,167$//$7,21'8)285&2/211(
'(0,&2/211(
5HFRPPDQGDWLRQV
$77(17,21OHIRXUGRLWLPSpUDWLYHPHQWrWUH
GpEUDQFKpDYDQWGHIIHFWXHUWRXWHLQWHUYHQWLRQ
GLQVWDOODWLRQRXGHQWUHWLHQVXUODSSDUHLO
/LQVWDOODWLRQGRLWrWUHUpDOLVpHSDUXQWHFKQLFLHQ
TXDOLILpFRQIRUPpPHQWDX[LQVWUXFWLRQVGX
IDEULFDQWHWGDQVOHUHVSHFWGHVQRUPHVORFDOHVHQ
YLJXHXUHQPDWLqUHGHVpFXULWp
$SUqVDYRLUGpEDOOpOHIRXUFRQWU{OH]TXH
ODSSDUHLOQDSDVpWpHQGRPPDJpSHQGDQWOH
WUDQVSRUWHWTXHODSRUWHIHUPHSDUIDLWHPHQW
(Q
FDVGHSUREOqPHFRQWDFWH]YRWUHUHYHQGHXU
RXOH6HUYLFH$SUqVYHQWHOHSOXVSURFKH
$SUqVDYRLUGpEDOOpOHIRXULQVWDOOH]OHVXUODEDVH
HQSRO\VW\UqQHGHIDoRQjSUpYHQLUWRXW
HQGRPPDJHPHQWGHODSSDUHLO
3RXULQVWDOOHUODSSDUHLOLOHVWFRQVHLOOpGHVH
PXQLUGHJDQWVGHSURWHFWLRQ
1HVRXOHYH]MDPDLVOHIRXUHQDJULSSDQWODSRLJQpH
GHODSRUWH6DLVLVVH]OHSDUOHVF{WpVHQSUHQDQW
SULVHGDQVOHVRXYHUWXUHVSUpYXHVjFHWHIIHW
3UpSDUDWLRQGXPHXEOHGHQFDVWUHPHQW
/HVPHXEOHVGHFXLVLQHDGMDFHQWVDXIRXUGRLYHQW
UpVLVWHUjODFKDOHXUPLQ&
3URFpGH]DXGpFRXSDJHGXPHXEOHDYDQWG\
LQVWDOOHUODSSDUHLO3UHQH]VRLQGpOLPLQHUWRXVOHV
FRSHDX[HWODVFLXUHGHERLVTXLSRXUUDLHQWHQWUDYHU
OHERQIRQFWLRQQHPHQWGHODSSDUHLO
/HVGLPHQVLRQVGXIRXUHWGXPHXEOHVRQW
LOOXVWUpHVGDQVOHVILJXUHV
3RXUDVVXUHUXQHYHQWLODWLRQFRUUHFWHYHLOOH]j
ODLVVHUXQHRXYHUWXUHjODUULqUHGHODSSDUHLOHQ
UHVSHFWDQWOHVGLPHQVLRQVLQGLTXpHVVXUOHVFKpPD
8QHIRLVOLQVWDOODWLRQWHUPLQpHODSDUWLH
DUULqUHGXIRXUQHGRLWSOXVrWUHDFFHVVLEOH
,QVWDOOH]OHIRXUHQYHLOODQWjFHTXHOHVSDURLVGX
IRXUQHQWUHQWSDVGLUHFWHPHQWHQFRQWDFWDYHF
OHVPHXEOHVDGMDFHQWVILJ
3RXUOHVIRXUVLQVWDOOpVVRXVXQSODQGHWUDYDLOXQ
HVSDFHGHPPDXPRLQVHVWUHTXLVHQWUHOHERUG
VXSpULHXUGXIRXUHWOHERUGLQIpULHXUGXSODQGH
WUDYDLOILJ
9HLOOH]jQHMDPDLVREVWUXHUFHW
HVSDFHSRXUQHSDVQXLUHDXERQ
IRQFWLRQQHPHQWGHODSSDUHLO
6LOHPHXEOHQHVWSDVVROLGHPHQWIL[pDXPXU
UHQIRUFH]OHGLVSRVLWLIGHIL[DWLRQjODLGHGpWULHUV
GLVSRQLEOHVGDQVOHFRPPHUFH*ILJ
%UDQFKHPHQWpOHFWULTXH
/DPLVHjODWHUUHGHODSSDUHLOHVWREOLJDWRLUH
DX[WHUPHVGHODORL
/HEUDQFKHPHQWpOHFWULTXHGHODSSDUHLOGRLWrWUH
HIIHFWXpSDUXQWHFKQLFLHQTXDOLILpFRQIRUPpPHQW
DX[LQVWUXFWLRQVGXIDEULFDQWHWGDQVOHUHVSHFWGHV
QRUPHVORFDOHVHQYLJXHXUHQPDWLqUHGHVpFXULWp
/LQVWDOODWHXUHVWUHVSRQVDEOHGXEUDQFKHPHQW
pOHFWULTXHFRUUHFWGHODSSDUHLOHWGXUHVSHFWGHV
UpJOHPHQWDWLRQVORFDOHVHQYLJXHXUHQPDWLqUHGH
VpFXULWp
/HFRUGRQGDOLPHQWDWLRQGHODSSDUHLOGRLWrWUH
VXIILVDPPHQWORQJSRXUSHUPHWWUHOHEUDQFKHPHQW
GHODSSDUHLOHQFDVWUpjODSULVHGXVHFWHXU
'DQVOHUHVSHFWGHVUpJOHPHQWDWLRQVHQYLJXHXU
HQPDWLqUHGHVpFXULWpLOHVWQpFHVVDLUHGXWLOLVHU
DXPRPHQWGHOLQVWDOODWLRQXQGLVSRVLWLIj
FRXSXUHRPQLSRODLUHD\DQWXQHGLVWDQFH
PLQLPXPGHPPHQWUHOHVFRQWDFWV
1XWLOLVH]HQDXFXQFDVGHSULVHVPXOWLSOHVRXGH
UDOORQJHV
8QHIRLVOLQVWDOODWLRQWHUPLQpHOHVFRPSRVDQWV
pOHFWULTXHVGRLYHQWrWUHLQDFFHVVLEOHV
%UDQFKHPHQWGXIRXU
9pULILH]TXHODWHQVLRQILJXUDQWVXUODSODTXH
VLJQDOpWLTXHGHODSSDUHLOFRUUHVSRQGjFHOOHGH
YRWUHKDELWDWLRQ/DSODTXHVLJQDOpWLTXHVHWURXYH
VXUOHUHERUGDYDQWGXIRXUYLVLEOHORUVTXHOD
SRUWHHVWRXYHUWH
6LOHIRXUQHVWSDVSRXUYXGXQFRUGRQ
GDOLPHQWDWLRQSURFpGH]GHODPDQLqUHVXLYDQWH
'HVVHUUH]OHVGHX[YLVGHIL[DWLRQGXFRXYHUFOH
GXVHUUHILOVVLWXpVXUODSDUWLHLQIpULHXUHGHOD
FRXYHUWXUHDUULqUHGXIRXU
5HWLUH]OHFRXYHUFOHSRXUDFFpGHUDXVHUUHILOVHW
LQWURGXLVH]OHFRUGRQGDOLPHQWDWLRQYRLUWDEOHDX
jWUDYHUVORXYHUWXUHVLWXpHVXUOHIRQGGXIRXU
5DFFRUGH]OHFRUGRQDXVHUUHILOVHQVHUUDQWOHV
YLVjIRQGHWDFFURFKH]OHDXFkEOLHU
5pLQVWDOOH]OHFRXYHUFOHHQLQWURGXLVDQWOHVGHX[
DLOHWWHVGDQVOHXUVORJHPHQWVUHVSHFWLIVHWIL[H]
OHjODLGHGHVGHX[YLV
&RPPHQWIL[HUOHIRXU
6RXOHYH]OHIRXUHQOHVDLVLVVDQWSDUOHVRXYHUWXUHV
ODWpUDOHVHWLQVWDOOH]OHGDQVOHQFDVWUHPHQWGX
PHXEOHHQYHLOODQWjQHSDVFRLQFHUOHFRUGRQ
GDOLPHQWDWLRQILJ
&HQWUH]OHIRXUjOLQWpULHXUGXPHXEOHDYDQWGH
OHIL[HUGpILQLWLYHPHQW
9pULILH]TXHOHVHQWUHWRLVHVHQSODVWLTXHVRQW
LQVWDOOpHVFRUUHFWHPHQWGDQVOHVRULILFHVGHIL[DWLRQ
SUpYXVjFHWHIIHW3URFpGH]HQVXLWHjODIL[DWLRQ
GpILQLWLYHGXIRXUjODLGHGHVYLVIRXUQLHV
7DEOHDXGHVFkEOHVGDOLPHQWDWLRQ
1GHVFRQGXFWHXUV 7\SHGHFkEOH
1
a
+55);PPò
a
+55);PPò
XQLTXHPHQWSRXUOD6XLVVH
10200152FR.fm Page 3 Friday, May 20, 2005 11:24 AM