6fr33004.fm5 Page 12 Friday, August 24, 2001 10:36 AM
02'('·(03/2,
$9$17'·87,/,6(5/·$33$5(,/
&216(,/63285/$3527(&7,21'(
/·(19,5211(0(17
35e&$87,216(75(&200$1'$7,216
*e1e5$/(6
&200(1787,/,6(5/·$33$5(,/
(175(7,(1(71(772<$*(
',$*1267,&'(63$11(6
6(59,&($35Ë69(17(
,167$//$7,21
6fr33004.fm5 Page 13 Friday, August 24, 2001 10:36 AM
$9$17'·87,/,6(5/·$33$5(,/
3RXUXWLOLVHUDXPLHX[YRWUHKRWWHQRXVYRXV
LQYLWRQVjOLUHDWWHQWLYHPHQWOHPRGHG·HPSORL
&RQVHUYH]FHWWHQRWLFHHOOHSRXUUDYRXVrWUH
XWLOH
1HODLVVH]SDVOHVpOpPHQWVG·HPEDOODJH VDFKHWVHQ
SODVWLTXHPRUFHDX[GHSRO\VW\UqQHHWF jODSRUWpH
GHVHQIDQWVFDULOVUHSUpVHQWHQWXQHVRXUFH
SRWHQWLHOOHGHGDQJHU
9pULILH]TXHODKRWWHQ·DVXELDXFXQGRPPDJH
SHQGDQWOHWUDQVSRUW
$VVXUH]YRXVTXHO·LQVWDOODWLRQHWOHVUDFFRUGHPHQWV
pOHFWULTXHVHWVXUOHVFRQGXLWVG·pYDFXDWLRQRQWpWp
HIIHFWXpVSDUXQWHFKQLFLHQTXDOLILpFRQIRUPpPHQW
DX[LQVWUXFWLRQVGXIDEULFDQWHWDX[QRUPHVGHV
DXWRULWpVFRPSpWHQWHVHQODPDWLqUH
&216(,/63285/$3527(&7,21'(
/·(19,5211(0(17
1. (PEDOODJH
/HVPDWpULDX[G·HPEDOODJHVRQWUHF\FODEOHVHW
SRUWHQWOHV\PEROHGHUHF\FODJH 3RXUODPLVHDX
UHEXWUHVSHFWH]OHVQRUPHVORFDOHV1HODLVVH]SDVOHV
pOpPHQWVG·HPEDOODJH VDFKHWVHQSODVWLTXHPRUFHDX[GH
SRO\VW\UqQHHWF jODSRUWpHGHVHQIDQWVFDULOV
UHSUpVHQWHQWXQHVRXUFHSRWHQWLHOOHGHGDQJHU
2. 3URGXLW
&HWDSSDUHLODpWpFRQVWUXLWDYHFGHVPDWpULDX[
UHF\FODEOHV0HWWH]OHDXUHEXWHQVXLYDQWOHV
SUHVFULSWLRQVORFDOHVSRXUO·pOLPLQDWLRQGHVGpFKHWV
5HQGH]OHLQXWLVDEOHHQWDLOODQWOHFkEOHG·DOLPHQWDWLRQ
1H OHMHWH]SDVGDQVODQDWXUHPDLVUHPHWWH]OHjXQ
FHQWUHGHFROOHFWHVSpFLDOLVp
35e&$87,216(75(&200$1'$7,216
*e1e5$/(6
1. $YDQWWRXWHRSpUDWLRQGHQHWWR\DJHRX
G·HQWUHWLHQGpEUDQFKH]O·DSSDUHLOHQUHWLUDQWOD
ILFKHRXHQFRXSDQWO·LQWHUUXSWHXUJpQpUDOGH
O·KDELWDWLRQ
2. /·DLUDVSLUpSDUODKRWWHQHGRLWSDVrWUHpYDFXpGDQV
XQFRQGXLWTXLVHUWjO·pYDFXDWLRQGHVIXPpHVGHV
DSSDUHLOVGHFKDXIIDJHRXGHVDSSDUHLOVDOLPHQWpVSDU
XQHpQHUJLHDXWUHTX·pOHFWULTXH
3. $XFXQDOLPHQWQHGRLWrWUHIODPEpVRXVODKRWWH
/HVIODPPHVSRXUUDLHQWrWUHVRXUFHG·LQFHQGLH
4. ­O·RFFDVLRQGHVIULWXUHVQHODLVVH]SDVODSRrOH
VDQVVXUYHLOODQFHFDUO·KXLOHERXLOODQWHSRXUUDLW
SUHQGUHIHX
5. 8QHQWUHWLHQUpJXOLHUHVWXQHJDUDQWLHGHERQ
IRQFWLRQQHPHQWHWGHERQUHQGHPHQWGHO·DSSDUHLO
6LODKRWWHHVWXWLOLVpHHQPrPHWHPSVTXHGHV
DSSDUHLOVDOLPHQWpVSDUGHO·pQHUJLHDXWUH
TX·pOHFWULTXHODGpSUHVVLRQGDQVODSLqFHQHGRLWSDV
GpSDVVHU3D [EDU 3RXUFHWWHUDLVRQDVVXUH]YRXVTXHODSLqFHHVWELHQ
DpUpH
7. 1HWWR\H]UpJXOLqUHPHQWWRXVOHVGpS{WVODLVVpVVXUOHV
VXUIDFHVVDOLHV(QOHYH]HWQHWWR\H]RXUHPSODFH]
IUpTXHPPHQWOHILOWUH,OHVWLQWHUGLWG·XWLOLVHUWRXW
W\SHGHPDWpULDXLQIODPPDEOHSRXUWUDQVSRUWHUO·DLU
G·pYDFXDWLRQ
'pFODUDWLRQGHFRQIRUPLWp
&HWDSSDUHLODpWpFRQoXIDEULTXpHWFRPPHUFLDOLVpHQ
FRQIRUPLWpDYHF
OHVREMHFWLIVGHVpFXULWpGHOD'LUHFWLYH
´%DVVH7HQVLRQµ&((
OHVTXDOLWpVGHSURWHFWLRQUHTXLVHVSDUOD'LUHFWLYH
´&(0µ&((PRGLILpHSDUOD'LUHFWLYH
&((
6fr33004.fm5 Page 14 Friday, August 24, 2001 10:36 AM
&200(1787,/,6(5/·$33$5(,/
,OHVWFRQVHLOOpGHPHWWUHODKRWWHHQPDUFKHTXHOTXHVPLQXWHVDYDQWGHFRPPHQFHUjFXLVLQHUHWGHODODLVVHU
IRQFWLRQQHUDXPRLQV PLQXWHVDSUqVDYRLUILQL
1. 3RXUOHVPRGqOHVTXLHQVRQWpTXLSpVGpJDJH]ODYLVLqUHHQYHUUHHVFDPRWDEOH RQDXJPHQWHDLQVLOHUHQGHPHQW
GHODKRWWH 2. 5pJOH]O·LQWHUUXSWHXUGHVpOHFWLRQGHVYLWHVVHVHQIRQFWLRQGHODTXDQWLWpGHIXPpHHWGHYDSHXUTXLGRLWrWUH
DVSLUpH
3. eWHLJQH]ODKRWWH PLQXWHVDSUqVDYRLUILQLGHFXLVLQHU
4. 5HIHUPH]ODYLVLqUHHQYHUUHHVFDPRWDEOH VXUOHVPRGqOHVTXLHQVRQWpTXLSpV (175(7,(1(71(772<$*(
$YDQWWRXWHRSpUDWLRQGHQHWWR\DJHRXG·HQWUHWLHQGpEUDQFKH]O·DSSDUHLOHQUHWLUDQWODILFKHRXHQ
FRXSDQWO·LQWHUUXSWHXUJpQpUDOGHO·KDELWDWLRQ
)LOWUHjJUDLVVHV
/DYH]OHILOWUHHQPDWpULDXDEVRUEDQWDQWLJUDLVVHGDQVGHO·HDXFKDXGHDYHFGXVDYRQXQHIRLVSDUPRLV
ODLVVH]OHWUHPSHUj KHXUHVQHO·HVVRUH]SDVUpSpWH]pYHQWXHOOHPHQWO·RSpUDWLRQHWUHPSODFH]OHDSUqV
O·DYRLUODYpj IRLV 5HPSODFH]OHILOWUHjJUDLVVHVHQSDSLHUWRXVOHVPRLV
5HPSODFH]OHILOWUHjJUDLVVHVHQSDSLHUjLQGLFDWHXUDXPRLQVXQHIRLVWRXVOHVGHX[PRLVRXGqVTXHOD
FRXOHXUGHODSDUWLHVXSpULHXUHGHYLHQWYLVLEOHjWUDYHUVOHVWURXVGHODJULOOH
/HILOWUHHQSDSLHUHVWFRORUpG·XQF{WpHWFHWWHFRXOHXUQHGRLWSDVVHYRLUjWUDYHUVOHVWURXVGHODJULOOHORUVTXH
OHILOWUHHVWQHXI
/HILOWUHPpWDOOLTXHjJUDLVVHVDXQHGXUpHLOOLPLWpHHWGRLWrWUHODYpXQHIRLVSDUPRLVjODPDLQRXHQ
ODYHYDLVVHOOH & DYHFGHVGpWHUJHQWVDSSURSULpV
/DLVVH]VpFKHUOHILOWUHVDQVO·DEvPHUDYDQWGHOHUHPHWWUHHQSODFH
&KDTXHIRLVTXHYRXVQHWWR\H]RXUHPSODFH]OHILOWUHjJUDLVVHVSHQVH]pJDOHPHQWjQHWWR\HUWRXWHVOHVSDUWLHV
YLVLEOHVGHODKRWWH
)LOWUHDXFKDUERQ
´9HUVLRQDVSLUDQWHµYRLUSDJHVXLYDQWH
/HILOWUHDXFKDUERQQHSHXWrWUHQLODYpQLUpJpQpUp
(QFRQGLWLRQVG·XWLOLVDWLRQQRUPDOHOHILOWUHDXFKDUERQGRLWrWUHUHPSODFp
WRXVOHVPRLV )LOWUHDXFKDUERQUHFWDQJXODLUH WRXVOHVPRLV )LOWUHDXFKDUERQFLUFXODLUH &RPPHQWUHPSODFHUOHVDPSRXOHV
1. 'pJDJH]ODYLVLqUHHQYHUUHHVFDPRWDEOH VLO·DSSDUHLOHQHVWpTXLSp 2. 2XYUH]ODJULOOHRXOHSODIRQQLHUHWUHWLUH]OHILOWUHjJUDLVVHV
3. 5HWLUH]O·DPSRXOHJULOOpHHWUHPSODFH]ODSDUXQHQHXYHHQYRXVDVVXUDQWTX·HOOHSUpVHQWHODPrPHSXLVVDQFH
pOHFWULTXH5HIHUPH]ODJULOOHRXOHSODIRQQLHURXOHILOWUHjJUDLVVHVPpWDOOLTXH
1HWWR\DJHGHODKRWWH
8WLOLVH]XQFKLIIRQGRX[LPELEpG·DOFRROGpQDWXUpRXG·XQGpWHUJHQWOLTXLGHSDVWURSFRQFHQWUp1·XWLOLVH]MDPDLVGH
VXEVWDQFHVDEUDVLYHV
$WWHQWLRQ 1HSDVVXLYUHOHVLQVWUXFWLRQVGHQHWWR\DJHGHODKRWWHDLQVLTXHFHOOHVUHODWLYHVDXUHPSODFHPHQWRXDX
ODYDJHGHVILOWUHVSHXWrWUHVRXUFHG·LQFHQGLH
',$*1267,&'(63$11(6
/DKRWWHQHIRQFWLRQQHSDV
/DILFKHHVWHOOHELHQHQIRQFpHGDQVODSULVHGHFRXUDQW"
<DWLOXQHFRXSXUHGHFRXUDQW"
/HIXVLEOHHVWLOJULOOp"
/DSXLVVDQFHG·DVSLUDWLRQHVWLQVXIILVDQWH
$YH]YRXVFKRLVLODERQQHYLWHVVH"
/HVILOWUHVGRLYHQWLOVrWUHODYpVRXUHPSODFpV"
/HVVRUWLHVG·DLUQHVRQWHOOHVSDVREVWUXpHV"
/·DPSRXOHQHV·DOOXPHSDV
/·DPSRXOHQHGRLWHOOHSDVrWUHUHPSODFpH"
/·DPSRXOHDWHOOHpWpPRQWpHFRUUHFWHPHQW"
/HIXVLEOHHVWLOJULOOp"
1HFKHUFKH]SDVjUpSDUHUYRXVPrPHODKRWWH
9RXVQHSRXYH]SRUWHUUHPqGHTX·DX[VHXOV
SUREOqPHVGpFULWVFLGHVVXV
6fr33004.fm5 Page 15 Friday, August 24, 2001 10:36 AM
6(59,&($35Ë69(17(
$YDQWG·DSSHOHUOH6HUYLFH$SUqV9HQWH
1. 9pULILH]VLYRXVQHSRXYH]SDVpOLPLQHUYRXVPrPHOH
SUREOqPH YRLU´'LDJQRVWLFGHVSDQQHVµ • OHQXPpURGH6HUYLFH QXPpURTXLVHWURXYHVRXVOH
PRW6(59,&(VXUODSODTXHVLJQDOpWLTXHSODFpHj
O·LQWpULHXUGHODKRWWHGHUULqUHOHILOWUHjJUDLVVHV
2. $UUrWH]ODKRWWHTXHOTXHVPLQXWHVSXLVIDLWHVOD
UHGpPDUUHUSRXUYpULILHUVLOHSUREOqPHDpWppOLPLQp
3. 6LOHUpVXOWDWHVWQpJDWLIFRQWDFWH]OH6HUYLFH$SUqV
9HQWH
&RPPXQLTXH]
OHW\SHGHSDQQH
OHPRGqOH
YRWUHDGUHVVHFRPSOqWH
YRWUHQXPpURGHWpOpSKRQHHWYRWUHLQGLFDWLI
,167$//$7,21
(QPRQWDQWODKRWWHSHQVH]jPDLQWHQLUOHVGLVWDQFHVPLQLPDOHVDXWRULVpHVSDUUDSSRUWDXSODQGH
FXLVVRQHWVXLYH]O·RUGUHQXPpULTXHGHVLQVWUXFWLRQVHQDQQH[H YRLUODILFKHG·LQVWDOODWLRQ 9HUVLRQDVSLUDQWH
YRLUpJDOHPHQWODILFKHG·LQVWDOODWLRQ
$
/HVYDSHXUVVRQWDVSLUpHVjO·H[WpULHXUjWUDYHUVXQFRQGXLWG·pYDFXDWLRQIL[pjODEDJXHGHUDFFRUG
/HGLDPqWUHGXFRQGXLWG·pYDFXDWLRQGRLWFRUUHVSRQGUHjFHOXLGHODEDJXHGHUDFFRUG
6LOHFRQGXLWHVWGRWpG·XQFODSHWDQWLUHWRXUFRQWU{OH]VLFHGHUQLHUSHXWV·RXYULUHWVHUHIHUPHUVDQV
SUREOqPHXQHIRLVOHFRQGXLWPRQWp
/DKRWWHSHXWrWUHGRWpHG·XQRULILFH VXSpULHXU RXGHGHX[RULILFHV VXSpULHXUHWDUULqUH G·pYDFXDWLRQ
/DKRWWHHVWFRQoXHSRXUXWLOLVHUO·RULILFHG·pYDFXDWLRQVXSpULHXU
1. /DEDJXHGHUDFFRUGGRLWVHWURXYHUGDQVO·RULILFHG·pYDFXDWLRQVXSpULHXU
8WLOLVH]O·RULILFHG·pYDFXDWLRQDUULqUH SRXUOHVPRGqOHVTXLHQVRQWGRWpV 1. 5HWLUH] VLSUpVHQW OHERXFKRQTXLIHUPHO·RULILFHDUULqUHHWODEDJXHGHUDFFRUG
2. &HUWDLQVPRGqOHVVRQWGRWpVG·XQGpYLDWHXUHQSODVWLTXHTXLERXFKHO·RULILFHDUULqUHeYHQWXHOOHPHQWUHWLUH]OH
3. 0RQWH]ODEDJXHGHUDFFRUGGDQVO·RULILFHDUULqUH
4. 0RQWH]OHERXFKRQ V·LOHVWSUpYX GDQVO·RULILFHVXSpULHXU
$WWHQWLRQ 6LODKRWWHHVWGRWpHG·XQILOWUHDXFKDUERQUHWLUH]OH
&RQWU{OH]TXHOHVpOHFWHXUjO·LQWpULHXUGHODKRWWH V·LOHVWSUpYX HVWVXUODSRVLWLRQ´$µ$VSLUDQWHGDQVOHFDV
FRQWUDLUHPHWWH]OHLPPpGLDWHPHQWVXUFHWWHSRVLWLRQ
9HUVLRQ)LOWUDQWH
YRLUpJDOHPHQWODILFKHG·LQVWDOODWLRQ
)
/·DLUHVWILOWUpHQSDVVDQWjWUDYHUVXQILOWUHDXFKDUERQSXLVUHF\FOpGDQVODSLqFH/·DLUILOWUpHVWpYDFXpYHUVOHKDXWGH
ODFXLVLQH
$WWHQWLRQ 6LODKRWWHQ·HVWSDVGRWpHGXILOWUHDXFKDUERQFRPPDQGH]OHHWPRQWH]OHDYDQWG·XWLOLVHUOD
KRWWH
&RQWU{OH]TXHOHVpOHFWHXUjO·LQWpULHXUGHODKRWWH V·LOHVWSUpYX HVWVXUODSRVLWLRQ´)µ)LOWUDQWHGDQVOHFDV
FRQWUDLUHPHWWH]OHLPPpGLDWHPHQWVXUFHWWHSRVLWLRQ
6LO·DSSDUHLOHVWIRXUQLDYHFOHERXFKRQIHUPH]O·RULILFHG·pYDFXDWLRQVXSpULHXU
%UDQFKHPHQWpOHFWULTXH
$YDQWGHEUDQFKHUODKRWWHDVVXUH]YRXVTXHODWHQVLRQLQGLTXpHVXUODSODTXHVLJQDOpWLTXHGHO·DSSDUHLOFRUUHVSRQGj
FHOOHGHYRWUHKDELWDWLRQ
/DSODTXHVLJQDOpWLTXHVHWURXYHjO·LQWpULHXUGHODKRWWHGHUULqUHODJULOOH
/DKRWWHSHXWrWUHOLYUpHDYHFXQHILFKHVWDQGDUG6LF·HVWOHFDVEUDQFKH]ODGDQVXQHSULVHGHW\SHVWDQGDUGSODFpH
GDQVXQHQGURLWDFFHVVLEOH
6LODKRWWHHVWGpSRXUYXHGHILFKHXWLOLVH]HQXQHFRQIRUPHDX[QRUPHVHQYLJXHXURXELHQPRQWH]XQLQWHUUXSWHXU
ELSRODLUHFRQIRUPHDX[QRUPHVHQYLJXHXUDYHFXQHRXYHUWXUHPLQLPDOHGHPPHQWUHOHVFRQWDFWVSODFpGDQVXQ
HQGURLWDFFHVVLEOH
/HIDEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpSRXUWRXWSUREOqPHGjODQRQREVHUYDWLRQGHVLQVWUXFWLRQV
FLGHVVXV
">