eYLWH]DEVROXPHQWG·LQVWDOOHUODWDEOHGHFXLVVRQ
GDQVOHSODQGHWUDYDLOHQODIRUoDQW6RXVODSUHVVLRQ
H[HUFpHODVXUIDFHYLWURFpUDPLTXHSRXUUDLWVH
IUDFWXUHUPrPHXOWpULHXUHPHQW
6LOHSODQGHWUDYDLOHVWHQERLVXWLOLVH]OHV
SLQFHVSUpYXHVj FHWHIIHWHWOHVYLVIRXUQLHV)LJ
)L[H]OHVSLQFHV')LJjO·DLGHGHVYLV
SUpYXHVjFHWHIIHWHWIRXUQLHVDYHFO·DSSDUHLO(
)LJFRQIRUPpPHQWjO·LOOXVWUDWLRQHQ
UHVSHFWDQWOHVGLVWDQFHVLQGLTXpHV
,QVWDOOH]ODWDEOHGHFXLVVRQGDQVOHSODQGHWUDYDLO
6LOHSODQ GHWUDYDLO HVWHQ PDUEUHHQ SODVWLTXH
HQFpUDPLTXHRXHQSLHUUHHWFODIL[DWLRQGHOD
WDEOHGHFXLVVRQGRLWV·HIIHFWXHUDXPR\HQG·pWULHUV
VSpFLDX[) )LJ SRUWDQWOH FRGH
GLVSRQLEOHVDXSUqVGX6HUYLFH$SUqVYHQWH
,QVWDOOH]ODWDEOHGHFXLVVRQGDQVOHSODQGHWUDYDLO
,QVWDOOH]OHVpWULHUV)FRPPHVSpFLILpGDQVOD
)LJ HQIRQFWLRQ GHO·pSDLVVHXUGX SODQGH WUDYDLO
)L[H]OHVYLV*GDQVOHVWURXV+)LJ
%UDQFKHPHQWpOHFWULTXH
/DPLVHjODWHUUHGHO·DSSDUHLOHVWREOLJDWRLUH
DX[WHUPHVGHODORL
/HEUDQFKHPHQWpOHFWULTXHGHO·DSSDUHLOGRLWrWUH
HIIHFWXp SDUXQWHFKQLFLHQTXDOLILp FRQIRUPpPHQW
DX[LQVWUXFWLRQVGXIDEULFDQWHWGDQVOHUHVSHFWGHV
QRUPHVORFDOHVHQYLJXHXUHQPDWLqUHGHVpFXULWp
/·LQVWDOODWHXUHVWUHVSRQVDEOHGXEUDQFKHPHQW
pOHFWULTXHFRUUHFWGHO·DSSDUHLOHWGXUHVSHFWGHV
UpJOHPHQWDWLRQVORFDOHVHQYLJXHXUHQPDWLqUHGH
VpFXULWp
/HFRUGRQG·DOLPHQWDWLRQGHO·DSSDUHLOGRLWrWUH
VXIILVDPPHQWORQJSRXUSHUPHWWUHOHEUDQFKHPHQW
GHO·DSSDUHLOHQFDVWUpjODSULVHGXVHFWHXU
'DQVOHUHVSHFWGHVUpJOHPHQWDWLRQVHQYLJXHXU
HQPDWLqUHGHVpFXULWpLOHVWQpFHVVDLUHG·XWLOLVHU
DXPRPHQWGHO·LQVWDOODWLRQXQGLVSRVLWLIj
FRXSXUHRPQLSRODLUHD\DQWXQHGLVWDQFH
PLQLPXPGHPPHQWUHOHVFRQWDFWV
1·XWLOLVH]HQDXFXQFDVGHSULVHVPXOWLSOHVRXGH
UDOORQJHV
8QHIRLVO·LQVWDOODWLRQWHUPLQpHOHVFRPSRVDQWV
pOHFWULTXHVGRLYHQWrWUHLQDFFHVVLEOHV
%UDQFKHPHQWGXIRXU
9pULILH]TXHODWHQVLRQILJXUDQWVXUODSODTXH
VLJQDOpWLTXHGHO·DSSDUHLOFRUUHVSRQGjFHOOHGH
YRWUHKDELWDWLRQ/DSODTXHVLJQDOpWLTXHVHWURXYH
VXUOHUHERUGDYDQWGXIRXUYLVLEOHORUVTXHOD
SRUWHHVWRXYHUWH
'HVVHUUH]OHVGHX[YLVGHIL[DWLRQGXFRXYHUFOH
GXVHUUHILOVVLWXpVXUODSDUWLHLQIpULHXUHGHOD
FRXYHUWXUHDUULqUHGXIRXU
5HWLUH]OHFRXYHUFOHSRXU DFFpGHUD XVHUUHILOVHW
LQWURGXLVH]OHFRUGRQG·DOLPHQWDWLRQYRLU WDEOHDX
jWUDYHUVO·RXYHUWXUHVLWXpHVX UOHIRQGGX IRXU
5DFFRUGH]OHFRUGRQDXVHUUHILOVHQVHUUDQWOHV
YLVjIRQGHWDFFURFKH]OHDXFkEOLHU
5pLQVWDOOH]OHFRXYHUFOHHQ LQWURGXLVDQW OHV GHX[
DLOHWWHVGDQVOHXUVORJHPHQWVUHVSHFWLIVHWIL[H]
OHjO·DLGHGHVGHX[YLV
&RXSODJH GHODWDEOH GH FXLVVRQHW GXIRXU
$77(17,21QHEUDQFKH]HQDXFXQFDVOH
IRXUDYDQWG·DYRLUDFKHYpOHVEUDQFKHPHQWV
HQWUHOHIRXUHWODWDEOHGHFXLVVRQ
$YDQWGHEUDQFKHUOHIRXUYpULILH]TXHOHPRGqOH
GHODWDEOHGHFXLVVRQILJXUHSDUPLFHX[LQGLTXpV
GDQVODILFKHSURGXLWGHFRXSODJHWDEOHGH
FXLVVRQIRXUIRXUQLH
5HWLUH]ODSURWHFWLRQ/)LJVLSUpVHQ WHGHV
ERUQHV' )LJ VLWXpH VXUODF RXYHU WXUH
VXSpULHXUHGXIRXU HQGHVVHUUDQ WODYLVGH IL[DWLRQ
0)LJ 6RXOHYH]ODSURWHFWLRQ/ SRX UDFFpGHU
DX[ERUQHV' HWUDFFRUGH]OHV ERUQHVGHODWDE OH
GHFXLVVRQ&)LJjODE RvWHGHVF RQQH[LRQVGX
IRXU'HQIRQFWLRQGHOHXU VFRXOHXUV HWHQ
UHVSHFWDQWO·DOLJQHPHQWGHVUDLOVG·LQVHUWLRQYLVLEOHV
VXUODSDUWLHVXSpULHXU HGHVERUQHV
5pDOLVH]OHEUDQFKHPHQWHQSRXVVDQWOHVERUQHVj
IRQG GHFRXUVHGHIDoRQjFHTXHYRXVHQWHQGLH]OH
GpFOLFGHODODQJXHWWH5pLQVWDOOH]ODSURWHFWLRQ/
HQIDLVDQWVRUWLU OHVILOV SDUODSDUWLHLQIpULHXUH )L[H]
ODSURWHFWLRQjO·DLGHODYLVUHWLUpHSUpFpGHPPHQW
'HVVHUUH]O·pFURXGHODYLV.)LJGHPLVHjOD
WHUUH VLWXpHVXUODFRXYHUWXUHVXSpULHXUH
GXIRXUHWLQWURGXLVH]OHILOMDXQHYHUWGHPLVHjOD
PDVVHHQODLVVDQWODURQGHOOHHQSODFH5HVVHUUH]
O·pFURXGHODYLVHWVHUUH]OHjIRQG
5HPDUTXHLPSRUWDQWHVLOHVERUQHVGHODWDEOH
GHFXLVVRQSUpVHQWHQWGHVFRQQH[LRQVHWGHV
FRXOHXUVGLIIpUHQWHVGHVLQGLFDWLRQVIRXUQLHVVXUOD
SODTXHGXEUDQFKHPHQWWDEOHGHFXLVVRQIRXU
VLWXpHVXUODSDUWLHVXSpULHXUHGXIRXUGHPDQGH]OH
NLWG·DGDSWDWLRQSRUWDQWOHFRGH$0&
GLVSRQLEOHDXSUqVGX6HUYLFH$SUqVYHQWH
&RPPHQWIL[HUOHIRXU
6RXOHYH]OHIRXUHQOHVDLVLVVDQWSDUOHVRXYHUWXUHV
ODWpUDOHVHWLQVWDOOH]OHGDQVO·HQFDVWUHPHQWGX
PHXEOHHQYHLOODQWjQHSDVFRLQFHUOHFRUGRQ
G·DOLPHQWDWLRQ)LJ
&HQWUH]OHIRXUjO·LQWpULHXUGXPHXEOHDYDQWGH
OHIL[HUGpILQLWLYHPHQW
9pULILH]TXHOHVHQWUHWRLVHVHQSODVWLTXHVRQW
LQVWDOOpHV F RUUHFWHPHQWGDQVOHV RULILFHVGHIL[DWLRQ
SUpYXVjFHWHIIHW3URFpGH]HQVXLWHjODIL[DWLRQ
GpILQLWLYHGXIRXUjO·DLGHGHVYLVIRXUQLHV)LJ
7DEOHDXGHVFkEOHVG·DOLPHQWDWLRQ
1GHVFRQGXFWHXUV 7\SHGHFkEOH
1
a
+55);PPò
a
+55);PPò
1
a
+55);PPò
1
a
+55);PPò
a
+55);PPò
1fr00065b.fm Page 6 Tuesday, November 11, 2003 11:00 AM