3fr33091.fm Page 4 Tuesday, March 23, 2004 4:59 PM
02'(' (03/2,
'(6&5,37,21'(/ $33$5(,/
$9$17' 87,/,6(5/(5e)5,*e5$7(85
,167$//$7,21
&200(17)$,5()21&7,211(5/(
&203$57,0(175e)5,*e5$7(85
&21*e/$7(85
&21*e/$7,21
(175(7,(1(71(772<$*(
35e&$87,216(1&$6' $%6(1&(
352/21*e(
',$*1267,&5$3,'($66,67$1&(
0,6($85(%87'85e)5,*e5$7(85
3fr33091.fm Page 5 Tuesday, March 23, 2004 4:59 PM
'(6&5,37,21'(/ $33$5(,/
&RPSDUWLPHQWFRQJpODWHXU
7 *ULOOHV
8 3HWLWEDF VHORQOHVPRGqOHV
9 *UDQGEDF
< %DOFRQQHWFRQWUHSRUWHIUHH]HU
= eFODLUDJHLQWpULHXUVXSpULHXU HWLQIpULHXUVHORQ
OHVPRGqOHV
&RPSDUWLPHQWUpIULJpUDWHXU
$ eFODLUDJHLQWpULHXUEDQGHDXGHFRPPDQGHV
% eFODLUDJHLQWHUPpGDLUH VHORQOHVPRGqOHV
& &OD\HWWHUpJODEOH
' &RXYHUFOHGXEDF
( %DF VHORQOHVPRGqOHV
) %DFjOpJXPHV
* 5pJODJHGXEDFjOpJXPHV
+ %DFjYLDQGH
, 5pJODJHGXEDFjYLDQGH
/ &RPSDUWLPHQW
0 %DOFRQQHW DYHFFDOHERXWHLOOHVVHORQOHV
PRGqOHV
1 %DOFRQQHWO DYHFFDOHERXWHLOOHVVHORQOHV
PRGqOHV
2 %DOFRQQHWO
3 &ORLVRQLQWHUQH VHORQOHVPRGqOHV
4 &RPSDUWLPHQWSRXU±XIV
3fr33091.fm Page 6 Tuesday, March 23, 2004 4:59 PM
$9$17' 87,/,6(5/(5e)5,*e5$7(85
$SUqVDYRLUGpEDOOpO DSSDUHLODVVXUH]YRXV
TX LOQ HVWSDVHQGRPPDJpHWTXHOHVSRUWHV
IHUPHQWSDUIDLWHPHQW7RXWGRPPDJH
pYHQWXHOGHYUDrWUHVLJQDOpDXUHYHQGHXUGDQV
XQGpODLGHKHXUHV
/ HPEDOODJHHVWUHF\FODEOHHWSRUWHOH
V\PEROHGXUHF\FODJH /HUpIULJpUDWHXUDpWpIDEULTXpDYHFGHV
PDWpULDX[UHF\FODEOHV3RXUODPLVHDXUHEXW
UHVSHFWH]OHVQRUPHVUHODWLYHVjO pOLPLQDWLRQ
GHVGpFKHWVHQYLJXHXUGDQVOHSD\V
G LQVWDOODWLRQ3RXUpYLWHUWRXWULVTXH
G pWRXIIHPHQWHWG HPSULVRQQHPHQW
LQWHUGLVH]DX[HQIDQWVGHMRXHURXGHVHFDFKHU
GDQVOHUpIULJpUDWHXU$XPRPHQWGHODPLVHDX
UHEXWUHQGH]O DSSDUHLOLQXWLOLVDEOHHQ
GpPRQWDQWOHVSRUWHVHWHQVHFWLRQQDQWOHFkEOH
G DOLPHQWDWLRQ1HOHMHWH]SDVGDQVODQDWXUH
PDLVUHPHWWH]OHjXQFHQWUHGHFROOHFWH
VSpFLDOLVpTXLSURFpGHUDjODUpFXSpUDWLRQGHV
JD]UpIULJpUDQWV
$VVXUH]YRXVTXHO LQVWDOODWLRQHWOH
EUDQFKHPHQWpOHFWULTXHRQWpWpUpDOLVpVSDU
XQWHFKQLFLHQTXDOLILpVXLYDQWOHVLQVWUXFWLRQV
GXIDEULTXDQWHWFRQIRUPpPHQWDX[QRUPHV
ORFDOHVHQYLJXHXU
'pFODUDWLRQGHFRQIRUPLWp
&HWDSSDUHLOHVWGHVWLQpjrWUHPLVHQ
FRQWDFWDYHFGHVGHQUpHVDOLPHQWDLUHVHWHVW
FRQIRUPHjOD'LUHFWLYH(XURSpHQQH
&((
&HWDSSDUHLODpWpFRQoXFRQVWUXLWHWPLVVXU
OHPDUFKpFRQIRUPpPHQWDX[
REMHFWLIVGHVpFXULWpGHOD'LUHFWLYH
HXURSpHQQH´%DVVH7HQVLRQµQ
FRQGLWLRQVUHTXLVHVHQPDWLqUHGHSURWHFWLRQ
GHOD'LUHFWLYH´(0&µ&((PRGLILpH
SDUOD'LUHFWLYH&((
&HWDSSDUHLOQHFRQWLHQWSDVGH&)&3RXU
SOXVGHGpWDLOVYRLUODSODTXHVLJQDOpWLTXHTXL
VHWURXYHVXUO DSSDUHLO
3UpFDXWLRQVHWUHFRPPDQGDWLRQVJpQpUDOHV
1 XWLOLVH]OHFRPSDUWLPHQWUpIULJpUDWHXUTXHSRXUOD
FRQVHUYDWLRQG DOLPHQWVIUDLVHWOHFRPSDUWLPHQWFRQJpODWHXU
TXHSRXUODFRQVHUYDWLRQG DOLPHQWVVXUJHOpVODFRQJpODWLRQ
G DOLPHQWVIUDLVHWODSURGXFWLRQGHJODoRQV
$SUqVO LQVWDOODWLRQDVVXUH]YRXVTXHOHUpIULJpUDWHXUQ HVW
SDVSRVpVXUOHFkEOHG DOLPHQWDWLRQ
1 LQWURGXLVH]SDVGHUpFLSLHQWVHQYHUUHFRQWHQDQWGHV
OLTXLGHVGDQVOHFRQJpODWHXUFDULOVSRXUUDLHQWH[SORVHU
1HPDQJH]SDVOHVJODoRQVRXOHVJODFHVLPPpGLDWHPHQW
DSUqVOHVDYRLUVRUWLVGXFRQJpODWHXUFDULOVSRXUUDLHQW
SURYRTXHUGHVEUOXUHVGXHVDXIURLG
$YDQWG HIIHFWXHUWRXWHRSpUDWLRQG HQWUHWLHQRXGH
QHWWR\DJHYHLOOH]jGpEUDQFKHUO DSSDUHLORXjFRXSHU
O DOLPHQWDWLRQpOHFWULTXH
1 HQWUHSRVH]SDVHWQ XWLOLVH]SDVG HVVHQFHGHOLTXLGHVRXGH
JD]LQIODPPDEOHVjSUR[LPLWpGXUpIULJpUDWHXURXGHWRXW
DXWUHDSSDUHLOPpQDJHU/HVpPDQDWLRQVSHXYHQWSURYRTXHU
XQULVTXHG LQFHQGLHRXG H[SORVLRQ
,167$//$7,21
$VVXUH]YRXVTXHOHUpIULJpUDWHXUHVWjO pFDUWGHWRXWHVRXUFH
GHFKDOHXU
3ODFH]O DSSDUHLOGDQVXQHQGURLWVHFHWELHQDpUp
/DLVVH]XQHVSDFHGHFPGHSDUWHWG DXWUHGHO DSSDUHLOHW
DXGHVVXVGHFHOXLFLDILQG DVVXUHUXQHYHQWLODWLRQFRUUHFWH
1HWWR\H]O LQWpULHXUGXUpIULJpUDWHXUDYDQWGHO XWLOLVHU
/DLVVH]UHSRVHUO DSSDUHLO QHOHGpSODFH]SDV SHQGDQWDX
PRLQVKHXUHDYDQWGHOHEUDQFKHU
,QVWDOOH]OHUpIULJpUDWHXUHWPHWWH]OHGHQLYHDXVXUXQVROTXL
HQVXSSRUWHUDOHSRLGVHWGDQVXQHSLqFHDGDSWpHjVDWDLOOHHW
jVRQXWLOLVDWLRQ
1 XWLOLVH]SDVOHUpIULJpUDWHXUGDQVXQHSLqFHROD
WHPSpUDWXUHDPELDQWHSHXWWRPEHUHQGHVVRXVGH&
'pSODFH]O DSSDUHLOHQYHLOODQWjQHSDVDEvPHUOHUHYrWHPHQW
GXVRO SDUTXHWSDUH[HPSOH 3fr33091.fm Page 7 Tuesday, March 23, 2004 4:59 PM
&200(17)$,5()21&7,211(5/(
&203$57,0(17
5e)5,*e5$7(85&21*e/$7(85
5DFFRUGH]O DSSDUHLOjO DUULYpHG HDX
YRLUQRWLFHG LQVWDOODWLRQ /RUVTXHYRXVEUDQFKH]O DSSDUHLODXVHFWHXUO DIILFKDJHGX
FRQJpODWHXULQGLTXHGHX[WLUHWVWDQWTXHODWHPSpUDWXUH
RSWLPDOHGHIRQFWLRQQHPHQWQ HVWSDVDWWHLQWH/ DIILFKHXUGX
UpIULJpUDWHXULQGLTXHXQHWHPSpUDWXUHGH&
SURJUDPPpHHQXVLQH
/RUVTXHO DSSDUHLOHVWFKDXGOHYR\DQWURXJHG DODUPHFOLJQRWH
HWOHVLJQDOVRQRUHHVWpPLV&HODVLJQLILHTXHO DSSDUHLOQ DSDV
HQFRUHDWWHLQWOHVWHPSpUDWXUHVRSWLPDOHVSRXUOD
FRQVHUYDWLRQGHVDOLPHQWV
$SSX\H]VXUODWRXFKHGHUHPLVHj]pUR
SRXUGpVDFWLYHU
OHVLJQDOVRQRUH
/HYR\DQWURXJH
FHVVHUDGHFOLJQRWHUGqVTXHOH
FRPSDUWLPHQWFRQJpODWHXUDWWHLQGUDODWHPSpUDWXUH
LQIpULHXUHDSSURSULpHjODFRQVHUYDWLRQGHVDOLPHQWV9RXV
SRXUUH]HQVXLWHLQWURGXLUHOHVDOLPHQWVjFRQJHOHUGDQVOH
FRQJpODWHXU
$SUqVODPLVHHQPDUFKHjKHXUHVHQYLURQVRQW
QpFHVVDLUHVDYDQWTXHODWHPSpUDWXUHGHFRQVHUYDWLRQ
DGpTXDWHVRLWDWWHLQWHVLOHFRPSDUWLPHQWUpIULJpUDWHXUHVW
QRUPDOHPHQWFKDUJp
$77(17,216LYRXVLQWURGXLVH]GHVDOLPHQWVGDQVOH
UpIULJpUDWHXUDYDQWVRQUHIURLGLVVHPHQWFRPSOHWFHVDOLPHQWV
SHXYHQWVHGpWpULRUHU,OHVWLQXWLOHGHUpJOHUOHVFRPPDQGHV
UpIULJpUDWHXUHWFRQJpODWHXUVXUXQHWHPSpUDWXUHLQIpULHXUHj
ODWHPSpUDWXUHUHFRPPDQGpHOHVFRPSDUWLPHQWVQHVH
UHIURLGLURQWSDVSOXVUDSLGHPHQW
'DQVOHFRPSDUWLPHQWUpIULJpUDWHXUpYLWH]GHUDQJHUOHV
DOLPHQWVjSUR[LPLWpGHVRXYHUWXUHVG DpUDWLRQ
8QGLVSRVLWLILQWpJUpGHFRQWU{OHGHO KXPLGLWpH[WpULHXUH
HPSrFKHODIRUPDWLRQGHFRQGHQVDWLRQVXUOHVERUGVIURQWDX[
GHO DSSDUHLO,OQ \DSDVOLHXGHV LQTXLpWHUVLOHVERUGVGH
O DSSDUHLOVRQWSDUIRLVFKDXGVDXWRXFKHU
/ pFODLUDJHLQWpULHXUV DOOXPHjO RXYHUWXUHGHVGHX[SRUWHV
3fr33091.fm Page 8 Tuesday, March 23, 2004 4:59 PM
0RGHG HPSORLSRXUODVpOHFWLRQGHVIRQFWLRQVILJXUDQWVXUOHEDQGHDXGHFRPPDQGHVGX
FRPSDUWLPHQWUpIULJpUDWHXUFRQJpODWHXU
6WDQG%\
6LYRXVDSSX\H]VXUODWRXFKH O DSSDUHLOVHPHWHQ
FRQGLWLRQGHVWDQGE\&HWWHIRQFWLRQVHUWjGpVDFWLYHUOH
FRPSDUWLPHQWUpIULJpUDWHXUHWFRQJpODWHXU
/DIRQFWLRQVWDQGE\HVWHIIHFWLYHPHQWDFWLYpHORUVTXHGHX[
SRLQWVYHUWVDSSDUDLVVHQWVXUOHVGHX[DIILFKDJHV
3RXUUpDFWLYHUODIRQFWLRQSURFpGH]GHODPrPHIDoRQMXVTX j
FHTXHOHVGHX[DIILFKDJHVLQGLTXHQWOHVWHPSpUDWXUHV
SUpDODEOHPHQWSURJUDPPpHV
/RUVTXHO DSSDUHLOHVWHQVWDQGE\O pFODLUDJHLQWHUQHQH
IRQFWLRQQHQLGDQVOHFRPSDUWLPHQWUpIULJpUDWHXUQLGDQVOH
FRPSDUWLPHQWFRQJpODWHXU
,OHVWERQGHUDSSHOHUTX DXFRXUVGHFHWWHRSpUDWLRQ
O DSSDUHLOHVWPDLQWHQXVRXVWHQVLRQ
&RQJpODWLRQUDSLGH
&HWWHIRQFWLRQGRLWrWUHDFWLYpHDYDQWGHSURFpGHUjOD
FRQJpODWLRQG DOLPHQWVIUDLV/DIRQFWLRQHVWDFWLYpHORUVTXH
YRXVDSSX\H]VXUODWRXFKHTXLV DOOXPHHQMDXQH(OOHHVW
DXWRPDWLTXHPHQWGpVDFWLYpHDSUqVXQHGXUpHGHKHXUHV
RXPDQXHOOHPHQWHQDSSX\DQWjQRXYHDXVXUODWRXFKH
/RUVTXHODIRQFWLRQHVWDFWLYpHODIHUPHWXUHjFRXOLVVHGXEDF
jYLDQGHGRLWrWUHSRVLWLRQQpHVXU´OpJXPHVµ
$IILFKHXUGXFRPSDUWLPHQWFRQJpODWHXU
$IILFKHODWHPSpUDWXUHSURJUDPPpHjO LQWpULHXUGX
FRPSDUWLPHQWFRQJpODWHXU
/D7SURJUDPPpHHVWPpPRULVpHHWUHVWDXUpHDXWRPDWLTXHPHQW
PrPHDSUqVXQHFRXSXUHGHFRXUDQWRXO H[WLQFWLRQGHO DSSDUHLO
SDUDFWLYDWLRQGHODWRXFKHVWDQGE\
6pOHFWLRQHWUpJXODWLRQGHODWHPSpUDWXUHGX
FRPSDUWLPHQWFRQJpODWHXU
6LYRXVVRXKDLWH]PRGLILHUODWHPSpUDWXUHLQWHUQHGX
FRQJpODWHXUDSSX\H]VXUODWRXFKH MXVTX jFHTXHYRXV
DWWHLJQH]ODYDOHXUVRXKDLWpHTXLV DIILFKHUD
$IILFKDJHGXFRPSDUWLPHQWUpIULJpUDWHXU
$IILFKHODWHPSpUDWXUHSURJUDPPpHjO LQWpULHXUGX
FRPSDUWLPHQWUpIULJpUDWHXU
/D7SURJUDPPpHHVWPpPRULVpHHWUHVWDXUpH
DXWRPDWLTXHPHQWPrPHDSUqVXQHFRXSXUHGHFRXUDQWRX
O H[WLQFWLRQGHO DSSDUHLOSDUDFWLYDWLRQGHODWRXFKHVWDQGE\
6pOHFWLRQHWUpJXODWLRQGHODWHPSpUDWXUHGX
FRPSDUWLPHQWUpIULJpUDWHXU
6LYRXVVRXKDLWH]PRGLILHUODWHPSpUDWXUHLQWpULHXUHGX
UpIULJpUDWHXUDSSX\H]VXUODWRXFKH MXVTX jFHTXHYRXV
DWWHLJQH]ODWHPSpUDWXUHVRXKDLWpHTXLV DIILFKHUD
5HIURLGLVVHPHQWUDSLGH
$FWLYHHWDIILFKHO pWDWGHODIRQFWLRQ)DVW&RROLQJTXLVHUWj
DFFpOpUHUOHUHIURLGLVVHPHQWG DOLPHQWVIUDLVVWRFNpVGDQVOH
FRPSDUWLPHQWUpIULJpUDWHXU/DIRQFWLRQHVWDFWLYpHORUVTXH
YRXVDSSX\H]VXUODWRXFKHTXLV DOOXPHHQMDXQH(OOHHVW
DXWRPDWLTXHPHQWGpVDFWLYpHDSUqVXQHGXUpHGHKHXUHV
HQYLURQRXPDQXHOOHPHQWHQDSSX\DQWjQRXYHDXVXUODWRXFKH
3fr33091.fm Page 9 Tuesday, March 23, 2004 4:59 PM
0RGHG HPSORLSRXUODVpOHFWLRQGHVIRQFWLRQVILJXUDQWVXUOHEDQGHDXGHFRPPDQGHVGX
FRPSDUWLPHQWUpIULJpUDWHXUFRQJpODWHXU
9DFDQFHV
&HWWHIRQFWLRQGpVDFWLYHODUpIULJpUDWLRQGXFRPSDUWLPHQW
UpIULJpUDWHXUHQFDVG DEVHQFHSURORQJpHGHO XWLOLVDWHXU9RXV
O DFWLYHUH]HQDSSX\DQWVXUODWRXFKH
TXLV DOOXPHUDHQ
MDXQH
/D7Q HVWSOXVSUpVHQWHjO DIILFKDJHHWXQSRLQWYHUW
SRXU
V DIILFKH$SSX\H]jQRXYHDXVXUODWRXFKH
UpDFWLYHUODIRQFWLRQGHUpIULJpUDWLRQ
5HPDUTXHLPSRUWDQWH
'qVTXHYRXVDYH]DFWLYpFHWWHIRQFWLRQLOHVWQpFHVVDLUHGH
UHWLUHUOHVDOLPHQWVSpULVVDEOHVGXFRPSDUWLPHQWUpIULJpUDWHXU
HWGHODLVVHUODSRUWHIHUPpH
$ODUPHV
&HVLQGLFDWLRQVVRQWIRXUQLHVSDUOHGpFOHQFKHPHQWG XQ
VLJQDOVRQRUHHWSDUO DOOXPDJHGHYR\DQWVOXPLQHX[
/ DODUPHVRQRUHHVWPLVHKRUVVHUYLFHHQDSSX\DQWVXUOD
WRXFKH
$ODUPH7FRQJpODWHXU
8QVLJQDOVRQRUHHVWDFWLYpHWXQYR\DQWURXJHFOLJQRWH/HV
LQGLFDWLRQVGH7GHO DIILFKDJHVRQWUHPSODFpHVSDUGHX[WLUHWV
/ DODUPHVHGpFOHQFKHTXDQG
/ DSSDUHLOHVWUHOLpSRXUODSUHPLqUHIRLVDXUpVHDX
pOHFWULTXHRXDSUqVXQHSpULRGHG LQDFWLYLWp
/D7GXFRPSDUWLPHQWFRQJpODWHXUQ HVWSDVFRUUHFWH
/DTXDQWLWpG DOLPHQWVjFRQJHOHUHVWVXSpULHXUHjFHOOH
LQGLTXpHVXUODSODTXHVLJQDOpWLTXH
$ODUPH&RXSXUHGHFRXUDQW
/ DIILFKDJHGXFRQJpODWHXULQGLTXHOD7PD[LPXP TXL
FOLJQRWH DWWHLQWHSHQGDQWODFRXSXUHGHFRXUDQW
/HYR\DQWURXJHG DODUPHV DOOXPHHWOHVLJQDODFRXVWLTXHVH
GpFOHQFKHVLPXOWDQpPHQW
/ DODUPHVHGpFOHQFKHTXDQG
,O\DHXXQHSDQQHGHFRXUDQWGHORQJXHGXUpHHWOD7
LQWHUQHGXFRQJpODWHXUHVWUHPRQWpHjGHVQLYHDX[SRXYDQW
FRPSURPHWWUHODFRQVHUYDWLRQFRUUHFWHGHVDOLPHQWV
3RXUGpVDFWLYHUODIRQFWLRQG DODUPH
$SSX\H]VXUODWRXFKHGHUHPLVHj]pUR
/DWHPSpUDWXUHSURJUDPPpHV DIILFKH
5HPDUTXH
,OHVWFRQVHLOOpGHFRQWU{OHUO pWDWGHFRQVHUYDWLRQGHV
DOLPHQWVGDQVOHVGHX[FRPSDUWLPHQWVDYDQWGHSURFpGHUj
XQHQRXYHOOHFRQJpODWLRQRXGHFRQVRPPHUFHX[FL
$ODUPHGHIRQFWLRQQHPHQW
6LOHVLJQDOVRQRUHVHGpFOHQFKHHWTXHGHVOHWWUHVV DIILFKHQW
FRQWDFWH]YRWUH6HUYLFH$SUqVYHQWH:KLUOSRRO
3fr33091.fm Page 10 Tuesday, March 23, 2004 4:59 PM
0RGHG HPSORLSRXUODVpOHFWLRQGHVIRQFWLRQVILJXUDQWVXUOHEDQGHDXGHFRPPDQGHVGX
FRPSDUWLPHQWUpIULJpUDWHXUFRQJpODWHXU
$ODUPH3RUWHGXFRQJpODWHXUUpIULJpUDWHXURXYHUWH
/HVLJQDOVRQRUHHWOHYR\DQWURXJHVRQWDFWLYpVTXDQG
O XQHRXOHVGHX[SRUWHVVRQWUHVWpHVRXYHUWHVSHQGDQWSOXV
GH PLQXWHV/ DODUPHVRQRUHVHGpFOHQFKHjQRXYHDXVLOD
SRUWHUHVWHRXYHUWHSHQGDQWDXWUHVPLQXWHV
3RXUGpVDFWLYHUO DODUPH
)HUPH]ODOHVSRUWHVRXDSSX\H]VXUODWRXFKHGHUHPLVHj
]pUR
5HWUDLWHWPRGLILFDWLRQGHO HPSODFHPHQWGHVFOD\HWWHV
GDQVOHFRPSDUWLPHQWUpIULJpUDWHXUHWFRQJpODWHXU
/HVFOD\HWWHVSHXYHQWrWUHSODFpHVVHORQYRVEHVRLQV
/HVFOD\HWWHVHQYHUUHVRQWVXIILVDPPHQWVROLGHVSRXUVXSSRUWHU
GHVERXWHLOOHVGHVEULTXHVGHODLWRXGHVDOLPHQWVORXUGVYHLOOH]
WRXWHIRLVjSRVHUFHVDOLPHQWVDYHFGpOLFDWHVVH
3RXUUHWLUHUXQHFOD\HWWH
7LUH]ODFOD\HWWHMXVTX jODEXWpHVRXOHYH]ODHWGpJDJH]OD
5HWUDLWGXEDFjIUXLWVHWOpJXPHVRXGXEDFjYLDQGH
)DLWHVJOLVVHUOHEDFMXVTX jODEXWpH
HQOHVRXWHQDQWG XQHPDLQVRXOHYH]OHEDFHWGpJDJH]OH
OHEDFVRUWGHVHVUDLOVHWSHXWDORUVrWUHFRPSOqWHPHQWUHWLUp
SRXUDFKHYHUOHUHWUDLWGXEDFLOVXIILWGHOHIDLUHSLYRWHUHQ
VRXOHYDQWO DYDQWHWHQDEDLVVDQWO DUULqUH
5HWUDLWGXFRXYHUFOHHQYHUUHGXEDF
6RXOHYH]O DYDQWGXFDGUHGHFPHQVXLWHGHO DXWUHPDLQ
VRXOHYH]O DUULqUHGXFDGUHHWGpJDJH]OHFRXYHUFOH
3RXUUHSODFHUOHFRXYHUFOH
,QVpUH]O DUULqUHGXFDGUHGDQVOHVVXSSRUWVSODFpVVXUOHVSDURLV
GXUpIULJpUDWHXUHWDEDLVVH]OHSRXUOHUHPHWWUHHQSODFH
'LVSRVLWLIGHUpJXODWLRQGHODWHPSpUDWXUHGXEDFjYLDQGH
/ DLUIURLGSpQqWUHjO LQWpULHXUGXEDFjYLDQGHjWUDYHUVXQ
RULILFHDPpQDJpHQWUHOHFRPSDUWLPHQWUpIULJpUDWHXUHWOH
FRPSDUWLPHQWFRQJpODWHXU&HV\VWqPHSHUPHWGHPDLQWHQLU
XQHWHPSpUDWXUHSOXVIURLGHGDQVOHEDFjYLDQGHTXHGDQVOH
UHVWHGXUpIULJpUDWHXU,OHVWSRVVLEOHGHUpJOHUOHIOX[G DLU
JUkFHDXFRXOLVVHDXGHUpJXODWLRQ
6LYRXVVRXKDLWH]FRQVHUYHUGHVOpJXPHVGDQVOHEDFjYLDQGH
IDLWHVJOLVVHUOHFRXOLVVHDXjIRQGYHUVODJDXFKHMXVTX jODSRVLWLRQ
OpJXPHV'HFHWWHIDoRQYRXVpYLWHUH]GHIDLUHJHOHUOHVOpJXPHV
/RUVTXHODIRQFWLRQHVWDFWLYpHODIHUPHWXUHjFRXOLVVHGXEDF
jYLDQGHGRLWrWUHSRVLWLRQQpHVXU´OpJXPHVµ
3fr33091.fm Page 11 Tuesday, March 23, 2004 4:59 PM
'LVSRVLWLIGHUpJXODWLRQGHO KXPLGLWpGDQVOHEDFjIUXLWV
HWOpJXPHV
/HGLVSRVLWLIGHUpJXODWLRQSHXWrWUHUpJOpVXUQ LPSRUWHTXHOOH
SRVLWLRQHQWUH HW /DSRVLWLRQ pOLPLQHO DLUKXPLGHGXEDFSRXUXQHPHLOOHXUH
FRQVHUYDWLRQGHVIUXLWVHWGHVOpJXPHVjSHDX
/DSRVLWLRQ PDLQWLHQWO DLUKXPLGHjO LQWpULHXUGXEDFSRXU
XQHPHLOOHXUHFRQVHUYDWLRQGHVOpJXPHVjIHXLOOHV
5HWUDLWGHVSDQLHUVGXFRPSDUWLPHQWFRQJpODWHXU
)DLWHVJOLVVHUOHSDQLHUYHUVO H[WpULHXUMXVTX jODEXWpH
6RXOHYH]O DYDQWGXSDQLHUDILQGHOHGpJDJHUGHO DUUrWRLU
5HWLUH]FRPSOqWHPHQWOHSDQLHU
3fr33091.fm Page 12 Tuesday, March 23, 2004 4:59 PM
&21*e/$7,21
/HFRPSDUWLPHQWFRQJpODWHXUSRUWDQWOHV\PEROH
SHUPHW
ODFRQVHUYDWLRQGHVDOLPHQWVFRQJHOpVODFRQJpODWLRQG DOLPHQWV
IUDLVRXSUpFXLWV,OSHUPHWpJDOHPHQWGHIDEULTXHUGHVJODoRQV
/DFRQWUHSRUWHGXFRQJpODWHXUSRUWDQWOHV\PEROH HVW
SDUWLFXOLqUHPHQWDGDSWpHSRXUODFRQVHUYDWLRQGHJODFHVRX
G DOLPHQWVVXUJHOpVjFRQVRPPHUUDSLGHPHQW
/DTXDQWLWpG DOLPHQWVIUDLVTX LOHVWSRVVLEOHGHFRQJHOHUHQ
KHXUHVjXQHWHPSpUDWXUHDPELDQWHGH&HVWLQGLTXpH
VXUODSODTXHVLJQDOpWLTXHSODFpHjO LQWpULHXUGXUpIULJpUDWHXU
3RXUREWHQLUXQHFRQJpODWLRQFRUUHFWHLOHVWFRQVHLOOp
G HIIHFWXHUXQHSUpFRQJpODWLRQHQDSSX\DQWVXUODWRXFKHGH
FRQJpODWLRQUDSLGH $WWHQGH]KHXUHVDYDQWG LQWURGXLUHOHV
DOLPHQWVjFRQJHOHUVXUODSUHPLqUHFOD\HWWHVLWXpHHQKDXWGX
FRQJpODWHXU
/RUVTXHODIRQFWLRQHVWDFWLYpHODIHUPHWXUHjFRXOLVVHGXEDF
jYLDQGHGRLWrWUHSRVLWLRQQpHVXU´OpJXPHVµ
3fr33091.fm Page 13 Tuesday, March 23, 2004 4:59 PM
(175(7,(1(71(772<$*(
$YDQWWRXWHRSpUDWLRQGHQHWWR\DJHRXG HQWUHWLHQYHLOOH]
WRXMRXUVjGpEUDQFKH]O DSSDUHLORXjFRXSHUO DOLPHQWDWLRQ
pOHFWULTXH
1HWWR\H]SpULRGLTXHPHQWOHFRPSDUWLPHQWUpIULJpUDWHXUHWOH
FRPSDUWLPHQWFRQJpODWHXUjO DLGHG XQHpSRQJHLPELEpHG XQH
VROXWLRQG HDXWLqGHHWGHYLQDLJUH5LQFH]HWVpFKH]1 XWLOLVH]
MDPDLVGHGpWHUJHQWVRXGHSURGXLWVDEUDVLIV1HQHWWR\H]MDPDLV
OHVpOpPHQWVGXUpIULJpUDWHXUDYHFGHVOLTXLGHVLQIODPPDEOHV
/HVpPDQDWLRQVSHXYHQWSURYRTXHUXQULVTXHG LQFHQGLHRX
G H[SORVLRQ
1HWWR\H]O H[WpULHXUGHO DSSDUHLOjO DLGHXQHpSRQJHLPELEpH
G HDXWLqGH
(VVX\H]DYHFXQFKLIIRQGRX[
1 XWLOLVH]SDVG DSSDUHLOVGHQHWWR\DJHjYDSHXU
,OHVWFRQVHLOOpGHQHWWR\HUOHFRQGHQVHXUHWOHMRLQW
G pWDQFKpLWp
5(0$548(/HVWX\DX[GXGHUpIULJpUDWLRQVRQWSODFpVjF{Wp
GXEDFGHGpJLYUDJHHWSHXYHQWGHYHQLUWUqVFKDXGV1HWWR\H]
OHVUpJXOLqUHPHQWDYHFXQDVSLUDWHXU
$YDQWGHUHPSODFHUXQHDPSRXOHGpEUDQFKH]WRXMRXUVOH
UpIULJpUDWHXU
&RPPHQWUHPSODFHUO DPSRXOHGXFRPSDUWLPHQW
VXSpULHXUGXUpIULJpUDWHXU
'pYLVVH]ODYLVGHIL[DWLRQGXFDSRWGHO DPSRXOH
WLUH]OHFDSRWYHUVOHEDVHWIDLWHVOHJOLVVHUYHUVO LQWpULHXUGX
FRPSDUWLPHQWUpIULJpUDWHXU
UHPSODFH]O DPSRXOHJULOOpHSDUXQHDPSRXOHVHPEODEOH
GLVSRQLEOHXQLTXHPHQWDXSUqVGX6HUYLFH$SUqVYHQWH
5HPRQWH]OHFDSRWHQSURFpGDQWGDQVOHVHQVFRQWUDLUH
&RPPHQWUHPSODFHUO DPSRXOHGXFRPSDUWLPHQW
VXSpULHXUGXFRQJpODWHXU
5HWLUH]O pFUDQSURWHFWHXUGHODODPSHHQDSSX\DQWVXUOHV
SDURLVODWpUDOHV
UHPSODFH]O DPSRXOHSDUXQHDPSRXOHVHPEODEOHGLVSRQLEOH
XQLTXHPHQWDXSUqVGHQRWUH6HUYLFH$SUqVYHQWHRXGHQRV
5HYHQGHXUVDJUppV
UHPRQWH]O pFUDQHQSURFpGDQWGDQVOHVHQVFRQWUDLUH
&RPPHQWUHPSODFHUO DPSRXOHGHVFRPSDUWLPHQWV
LQIpULHXUVGXUpIULJpUDWHXUHWGXFRQJpODWHXU VXUFHUWDLQV
PRGqOHV 5HWLUH]O pFUDQSURWHFWHXUGHODODPSHHQVDLVLVVDQWVDSDUWLH
FHQWUDOHVXSpULHXUH
WLUH]YHUVO DYDQWWRXWHQWRXUQDQWOpJqUHPHQWO pFUDQG XQF{Wp
UHWLUH]O DPSRXOHJULOOpHHWUHPSODFH]ODSDUXQHDPSRXOH
VHPEODEOHGLVSRQLEOHXQLTXHPHQWDXSUqVGHQRWUH6HUYLFH
$SUqVYHQWHHWGHQRV5HYHQGHXUVDJUppV
3RXUUHPHWWUHO pFUDQGHODODPSHHQSODFH
6DLVLVVH]ODSDUWLHFHQWUDOHVXSpULHXUHGHO pFUDQGHODODPSH
LQVpUH]OHVHUJRWVG XQF{WpGHO pFUDQGDQVOHVUDLQXUHV
SOLH]OpJqUHPHQWO pFUDQHQVRQFHQWUHGHPDQLqUHjSRXYRLU
LQVpUHUOHVHUJRWVGHO DXWUHF{Wp
3fr33091.fm Page 14 Tuesday, March 23, 2004 4:59 PM
35e&$87,216(1&$6' $%6(1&(
352/21*e(
$EVHQFHVGHFRXUWHGXUpH
6LYRXVYRXVDEVHQWH]SHQGDQWPRLQVGHWURLVVHPDLQHVLOQ HVW
SDVQpFHVVDLUHGHGpEUDQFKHUOHUpIULJpUDWHXU&RQVRPPH]OHV
DOLPHQWVSpULVVDEOHVHWFRQJHOH]OHVDXWUHV
$EVHQFHVSURORQJpHV
6LYRXVSDUWH]SHQGDQWSOXVGHWURLVVHPDLQHVUHWLUH]WRXVOHV
DOLPHQWVGXUpIULJpUDWHXU'pEUDQFKH]OHUpIULJpUDWHXUHW
QHWWR\H]OH5LQFH]OHHWHVVX\H]OHVRLJQHXVHPHQW)L[H]GHV
FDOHVGHERLVRXGHSODVWLTXHjO DLGHG XQUXEDQDGKpVLIVXUOD
SDUWLHVXSpULHXUHGHVGHX[SRUWHVGHIDoRQjODLVVHUXQH
RXYHUWXUHVXIILVDQWHSRXUSHUPHWWUHjO DLUGHFLUFXOHUGDQVOHV
GHX[FRPSDUWLPHQWV&HODpYLWHUDODIRUPDWLRQG RGHXUVHWGH
PRLVLVVXUHV
'pPpQDJHPHQW
5HWLUH]WRXVOHVpOpPHQWVDPRYLEOHVHQYHORSSH]OHV
VRLJQHXVHPHQWHWIL[H]OHVHQVHPEOHDYHFGHO DGKpVLISRXU
pYLWHUWRXWHGLVVRFLDWLRQRXYLEUDWLRQ
6HUUH]OHVYLVGHPLVHjQLYHDX
8WLOLVH]OHUXEDQDGKpVLISRXUVFHOOHUOHVGHX[SRUWHVGH
PrPHTXHSRXUIL[HUOHFRUGRQG DOLPHQWDWLRQVXUO DSSDUHLO
&RXSXUHGHFRXUDQW
(QFDVGHFRXSXUHGHFRXUDQWDSSHOH]YRWUHVRFLpWpGH
GLVWULEXWLRQG pOHFWULFLWpSRXUFRQQDvWUHODGXUpHGHODFRXSXUH
(QFDVGHFRXSXUHSHQGDQWKHXUHVPD[LPXPODLVVH]OHV
GHX[SRUWHVIHUPpHV&HODSHUPHWDX[DOLPHQWVGHUHVWHU
IURLGVOHSOXVORQJWHPSVSRVVLEOH
6LODFRXSXUHGHFRXUDQWHVWVXSpULHXUHjKHXUHVUHWLUH]
WRXVOHVDOLPHQWVFRQJHOpVHWPHWWH]OHVGDQVXQFRQJpODWHXU
EDKXW6LYRXVQHGLVSRVH]SDVGHFHW\SHGHFRQJpODWHXUHWVL
YRXVQ DYH]SDVGHJODFHDUWLILFLHOOHHVVD\H]GHFRQVRPPHUOHV
DOLPHQWVOHVSOXVSpULVVDEOHV
6RXYHQH]YRXVTX XQFRQJpODWHXUUHPSOLG DOLPHQWVVXUJHOpV
FRQVHUYHOHIURLGSOXVORQJWHPSVTX XQFRQJpODWHXUjPRLWLp
SOHLQ
9LGH]OHFRQWHQHXUjJODoRQV
'HSOXVXQFRQJpODWHXUUHPSOLGHYLDQGHVXUJHOpHFRQVHUYHOH
IURLGEHDXFRXSSOXVORQJWHPSVTX XQFRQJpODWHXUFRQWHQDQW
GHVSODWVFXLVLQpVVXUJHOpV
6LOHVDOLPHQWVVRQWWRXMRXUVUHFRXYHUWVGHFULVWDX[GHJODFHLO
HVWSRVVLEOHGHOHVUHFRQJHOHUVDQVULVTXH/HXUDSSDUHQFHHW
OHXUJRWVHURQWWRXWHIRLVSUREDEOHPHQWGLIIpUHQWV6LOHV
DOLPHQWVVRQWGDQVXQPDXYDLVpWDWHWVLYRXVSHQVH]FRXULUXQ
ULVTXHHQOHVUHFRQJHODQWMHWH]OHV
3fr33091.fm Page 15 Tuesday, March 23, 2004 4:59 PM
',$*1267,&5$3,'($66,67$1&(
$YDQWG DSSHOHUOH6HUYLFHG DVVLVWDQFHWHFKQLTXH
/HVSUREOqPHVGHIRQFWLRQQHPHQWVRQWVRXYHQW
SURYRTXpVSDUGHSHWLWVLQFLGHQWVDX[TXHOVYRXV
SRXUUH]IDFLOHPHQWUHPpGLHUSDUYRXVPrPHVVDQV
RXWLOSDUWLFXOLHU
/ DSSDUHLOQHIRQFWLRQQHSDV
/HUpIULJpUDWHXUHVWLOELHQEUDQFKpjXQHSULVH
VHFWHXUDOLPHQWpHSDUOHYROWDJHDGpTXDW"
$YH]YRXVFRQWU{OpOHVIXVLEOHVGHYRWUHGRPLFLOH"
,O\DGHVEUXLWVRXGHVYLEUDWLRQV
/DSOXSDUWGHVEUXLWVVRQWQRUPDX[/HVVXUIDFHV
GXUHVWHOOHVTXHOHVROOHVPXUVHWOHVPHXEOHV
SHXYHQWDPSOLILHUOHVVRQV9RXVWURXYHUH]FL
GHVVRXVOHVW\SHVGHEUXLWVOHVSOXVFRXUDQWVDLQVL
TXHOHXUVFDXVHVSUREDEOHV
/pJHUERXUGRQQHPHQW
3HXWrWUHGDXPRWHXUGXYHQWLODWHXUHWDX
GpSODFHPHQWGHO DLU
&OLTXHWLV
$XPRPHQWGHODPLVHHQPDUFKHGHO DUUrWGX
FRPSUHVVHXULOVHSHXWTXHYRXVHQWHQGLH]XQ
GpFOLFWRXWFRPPHORUVGXGpPDUUDJHHWjODILQGX
F\FOHGHGpJLYUDJH&HVSKpQRPqQHVGRLYHQWrWUH
FRQVLGpUpVFRPPHQRUPDX[
,O\DGHO HDXGDQVOHEDFGHGpJLYUDJH
&HODHVWQRUPDOSDUWHPSVFKDXGHWKXPLGH/H
EDFSHXWPrPHrWUHjPRLWLpSOHLQ9pULILH]TXH
OHUpIULJpUDWHXUHVWGHQLYHDXDILQTXHOHEDFQH
GpERUGHSDV
6LOHVERUGVGXUpIULJpUDWHXUTXLVRQWHQ
FRQWDFWDYHFOHVMRLQWVG pWDQFKpLWpGHODSRUWH
VRQWFKDXGVDXWRXFKHU
&HODHVWQRUPDOSDUWHPSVFKDXGORUVTXHOH
FRPSUHVVHXUHVWHQPDUFKH
/DOXPLqUHQHV DOOXPHSDV
$YH]YRXVFRQWU{OpOHVIXVLEOHVGHYRWUHGRPLFLOH"
/HUpIULJpUDWHXUHVWLOELHQEUDQFKpjXQHSULVH
VHFWHXUDOLPHQWpHSDUOHYROWDJHDGpTXDW"
/ DPSRXOHHVWHOOHJULOOpH"
/ DPSRXOHHVWJULOOpH
'pEUDQFKH]WRXMRXUVO DSSDUHLO
&RQVXOWH]OHFKDSLWUH´(QWUHWLHQHW1HWWR\DJHµ
/HPRWHXUVHPEOHIRQFWLRQQHUVDQVDUUrW
<DWLOGHODSRXVVLqUHRXGHVPRXWRQVVXUOH
FRQGHQVHXU"
/HVSRUWHVIHUPHQWHOOHVFRUUHFWHPHQW"
/HVMRLQWVGHSRUWHVRQWLOVELHQpWDQFKHV"
3DUWHPSVFKDXGRXGDQVXQHSLqFHFKDXGHOH
PRWHXUIRQFWLRQQHQDWXUHOOHPHQWSOXVORQJWHPSV
6LODSRUWHHVWUHVWpHRXYHUWHSHQGDQWXQHORQJXH
SpULRGHRXVLGHJUDQGHVTXDQWLWpVG DOLPHQWVRQW
pWpLQWURGXLWHVGDQVOHFRPSDUWLPHQWOHPRWHXU
IRQFWLRQQHUDSOXVORQJWHPSVSRXUUHIURLGLU
O LQWpULHXUGHO DSSDUHLO
­QRWHU
/DGXUpHGHIRQFWLRQQHPHQWGXPRWHXUGpSHQGGH
GLIIpUHQWVIDFWHXUVQRPEUHG RXYHUWXUHVGHOD
SRUWHTXDQWLWpG DOLPHQWVVWRFNpVWHPSpUDWXUHGH
ODSLqFHUpJODJHGHVWKHUPRVWDWV
6LDSUqVDYRLUHIIHFWXpOHVYpULILFDWLRQVFLGHVVXV
YRWUHDSSDUHLOQHIRQFWLRQQHWRXMRXUVSDV
FRUUHFWHPHQWSUHQH]FRQWDFWDYHFOH6HUYLFH$SUqV
YHQWH([SOLTXH]FODLUHPHQWFHTXLQHYDSDVHW
GRQQH]OHW\SHHWOHQXPpURGHVpULHGHYRWUHDSSDUHLO
FHVGRQQpHVILJXUHQWVXUODSODTXHVLJQDOpWLTXH /DWHPSpUDWXUHjO LQWpULHXUGXUpIULJpUDWHXU
Q HVWSDVDVVH]IURLGH
/HVUpJODJHVGXUpIULJpUDWHXUVRQWLOVFRUUHFWV"
8QHJUDQGHTXDQWLWpG DOLPHQWVDWHOOHpWp
LQWURGXLWHGDQVOHUpIULJpUDWHXURXOHFRQJpODWHXU"
/HVSRUWHVQHVRQWHOOHVSDVRXYHUWHVWURS
IUpTXHPPHQW"
/HVSRUWHVIHUPHQWHOOHVFRUUHFWHPHQW"
/HVERXFKHVG DpUDWLRQGXFRPSDUWLPHQWQH
VRQWHOOHVSDVREVWUXpHV"&HODHPSrFKHUDLWHQ
HIIHWODFLUFXODWLRQGHO DLUIURLG
'HODFRQGHQVDWLRQVHIRUPH
/HVERXFKHVG DpUDWLRQGXFRPSDUWLPHQWQH
VRQWHOOHVSDVREVWUXpHV"&HODHPSrFKHUDLWHQ
HIIHWODFLUFXODWLRQGHO DLUIURLG
/HVDOLPHQWVVRQWLOVHPEDOOpVFRUUHFWHPHQW"
(VVX\H]WRXWHFRQGHQVDWLRQSUpVHQWHVXUOHV
UpFLSLHQWVDYDQWGHOHVSODFHUDXUpIULJpUDWHXU
/HVSRUWHVQHVRQWHOOHVSDVRXYHUWHVWURS
IUpTXHPPHQW"/RUVTXHODSRUWHHVWRXYHUWH
O KXPLGLWpGHO DLUDPELDQWSpQqWUHGDQVOH
UpIULJpUDWHXU3OXVODSRUWHHVWRXYHUWHSOXV
O KXPLGLWpVHIRUPHUDSLGHPHQWHQSDUWLFXOLHU
ORUVTXHODSLqFHHVWHOOHPrPHKXPLGH
6LODSLqFHHVWWUqVKXPLGHLOHVWQRUPDOTXHGHOD
FRQGHQVDWLRQVHIRUPHjO LQWpULHXUGXUpIULJpUDWHXU
,OHVWQRUPDOTXHGHVJRXWWHVG HDXVHIRUPHQWVXU
ODSDURLDUULqUHGXUpIULJpUDWHXUjODVXLWHGXF\FOH
G DXWRGpJLYUDJH
/HVSRUWHVQHVHIHUPHQWSDVHWQHV RXYUHQW
SDVFRUUHFWHPHQW
9pULILH]TXHGHVDOLPHQWVQHEORTXHQWSDVODSRUWH
9pULILH]TXHOHVSODWHDX[OHVFOD\HWWHVOHVEDFVRX
OHGLVWULEXWHXUGHJODFHVRQWELHQHQSODFH
9pULILH]TXHOHVMRLQWVGHVSRUWHVQHVRQWSDVVDOHV
RXFROODQWV
9pULILH]TXHOHUpIULJpUDWHXUHVWELHQGHQLYHDX
3fr33091.fm Page 16 Tuesday, March 23, 2004 4:59 PM
0,6($85(%87'85e)5,*e5$7(85
,ODUULYHHQFRUHTXHGHVHQIDQWVVHUHWURXYHQWSLpJpVHWpWRXIIHQW
GDQVXQUpIULJpUDWHXU8QUpIULJpUDWHXUGpSRVpGDQVXQH
GpFKDUJHRXDEDQGRQQpPrPHVLFHQ HVWTXHSRXUTXHOTXHV
MRXUVSHXWrWUHXQHVRXUFHGHGDQJHUSRXUXQHQIDQW$YDQWGH
PHWWUHOHUpIULJpUDWHXURXOHFRQJpODWHXUDXUHEXW
'pPRQWH]OHVSRUWHV
/DLVVH]OHVFOD\HWWHVHQSRVLWLRQGHIDoRQjpYLWHUTXHGHV
HQIDQWVSXLVVHQWHQWUHUOLEUHPHQWjO LQWpULHXU
">
Lien public mis à jour
Le lien public vers votre chat a été mis à jour.