Silvia_Montaperti_31302000.book Page 29 Tuesday, May 10, 2005 12:24 PM
02'(' (03/2,
$9$17' 87,/,6(5/ $33$5(,/
&216(,/63285/$3527(&7,21'(
/ (19,5211(0(17
35e&$87,216(1&$6' $%6(1&(28'(
'e0e1$*(0(17
,167$//$7,21
*8,'('()21&7,211(0(17
&200(17&216(59(5/(6$/,0(176
&200(17&21*(/(5/(6$/,0(176
&200(17'e*,95(5/(&21*e/$7(85
1(772<$*((7(175(7,(1
',$*1267,&5$3,'(
6(59,&($35Ë69(17(
Silvia_Montaperti_31302000.book Page 30 Tuesday, May 10, 2005 12:24 PM
$9$17' 87,/,6(5/ $33$5(,/
/ DSSDUHLOTXHYRXVYHQH]G DFKHWHUHVWXQ
FRPELQpUpIULJpUDWHXUHWFRQJpODWHXULOHVW
H[FOXVLYHPHQWUpVHUYpjXQXVDJHPpQDJHU
3RXUXWLOLVHUDXPLHX[YRWUHDSSDUHLOQRXV
YRXVLQYLWRQVjOLUHDWWHQWLYHPHQWOHV
LQVWUXFWLRQVUHODWLYHVjVRQXWLOLVDWLRQGDQV
OHVTXHOOHVYRXVWURXYHUH]ODGHVFULSWLRQGH
YRWUHDSSDUHLOHWGHVFRQVHLOVXWLOHVVXUOD
FRQVHUYDWLRQGHVDOLPHQWV
&RQVHUYH]FHOLYUHWSRXUWRXWHFRQVXOWDWLRQ
XOWpULHXUH
$SUqVDYRLUGpEDOOpO DSSDUHLODVVXUH]YRXVTX LO
Q HVWSDVHQGRPPDJpHWTXHOHVSRUWHVIHUPHQW
SDUIDLWHPHQW7RXWGRPPDJHpYHQWXHOGHYUDrWUH
VLJQDOpDXUHYHQGHXUGDQVXQGpODLGHKHXUHV
1RXVFRQVHLOORQVG DWWHQGUHDXPRLQVGHX[
KHXUHVDYDQWGHPHWWUHO DSSDUHLOHQVHUYLFH
SRXUSHUPHWWUHDXFLUFXLWGHUpIULJpUDWLRQG rWUH
SHUIRUPDQW
$VVXUH]YRXVTXHO LQVWDOODWLRQHWOH
EUDQFKHPHQWpOHFWULTXHRQWpWpUpDOLVpVSDUXQ
WHFKQLFLHQTXDOLILpFRQIRUPpPHQWDX[
LQVWUXFWLRQVGXIDEULFDQWHWDX[QRUPHVORFDOHV
HQYLJXHXUHQPDWLqUHGHVpFXULWp
1HWWR\H]O LQWpULHXUGHO DSSDUHLODYDQWGHO XWLOLVHU
&216(,/63285/$3527(&7,21'(
/ (19,5211(0(17
(PEDOODJH
/ HPEDOODJHHVWUHF\FODEOHHWSRUWHOH
V\PEROHGXUHF\FODJH3RXUODPLVHDXUHEXW
VXLYH]OHVUpJOHPHQWDWLRQVORFDOHVHQYLJXHXU/HV
PDWpULDX[G HPEDOODJH VDFKHWVHQSODVWLTXH
pOpPHQWVHQSRO\VW\UqQHHWF GRLYHQWrWUHWHQXV
KRUVGHSRUWpHGHVHQIDQWVFDULOVFRQVWLWXHQWXQH
VRXUFHSRWHQWLHOOHGHGDQJHU
0LVHDXUHEXW
&HWDSSDUHLODpWpIDEULTXpDYHFGHVPDWpULDX[
UHF\FODEOHV&HWDSSDUHLOSRUWHOHV\PEROHGX
UHF\FODJHFRQIRUPpPHQWjOD'LUHFWLYH(XURSpHQQH
&(FRQFHUQDQWOHV'pFKHWVG·eTXLSHPHQWV
eOHFWULTXHVHWeOHFWURQLTXHV '(((RX:((( (QSURFpGDQWFRUUHFWHPHQWjODPLVHDXUHEXWGH
FHWDSSDUHLOYRXVFRQWULEXHUH]jHPSrFKHUWRXWH
FRQVpTXHQFHQXLVLEOHSRXUO·HQYLURQQHPHQWHWOD
VDQWpGHO·KRPPH
/HV\PEROH SUpVHQWVXUO·DSSDUHLORXVXUOD
GRFXPHQWDWLRQTXLO·DFFRPSDJQHLQGLTXHTXHFH
SURGXLWQHSHXWHQDXFXQFDVrWUHWUDLWpFRPPH
GpFKHWPpQDJHU,OGRLWSDUFRQVpTXHQWrWUHUHPLV
jXQFHQWUHGHFROOHFWHGHVGpFKHWVFKDUJpGX
UHF\FODJHGHVpTXLSHPHQWVpOHFWULTXHVHW
pOHFWURQLTXHV$XPRPHQWGHODPLVHDXUHEXW
UHQGH]O DSSDUHLOLQXWLOLVDEOHHQVHFWLRQQDQWOHFkEOH
G DOLPHQWDWLRQHWHQGpPRQWDQWOHVSRUWHVHWOHV
JULOOHVGHIDoRQjFHTXHOHVHQIDQWVQHSXLVVHQW
DFFpGHUIDFLOHPHQWjO LQWpULHXUGHFHOXLFL
3RXUODPLVHDXUHEXWUHVSHFWH]OHVQRUPHV
UHODWLYHVjO pOLPLQDWLRQGHVGpFKHWVHQYLJXHXU
GDQVOHSD\VG LQVWDOODWLRQHWUHPHWWH]O DSSDUHLOj
XQFHQWUHGHFROOHFWHeYLWH]GHODLVVHUO DSSDUHLO
VDQVVXUYHLOODQFHPrPHSHQGDQWTXHOTXHVMRXUV
VHXOHPHQWFDULOUHSUpVHQWHXQHVRXUFHGH
GDQJHUSRXUOHVHQIDQWV3RXUREWHQLUGHSOXV
DPSOHVGpWDLOVDXVXMHWGXWUDLWHPHQWGHOD
UpFXSpUDWLRQHWGXUHF\FODJHGHFHWDSSDUHLO
YHXLOOH]YRXVDGUHVVHUDXEXUHDXFRPSpWHQWGH
YRWUHFRPPXQHjODVRFLpWpORFDOHGHFROOHFWHGHV
GpFKHWVPpQDJHUVRXGLUHFWHPHQWjYRWUH
UHYHQGHXU
,QIRUPDWLRQ
&HWDSSDUHLOQHFRQWLHQWSDVGH&)& OHFLUFXLWGH
UHIURLGLVVHPHQWFRQWLHQWGX5D QLGH+)&
OHFLUFXLWGHUHIURLGLVVHPHQWFRQWLHQWGX5D 3RXUOHVDSSDUHLOVDYHF,VREXWDQH 5D O·LVREXWDQHHVWXQJD]QDWXUHOTXLHVWVDQVGDQJHU
SRXUO HQYLURQQHPHQWPDLVLOHVWLQIODPPDEOH,O
HVWGRQFLQGLVSHQVDEOHGHYRXVDVVXUHUTXHOHV
WX\DX[GXFLUFXLWGHUpIULJpUDWLRQVRQWHQSDUIDLW
pWDW
'pFODUDWLRQGHFRQIRUPLWp
&HWDSSDUHLOHVWGHVWLQpjODFRQVHUYDWLRQGHV
GHQUpHVDOLPHQWDLUHVHWHVWIDEULTXp
FRQIRUPpPHQWjOD'LUHFWLYH(XURSpHQQH
&((&(HWDXUqJOHPHQW &( 1R
&HWDSSDUHLODpWpFRQoXFRQVWUXLWHWPLVVXUOH
PDUFKpFRQIRUPpPHQWDX[
REMHFWLIVGHVpFXULWpGHOD'LUHFWLYH%DVVH
7HQVLRQ&((
FRQGLWLRQVUHTXLVHVHQPDWLqUHGHSURWHFWLRQGH
OD'LUHFWLYH´(0&µ&((
PRGLILpHVSDUOD'LUHFWLYH&((
/DVpFXULWppOHFWULTXHGHO DSSDUHLOHVWJDUDQWLH
XQLTXHPHQWVLFHOXLFLHVWFRUUHFWHPHQW
EUDQFKpjXQHLQVWDOODWLRQGHPLVHjODWHUUH
SHUIRUPDQWHHWUpJOHPHQWDLUH
Silvia_Montaperti_31302000.book Page 31 Tuesday, May 10, 2005 12:24 PM
35e&$87,216(1&$6' $%6(1&(28'(
'e0e1$*(0(17
1 XWLOLVH]OHFRPSDUWLPHQWUpIULJpUDWHXUTXH
SRXUODFRQVHUYDWLRQG DOLPHQWVIUDLVHWOH
FRPSDUWLPHQWFRQJpODWHXUTXHSRXUOD
FRQVHUYDWLRQG DOLPHQWVVXUJHOpVOD
FRQJpODWLRQG DOLPHQWVIUDLVHWODSURGXFWLRQ
GHJODoRQV
$SUqVO LQVWDOODWLRQYpULILH]TXHO DSSDUHLOQ HVW
SDVSRVpVXUOHFkEOHG DOLPHQWDWLRQ
1 LQWURGXLVH]SDVGHUpFLSLHQWVHQYHUUH
FRQWHQDQWGHVOLTXLGHVGDQVOHFRQJpODWHXU
FDULOVSRXUUDLHQWH[SORVHU
1HPDQJH]SDVOHVJODoRQVRXOHVJODFHV
LPPpGLDWHPHQWDSUqVOHVDYRLUVRUWLVGX
FRQJpODWHXUFDULOVSRXUUDLHQWSURYRTXHUGHV
EUOXUHVGXHVDXIURLG
'pEUDQFKH]WRXMRXUVOHFkEOHRXFRXSH]OH
FRXUDQWDYDQWG LQWHUYHQLUVXUO DSSDUHLOSRXU
VRQHQWUHWLHQRXVRQQHWWR\DJH
eYLWH]G LQVWDOOHUO DSSDUHLOSUqVG XQHVRXUFH
GHFKDOHXU
1 HQWUHSRVH]SDVHWQ XWLOLVH]SDVG HVVHQFH
GHOLTXLGHVRXGHJD]LQIODPPDEOHVj
SUR[LPLWpGHO DSSDUHLORXGHWRXWDXWUH
DSSDUHLOPpQDJHU/HVpPDQDWLRQVSHXYHQW
SURYRTXHUXQULVTXHG LQFHQGLHRX
G H[SORVLRQ
3RXUJDUDQWLUXQHYHQWLODWLRQDGpTXDWHODLVVH]
XQHVSDFHGHSDUWHWG DXWUHHWDXGHVVXVGH
O DSSDUHLO
9HLOOH]jQHMDPDLVFRXYULUOHVERXFKHV
G DpUDWLRQSUpVHQWHVVXUO DSSDUHLORXGDQVOD
VWUXFWXUHG HQFDVWUHPHQW
7RXVOHVDSSDUHLOVpTXLSpVGHV\VWqPHVGH
SURGXFWLRQGHJODFHHWGHGLVWULEXWHXUVG HDX
GRLYHQWrWUHFRQQHFWpVjXQUpVHDXK\GULTXH
TXLGLVWULEXHH[FOXVLYHPHQWGHO HDXSRWDEOH
ODSUHVVLRQGXUpVHDXK\GULTXHGRLWrWUH
FRPSULVHHQWUHHWEDU HW36, /HVV\VWqPHVGHSURGXFWLRQGHJODFHHWRX
G HDXTXLQHVRQWSDVGLUHFWHPHQWFRQQHFWpVj
XQUpVHDXG DOLPHQWDWLRQK\GULTXHGRLYHQW
rWUHUHPSOLVH[FOXVLYHPHQWDYHFGHO HDX
SRWDEOH
,QVWDOOH]O DSSDUHLOHWPHWWH]OHGHQLYHDXVXU
XQVROTXLHQVXSSRUWHUDOHSRLGVHWGDQVXQH
SLqFHDGDSWpHjVDWDLOOHHWjVRQXWLOLVDWLRQ
,QVWDOOH]O DSSDUHLOGDQVXQHSLqFHVqFKHHW
FRUUHFWHPHQWYHQWLOpH/·DSSDUHLOHVWUpJOp
SRXUIRQFWLRQQHUGHIDoRQRSWLPDOHjXQH
WHPSpUDWXUHDPELDQWHFRPSULVHGDQVOHV
LQWHUYDOOHVVXLYDQWVVXUEDVHGHODFODVVH
FOLPDWLTXHG DSSDUWHQDQFHLQGLTXpHVXUOD
SODTXHVLJQDOpWLTXHO DSSDUHLOULVTXHQHGH
SDVIRQFWLRQQHUFRUUHFWHPHQWV LOUHVWH
SHQGDQWXQHORQJXHSpULRGHjXQH
WHPSpUDWXUHVXSpULHXUHRXLQIpULHXUHj
O LQWHUYDOOHSUpYX
&ODVVH&OLPDWLTXH
61
1
67
7
7DPE &
'Hj
'Hj
'Hj
'Hj
7DPE )
'Hj
'Hj
'Hj
'Hj
6LYRXVGHYH]GpSODFHUO DSSDUHLOYHLOOH]jQH
SDVDEvPHUOHUHFRXYUHPHQWGHVRO
SDUTXHWSDUH[ 3RXUDFFpOpUHUOHSURFHVVXVGHGpJLYUDJH
Q XWLOLVH]MDPDLVGHPR\HQVPpFDQLTXHVDXWUHV
TXHFHX[SUpFRQLVpVSDUOHIDEULFDQW
eYLWH]G HQGRPPDJHUOHFLUFXLWGXIOXLGH
UpIULJpUDQW
1 XWLOLVH]MDPDLVG DSSDUHLOVpOHFWULTXHVj
O LQWpULHXUGHVFRPSDUWLPHQWVGHFRQVHUYDWLRQ
GHVDOLPHQWVFRQJHOpVDXWUHVTXHFHX[
UHFRPPDQGpVSDUOHIDEULFDQW
&HWDSSDUHLOQHGRLWHQDXFXQFDVrWUHXWLOLVp
SDUGHVHQIDQWVHQEDVkJHRXGHVSHUVRQQHV
KDQGLFDSpHVVDQVVXUYHLOODQFH
3RXUpYLWHUWRXWULVTXHG pWRXIIHPHQWHW
G HPSULVRQQHPHQWLQWHUGLVH]DX[HQIDQWVGH
MRXHURXGHVHFDFKHUjO LQWpULHXUGHO DSSDUHLO
/HFkEOHGRLWrWUHUHPSODFpH[FOXVLYHPHQW
SDUXQWHFKQLFLHQDJUpp
1 XWLOLVH]SDVG DGDSWDWHXUVGHUDOORQJHVQLGH
SULVHVPXOWLSOHV
,OGRLWrWUHSRVVLEOHGHGpFRQQHFWHU
O DOLPHQWDWLRQpOHFWULTXHHQHQOHYDQWODSULVH
RXHQDFWLRQQDQWXQLQWHUUXSWHXUELSRODLUHGH
UpVHDXVLWXpHQDPRQWGHODSULVH
&RQWU{OH]TXHOHYROWDJHLQGLTXpVXUOD
SODTXHWWHVLJQDOpWLTXHFRUUHVSRQGjODWHQVLRQ
GHO KDELWDWLRQ
1 DYDOH]MDPDLVOHOLTXLGH DWR[LTXH FRQWHQX
GDQVOHVDFFXPXODWHXUVGHIURLGV LOVVRQW
SUpVHQWV
Silvia_Montaperti_31302000.book Page 32 Tuesday, May 10, 2005 12:24 PM
,167$//$7,21
5HWLUH]O HPEDOODJHHQD\DQWVRLQGHQHSDVODLVVHUOHVGLIIpUHQWV
pOpPHQWV VDFKHWVHQSODVWLTXHSRO\VW\UqQHHWF jODSRUWpH
GHVHQIDQWVFDULOVFRQVWLWXHQWXQHVRXUFHGHGDQJHU
5HWLUH]OHVFDOHVSODFpHVHQWUHOHFRXYHUFOHHW
O DSSDUHLO $ $WWHQWLRQGHX[GHVTXDWUHFDOHV $ GHVWLQpHVj
SURWpJHUODSRUWHDXFRXUVGXWUDQVSRUWGRLYHQWrWUH
LQVWDOOpHVGDQVOHVORJHPHQWVSUpYXVjFHWHIIHWVXUOHV
VXSSRUWVHQSODVWLTXHGXFRQGHQVHXUVLWXpjO DUULqUHGH
O DSSDUHLO ( &HWWHSUpFDXWLRQSHUPHWGHJDUDQWLUXQHGLVWDQFHFRUUHFWH
HQWUHO DSSDUHLOHWOHPXU
$XFRXUVGHODSKDVHGHUHIURLGLVVHPHQWODSRUWHGH
O DSSDUHLOQHV RXYUHSDVWDQWTXHODERQQHWHPSpUDWXUH
Q DSDVpWpDWWHLQWH DSUqVHQYLURQKHXUH $VVXUH]YRXVTXHOHERXFKRQGHODJRXORWWHG pYDFXDWLRQGH
O HDXGHGpJLYUDJHHVWFRUUHFWHPHQWPLVHQSODFH & $VVXUH]YRXVTXHOHMRLQWGXFRXYHUFOHQ HVWSDVGpIRUPpV LO
HVWQpFHVVDLUHGHOHUHGUHVVHUFKDXIIH]OHDYHFXQVqFKH
FKHYHX[
$YDQWGHEUDQFKHUO DSSDUHLODVVXUH]YRXVTXHODWHQVLRQ
FRUUHVSRQGDX[LQGLFDWLRQVILJXUDQWVXUODSODTXH
VLJQDOpWLTXH ' $SUqVDYRLULQVWDOOpOHFRQJpODWHXUYpULILH]TX LOQHUHSRVHSDV
VXUOHFRUGRQG DOLPHQWDWLRQ
,QVWDOOH]O DSSDUHLOGDQVXQHQGURLWVHFHWELHQDpUp1HOH
SODFH]SDVjSUR[LPLWpG XQHVRXUFHGHFKDOHXUHWQHO H[SRVH]
SDVGLUHFWHPHQWDX[UD\RQVGXVROHLO
3RXUJDUDQWLUOHIRQFWLRQQHPHQWRSWLPDOGHO DSSDUHLOHW
pYLWHUWRXWGRPPDJHORUVGHO RXYHUWXUHGHODSRUWH
ODLVVH]XQHVSDFHPLQLPXPGHFPjO DUULqUHHWGHFP
VXUOHVF{WpV
0RQWH]OHVDFFHVVRLUHVIRXUQLV
%UDQFKHPHQWpOHFWULTXH
/HVEUDQFKHPHQWVpOHFWULTXHVGRLYHQWrWUHFRQIRUPHV
DX[QRUPHVORFDOHVHQYLJXHXU
/HVGRQQpHVUHODWLYHVjODWHQVLRQHWjODSXLVVDQFHDEVRUEpHV
ILJXUHQWVXUODSODTXHVLJQDOpWLTXHTXLVHWURXYHjO DUULqUHGH
O DSSDUHLO ' /DPLVHjODWHUUHGHO DSSDUHLOHVWREOLJDWRLUHDX[
WHUPHVGHODORL/HIDEULFDQWGpFOLQHWRXWH
UHVSRQVDELOLWpSRXUWRXVGRPPDJHVpYHQWXHOVVXELVSDU
GHVSHUVRQQHVGHVDQLPDX[RXGHVELHQVUpVXOWDQWGX
QRQUHVSHFWGHVFRQVLJQHVPHQWLRQQpHVFLGHVVXV
6LODSULVHHWODILFKHQHVRQWSDVGXPrPHW\SHIDLWHVOHV
UHPSODFHUSDUXQWHFKQLFLHQTXDOLILp
1 XWLOLVH]SDVG DGDSWDWHXUVGHUDOORQJHVQLGHSULVHVPXOWLSOHV
0LVHKRUVWHQVLRQGHO DSSDUHLO
3RXUPHWWUHO DSSDUHLOKRUVWHQVLRQGpEUDQFKH]VRQFkEOH
G DOLPHQWDWLRQRXDFWLRQQH]O LQWHUUXSWHXUELSRODLUHLQVWDOOpHQ
DPRQWGHODSULVH
Silvia_Montaperti_31302000.book Page 33 Tuesday, May 10, 2005 12:24 PM
*8,'('()21&7,211(0(17
3RLJQpH
%DQGHDXGHFRPPDQGH
pOHFWURQLTXH
9HUURXLOODJHGHVpFXULWp
6pSDUDWHXULQWHUQH
%RXFKRQGHODJRXORWWH
G pYDFXDWLRQGHO·HDXGH
GpJLYUDJH
*ULOOHG DpUDWLRQGX
FRPSDUWLPHQWPRWHXU
%RUGVXSpULHXU
-RLQW
$FFXPXODWHXUVGHIURLG
VLLQFOXVGDQVODIRXUQLWXUH
3DQLHU
%DQGHDXGHFRPPDQGH
,QGLFDWHXUQXPpULTXHGHWHPSpUDWXUHLQGLTXHODWHPSpUDWXUHjO LQWpULHXUGXFRQJpODWHXU
DIILFKDJHSHUPDQHQW RXODWHPSpUDWXUHUpJOpH DIILFKDJHFOLJQRWDQW 7RXFKHGHUpJODJHGHODWHPSpUDWXUHODSOXVIURLGHVLYRXVDSSX\H]VXUFHWWHWRXFKHOD
WHPSpUDWXUHUpJOpHVHGpSODFHUDYHUVGHVYDOHXUVSOXVIURLGHV
7RXFKHGHUpJODJHGHODWHPSpUDWXUHPRLQVIURLGHVLYRXVDSSX\H]VXUFHWWHWRXFKHOD
WHPSpUDWXUHUpJOpHVHGpSODFHUDYHUVGHVYDOHXUVPRLQVIURLGHV
7RXFKH´%LJORDGµVLYRXVDSSX\H]VXUFHWWHWRXFKHODIRQFWLRQGHFRQJpODWLRQJUDQGHVTXDQWLWpV
VHUDDFWLYpHGpVDFWLYpH
,QGLFDWHXU´%LJORDGµ MDXQH V LOHVWDOOXPpFHODVLJQLILHTXHODIRQFWLRQGHFRQJpODWLRQJUDQGHV
TXDQWLWpVHVWDFWLYpH
,QGLFDWHXUG DFWLYDWLRQGHODIRQFWLRQ´WK6HQVHµ EOHX V LOHVWDOOXPpFHODVLJQLILHTXHOD
IRQFWLRQ´WK6HQVHµHVWDFWLYpH YRLUOHSDUDJUDSKH´)RQFWLRQWK6HQVHµ 7RXFKHGHUpLQLWLDOLVDWLRQDODUPHGpVDFWLYHODIRQFWLRQG DODUPHVRQRUHHWO LQGLFDWLRQG DODUPH
EODFNRXW YRLUSDUDJUDSKH´$ODUPHVµ ,QGLFDWHXUG DODUPH URXJH ORUVTX LOFOLJQRWHLOLQGLTXHXQHVLWXDWLRQG DODUPH YRLUSDUDJUDSKH
´$ODUPHVµ Silvia_Montaperti_31302000.book Page 34 Tuesday, May 10, 2005 12:24 PM
0LVHHQPDUFKHGXFRQJpODWHXU
%UDQFKH]O DSSDUHLO
/ LQGLFDWHXUQXPpULTXH DIILFKHGHX[WLUHWVFHQWUDX[ORUVTXH
O DSSDUHLOHVWFKDXG WHPSpUDWXUHLQWpULHXUHVXSpULHXUHj& /HYR\DQWURXJHGHO DODUPH FOLJQRWHHWO DODUPHVRQRUHVH
GpFOHQFKH
/ LQGLFDWHXUWK6HQVH HVWDOOXPp
$SSX\H]VXUODWRXFKHG LQWHUUXSWLRQ SRXUGpVDFWLYHU
O DODUPHVRQRUH
/·DODUPHVRQRUHVHGpVDFWLYHWDQGLVTXHOHYR\DQWURXJH
G DODUPHFRQWLQXHGHFOLJQRWHU
/RUVTXHO DSSDUHLODWWHLQWXQHWHPSpUDWXUHG DXPRLQV&
O LQGLFDWHXUURXJH FHVVHGHFOLJQRWHU
,OHVWPDLQWHQDQWSRVVLEOHGHUDQJHUOHVDOLPHQWVGDQVOH
FRQJpODWHXU
/ LQGLFDWHXUWK6HQVH UHVWHDOOXPpMXVTX jFHTXHOD
WHPSpUDWXUHSUpUpJOpHVRLWDWWHLQWHHWV DIILFKH
5(0$548(OHMRLQWGHODSRUWHpWDQWSDUIDLWHPHQWpWDQFKHLO
Q HVWSDVSRVVLEOHGHURXYULUODSRUWHGXFRQJpODWHXU
LPPpGLDWHPHQWDSUqVO DYRLUIHUPpH
,OHVWQpFHVVDLUHG DWWHQGUHTXHOTXHVPLQXWHV
5pJODJHGHODWHPSpUDWXUHGXFRPSDUWLPHQWFRQJpODWHXU
/·DSSDUHLOHVWQRUPDOHPHQWUpJOpHQO XVLQHSRXUIRQFWLRQQHUjODWHPSpUDWXUHFRQVHLOOpHGH&
,OHVWSRVVLEOHGHPRGLILHUODWHPSpUDWXUHLQWpULHXUHSURJUDPPpHGH&j&HWHQPRGH
e&2120,48( YRLUSDUDJUDSKH´5pJODJHe&2µ HQSURFpGDQWFRPPHVXLW
$SSX\H]XQHIRLVVXUO XQHGHVGHX[WRXFKHVGHUpJODJHGHODWHPSpUDWXUH /·LQGLFDWHXUQXPpULTXH FOLJQRWHHQLQGLTXDQWODWHPSpUDWXUHGHUpJODJHSUpDODEOHPHQWSURJUDPPpH
$SSX\H]SOXVLHXUVIRLVVXUODWRXFKH SRXUUpJOHUODWHPSpUDWXUHSURJUDPPpHYHUVGHVYDOHXUV
PRLQVIURLGHV
&KDTXHSUHVVLRQGHODWRXFKHGpSODFHODYDOHXUGH&3HQGDQWFHWWHRSpUDWLRQODYDOHXUDIILFKpH
VXUO LQGLFDWHXUQXPpULTXHFOLJQRWH
$SSX\H]SOXVLHXUVIRLVVXUODWRXFKH SRXUUpJOHUODWHPSpUDWXUHSURJUDPPpHYHUVGHVYDOHXUVSOXV
IURLGHV
&KDTXHSUHVVLRQGHODWRXFKHGpSODFHODYDOHXUGH&3HQGDQWFHWWHRSpUDWLRQODYDOHXUDIILFKpH
VXUO LQGLFDWHXUQXPpULTXHFOLJQRWH
&LQTVHFRQGHVHQYLURQDSUqVODGHUQLqUHSUHVVLRQODWHPSpUDWXUHSURJUDPPpHHVWPpPRULVpH
O LQGLFDWHXUQXPpULTXH FHVVHGHFOLJQRWHUHWLQGLTXHjQRXYHDXODWHPSpUDWXUHjO LQWpULHXUGHO DSSDUHLO
3RXUFRQWU{OHUjWRXWPRPHQWVXUTXHOOHWHPSpUDWXUHO DSSDUHLOHVWUpJOpDSSX\H]XQHIRLVVXUO XQH
GHVGHX[WRXFKHVGHUpJODJHGHODWHPSpUDWXUH/DYDOHXUUpJOpHFOLJQRWHSHQGDQWVHFDSUqVTXRL
ODWHPSpUDWXUHLQWHUQHGXFRQJpODWHXUVHUDjQRXYHDXDIILFKpH
5(0$548(HQFDVGHFRXSXUHGHFRXUDQWOHVUpJODJHVSURJUDPPpVUHVWHQWWRXWHIRLVHQPpPRLUH
/HWHPSVQpFHVVDLUHSRXUTXHODWHPSpUDWXUHjO LQWpULHXUGXFRQJpODWHXUDUULYHDXWRXUGHOD
YDOHXUSURJUDPPpHSHXWYDULHUHQIRQFWLRQGHVFRQGLWLRQVFOLPDWLTXHVHWGHODYDOHXU
VpOHFWLRQQpHTXRLTX LOHQVRLWOHVYDULDWLRQVGHWHPSpUDWXUHV DIILFKHQWDYHFXQFHUWDLQUHWDUG
3URJUDPPDWLRQe&2
/HPRGHGHIRQFWLRQQHPHQW´(&2µHVWFRQVHLOOpTXDQGOHFRQJpODWHXUQHFRQWLHQWTX XQHSHWLWHTXDQWLWp
G DOLPHQWVDXGHVVRXVGXQLYHDXGX´HµILJXUDQWVXUOHVpSDUDWHXU
3RXUSURJUDPPHUO DSSDUHLOHQPRGHe&2120,48(
$SSX\H]XQHIRLVVXUO XQHGHVGHX[WRXFKHVGHUpJODJHGHODWHPSpUDWXUH /·LQGLFDWHXUQXPpULTXH FOLJQRWHHQLQGLTXDQWODWHPSpUDWXUHGHUpJODJHSUpDODEOHPHQW
SURJUDPPpH
$SSX\H]SOXVLHXUVIRLVVXUODWRXFKH SRXUUpJOHUODWHPSpUDWXUHYHUVGHVYDOHXUVPRLQVIURLGHV
MXVTX jFHTXHYRXVDWWHLJQH]ODYDOHXU(&VXUO LQGLFDWHXUQXPpULTXH
5(0$548(VLYRXVDFWLYH]ODIRQFWLRQGHFRQJpODWLRQJUDQGHVTXDQWLWpVORUVTXHO DSSDUHLOHVW
HQPRGHe&2FHGHUQLHUVHUDDXWRPDWLTXHPHQWGpVDFWLYpWDQWTXHFHWWHIRQFWLRQVHUDDFWLYpH
Silvia_Montaperti_31302000.book Page 35 Tuesday, May 10, 2005 12:24 PM
)RQFWLRQ´WK6HQVHµ
/DIRQFWLRQWK6HQVHHVWDXWRPDWLTXHPHQWDFWLYpHGDQVOHVFDVVXLYDQWV
2XYHUWXUHGHODSRUWH
/DIRQFWLRQV HQFOHQFKHjFKDTXHRXYHUWXUHGHSRUWHTXLPRGLILHVHQVLEOHPHQWODWHPSpUDWXUH
LQWpULHXUHGHO DSSDUHLOHWUHVWHDFWLYpHSHQGDQWWRXWOHWHPSVQpFHVVDLUHDXUpWDEOLVVHPHQWGHV
FRQGLWLRQVRSWLPDOHVGHFRQVHUYDWLRQ
,QWURGXFWLRQGHVDOLPHQWVjFRQJHOHU
/DIRQFWLRQV HQFOHQFKHFKDTXHIRLVTXHYRXVLQWURGXLVH]GHVDOLPHQWVHWUHVWHDFWLYpHSHQGDQWWRXW
OHWHPSVQpFHVVDLUHjFUpHUOHVPHLOOHXUHVFRQGLWLRQVSRVVLEOHVDSWHVjJDUDQWLUXQHFRQJpODWLRQ
RSWLPDOHGHVDOLPHQWVVWRFNpVHWFHWRXWHQRIIUDQWXQMXVWHFRPSURPLVHQWUHTXDOLWpGHFRQJpODWLRQ
HWFRQVRPPDWLRQpQHUJpWLTXH
5(0$548(/DGXUpHGHODIRQFWLRQWK6HQVHHVWFDOFXOpHVXUEDVHGHODTXDQWLWpG DOLPHQWVj
FRQJHOHUPDLVpJDOHPHQWVXUEDVHGHVDOLPHQWVGpMjSUpVHQWVGDQVO DSSDUHLOHWGHODWHPSpUDWXUH
H[WpULHXUH,OHVWGRQFWRXWjIDLWQRUPDOTXHGHVYDULDWLRQVLPSRUWDQWHVGHFHOOHVFLLQIOXHQWVXUOH
FRPSRUWHPHQWGHO DSSDUHLO
%ORFDJH&ODYLHU
&HWWHIRQFWLRQSHUPHWG pYLWHUGHVPRGLILFDWLRQVGHSURJUDPPDWLRQVXLWHjGHVSUHVVLRQV
DFFLGHQWHOOHVGHVWRXFKHV
6LYRXVDSSX\H]VXUXQHWRXFKHXQHIRLVFHWWHIRQFWLRQDFWLYpHODIRQFWLRQFRUUHVSRQGDQWHQHVHUD
SDVDFWLYpH
3RXULQVpUHUOHEORFDJHFODYLHUDSSX\H]VLPXOWDQpPHQWVXUOHVWRXFKHV HW SHQGDQWHQYLURQ
VHFRQGHVMXVTX jFHTXHOHV\PEROH V DIILFKHHWTXHO pFUDQLQGLTXHjQRXYHDXODWHPSpUDWXUH
SURJUDPPpH
3RXUGpEORTXHUOHFODYLHUVXLYH]ODPrPHSURFpGXUHORUVTXHOHV\PEROH QHVHUDSOXVDIILFKp
FHODVLJQLILHUDTXHOHFODYLHUQ HVWSOXVEORTXp
Silvia_Montaperti_31302000.book Page 36 Tuesday, May 10, 2005 12:24 PM
$ODUPHV
$ODUPHWHPSpUDWXUH
6LJQDOHTXHODWHPSpUDWXUHLQWpULHXUHHVWVXSpULHXUHj&
/ DODUPHVRQRUHVHGpFOHQFKHHWOHYR\DQWURXJH FOLJQRWH
,OHVWSRVVLEOHGHGpVDFWLYHUO DODUPHVRQRUHHQDSSX\DQWVXUODWRXFKH /HYR\DQW FRQWLQXHUDGHFOLJQRWHUWDQWTXHODWHPSpUDWXUHQHVHUDSDVGHVFHQGXHDXGHVVRXVGH
&
5HPDUTXHGDQVXQWHOFDVO LQGLFDWHXUWK6HQVHHVWDXWRPDWLTXHPHQWDFWLYpMXVTX jFHTXHOHV
FRQGLWLRQVQRUPDOHVGHFRQVHUYDWLRQVRLHQWUHVWDXUpHV
$ODUPHFRXSXUHGHFRXUDQWSURORQJpH
6LJQDOHTXHVXLWHjXQHFRXSXUHGHFRXUDQWSURORQJpHVXUOHUpVHDXpOHFWULTXHODWHPSpUDWXUH
LQWHUQHDDWWHLQWGHVYDOHXUVVXSpULHXUHVj&
/ DODUPHVRQRUHVHGpFOHQFKHOHYR\DQWURXJH FOLJQRWHHWO LQGLFDWHXUQXPpULTXH FOLJQRWHHQ
LQGLTXDQWODWHPSpUDWXUHODSOXVpOHYpHDWWHLQWHSHQGDQWODFRXSXUHGHFRXUDQWSURORQJpH(Q
DSSX\DQWVXUODWRXFKH O LQGLFDWHXUQXPpULTXHDIILFKHUDjQRXYHDXODWHPSpUDWXUHLQWpULHXUH
5HPDUTXHGDQVXQWHOFDVOHYR\DQWO LQGLFDWHXUWK6HQVHHVWDXWRPDWLTXHPHQWDFWLYp
$ODUPHVRQGHGHWHPSpUDWXUH
6LJQDOHXQIRQFWLRQQHPHQWDQRUPDOGHODVRQGHGHWHPSpUDWXUH
/ DODUPHVRQRUHVHGpFOHQFKHOHYR\DQWURXJH FOLJQRWHHWO LQGLFDWHXUQXPpULTXHDIILFKH´6)µ
'DQVFHFDVDGUHVVH]YRXVDX6HUYLFH$SUqVYHQWH
5(0$548(O DODUPHGHWHPSpUDWXUHSHXWVHGpFOHQFKHUpJDOHPHQWVXLWHjO LQWURGXFWLRQ
G DOLPHQWVIUDLVRXG XQHRXYHUWXUHSURORQJpHGHODSRUWHFHFLQ LQIOXHQFHWRXWHIRLVHQULHQOD
SDUIDLWHFRQVHUYDWLRQGHVDOLPHQWVGpMjFRQJHOpV
8QHFRXSXUHGHFRXUDQWRFFDVLRQQHOOHSHXWWRXWHIRLVDYRLUGHVHIIHWVQpJDWLIVVXUOD
FRQVHUYDWLRQGHVDOLPHQWVGDQVXQWHOFDVLOHVWFRQVHLOOpGHYpULILHUO pWDWGHFRQVHUYDWLRQGH
FHX[FL
&RQVHLOVSRXUpFRQRPLVHUO pQHUJLH
eYLWH]G LQVWDOOHUOHFRQJpODWHXUGDQVGHVHQGURLWVGLUHFWHPHQWH[SRVpVDX[UD\RQVGXVROHLORXj
SUR[LPLWpGHVRXUFHVGHFKDOHXUFHTXLHQWUDvQHUDLWXQHDXJPHQWDWLRQGHODFRQVRPPDWLRQG pQHUJLH
1 REWXUH]SDVODJULOOHGHYHQWLODWLRQRXOHVRXYHUWXUHVSUpYXHVSRXUODFLUFXODWLRQGHO·DLU
8QHIRLVSDUDQpOLPLQH]ODSRXVVLqUHTXLVHGpSRVHjO DUULqUHGXFRQJpODWHXU
5pJOH]FRUUHFWHPHQWODWHPSpUDWXUH
1 LQWURGXLVH]SDVG DOLPHQWVFKDXGVjO LQWpULHXUGHO DSSDUHLO
/LPLWH]OHVRXYHUWXUHVGXFRXYHUFOHGHO DSSDUHLO
9HLOOH]jFHTXHODFRXFKHGHJODFHQHGpSDVVHSDVPPG pSDLVVHXU
/HPRGHGHIRQFWLRQQHPHQW´(&2µHVWFRQVHLOOpTXDQGOHFRQJpODWHXUQHFRQWLHQWTX XQHSHWLWH
TXDQWLWpG DOLPHQWV
&RPPHQWUHPSODFHUO DPSRXOHVXUODSRUWH
'pEUDQFKH]O DSSDUHLO
5HWLUH]OHFDSRWHQVXLYDQWOHVLQGLFDWLRQVGHODILJXUHHWHQ
UHVSHFWDQWO RUGUHLQGLTXp
'pYLVVH]O DPSRXOHHWUHPSODFH]ODSDUXQHQHXYHHQYpULILDQW
TXHODWHQVLRQHWODSXLVVDQFHVRQWLGHQWLTXHV
5HSODFH]OHFDSRWHWUHEUDQFKH]O DSSDUHLO
Silvia_Montaperti_31302000.book Page 37 Tuesday, May 10, 2005 12:24 PM
&200(17&216(59(5/(6$/,0(176
3RXUODFRQVHUYDWLRQGHVDOLPHQWVIUDLVFRQJHOpV
UHVSHFWH]OHVLQGLFDWLRQVGXWDEOHDXFLFRQWUH
02,6
$/,0(176
&ODVVHPHQWGHVDOLPHQWVFRQJHOpV
,QWURGXLVH]HWUDQJH]OHVSURGXLWVFRQJHOpVGDQVOH
FRQJpODWHXU
,OHVWFRQVHLOOpG LQGLTXHUODGDWHOLPLWHGHFRQVHUYDWLRQVXU
O HPEDOODJHDILQG DVVXUHUXQHFRQVRPPDWLRQVHORQOHVGDWHV
GHSpUHPSWLRQGHVDOLPHQWV
5DQJH]OHVDOLPHQWVHQYHLOODQWjQHSDVHQWUDYHUODIHUPHWXUH
GHODSRUWH
&RQVHLOVSRXUODFRQVHUYDWLRQGHVDOLPHQWV
VXUJHOpV
$XPRPHQWGHO DFKDWG DOLPHQWVVXUJHOpVYpULILH]TXH
/ HPEDOODJHRXOHSDTXHWHVWLQWDFWFDUO DOLPHQWSRXUUDLW
VHGpWpULRUHU6LXQSDTXHWHVWJRQIOpRXV LOSUpVHQWHGHV
WDFKHVG KXPLGLWpLOQ DSDVpWpFRQVHUYpGDQVOHV
FRQGLWLRQVRSWLPDOHVHWSHXWDYRLUVXELXQGpEXWGH
GpFRQJpODWLRQ
$FKHWH]OHVSURGXLWVVXUJHOpVHQGHUQLHUOLHXHWXWLOLVH]
GHVVDFVLVRWKHUPHVSRXUOHXUWUDQVSRUW
(QUHQWUDQWFKH]YRXVPHWWH]LPPpGLDWHPHQWOHV
DOLPHQWVVXUJHOpVGDQVOHFRQJpODWHXU
eYLWH]RXUpGXLVH]DXPD[LPXPOHVYDULDWLRQVGH
WHPSpUDWXUH
5HVSHFWH]ODGDWHGHSpUHPSWLRQLQGLTXpHVXU
O HPEDOODJH
6XLYH]WRXMRXUVOHVLQVWUXFWLRQVUHODWLYHVjODFRQVHUYDWLRQ
GHVDOLPHQWVFRQJHOpVILJXUDQWVXUO HPEDOODJH
5HPDUTXH
&RQVRPPH]LPPpGLDWHPHQWOHVDOLPHQWVGpFRQJHOpVRX
SDUWLHOOHPHQWGpFRQJHOpV1HOHVUHFRQJHOH]SDVVDXIDSUqV
OHVDYRLUXWLOLVpVSRXUSUpSDUHUXQSODWFXLVLQp8QHIRLVFXLW
O DOLPHQWGpFRQJHOpSHXWjQRXYHDXrWUHFRQJHOp
(QFDVGHFRXSXUHGHFRXUDQWSURORQJpH
Q RXYUH]SDVODSRUWHGXFRQJpODWHXUVLFHQ HVWSRXU
SODFHUOHVDFFXPXODWHXUVGHIURLG VLGLVSRQLEOHV DX
GHVVXVGHVDOLPHQWVFRQJHOpVVXUOHVF{WpVGURLWHWJDXFKH
GXFRQJpODWHXU
&HFLpYLWHUDjODWHPSpUDWXUHGHPRQWHUWURS
UDSLGHPHQW
Silvia_Montaperti_31302000.book Page 38 Tuesday, May 10, 2005 12:24 PM
&200(17&21*(/(5/(6$/,0(176
1 XWLOLVH]OHFRPSDUWLPHQWFRQJpODWHXUTXHSRXUOD
FRQVHUYDWLRQG DOLPHQWVVXUJHOpVODFRQJpODWLRQG DOLPHQWV
IUDLVHWODSURGXFWLRQGHJODoRQV
3UpSDUDWLRQGHVDOLPHQWVIUDLVjFRQJHOHU
(QYHORSSH]KHUPpWLTXHPHQWOHVDOLPHQWVIUDLVjFRQJHOHU
GDQV GHVIHXLOOHVGHSDSLHUDOXPLQLXPXQHSHOOLFXOH
WUDQVSDUHQWHGHVHPEDOODJHVSODVWLTXHVLPSHUPpDEOHVGHV
UpFLSLHQWVHQSRO\pWK\OqQHjFRXYHUFOHGHVUpFLSLHQWVDGDSWpV
jODFRQJpODWLRQGHVDOLPHQWV
/HVDOLPHQWVGRLYHQWrWUHIUDLVPUVHWGHTXDOLWpRSWLPDOH
/HVOpJXPHVIUDLVHWOHVIUXLWVGRLYHQWVLSRVVLEOHrWUHFRQJHOpV
WRXWGHVXLWHDSUqVDYRLUpWpFXHLOOLVDILQGHFRQVHUYHUOHXUV
VXEVWDQFHVQXWULWLYHVOHXUFRQVLVWDQFHOHXUFRXOHXUHWOHXU
JRW
,OHVWFRQVHLOOpGHIDLUHIDLVDQGHUFHUWDLQHVYLDQGHVHQ
SDUWLFXOLHUOHJLELHUSHQGDQWXQHSpULRGHVXIILVDPPHQWORQJXH
DYDQWGHOHVFRQJHOHU
/DLVVH]WRXMRXUVUHIURLGLUOHVDOLPHQWVFKDXGVDYDQWGHOHV
LQWURGXLUHGDQVOHFRQJpODWHXU
&RPPHQWFRQJHOHUOHVDOLPHQWV
$VVXUH]YRXVTXHOHVSDURLVYHUWLFDOHVGXFRQJpODWHXUQHVRQW
SDVUHFRXYHUWHVG XQHFRXFKHGHJLYUHWURSpSDLVVH'DQVFH
FDVGpJLYUH]O DSSDUHLO YRLUOHFKDSLWUH´&RPPHQWGpJLYUHUOH
FRQJpODWHXUµ 6LODTXDQWLWpG DOLPHQWVVWRFNpVHVWLQIpULHXUHj NJOH
IRQFWLRQQHPHQWGHO DSSDUHLOVHUDDXWRPDWLTXHPHQWFRQWU{Op
SDUODIRQFWLRQWK6HQVH YRLUOHFKDSLWUH´)RQFWLRQWK
6HQVHµ HWDXFXQHLQWHUYHQWLRQGHO XWLOLVDWHXUQHVHUDUHTXLVH
3RXUFRQJHOHUGHVTXDQWLWpVVXSpULHXUHVRXXWLOLVHUODFDSDFLWp
PD[LPDOHGHFRQJpODWLRQGHO DSSDUHLOILJXUDQWVXUODSODTXH
VLJQDOpWLTXH YRLUOHFKDSLWUH´,QVWDOODWLRQµ LOHVWQpFHVVDLUH
G DFWLYHUODIRQFWLRQGHFRQJpODWLRQJUDQGHVTXDQWLWpV
KHXUHVDYDQWG LQWURGXLUHOHVDOLPHQWVjFRQJHOHU
3RXUDFWLYHUODIRQFWLRQGHFRQJpODWLRQJUDQGHVTXDQWLWpV
DSSX\H]VXUODWRXFKH /HYR\DQWMDXQH V DOOXPH
3ODFH]OHVDOLPHQWVjFRQJHOHUHQFRQWDFWGLUHFWDYHFOHVSDURLV
YHUWLFDOHVGXFRQJpODWHXUFRPPHLQGLTXpGDQVODILJXUHFL
FRQWUH
$ DOLPHQWVjFRQJHOHU
% DOLPHQWVGpMjFRQJHOpV
eYLWH]GHPHWWUHOHVDOLPHQWVjFRQJHOHUHQFRQWDFWGLUHFWDYHF
OHVDOLPHQWVGpMjFRQJHOpV
3RXUFRQJHOHUFRUUHFWHPHQWHWSOXVUDSLGHPHQWQRXVYRXV
VXJJpURQVGHVpSDUHUOHVDOLPHQWVGDQVGHSHWLWVSDTXHWV
FHWWHSUpFDXWLRQV DYpUHUDXWLOHDXPRPHQWGHO XWLOLVDWLRQGHV
DOLPHQWVFRQJHOpV
8QHIRLVTXHOHVDOLPHQWVIUDLVjFRQJHOHURQWpWpLQWURGXLWV
GDQVO DSSDUHLOLOHVWFRQVHLOOpG DWWHQGUHKHXUHVDYDQW
G RXYULUODSRUWH$XERXWGHFHWWHSpULRGHOHVDOLPHQWV
SHXYHQWrWUHFRQVLGpUpVFRPPHpWDQWFRQJHOpV
'pVDFWLYH]ODIRQFWLRQGHFRQJpODWLRQJUDQGHVTXDQWLWpVHQ
DSSX\DQWVXUODWRXFKH VLYRXVRPHWWH]GHOHIDLUHO DSSDUHLO
SUpYRLWODGpVDFWLYDWLRQDXWRPDWLTXHGHODIRQFWLRQDSUqVHQYLURQ
KHXUHVGHVRQDFWLYDWLRQ
Silvia_Montaperti_31302000.book Page 39 Tuesday, May 10, 2005 12:24 PM
&200(17'e*,95(5/(&21*e/$7(85
1RXVYRXVFRQVHLOORQVGHGpJLYUHUOHFRQJpODWHXUORUVTXHOD
IRUPDWLRQGHJODFHVXUOHVSDURLVDWWHLQWjPPG pSDLVVHXU
'pEUDQFKH]O DSSDUHLO
5HWLUH]OHVSDTXHWVGXFRQJpODWHXUHWHQYHORSSH]OHV
ELHQVHUUpVOHVXQVFRQWUHOHVDXWUHVGDQVGXSDSLHU
MRXUQDOSXLVSODFH]OHVGDQVXQHQGURLWIUDLVRXGDQVXQVDF
LVRWKHUPH
/DLVVH]ODSRUWHGXFRQJpODWHXURXYHUWH
5HWLUH]OHERXFKRQLQWpULHXUGHODJRXORWWHG pYDFXDWLRQ
5HWLUH]OHERXFKRQH[WpULHXUGHODJRXORWWHG pYDFXDWLRQ
HWSRVLWLRQQH]OHFRPPHOHPRQWUHODILJXUH $ ,QVWDOOH]XQHEDVVLQHVRXVODJRXORWWHSRXU\UHFXHLOOLU
O HDX6 LOHVWGLVSRQLEOHXWLOLVH]OHVpSDUDWHXU % 3RXUDFFpOpUHUO RSpUDWLRQGHGpJLYUDJHXWLOLVH]XQH
VSDWXOHSRXUPLHX[GpFROOHUOHJLYUHGHVSDURLVGX
FRQJpODWHXU
5HWLUH]OHJLYUHGXIRQGGXFRQJpODWHXU
3RXUpYLWHUWRXWGRPPDJHLUUpSDUDEOHQ XWLOLVH]
DXFXQREMHWPpWDOOLTXHSRLQWXRXWUDQFKDQWSRXU
UDFOHUODJODFH
1 XWLOLVH]DXFXQSURGXLWDEUDVLIHWQHFKDXIIH]SDV
DUWLILFLHOOHPHQWO LQWpULHXUGXFRQJpODWHXU
(VVX\H]VRLJQHXVHPHQWO LQWpULHXUGXFRQJpODWHXU
8QHIRLVOHGpJLYUDJHWHUPLQpUHSODFH]OHERXFKRQ
%UDQFKH]ODILFKHGDQVODSULVHGHFRXUDQWHWVXLYH]OHV
LQGLFDWLRQVUHODWLYHVjODPLVHHQVHUYLFH YRLUOHFKDSLWUH
´*XLGHGHIRQFWLRQQHPHQWµ 1(772<$*((7(175(7,(1
(IIHFWXH]OHVRSpUDWLRQVGHQHWWR\DJHHWG HQWUHWLHQDX
PRLQVXQHIRLVSDUDQSRXUJDUDQWLUOHERQ
IRQFWLRQQHPHQWGHYRWUHDSSDUHLO
5HWLUH]ODJODFHTXLVHIRUPHVXUOHERUGVXSpULHXU
1HWWR\H]O LQWpULHXUGXFRQJpODWHXUFKDTXHIRLVTXHYRXV
OHGpJLYUH]jO DLGHG XQHpSRQJHLPELEpHG HDXWLqGH
HWRXGHSURGXLWGpWHUJHQWQHXWUH
1HWWR\H]ODJULOOHGHYHQWLODWLRQGXPRWHXU VLSUpVHQWH 5HWLUH]ODSRXVVLqUHGXFRQGHQVHXUTXLVHWURXYHj
O DUULqUHGHO DSSDUHLO
5HPDUTXH
'pEUDQFKH]O DSSDUHLODYDQWWRXWHRSpUDWLRQ
G HQWUHWLHQ
1 XWLOLVH]QLGpWHUJHQWVDEUDVLIVQLpSRQJHVPpWDOOLTXHV
QLGpWDFKDQWV H[GLVVROYDQWWULFKORUpWK\OqQH SRXU
QHWWR\HUO DSSDUHLO
Silvia_Montaperti_31302000.book Page 40 Tuesday, May 10, 2005 12:24 PM
',$*1267,&5$3,'(
/HYR\DQWURXJHFOLJQRWH
9pULILH]TXHODSRUWHHVWIHUPpHRXTX HOOH
Q HVWSDVUHVWpHRXYHUWHWURSORQJWHPSV
$VVXUH]YRXVTXHGHVDOLPHQWVIUDLVQ RQWSDV
pWpLQVpUpVUpFHPPHQW
&RQWU{OH]TXHOHVDOLPHQWVIUDLVRQWpWp
UDQJpVFRUUHFWHPHQW YRLUOHFKDSLWUH
´&RPPHQWFRQJHOHUOHVDOLPHQWVµ $VVXUH]YRXVTXHO DSSDUHLOQ HVWSDVLQVWDOOpj
SUR[LPLWpG XQHVRXUFHGHFKDOHXU
&RQWU{OH]TXHODJULOOHGHYHQWLODWLRQHWOH
FRQGHQVHXUVRQWSURSUHV
/·DODUPHVRQRUHHVWHQIRQFWLRQ
&RQVXOWH]OHFKDSLWUH´*XLGHGH
IRQFWLRQQHPHQWµSDUDJUDSKH´$ODUPHVµ
/ DIILFKDJHHVWpWHLQWO pFODLUDJH
LQWpULHXUQHV DOOXPHSDVHWOH
FRPSUHVVHXUQHIRQFWLRQQHSDV
DSSDUHLOFKDXG
$VVXUH]YRXVTX XQHFRXSXUHSURORQJpHGH
FRXUDQWQ HVWSDVHQFRXUV
$VVXUH]YRXVTXHO DSSDUHLOHVWELHQEUDQFKp
jODSULVHGHFRXUDQW
9pULILH]DSUqVDYRLUGpEUDQFKpO DSSDUHLO
O LQWpJULWpGXFkEOHpOHFWULTXH
/ DIILFKDJHHVWpWHLQWO pFODLUDJH
LQWpULHXUV DOOXPHHWOHFRPSUHVVHXU
IRQFWLRQQHHQSHUPDQHQFH
&RQWDFWH]OH6HUYLFH$SUqVYHQWH
(QDFWLRQQDQWXQHWRXFKHODIRQFWLRQ
FRUUHVSRQGDQWHQHV HQFOHQFKHSDV
$VVXUH]YRXVTXHODIRQFWLRQGHEORFDJH
FODYLHUQ HVWSDVDFWLYpH YRLUOHFKDSLWUH
´%ORFDJH&ODYLHUµ / DSSDUHLOHVWWURSEUX\DQW
$VVXUH]YRXVTXHO DSSDUHLOHVWGHQLYHDX
$VVXUH]YRXVTXHO LQVWDOODWLRQGHO DSSDUHLO
HVWFRUUHFWH YRLUOHFKDSLWUH´,QVWDOODWLRQµ /HFRPSUHVVHXUIRQFWLRQQHHQ
SHUPDQHQFH
9pULILH]VLODIRQFWLRQGHFRQJpODWLRQJUDQGHV
TXDQWLWpVHVWDFWLYpH
9pULILH]VLGHVDOLPHQWVFKDXGVRQWpWp
LQWURGXLWVUpFHPPHQWGDQVOHUpIULJpUDWHXU
$VVXUH]YRXVTXHODSRUWHHVWSDUIDLWHPHQW
IHUPpHRXTX HOOHQ HVWSDVUHVWpHRXYHUWH
WURSORQJWHPSV
$VVXUH]YRXVTXHO DSSDUHLOHVWLQVWDOOp
FRUUHFWHPHQWORLQGHVVRXUFHVGHFKDOHXU
YRLUOHFKDSLWUH´,QVWDOODWLRQµ ,O\DWURSGHJLYUHVXUOHERUG
VXSpULHXU
$VVXUH]YRXVTXHOHVERXFKRQVGHOD
JRXORWWHG pYDFXDWLRQGHO HDXGHGpJLYUDJH
VRQWFRUUHFWHPHQWPLVHQSODFH
$VVXUH]YRXVTXHODSRUWHHVWSDUIDLWHPHQW
IHUPpHRXTX HOOHQ HVWSDVUHVWpHRXYHUWH
WURSORQJWHPSV
$VVXUH]YRXVTXHOHMRLQWGHODSRUWHQ HVWSDV
GpIRUPp
&RQWU{OH]TXHOHVFDOHVGHODSRUWHRQWELHQ
pWpUHWLUpV YRLUOHFKDSLWUH´,QVWDOODWLRQµ ,O\DGHODFRQGHQVDWLRQVXUOHVSDURLV
H[WpULHXUHVGXFRQJpODWHXU
,OHVWWRXWjIDLWQRUPDOTX LO\DLWGHOD
FRQGHQVDWLRQORUVTXHOHVFRQGLWLRQV
FOLPDWLTXHVVRQWSDUWLFXOLqUHV KXPLGLWp
VXSpULHXUHj RXVLO DSSDUHLOHVWLQVWDOOp
GDQVXQHSLqFHKXPLGHHWSHXDpUpH
4XRLTX LOHQVRLWFHFLQHFRPSURPHWHQULHQ
OHVSUHVWDWLRQVGHO DSSDUHLO
/DSUpVHQFHGHJODFHVXUOHVSDURLV
LQWHUQHVGXFRQJpODWHXUQ HVWSDV
XQLIRUPH
&HSKpQRPqQHHVWWRXWjIDLWQRUPDO
6(59,&($35Ë69(17(
$YDQWGHFRQWDFWHUOH6HUYLFH$SUqV
YHQWH
9pULILH]V LOQ HVWSDVSRVVLEOHG pOLPLQHUOHV
SDQQHVVDQVDLGH YRLUOHSDUDJUDSKH´$YDQWGH
FRQWDFWHUOH6HUYLFH$SUqVYHQWHµ 5HPHWWH]O DSSDUHLOHQPDUFKHSRXUYRXV
DVVXUHUTXHO LQFRQYpQLHQWDpWppOLPLQp6LOH
SUREOqPHSHUVLVWHGpEUDQFKH]jQRXYHDX
O DSSDUHLOHWUpSpWH]O RSpUDWLRQXQHKHXUHSOXV
WDUG
6LOHUpVXOWDWHVWHQFRUHQpJDWLIFRQWDFWH]OH
6HUYLFH$SUqVYHQWH
&RPPXQLTXH]
/HW\SHGHSDQQH
/HPRGqOH
/HQXPpURGH6HUYLFH QXPpURTXLVHWURXYH
DSUqVOHPRW6(59,&(VXUODSODTXH
VLJQDOpWLTXHSODFpHjO LQWpULHXUGHO DSSDUHLO 9RWUHDGUHVVHFRPSOqWH
9RWUHQXPpURGHWpOpSKRQHDYHFO LQGLFDWLI
">
Enlace público actualizado
El enlace público a tu chat ha sido actualizado.