6fr33012.fm5 Page 32 Wednesday, October 31, 2001 2:54 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$&&25'(0(17­/ $55,9e(' ($8
%5$1&+(0(17$85e6($8e/(&75,48(
0,6(­1,9($8'85e)5,*e5$7(85
6fr33012.fm5 Page 33 Wednesday, October 31, 2001 2:54 PM
&RPSDUWLPHQWUpIULJpUDWHXU
$ eFODLUDJHLQWpULHXU
% eFODLUDJHLQWHUPpGLDLUH
& 7DEOHWWHUpJODEOH
' &RXYHUFOHEDF
( %DF
) %DFjOpJXPHV
* 5pJODJHEDFjOpJXPHV
+ %DFjYLDQGH
, 5pJODJHEDFjYLDQGH
/ &RPSDUWLPHQW
0 *DOHULHDYHFDUUrWRLUERXWHLOOHV
1 *DOHULHODYHFDUUrWRLUERXWHLOOHV
2 *DOHULHO
3 &ORLVRQFOD\HWWH
4 &RPSDUWLPHQWjRHXIV
5 )LOWUHHDX VXUFHUWDLQVPRGqOHV
&RPSDUWLPHQWFRQJpODWHXU
6 'LVWULEXWHXUGHJODoRQVDXWRPDWLTXH
7 *ULOOHV
8 3DQLHUEDV
9 3DQLHUKDXW
: %DFjJODoRQV
; eOpPHQWFRQWUHSRUWHFRQJpODWHXU
< %DOFRQQHWFRQWUHSRUWHFRQJpODWHXU
= eFODLUDJHLQWpULHXUVXSpULHXUHWLQIpULHXU
6fr33012.fm5 Page 34 Wednesday, October 31, 2001 2:54 PM
$9$17' ,167$//(5/(5e)5,*e5$7(85
,QWURGXFWLRQ
'pFODUDWLRQGHFRQIRUPLWp
/ DSSDUHLOTXHYRXVYHQH]G DFKHWHUHVWXQDSSDUHLO
IURLGYHQWLOpWRWDOVDQVJLYUHUpVHUYpjXQXVDJH
H[FOXVLYHPHQWPpQDJHUOHVFRPSDUWLPHQWV
UpIULJpUDWHXUHWFRQJpODWHXUVRQWWRXVGHX[j
GpJLYUDJHDXWRPDWLTXH
&HWWHQRWLFHFRQWLHQWWRXWHVOHVLQGLFDWLRQVHWOHV
DYHUWLVVHPHQWVQpFHVVDLUHVSRXULQVWDOOHUO DSSDUHLO
FRUUHFWHPHQWHWHQWRXWHVpFXULWp,OHVW
UHFRPPDQGpGHODOLUHDWWHQWLYHPHQWDYDQWGH
FRPPHQFHUO LQVWDOODWLRQ
(QIRQFWLRQGXPRGqOHTXHYRXVDYH]DFKHWpLOHVW
SRVVLEOHGHFRQVWDWHUGHVGLIIpUHQFHVGDQVOD
GHVFULSWLRQGHWRXVOHVpTXLSHPHQWVHWpOpPHQWVGH
FRPPDQGHSRVVLEOHVGHO DSSDUHLOLQGLTXpVGDQV
FHWWHQRWLFH
&RQVHUYH]FHWWHQRWLFHSRXUGHIXWXUHV
FRQVXOWDWLRQVHWHQFDVGHUHYHQWHUHPHWWH]ODDX
QRXYHDXSURSULpWDLUH
&HWDSSDUHLOHVWGHVWLQpjrWUHPLVHQFRQWDFWDYHF
GHVGHQUpHVDOLPHQWDLUHVHWHVWFRQIRUPHDX'/
GX'LUHFWLYH(XURSpHQQH
&((
eOLPLQDWLRQGHO HPEDOODJH
/HPDWpULHOG HPEDOODJHXWLOLVpSRXUODSURWHFWLRQHW
OHWUDQVSRUWGHO DSSDUHLOHWGHVHVpOpPHQWVHVW
UpDOLVpGDQVGHVPDWpULDX[UHF\FODEOHVFRPPH
O DWWHVWHOHV\PEROH /HVPDWpULDX[G HPEDOODJH VDFKHWVHQSODVWLTXH
pOpPHQWVHQSRO\VW\UqQHHWF GRLYHQWrWUH
FRQVHUYpVKRUVGHSRUWpHGHVHQIDQWVFDULOV
FRQVWLWXHQWXQHVRXUFHSRWHQWLHOOHGHGDQJHU
3RXUODPLVHDXUHEXWGHO HPEDOODJHVXLYH]OHV
UpJOHPHQWDWLRQVORFDOHVHQYLJXHXU
35e&$87,216(75(&200$1'$7,216
*e1e5$/(6
$SUqVDYRLUHQOHYpO HPEDOODJHYpULILH]TXH
O DSSDUHLOQ DSDVVXELGHGRPPDJHHWTXHOHVSRUWHV
IHUPHQWSDUIDLWHPHQW7RXWGRPPDJHpYHQWXHO
GHYUDrWUHVLJQDOpDXUHYHQGHXUGDQVXQGpODLGH
KHXUHV
1RXVYRXVFRQVHLOORQVG DWWHQGUHDXPRLQVGHX[
KHXUHVDYDQWGHPHWWUHO DSSDUHLOHQVHUYLFHDILQTXH
OHFLUFXLWUpIULJpUDQWVRLWSDUIDLWHPHQWHIILFDFH
(QIRQFWLRQGXPRGqOHDFKHWpO DSSDUHLOHVWVDQV
&)& VLOHFLUFXLWUpIULJpUDQWFRQWLHQWGX5D RX
VDQV+)& VLOHFLUFXLWUpIULJpUDQWFRQWLHQWGX5D
LVREXWDQH / LVREXWDQHHVWXQJD]QDWXUHOTXLHVW
VDQVGDQJHUSRXUO HQYLURQQHPHQWPDLVLOHVW
LQIODPPDEOH,OHVWGRQFLQGLVSHQVDEOHGHV DVVXUHU
TXHOHVWX\DX[GXFLUFXLWGHUpIULJpUDWLRQVRQWHQ
SDUIDLWpWDW
/HVLQIRUPDWLRQVUHODWLYHVDX[VXVEVWDQFHV
UpIULJpUDQWHVHWLVRODQWHVXWLOLVpHVVRQWLQGLTXpHV
VXUODSODTXHVLJQDOpWLTXH
1HWWR\H]O LQWpULHXUGHO DSSDUHLODYDQWG LQWURGXLUH
GHVDOLPHQWV
3RXUXQIRQFWLRQQHPHQWFRUUHFWHWVUGH
O DSSDUHLOLQVWDOOH]OHHWEUDQFKH]OHFRPPH
LQGLTXpGDQVFHWWHQRWLFH
/·DSSDUHLOHVWUpJOpSRXUIRQFWLRQQHUGHIDoRQ
RSWLPDOHjWHPSpUDWXUHDPELDQWHFRPSULVHGDQV
OHVLQWHUYDOOHVVXLYDQWVVXUODEDVHGHODFODVVH
FOLPDWLTXHG DSSDUWHQDQFHLQGLTXpHVXUODSODTXH
VLJQDOpWLTXH
&ODVVH
&OLPDWLTXH
7$PE &
7$PE )
61
'Hj
'Hj
1
'Hj
'Hj
67
'Hj
'Hj
6167
'Hj
'Hj
7
'Hj
'Hj
/ DSSDUHLOULVTXHQHGHSDVIRQFWLRQQHU
FRUUHFWHPHQWV LOUHVWHSHQGDQWXQHORQJXHSpULRGH
jXQHWHPSpUDWXUHVXSpULHXUHRXLQIpULHXUHj
O LQWHUYDOOHSUpYX
/DWHPSpUDWXUHjO LQWpULHXUGHVFRPSDUWLPHQWV
SHXWGpSHQGUHGHGLIIpUHQWVIDFWHXUVWHOVTXH
SRVLWLRQQHPHQWGHO DSSDUHLOWHPSpUDWXUH
DPELDQWHIUpTXHQFHG RXYHUWXUHGHVSRUWHV
/ DSSDUHLOGRLWrWUHLQVWDOOpGDQVXQHQGURLWVHFHW
ELHQDpUp
eYLWH]G LQVWDOOHUO DSSDUHLOGDQVGHVHQGURLWV
GLUHFWHPHQWH[SRVpVDX[UD\RQVVRODLUHVRXjF{Wp
GHVRXUFHVGHFKDOHXU IRXUFKDXIIDJHHWF 6LFHOD
Q HVWSDVSRVVLEOHLOFRQYLHQWGHUHVSHFWHUOHV
GLVWDQFHVPLQLPDOHVVXLYDQWHV
&XLVLQLqUHVjFKDUERQRXjPD]RXW FP
&XLVLQLqUHVpOHFWULTXHVHWjJD]
FP
,QVWDOOH]HWPHWWH]O DSSDUHLOjQLYHDXVXUXQVRO
FDSDEOHGHVXSSRUWHUVRQSRLGVGDQVXQHQGURLW
DGDSWpjVHVGLPHQVLRQVHWjVRQXVDJH
$ILQGHSHUPHWWUHOHGpSODFHPHQWGXSURGXLWDLQVL
TX XQHFLUFXODWLRQG DLUVXIILVDQWHODLVVH]XQHVSDFH
PLQLPXPGHFPVXUOHVF{WpVDXGHVVXVGH
O DSSDUHLOHWHQWUHODSDURLDUULqUHHWOHPXU
6fr33012.fm5 Page 35 Wednesday, October 31, 2001 2:54 PM
'pPRQWDJHGHODSRUWHFRQJpODWHXU
6fr33012.fm5 Page 36 Wednesday, October 31, 2001 2:54 PM
'pPRQWDJHGHODSRUWHUpIULJpUDWHXU
6fr33012.fm5 Page 37 Wednesday, October 31, 2001 2:54 PM
0RQWDJHGHODSRUWHFRQJpODWHXU
6fr33012.fm5 Page 38 Wednesday, October 31, 2001 2:54 PM
0RQWDJHGHODSRUWHUpIULJpUDWHXU
6fr33012.fm5 Page 39 Wednesday, October 31, 2001 2:54 PM
5$&&25'(0(17­/ $55,9e(' ($8
'pEUDQFKH]YRWUHUpIULJpUDWHXUGHO DOLPHQWDWLRQ
pOHFWULTXHDYDQWGHFRPPHQFHUO LQWHUYHQWLRQ
/HGLVWULEXWHXUGHJODoRQHWOHFLUFXLWG HDXGRLYHQWrWUH
UDFFRUGpVjXQHDUULYpHG HDXGLVWULEXDQWGHO HDXSRWDEOHHW
RXpSXUpHFKLPLTXHPHQW
,OHVWUHFRPPDQGpGHWRXMRXUVUHVSHFWHUOHVQRUPHVORFDOHV
HQYLJXHXUFRQFHUQDQWOHUDFFRUGHPHQWjO DUULYpHG HDX
/·DSSDUHLOHVWIRXUQLDYHFXQWX\DXG HDXG XQHORQJXHXUGH
PGpMjEUDQFKpjO DUULqUHGHO DSSDUHLOHWHVWGRWp
G XQUDFFRUGG·DGDSWDWLRQSRXUOHEUDQFKHPHQWGX
GLVWULEXWHXUGHJODoRQVjO DUULYpHG HDX
(QOHYH]OHUXEDQDGKpVLIG HPEDOODJHGXWX\DXG HDXJULV
HQURXOpjO DUULqUHGHO DSSDUHLO
(QOHYH]OHERXFKRQGHSURWHFWLRQGHO H[WUpPLWpGXWX\DX
G HDXJULV
5DFFRUGH]OHWX\DXG HDX DXUDFFRUGGHO·DGDSWDWLRQ $SUqVDYRLUVHUUpOHUDFFRUGjODPDLQRXWRXUV
VXSSOpPHQWDLUHVGHYUDLHQWVXIILUH
%UDQFKH]OHUDFFRUGG·DGDSWDWLRQ jO DUULYpHG HDXGH
YRWUHGRPLFLOH 9pULILH]TXHOHWX\DXG HDXQ HVWSDVHQWRUWLOOp
/ DSSDUHLOHVWUpJOpHQXVLQHSRXUIRQFWLRQQHUjXQHSUHVVLRQ
FRPSULVHHQWUHHWDWPRVSKqUHV HWSVL 2XYUH]OHURELQHWG HDXHWYpULILH]O pWDQFKpLWppOLPLQH]OHV
pYHQWXHOOHVIXLWHV
/HUpIULJpUDWHXUQ DEHVRLQQLGHUpJODJHQLGHERQGH
G pYDFXDWLRQ
6fr33012.fm5 Page 40 Wednesday, October 31, 2001 2:54 PM
%5$1&+(0(17$85e6($8e/(&75,48(
/DPLVHjODWHUUHGHO DSSDUHLOHVWREOLJDWRLUHDX[WHUPHVGHOD
ORL/HIDEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpHQFDVGH
GRPPDJHVpYHQWXHOVVXELVSDUGHVSHUVRQQHVGHVDQLPDX[RX
GHVELHQVVXLWHjODQRQREVHUYDWLRQGHVQRUPHVHQYLJXHXU
$VVXUH]YRXVTXHO LQVWDOODWLRQHWOHEUDQFKHPHQWpOHFWULTXHRQW
pWpUpDOLVpVVHORQOHVLQVWUXFWLRQVGXIDEULTXDQWHW
FRQIRUPpPHQWDX[QRUPHVORFDOHVHQYLJXHXUHQPDWLqUHGH
VpFXULWp
6LO DSSDUHLOTXHYRXVYHQH]G DFKHWHUHVWpTXLSpG XQHILFKHVDQV
WHUUHEUDQFKH]YRWUHFkEOHGHWHUUHMDXQHYHUW $ jODYLVGH
WHUUHSUpVHQWHVXUO DSSDUHLO % YRLUILJXUH
/HW\SHGHFRXUDQWHWODWHQVLRQGHOLJQHDX[TXHOVO DSSDUHLOVHUD
EUDQFKpGRLYHQWFRUUHVSRQGUHDX[LQGLFDWLRQVGHODSODTXH
VLJQDOpWLTXH
3UpYR\H]XQDFFqVjODSULVHGHEUDQFKHPHQWGHO DSSDUHLOPrPH
DSUqVO LQVWDOODWLRQGHIDoRQjSRXYRLUGpEUDQFKHUIDFLOHPHQWOD
SULVHHQFDVGHEHVRLQ6LFHODQ HVWSDVSRVVLEOHEUDQFKH]
O DSSDUHLODXUpVHDXDXPR\HQG XQLQWHUUXSWHXUELSRODLUHPRQWp
GDQVXQHQGURLWDFFHVVLEOHDYHFXQHGLVWDQFHG RXYHUWXUHGHV
FRQWDFWVG DXPRLQVPP
6LODSULVHHWODILFKHQHVRQWSDVGXPrPHW\SHUHPSODFH]OD
SULVH
1 XWLOLVH]SDVG DGDSWDWHXUVGHUDOORQJHVQLGHSULVHVPXOWLSOHV
$SUqVO LQVWDOODWLRQYpULILH]TXHOHUpIULJpUDWHXUQ HVWSDVSRVp
VXUOHFkEOHG DOLPHQWDWLRQ
3RXUGpEUDQFKHUO DSSDUHLOGHODSULVHHQOHYH]ODILFKHQHWLUH]
MDPDLVVXUOHFkEOHG DOLPHQWDWLRQ
6fr33012.fm5 Page 41 Wednesday, October 31, 2001 2:54 PM
0,6(­1,9($8'85e)5,*e5$7(85
/HUpIULJpUDWHXUHVWpTXLSpGHGHX[URXOHWWHVDYDQWHWGH
GHX[URXOHWWHVDUULqUHVLWXpHVGHFKDTXHF{WpjODEDVHGH
O DSSDUHLOHWTXLSHXYHQWrWUHUpJOpHVSDUO DYDQW
6LYRWUHUpIULJpUDWHXUYRXVVHPEOHLQVWDEOHRXVLYRXV
VRXKDLWH]TXHOHVSRUWHVIHUPHQWSOXVIDFLOHPHQWUpJOH]
VRQLQFOLQDLVRQHQVXLYDQWOHVLQVWUXFWLRQVFLGHVVRXV
9pULILH]O HPSODFHPHQWG LQVWDOODWLRQGHO DSSDUHLODILQGH
FRQWU{OH]TXHYRXVDYH]ODLVVpXQHVSDFHG DXPRLQVFPGH
FKDTXHF{Wp\FRPSULVHQKDXW
%UDQFKH]OHjO DUULYpHG HDX
'pSODFH]OHUpIULJpUDWHXUGDQVVDSRVLWLRQGpILQLWLYH
2XYUH]OHVGHX[SRUWHVHWHQOHYH]ODSOLQWKHGXEDVSRXU
UHSpUHUOHVYLVGHPLVHjQLYHDXjJDXFKHHWjGURLWHGHOD
EDVHGXUpIULJpUDWHXU/DYLVLQIpULHXUHHWODYLVVXSpULHXUH
UqJOHQWUHVSHFWLYHPHQWO DUULqUH HWO DYDQW GH
O DSSDUHLO
8WLOLVH]ODFOpHQGRWDWLRQSRXUUpJOHUOHVYLVGHPLVHjQLYHDX
HQWRXUQDQWUHVSHFWLYHPHQWjGURLWHRXjJDXFKHSRXUOHYHU
RXDEDLVVHUOHVF{WpVFRUUHVSRQGDQWVGHO DSSDUHLO
,OVHSHXWTX LOVRLWQpFHVVDLUHGHWRXUQHUOHVYLVGHPLVHj
QLYHDXGHSOXVLHXUVWRXUVSRXUUpJOHUO LQFOLQDLVRQGX
UpIULJpUDWHXU
5HPDUTXHQHGHVVHUUH]SDVWURSOHVYLVGHPLVHjQLYHDX
ORUVTXHYRXVDEDLVVH]O DSSDUHLO
/DWrWHGHODYLVFRPPHQFHjVHGpWDFKHUGXUpIULJpUDWHXUGDQV
ODSRVLWLRQODSOXVEDVVH
6LODYLVVRUWFRPSOqWHPHQWGHODSDWWHGHIL[DWLRQGHODURXOHWWH
DUULqUHHQOHYH]OHFDFKHG DFFqVDXFRPSDUWLPHQWjO DUULqUHGX
UpIULJpUDWHXUSRXUUpLQVWDOOHUODYLV
$OLJQHPHQWGHVSRUWHV
6LDSUqVODPLVHHQVHUYLFHGHO DSSDUHLOHWOHFKDUJHPHQWGHV
SRUWHVUpIULJpUDWHXUHWFRQJpODWHXUYRXVFRQVWDWH]XQ
GpVDOLJQHPHQWGHVHVGHUQLqUHVGpEUDQFKH]O DSSDUHLOHW
SURFpGH]DXUpJODJHGHVGHX[SRUWHVFRPPHOHPRQWUHOH
VFKpPDHQDQQH[H
6fr33012.fm5 Page 42 Wednesday, October 31, 2001 2:54 PM
$OLJQHPHQWKRUL]RQWDOSRUWHFRQJpODWHXU
6fr33012.fm5 Page 43 Wednesday, October 31, 2001 2:54 PM
$OLJQHPHQWKRUL]RQWDOSRUWHUpIULJpUDWHXU
6fr33012.fm5 Page 44 Wednesday, October 31, 2001 2:54 PM
$OLJQHPHQWYHUWLFDOSRUWHFRQJpODWHXU
6fr33012.fm5 Page 45 Wednesday, October 31, 2001 2:54 PM
$OLJQHPHQWYHUWLFDOSRUWHUpIULJpUDWHXU
">
Link pubblico aggiornato
Il link pubblico alla tua chat è stato aggiornato.