,167$//$7,21'8)285(1&$675$%/(
6286813/$1'(75$9$,/
5HFRPPDQGDWLRQV
$77(17,21 OH IRXUGRLWLPSpUDWLYHPHQWrWUH
GpEUDQFKpDYDQWGHIIHFWXHUWRXWHLQWHUYHQWLRQ
GLQVWDOODWLRQRXGHQWUHWLH QVXUODSSDUHLO
/LQVWDOODWLRQGRLWrWUHUpDOLVpHSDUXQWHFKQLFLHQ
TXDOLILpFRQIRUPpPHQWDX[LQVWUXFWLRQVGX
IDEULFDQWHWGDQVOHUHVSHFWGHVQRUPHVORFDOHVHQ
YLJXHXUHQPDWLqUHGHVpFXULWp
$SUqVDYRLUGpEDOOpOHIRXUFRQWU{OH]TXH
ODSSDUHLOQDSDVpWpHQGRPPDJpSHQGDQWOH
WUDQVSRUWHWTXHODSRUWHIHUPHSDUIDLWHPHQW
(Q
FDVGHSUREOqPHFRQWDFWH]YRWUHUHYHQGHXU
RXOH6HUYLFH$SUqVYHQWHOHSOXVSURFKH
$SUqVDYRLUGpEDOOpOHIRXULQVWDOOH]OHVXUODEDVH
HQSRO\VW\UqQHGHIDoRQjSUpYHQLUWRXW
HQGRPPDJHPHQWGHODSSDUHLO
3RXULQVWDOOHUODSSDUHLOLOHVWFRQVHLOOpGHVH
PXQLUGHJDQWVGHSURWHFWLRQ
1HVRXOHYH]MDPDLVOHIRXUHQDJULSSDQWOD
SRLJQpHGHODSRUWH6DLVLVVH]OHSDUOHVF{WpVHQ
SUHQDQWSULVHGDQVOHVRXYHUWXUHVSUpYXHVjFHW
HIIHW
3UpSDUDWLRQGXPHXEOH
GHQFDVWUHPHQW
)RXUHQFDVWUDEOHjLQVWDOOHUVRXVXQSODQGH
WUDYDLO
/HVPHXEOHVGHFXLVLQHDGMDFHQWVDXIRXUGRLYHQW
UpVLVWHUjODFKDOHXUPLQ&
3URFpGH]DXGpFRXSDJHGXPHXEOHHWGXSODQGH
WUDYDLODYDQWGLQVWDOOHUOHVDSSDUHLOV3UHQH]VRLQ
GpOLPLQHUWRXVOHVFRSHDX[HWODVFLXUHGHERLV
TXLSRXUUDLHQWHQWUDYHUOHERQIRQFWLRQQHPHQW
GHODSSDUHLO
/HVGLPHQVLRQVGXIRXUHWGXPHXEOHVRQW
LOOXVWUpHVGDQVOHVILJXUHV
3RXUDVVXUHUXQHYHQWLODWLRQFRUUHFWHYHLOOH]j
ODLVVHUXQHRXYHUWXUHjODUULqUHGHODSSDUHLOHQ
UHVSHFWDQWOHVGLPHQVLRQVLQGLTXpHVGDQVODILJ
8QHVSDFHGHPPDXPRLQVHVWUHTXLVHQWUHOH
ERUGVXSpULHXUGXIRXUHWOHERUGLQIpULHXUGX
SODQGHWUDYDLOILJ
&HWHVSDFHQHGRLW
MDPDLVrWUHREVWUXp
,QVWDOOH]OHIRXUHQYHLOODQWjFHTXHOHVSDURLVGX
IRXUQHQWUHQWSDVGLUHFWHPHQWHQFRQWDFWDYHF
OHVPHXEOHVDGMDFHQWV
6LOHPHXEOHQHVWSDVVROLGHPHQWIL[pDXPXU
UHQIRUFH]OHGLVSRVLWLIGHIL[DWLRQjODLGHGpWULHUV
GLVSRQLEOHVGDQVOHFRPPHUFH*YRLUILJ
7DEOHGHFXLVVRQ
$WWHQWLRQ
VLODWDEOHGHFXLVVRQHVWLQVWDOOpHVXUXQH
VXUIDFHFRQVWLWXpHGXQDXWUHPDWpULDXTXHOHERLV
PDUEUHSODVWLTXHFpUDPLTXHSLHUUHHWFQRXEOLH]
SDVGHYRXVSURFXUHUOHVpTXHUUHVGHIL[DWLRQILJ
DXSUqVGHYRWUH6HUYLFH$SUqVYHQWH
/DWDEOHGHFXLVVRQ GRLWrWUH LQVWDOOpHGDQV XQSODQ GH
WUDYDLOGXQHpSDLVVHXUGHjPPPD[LPXP
/HVSDFHVpSDUDQW ODWDEOHGH FXLVVRQHWOHIRXU QHGRLW
SDVrWUH HQFRPEUpSDU GHVVXSSRUWV WUDQVYHUVDX[RX
GHVPDWpULDX[LVRODQWVSDUH[HPSOH
8QHVSDFHGHPPDXPRLQVGHYUDrWUHSUpYX
HQWUHOHPHXEOHjFRORQQHDGMDFHQWDXSODQGH
FXLVVRQHWOHERUGGHFHGHUQLHUILJ
3UDWLTXH]XQHRXYHUWXUHGDQVOHSODQ GHWUDYDLOHQ
UHVSHFWDQWOHVGLPHQVLRQVLQGLTXpHVGDQVOD)LFK H
SURGXLW GXSODQGHFXLVVRQ DFFRPSDJQ DQWFHGHU QLHU
,OHVWUHFRPPDQGpGHVFHOOHUOHVERUGVLQWpULHXUVGX
SODQGH WUDYDL O j ODLGH GHFROOHj E RLV RX GH VLOLFRQH
6LFHOD QDSDVGpMj pWpIDLWDSSOLTXH]OHMRLQWIRXUQL
DX SODQGH FXLVVRQDSUqVDYRLUQHWWR\pDYHF VRLQOD
VXUIDFHGHFRQWDFW
7DEOHGHFXLVVRQpOHFWULTXHWUDGLWLRQQHOOH
$77(17,21DYDQWGLQVWDOOHUODWDEOHGH
FXLVVRQUHWLUH]OHILOPGHSURWHFWLRQ
pYHQWXHOOHPHQWSUpVHQW
6LOHSODQGHWUDYDLOHVWHQERLVXWLOLVH]OHV
SLQFHVHWYLVIRXUQLHVDYHFODSSDUHLO
,QWURGXLVH]OHVSLQFHV%ILJ GDQVOHXUV
UDLOVUHVSHFWLIVVLWXpVGDQVOHERUGLQIpULHXUGX
SODQGHFXLVVRQ
,QVWDOOH]ODWDEOHGHFXLVVRQGDQVOHSODQGHWUDYDLO
6LOHSODQGHFXLVVRQHVWHQPDUEUHRXWRXW
DXWUH PDWpULDXSODVWLTXH FpUDPLTXH SL HUUH
HWF
ODIL[DWLRQGRLWVHIIHFWXHU DXPR\HQGpWULHUV
VSpFLDX[&ILJ SRUWD QWOHFRGH
GLVSRQLEOHVHQ VHWVFRPSOHWV DXSUqVGX
6HUYLFH$SUqVYHQWH
)L[H] OHV pWULHUVGDQVO HV RULILFHVSUpYXVjFHW HIIHW
DXPR\HQGHVYLVIRXUQLHV
,QVWDOOH]ODWDEOHGHFXLVVRQGDQVOHSODQGHWUDYDLO
7DEOHGHFXLVVRQYLWURFpUDPLTXH
$77(17,21DYDQWGLQVWDOOHUODWDEOHGH
FXLVVRQUHWLUH]OHILOPGHSURWHFWLRQ
pYHQWXHOOHPHQWSUpVHQW
9pULILH]TXHORXYHUWXUHSUDWLTXpHGDQVOHSODQGH
WUDYDLOHWGHVWLQpHjUHFHYRLUODWDEOHGHFXLVVRQ
SRVVqGHQWSUpFLVpPHQWOHVGLPHQVLRQVLQGLTXpHV
GDQVOD)LFKHSURGXLWGHODWDEOHGHFXLVVRQ
eYLWH]DEVROXPHQWGLQVWDOOHUODWDEOHGHFXLVVRQ
GDQVOHSODQGHWUDYDLOHQODIRUoDQW6RXVODSUHVVLRQ
H[HUFpHODVXUIDFHYLWURFpUDPLTXHSRXUUDLWVH
IUDFWXUHUPrPHXOWpULHXUHPHQW
1FR00063b.fm Page 5 Tuesday, November 11, 2003 10:58 AM