVRQUHWLUH]OHILOPGHSURWHFWLRQ
pYHQWXHOOHPHQWSUpVHQW
9pULILH]TXHO RXYHUWXUHSUDWLTXpHGDQVOHSODQGH
WUDYDLOHWGHVWLQpHjUHFHYRLUODWDEOHGHFXLVVRQ
SRVVqGHQWSUpFLVpPHQWOHVGLPHQVLRQVLQGLTXpHV
GDQVOD)LFKHSURGXLWGHODWDEOHGHFXLVVRQ
1Fr00070b.fm Page 2 Tuesday, November 11, 2003 10:48 AM
eYLWH]DEVROXPHQWG LQVWDOOHUODWDEOHGHFXLVVRQ
GDQVOHSODQGHWUDYDLOHQODIRUoDQW6RXVODSUHVVLRQ
H[HUFpHODVXUIDFHYLWURFpUDPLTXHSRXUUDLWVH
IUDFWXUHU PrPHXOWpULHXUHPHQW 6LOHSODQGHWUDYDLOHVWHQERLVXWLOLVH]OHV
SLQFHVSUpYXHVjFHWHIIHWHWOHVYLVIRXUQLHV ILJ )L[H]OHVSLQFHV ' ILJ jO DLGHGHVYLV
SUpYXHVjFHWHIIHWHWIRXUQLHVDYHFO DSSDUHLO ( ILJ FRQIRUPpPHQWjO LOOXVWUDWLRQHQ
UHVSHFWDQWOHVGLVWDQFHVLQGLTXpHV
,QVWDOOH]ODWDEOHGHFXLVVRQGDQVOHSODQGHWUDYDLO
6LOHSODQGHWUDYDLOHVWHQPDUEUHHQ
SODVWLTXHHQFpUDPLTXHRXHQSLHUUHHWFOD
IL[DWLRQGHODWDEOHGHFXLVVRQGRLWV HIIHFWXHUDX
PR\HQG pWULHUVVSpFLDX[ ) ILJ SRUWDQWOH
FRGHGLVSRQLEOHVDXSUqVGX
6HUYLFH$SUqVYHQWH
,QVWDOOH]ODWDEOHGHFXLVVRQGDQVOHSODQGH
WUDYDLO
,QVWDOOH]OHVpWULHUV ) FRPPHVSpFLILpGDQVOD
ILJHQIRQFWLRQGHO pSDLVVHXUGXSODQGHWUDYDLO
)L[H]OHVYLV * GDQVOHVWURXV + ILJ %UDQFKHPHQWpOHFWULTXH
/DPLVHjODWHUUHGHO DSSDUHLOHVWREOLJDWRLUH
DX[WHUPHVGHODORL
/HEUDQFKHPHQWpOHFWULTXHGHO DSSDUHLOGRLWrWUH
HIIHFWXpSDUXQWHFKQLFLHQTXDOLILp
FRQIRUPpPHQWDX[LQVWUXFWLRQVGXIDEULFDQWHW
GDQVOHUHVSHFWGHVQRUPHVORFDOHVHQYLJXHXUHQ
PDWLqUHGHVpFXULWp
/ LQVWDOODWHXUHVWUHVSRQVDEOHGXEUDQFKHPHQW
pOHFWULTXHFRUUHFWGHO DSSDUHLOHWGXUHVSHFWGHV
UpJOHPHQWDWLRQVORFDOHVHQYLJXHXUHQPDWLqUHGH
VpFXULWp
/HFRUGRQG DOLPHQWDWLRQGHO DSSDUHLOGRLWrWUH
VXIILVDPPHQWORQJSRXUSHUPHWWUHOH
EUDQFKHPHQWGHO DSSDUHLOHQFDVWUpjODSULVHGX
VHFWHXU
'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[DWLRQGXFRXYHUFOH
GXVHUUHILOVVLWXpVXUODSDUWLHLQIpULHXUHGHOD
FRXYHUWXUHDUULqUHGXIRXU
5HWLUH]OHFRXYHUFOHSRXUDFFpGHUDXVHUUHILOVHW
LQWURGXLVH]OHFRUGRQG DOLPHQWDWLRQ YRLUWDEOHDX jWUDYHUVO RXYHUWXUHVLWXpHVXUOHIRQGGXIRXU
5DFFRUGH]OHFRUGRQDXVHUUHILOVHQVHUUDQWOHV
YLVjIRQGHWDFFURFKH]OHDXFkEOLHU
5pLQVWDOOH]OHFRXYHUFOHHQLQWURGXLVDQWOHVGHX[
DLOHWWHVGDQVOHXUVORJHPHQWVUHVSHFWLIVHWIL[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
&RXSODJHGHODWDEOHGHFXLVVRQHWGXIRXU
$77(17,21QHEUDQFKH]HQDXFXQFDVOH
IRXUDYDQWG DYRLUDFKHYpOHVEUDQFKHPHQWV
HQWUHOHIRXUHWODWDEOHGHFXLVVRQ
$YDQWGHEUDQFKHUOHIRXUYpULILH]TXHOHPRGqOH
GHODWDEOHGHFXLVVRQILJXUHSDUPLFHX[LQGLTXpV
GDQVODILFKHSURGXLWGHFRXSODJHWDEOHGH
FXLVVRQIRXUIRXUQLH
5HWLUH]ODSURWHFWLRQ / ILJ VLSUpVHQWH GHV
ERUQHV ' ILJ VLWXpHVXUODFRXYHUWXUH
VXSpULHXUHGXIRXUHQGHVVHUUDQWODYLVGHIL[DWLRQ
0 ILJ 6RXOHYH]ODSURWHFWLRQ / SRXUDFFpGHU
DX[ERUQHV ' HWUDFFRUGH]OHVERUQHVGHODWDEOH
GHFXLVVRQ & ILJ jODERvWHGHVFRQQH[LRQVGX
IRXU ' HQIRQFWLRQGHOHXUVFRXOHXUVHWHQ
UHVSHFWDQWO DOLJQHPHQWGHVUDLOVG LQVHUWLRQYLVLEOHV
VXUODSDUWLHVXSpULHXUHGHVERUQHV
5pDOLVH]OHEUDQFKHPHQWHQSRXVVDQWOHVERUQHVj
IRQGGHFRXUVHGHIDoRQjFHTXHYRXVHQWHQGLH]OH
GpFOLFGHODODQJXHWWH5pLQVWDOOH]ODSURWHFWLRQ / HQIDLVDQWVRUWLUOHVILOVSDUODSDUWLHLQIpULHXUH)L[H]
ODSURWHFWLRQjO DLGHODYLVUHWLUpHSUpFpGHPPHQW
'HVVHUUH]O pFURXGHODYLV . ILJ GHPLVHjOD
WHUUH
VLWXpHVXUODFRXYHUWXUHVXSpULHXUH
GXIRXUHWLQWURGXLVH]OHILOMDXQHYHUWGHPLVHjOD
PDVVHHQODLVVDQWODURQGHOOHHQSODFH5HVVHUUH]
O pFURXGHODYLVHWVHUUH]OHjIRQG
5HPDUTXHLPSRUWDQWHVLOHVERUQHVGHODWDEOH
GHFXLVVRQSUpVHQWHQWGHVFRQQH[LRQVHWGHV
FRXOHXUVGLIIpUHQWHVGHVLQGLFDWLRQVIRXUQLHVVXUOD
SODTXHGXEUDQFKHPHQWWDEOHGHFXLVVRQIRXU
VLWXpHVXUODSDUWLHVXSpULHXUHGXIRXUGHPDQGH]OH
NLWG DGDSWDWLRQSRUWDQWOHFRGH$0&
GLVSRQLEOHDXSUqVGX6HUYLFH$SUqVYHQWH
&RPPHQWIL[HUOHIRXU
6RXOHYH]OHIRXUHQOHVDLVLVVDQWSDUOHVRXYHUWXUHV
ODWpUDOHVHWLQVWDOOH]OHGDQVO HQFDVWUHPHQWGX
PHXEOHHQYHLOODQWjQHSDVFRLQFHUOHFRUGRQ
G DOLPHQWDWLRQ ILJ &HQWUH]OHIRXUjO LQWpULHXUGXPHXEOHDYDQWGH
OHIL[HUGpILQLWLYHPHQW
9pULILH]TXHOHVHQWUHWRLVHVHQSODVWLTXHVRQW
LQVWDOOpHVFRUUHFWHPHQWGDQVOHVRULILFHVGHIL[DWLRQ
SUpYXVjFHWHIIHW3URFpGH]HQVXLWHjODIL[DWLRQ
GpILQLWLYHGXIRXUjO DLGHGHVYLVIRXUQLHV ILJ ">