10200164F.fm Page 12 Wednesday, June 29, 2005 12:22 PM
,16758&7,216' ,167$//$7,21
$9$17' ,167$//(5/(5e)5,*e5$7(85
35e&$87,216(75(&200$1'$7,216
*e1e5$/(6
%5$1&+(0(17$85e6($8e/(&75,48( 0,6(­1,9($8'85e)5,*e5$7(85 '(0217$*('(/$3257(&21*(/$7(85 $ '(0217$*('(/$3257(5()5,*(5$7(85 % 0217$*('(/$3257(&21*(/$7(85 & 0217$*('(/$3257(5()5,*(5$7(85 ' $/,*1(0(17+25,=217$/'(/$3257(
&21*(/$7(85(75()5,*(5$7(85 ( $/,*1(0(17+25,=217$/'(/$3257(
&21*(/$7(85(75()5,*(5$7(85 ) 10200164F.fm Page 13 Wednesday, June 29, 2005 12:22 PM
$9$17' ,167$//(5/(5e)5,*e5$7(85
,QWURGXFWLRQ
eOLPLQDWLRQGHO HPEDOODJH
/ DSSDUHLOTXHYRXVYHQH]G DFKHWHUHVW)8//12
)5267UpVHUYpjXQXVDJHH[FOXVLYHPHQWPpQDJHUOHV
FRPSDUWLPHQWVUpIULJpUDWHXUHWFRQJpODWHXUVRQWWRXV
GHX[jGpJLYUDJHDXWRPDWLTXH
&HWWHQRWLFHFRQWLHQWWRXWHVOHVLQGLFDWLRQVHWOHV
DYHUWLVVHPHQWVQpFHVVDLUHVSRXULQVWDOOHUO DSSDUHLO
FRUUHFWHPHQWHWHQWRXWHVpFXULWp,OHVWUHFRPPDQGp
GHODOLUHDWWHQWLYHPHQWDYDQWGHSURFpGHUjO LQVWDOODWLRQ
(QIRQFWLRQGXPRGqOHTXHYRXVDYH]DFKHWpLOHVW
SRVVLEOHGHFRQVWDWHUGHVGLIIpUHQFHVGDQVODGHVFULSWLRQ
GHWRXVOHVpTXLSHPHQWVHWpOpPHQWVGHFRPPDQGHGH
O DSSDUHLOLQGLTXpVGDQVFHWWHQRWLFH
&RQVHUYH]FHWWHQRWLFHSRXUGHIXWXUHVFRQVXOWDWLRQVHW
HQFDVGHUHYHQWHUHPHWWH]ODDXQRXYHDXSURSULpWDLUH
/HPDWpULHOG HPEDOODJHXWLOLVpSRXUODSURWHFWLRQHWOH
WUDQVSRUWGHO DSSDUHLOHWGHVHVpOpPHQWVHVWUpDOLVpGDQV
GHVPDWpULDX[UHF\FODEOHVFRPPHO DWWHVWHOH
V\PEROH
/HVPDWpULDX[G HPEDOODJH VDFKHWVHQSODVWLTXH
pOpPHQWVHQSRO\VW\UqQHHWF GRLYHQWrWUHFRQVHUYpV
KRUVGHSRUWpHGHVHQIDQWVFDULOVFRQVWLWXHQWXQHVRXUFH
SRWHQWLHOOHGHGDQJHU
3RXUODPLVHDXUHEXWGHO HPEDOODJHVXLYH]OHV
UpJOHPHQWDWLRQVORFDOHVHQYLJXHXU
35e&$87,216(75(&200$1'$7,216
*e1e5$/(6
$SUqVDYRLUHQOHYpO HPEDOODJHYpULILH]TXHO DSSDUHLOQ D
SDVVXELGHGRPPDJHHWTXHOHVSRUWHVIHUPHQW
SDUIDLWHPHQW7RXWGRPPDJHpYHQWXHOGHYUDrWUHVLJQDOp
DXUHYHQGHXUGDQVXQGpODLGHKHXUHV
'pSODFH]O DSSDUHLOHQYHLOODQWjQHSDVHQGRPPDJHUOH
UHYrWHPHQWGHVRO SDUTXHWSDUH[ 6 LOHVWQpFHVVDLUHGH
GpSODFHUO DSSDUHLODSUqVDYRLUUHWLUpOHVSRUWHVYpULILH]
TXHOHVpOpPHQWVLQWpULHXUVVRQWIL[pVFRUUHFWHPHQWHWRX
HQOHYH]OHVSRXUpYLWHUWRXWHQGRPPDJHPHQWHWRX
UXSWXUH
9XOHSRLGVGHO DSSDUHLOSHUVRQQHVDXPRLQVVRQW
QpFHVVDLUHVSRXUOHGpSODFHULQVWDOOHUHQWRXWHVpFXULWp
/ LQVWDOODWLRQGRLWrWUHUpDOLVpHSDUGXSHUVRQQHOTXDOLILp
1RXVYRXVFRQVHLOORQVG DWWHQGUHKHXUHDXPRLQVDYDQW
GHPHWWUHO DSSDUHLOHQVHUYLFHDILQGHSHUPHWWUHDX
FLUFXLWGHUpIULJpUDWLRQG rWUHSDUIDLWHPHQWHIILFDFH
(QIRQFWLRQGXPRGqOHDFKHWpO DSSDUHLOHVWVDQV&)&
VLOHFLUFXLWGHUpIULJpUDWLRQFRQWLHQWGX5D RXVDQV
+)& VLOHFLUFXLWGHUpIULJpUDWLRQFRQWLHQWGX5D
LVREXWDQH/ LVREXWDQHHVWXQJD]QDWXUHOTXLHVWVDQV
GDQJHUSRXUO HQYLURQQHPHQWPDLVLOHVWLQIODPPDEOH,O
HVWGRQFLQGLVSHQVDEOHGHV DVVXUHUTXHOHVWX\DX[GX
FLUFXLWGHUpIULJpUDWLRQVRQWHQSDUIDLWpWDW
/HVLQIRUPDWLRQVUHODWLYHVDX[VXVEVWDQFHVUpIULJpUDQWHV
HWLVRODQWHVXWLOLVpHVVRQWLQGLTXpHVVXUODSODTXH
VLJQDOpWLTXH
1HWWR\H]O LQWpULHXUGHO DSSDUHLODYDQWG LQWURGXLUHGHV
DOLPHQWV
3RXUXQIRQFWLRQQHPHQWFRUUHFWHWVUGHO DSSDUHLO
LQVWDOOH]OHHWEUDQFKH]OHFRPPHLQGLTXpGDQVFHWWH
QRWLFH
/·DSSDUHLOHVWUpJOpSRXUIRQFWLRQQHUGHIDoRQRSWLPDOHj
XQHWHPSpUDWXUHDPELDQWHFRPSULVHGDQVOHVLQWHUYDOOHV
VXLYDQWVVXUEDVHGHODFODVVHFOLPDWLTXHG DSSDUWHQDQFH
LQGLTXpHVXUODSODTXHVLJQDOpWLTXH
&ODVVH&OLPDWLTXH
61
1
67
7
7DPE &
'Hj
'Hj
'Hj
'Hj
7DPE )
'Hj
'Hj
'Hj
'Hj
/ DSSDUHLOULVTXHQHGHSDVIRQFWLRQQHUFRUUHFWHPHQWV LO
UHVWHSHQGDQWXQHORQJXHSpULRGHjXQHWHPSpUDWXUH
VXSpULHXUHRXLQIpULHXUHjO LQWHUYDOOHSUpYX
/DWHPSpUDWXUHjO LQWpULHXUGHVFRPSDUWLPHQWVSHXW
GpSHQGUHGHGLIIpUHQWVIDFWHXUVWHOVTXH
SRVLWLRQQHPHQWGHO DSSDUHLOWHPSpUDWXUHDPELDQWH
IUpTXHQFHG RXYHUWXUHGHVSRUWHV
/ DSSDUHLOGRLWrWUHLQVWDOOpGDQVXQHQGURLWVHFHWELHQ
DpUp
eYLWH]G LQVWDOOHUO DSSDUHLOGDQVGHVHQGURLWVGLUHFWHPHQW
H[SRVpVDX[UD\RQVVRODLUHVRXjF{WpGHVRXUFHVGH
FKDOHXU IRXUFKDXIIDJHHWF 6LFHODQ HVWSDVSRVVLEOHLO
FRQYLHQWGHUHVSHFWHUOHVGLVWDQFHVPLQLPDOHVVXLYDQWHV
&XLVLQLqUHVjFKDUERQRXjPD]RXW
FP
&XLVLQLqUHVpOHFWULTXHVHWjJD]
FP
,QVWDOOH]HWPHWWH]O DSSDUHLOjQLYHDXVXUXQVROFDSDEOH
GHVXSSRUWHUVRQSRLGVGDQVXQHQGURLWDGDSWpjVHV
GLPHQVLRQVHWjVRQXVDJH
$ILQGHSHUPHWWUHOHGpSODFHPHQWGXSURGXLWDLQVLTX XQH
FLUFXODWLRQG DLUVXIILVDQWHODLVVH]XQHVSDFHPLQLPXPGH
FPVXUOHVF{WpVDXGHVVXVGHO DSSDUHLOHWHQWUHOD
SDURLDUULqUHHWOHPXU
10200164F.fm Page 14 Wednesday, June 29, 2005 12:22 PM
%5$1&+(0(17$85e6($8e/(&75,48(
/DPLVHjODWHUUHGHO DSSDUHLOHVWREOLJDWRLUHDX[WHUPHVGHODORL/H
IDEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpHQFDVGHGRPPDJHVpYHQWXHOVVXELV
SDUGHVSHUVRQQHVGHVDQLPDX[RXGHVELHQVVXLWHjODQRQREVHUYDWLRQGHV
QRUPHVHQYLJXHXU
$VVXUH]YRXVTXHO LQVWDOODWLRQHWOHEUDQFKHPHQWpOHFWULTXHRQWpWpUpDOLVpV
VHORQOHVLQVWUXFWLRQVGXIDEULTXDQWHWFRQIRUPpPHQWDX[QRUPHVORFDOHVHQ
YLJXHXUHQPDWLqUHGHVpFXULWp
6LO DSSDUHLOTXHYRXVYHQH]G DFKHWHUHVWpTXLSpG XQHILFKHVDQVWHUUH
EUDQFKH]YRWUHFkEOHGHWHUUHMDXQHYHUW $ jODYLVGHWHUUHSUpVHQWHVXU
O DSSDUHLO % YRLUILJXUH
/HW\SHGHFRXUDQWHWODWHQVLRQGHOLJQHDX[TXHOVO DSSDUHLOVHUDEUDQFKp
GRLYHQWFRUUHVSRQGUHDX[LQGLFDWLRQVGHODSODTXHVLJQDOpWLTXH
3UpYR\H]XQDFFqVjODSULVHGHEUDQFKHPHQWGHO DSSDUHLOPrPHDSUqV
O LQVWDOODWLRQGHIDoRQjSRXYRLUGpEUDQFKHUIDFLOHPHQWODSULVHHQFDVGH
EHVRLQ6LFHODQ HVWSDVSRVVLEOHEUDQFKH]O DSSDUHLODXUpVHDXDXPR\HQ
G XQLQWHUUXSWHXUELSRODLUHPRQWpGDQVXQHQGURLWDFFHVVLEOHDYHFXQH
GLVWDQFHG RXYHUWXUHGHVFRQWDFWVG DXPRLQV PP
6LODSULVHHWODILFKHQHVRQWSDVGXPrPHW\SHUHPSODFH]ODSULVH
1 XWLOLVH]SDVG DGDSWDWHXUVGHUDOORQJHVQLGHSULVHVPXOWLSOHV
$SUqVO LQVWDOODWLRQYpULILH]TXHOHUpIULJpUDWHXUQ HVWSDVSRVpVXUOHFkEOH
G DOLPHQWDWLRQ
3RXUGpEUDQFKHUO DSSDUHLOGHODSULVHHQOHYH]ODILFKHQHWLUH]MDPDLVVXU
OHFkEOHG DOLPHQWDWLRQ
10200164F.fm Page 15 Wednesday, June 29, 2005 12:22 PM
0,6(­1,9($8'85e)5,*e5$7(85
/HUpIULJpUDWHXUHVWpTXLSpGHGHX[URXOHWWHVDYDQWHWGHGHX[
URXOHWWHVDUULqUHWRXWHVUpJODEOHVVLWXpHVGHFKDTXHF{WpjODEDVH
GHO DSSDUHLO YRLUILJXUH$ RXGHTXDWUHURXOHWWHVGRQWVHXOHVOHV
GHX[URXOHWWHVDYDQWVRQWUpJODEOHV YRLUILJXUH% 6LYRWUHUpIULJpUDWHXUYRXVVHPEOHLQVWDEOHRXVLYRXVVRXKDLWH]TXH
OHVSRUWHVIHUPHQWSOXVIDFLOHPHQWUpJOH]VRQLQFOLQDLVRQHQVXLYDQW
OHVLQVWUXFWLRQVFLGHVVRXV VHORQOHPRGqOHFRPPHLOOXVWUpHVXUOHV
ILJXUHVFLFRQWUH 9pULILH]ODSRVLWLRQG LQVWDOODWLRQGHO DSSDUHLOSRXUrWUHVUGHODLVVHUXQ
HVSDFHG DXPRLQVFPGHFKDTXHF{Wp\FRPSULVHQKDXW
%UDQFKH]O DSSDUHLODXUpVHDXpOHFWULTXH
'pSODFH]OHUpIULJpUDWHXUGDQVVDSRVLWLRQGpILQLWLYH
)LJXUH$
2XYUH]OHVGHX[SRUWHVHWHQOHYH]ODSOLQWKHGXEDVSRXUUHSpUHUOHVYLV
GHPLVHjQLYHDXjJDXFKHHWjGURLWHGHODEDVHGXUpIULJpUDWHXU/DYLV
VXSpULHXUH SHUPHWGHUpJOHUODURXOHWWHDUULqUHVLSUpVHQWHWDQGLV
TXHODYLVLQIpULHXUH UqJOHODURXOHWWHDYDQW
8WLOLVH]OHVFOHIVIRXUQLHVSRXUUpJOHUOHVYLVGHPLVHjQLYHDX7RXUQH]
GDQVOHVHQVGHVDLJXLOOHVG XQHPRQWUHSRXUVRXOHYHUO DSSDUHLOHWGDQV
OHVHQVFRQWUDLUHSRXUO DEDLVVHU
,OVHSHXWTX LOVRLWQpFHVVDLUHGHWRXUQHUOHVYLVGHPLVHjQLYHDXGH
SOXVLHXUVWRXUVSRXUUpJOHUO LQFOLQDLVRQGXUpIULJpUDWHXU
5HPDUTXH QHGHVVHUUH]SDVWURSOHVYLVGHPLVHjQLYHDXORUVTXH
YRXVDEDLVVH]O DSSDUHLODILQG pYLWHUTX HOOHVQHVRUWHQW
GHOHXUORJHPHQW
$OLJQHPHQWGHVSRUWHV
6LDSUqVODPLVHHQVHUYLFHGHO DSSDUHLOHWOHFKDUJHPHQWGHVSRUWHV
UpIULJpUDWHXUHWFRQJpODWHXUYRXVFRQVWDWH]XQGpVDOLJQHPHQWGHVHV
GHUQLqUHVGpEUDQFKH]O DSSDUHLOHWSURFpGH]DXUpJODJHGHVGHX[SRUWHV
FRPPHOHPRQWUHOHVFKpPDHQDQQH[H
)LJXUH%
">
