5$&&25'(0(17/$55,9e('8*$=
/HV\VWqPHGDUULYpHGXJD]GRLWrWUHFRQIRUPHjOD
UpJOHPHQWDWLRQORFDOHHQYLJXHXUFRQVXOWH]OHFKDSLWUH
´5DSSHOVVXUOHVQRUPHVGHVpFXULWpHQYLJXHXUGDQVOHSD\V
GLQVWDOODWLRQµ
/HW\SHGHJD]SRXUOHTXHOOHIRXUDpWpUpJOpHVWLQGLTXpVXU
ODSODTXHVLJQDOpWLTXHVLWXpHVXUOHUHERUGLQIpULHXUGHOD
SDUWLHDYDQWGXIRXUHWVXUOHPEDOODJH
$YDQWGHEUDQFKHUOHIRXUSURFpGH]jVRQUpJODJHHQIRQFWLRQ
GXW\SHGHJD]XWLOLVpGDQVYRWUHKDELWDWLRQ
/HUDFFRUGHPHQWGXWX\DXjODUULYpHGXJD]GRLWVHIIHFWXHU
VRLWHQXWLOLVDQWXQUDFFRUGVDQVEDJXHGHVFHOOHPHQW
OHUDFFRUGGXIRXUHVWFRQLTXH,625
VRLWHQLQWHUFDODQWODEDJXHGHVFHOOHPHQWPpWDOOLTXHIRXUQLHDYHF
ODSSDUHLOYRLUVFKpPD
$WWHQWLRQ
'qVTXHOHUDFFRUGHPHQWDXJD]HVWWHUPLQpYpULILH]TXLO
Q\DSDVGHIXLWHV3RXUGpWHFWHUOHVIXLWHVGHJD]XWLOLVH]GXVDYRQHWGH
OHDXRXWRXWDXWUHOLTXLGHSUpYXSRXUFHW\SHGRSpUDWLRQ1XWLOLVH]HQ
DXFXQFDVGHVIODPPHV
$WWHQWLRQ
,OHVWLQWHUGLWGHEUDQFKHUXQWX\DXHQFDRXWFKRXFIOH[LEOHDX
UDFFRUGGHVRUWLHFDUFHW\SHGHWX\DXSHXWGLIILFLOHPHQWrWUHFRQWU{Op
&RPPHQWUpJOHUOHIRXUHQIRQFWLRQGXW\SHGHJD]
XWLOLVp
,OHVWSRVVLEOHGXWLOLVHUGHVW\SHVGHJD]GLIIpUHQWVHQUpJODQWOHEUOHXU
GHODPDQLqUHVXLYDQWH
9pULILH]TXHOHIRXUQHVWSDVEUDQFKpDXVHFWHXU
2XYUH]FRPSOqWHPHQWODSRUWHGXIRXU
6RUWH]WRXWHODSDUWLHLQIpULHXUHGXIRXUFRPPHLOOXVWUp
5HWLUH]OHEUOHXUHQGHVVHUUDQWODYLV
´$µ
YRLUILJXUH
'HVVHUUH]OLQMHFWHXU
´%µ
HWUHPSODFH]OHHQVXLYDQWOHVLQVWUXFWLRQV
ILJXUDQWVXUOD´)LFKHSURGXLWµVpSDUpH
5pLQVWDOOH]OHEUOHXUjOLQWpULHXUGXIRXU
&RPPHQWUpJOHUOLQWHQVLWpGHODIODPPH
3RXUUpJOHUOLQWHQVLWpGHODIODPPHSURFpGH]GHODPDQLqUHVXLYDQWH
'HVVHUUH]ODYLV
´&µ
WRXUQH]ODEDJXH
´'µ
HWSRVLWLRQQH]ODVXU
´1µ
SRXUOHPpWKDQHRXOHJD]QDWXUHOVXU
´*3/µ
SRXUOHV
ERQERQQHVGHJD]HQYHLOODQWjFHTXHOLQGLFHDPRYLEOHGHODEDJXH
VHWURXYHHQIDFHGHOLQGLFHIL[HGXEUOHXU&HFLSHUPHWWUDGREWHQLU
XQHLQWHQVLWpGHIODPPHUpJXOLqUH
5pJODJHGHOLQWHQVLWpPLQLPXP
/HWKHUPRVWDWGXIRXUHVWpTXLSpGXQE\SDVVSRXUOHUpJODJHGXPLQLPXP
/RUVTXHOHW\SHGHJD]XWLOLVpHVWGLIIpUHQWOHUpJODJHGRLWrWUHHIIHFWXp
GHODPDQLqUHVXLYDQWH
5HWLUH]OHERXWRQGHFRPPDQGH
´$µ
5HWLUH]OHERXWRQGHFRPPDQGHGXJULO
´%µ
FRQVXOWH]OHFKDSLWUH
´1HWWR\DJHGXIRXUHWGHVHVDFFHVVRLUHVµ
5HWLUH]OHVGHX[YLVGHIL[DWLRQGXEDQGHDXGHFRPPDQGH
´&µ
6RUWH]ODSDUWLHLQIpULHXUHGXIRXU
$OOXPH]OHIRXUHWIDLWHVOHFKDXIIHUjODWHPSpUDWXUHPD[LPXP
SHQGDQWjPLQXWHVDXPRLQV
5HSODFH]OLQGLFHGXERXWRQWKHUPRVWDWVXU
´0,1µ
HWUpJOH]OH
E\SDVVVXUOLQWHQVLWpPLQLPXPGHIDoRQjREWHQLUXQHIODPPH
UpGXLWHHWGLQWHQVLWpUpJXOLqUH/DSRUWHGXIRXUGRLWrWUHIHUPpH
SHQGDQWWRXWHODGXUpHGHFHWWHRSpUDWLRQ
'HVVHUUH]ODYLVGXE\SDVVjODLGHGXQWRXUQHYLVjWrWHSODWH3RXU
SDVVHUGXJD]OLTXLGHDXPpWKDQHLOVXIILWGHGHVVHUUHUODYLVGH
TXHOTXHVWRXUVSRXUUpJOHUOLQWHQVLWpGHODIODPPHVXUOHPLQLPXP
5HPDUTXHLPSRUWDQWH
'qVTXHYRXVDYH]UpJOpOHEUOHXURXYUH]HW
IHUPH]ODSRUWHGXIRXUjSOXVLHXUVUHSULVHVSRXUYpULILHUVLOLQWHQVLWpGH
ODIODPPHHVWPDLQWHQXHDXPLQLPXP6LODIODPPHVpWHLQWUHFWLILH]OH
UpJODJHGXE\SDVV
7HUPLQH]OHVRSpUDWLRQVHQUpLQVWDOODQWOLQMHFWHXUHWHQUpJODQW
ODUULYpHGDLUHWGHJD]pWHLJQH]OHIRXUDSSRVH]ODQRXYHOOH
SODTXHVLJQDOpWLTXHVXUODTXHOOHILJXUHOHW\SHGHJD]XWLOLVpHW
UpDOLVH]OHVVFHOOHPHQWVDXPR\HQGHFLUHRXGHWRXWDXWUH
SURGXLWVHPEODEOH
4XDQWLWpGDLU
WURSLPSRUWDQWH
3XLVVDQFH
UpJXOLqUH
4XDQWLWpGDLU
LQVXIILVDQWH
5DFFRUGHPHQWDXJD]
%DJXH
7X\DXIOH[LEOH
31066058aFR.fm Page 40 Friday, June 17, 2005 2:38 PM