▼
Scroll to page 2
of
14
61066041F.fm Page 32 Tuesday, April 19, 2005 3:46 PM 02'(' (03/2, ,16758&7,2163285/ ,167$//$7,21 $9$17' 87,/,6(5/ $33$5(,/3285/$ 35(0,Ë5()2,6 0(685(6'(35e&$87,21(7&216(,/6 ' 25'5(*e1e5$/ &216(,/63285e&2120,6(5/ e1(5*,( $&&(662,5(6'8)285 $&&(662,5(6'(6e&85,7e (175(7,(1(71(772<$*( ',$*1267,&'(63$11(6 6(59,&($35Ë69(17( 3RXUWLUHUOHPHLOOHXUSURILWGHYRWUHIRXUQRXVYRXVFRQVHLOORQVGHOLUHDWWHQWLYHPHQWOHPRGH G HPSORLHWGHOHFRQVHUYHUSUpFLHXVHPHQWSRXUWRXWHFRQVXOWDWLRQIXWXUH 61066041F.fm Page 33 Tuesday, April 19, 2005 3:46 PM ,16758&7,2163285/ ,167$//$7,21 $SSDUHLOGH&ODVVH / DSSDUHLOGRLWrWUHXWLOLVpDYHFOHJD]LQGLTXpVXUODSODTXHVLJQDOpWLTXHVLWXpHjO LQWpULHXUGH ODSRUWHGXWLURLUYRLUOHVGpWDLOVVXUOHSURGXLW /HVRSpUDWLRQVG LQVWDOODWLRQHWGHPDLQWHQDQFHGHO DSSDUHLOGRLYHQWrWUHHIIHFWXpHVSDUXQWHFKQLFLHQ TXDOLILpFRQIRUPpPHQWDX[LQGLFDWLRQVFRQWHQXHVGDQVOHVGRFXPHQWVGHODUpJOHPHQWDWLRQDSSOLFDEOHHW OHVFRGHVGpRQWRORJLTXHV 5DFFRUGHPHQWDXJD] 3RXUWRXWUHQVHLJQHPHQWVXUOHVLQVWUXFWLRQVGH UDFFRUGHPHQWDXJD]UHSRUWH]YRXVjODSDUWLH´1RUPHVµ FRQFHUQDQWYRWUHSD\VYRLUOHIHXLOOHW´5pJOHPHQWDWLRQV QDWLRQDOHVµFLMRLQW /HV\VWqPHG DUULYpHGXJD]GRLWrWUHFRQIRUPHDX[ UpJOHPHQWDWLRQVORFDOHVHQYLJXHXU / DSSDUHLOGRLWrWUHUDFFRUGpjO DUULYpHGXJD]RXjODERXWHLOOHGH JD]SDUXQWX\DXULJLGHHQFXLYUHRXHQDFLHUPXQLGHUDFFRUGV FRQIRUPHVDX[UpJOHPHQWDWLRQVORFDOHVRXSDUXQWX\DXHQDFLHU LQR[\GDEOHG XQHVHXOHSLqFHFRQIRUPHDX[UpJOHPHQWDWLRQV ORFDOHV /DORQJXHXUPD[LPDOHGXWX\DXHVWGHP ,OGRLWrWUHUDFFRUGpGLUHFWHPHQWDXFRXGHGHO HPERXW )LJ 3285/$)5$1&(81,48(0(17 OHUDFFRUGFRQLTXH$IRXUQLGRLWrWUHPRQWpVXUO DSSDUHLO )LJ ,PSRUWDQWVLYRXVXWLOLVH]XQWX\DXHQFDRXWFKRXFLOGRLW rWUHLQVWDOOpGHPDQLqUHjQHSDVHQWUHUHQFRQWDFWDYHFOHV SLqFHVFKDXGHVVLWXpHVjO DUULqUHGHO DSSDUHLORXGHOD FXLVLQH ,OGRLWSDVVHUGDQVXQHQGURLWQHFRPSRUWDQWDXFXQ REVWDFOHHWGHYUDSRXYRLUrWUHLQVSHFWpVXUWRXWHVD ORQJXHXU 6LOHWX\DXGHUDFFRUGHPHQWGRLWSDVVHUGHUULqUHO DSSDUHLO SURFpGH]FRPPHLQGLTXpjODILJXUHHWDVVXUH]YRXVTXHOH WX\DXUHVWHVXUOHVXSSRUW$)LJ /RUVTXHO DSSDUHLOHVWUDFFRUGpjO DUULYpHGXJD]XWLOLVH]GHO HDX VDYRQQHXVHSRXUFRQWU{OHUV LO\DGHVIXLWHV 7X\DX )LJ $UULYpHGXWX\DX $UULYpHGXWX\DXULJLGH )LJ 61066041F.fm Page 34 Tuesday, April 19, 2005 3:46 PM /HWX\DXHQFDRXWFKRXFGRLWrWUHUDFFRUGpFRPPHLQGLTXp DX[)LJ HWFRQIRUPpPHQWDX[UpJOHPHQWDWLRQVORFDOHV HQYLJXHXU *D]QDWXUHO 8WLOLVH]O HPERXW*1SRXUOHJD]QDWXUHORXXQPpODQJHSURSDQH DLU /HWX\DXHQFDRXWFKRXFGRLWrWUHEUDQFKpjO HPERXWHWEORTXpj O DLGHGHODEDJXH%)LJ *D]EXWDQHSURSDQH 8WLOLVH]O HPERXW%3SRXUOHEXWDQHSURSDQH/HWX\DXHQ FDRXWFKRXFGRLWrWUHEUDQFKpjO HPERXWHWEORTXpjO DLGHGHOD EDJXH%)LJ /DORQJXHXUPD[LPDOHGXWX\DXHQFDRXWFKRXFHVWGH P 8WLOLVH]WRXMRXUVXQWX\DXVWDQGDUG&HOXLFLGRLWrWUHUHPSODFp DYDQWODGDWHLPSULPpHGHVVXV ,PSRUWDQWDYDQWWRXWHRSpUDWLRQG HQWUHWLHQIHUPH]OHURELQHW G DUULYpHGXJD] 'pWDLOVGHVUDFFRUGHPHQWVYRLUOHVUpJOHPHQWDWLRQVVSpFLILTXHV GHYRWUHSD\V 5pJODJHVGXJD] 8WLOLVH]GHVGpWHQWHXUVDGDSWpVjODSUHVVLRQGHJD] LQGLTXpHVXUOD)LFKHSURGXLWVpSDUpH 6LOHW\SHGHJD]GLVSRQLEOHHVWGLIIpUHQWGHFHOXLSRXUOHTXHO O DSSDUHLOHVWFRQoXUHPSODFH]OHVLQMHFWHXUVUpJOH]O LQWHQVLWp PLQLPXPGHODIODPPHHWUHPSODFH]O HPERXW 3RXUUHPSODFHUOHVLQMHFWHXUVGHODWDEOHGHFXLVVRQSURFpGH] FRPPHVXLWHQOHYH]OHVJULOOHVGpPRQWH]OHVEUOHXUVHWOHV GpIOHFWHXUVYRLUOD)LJ GpPRQWH]O LQMHFWHXUHWUHPRQWH]XQ LQMHFWHXUDSSURSULpDXQRXYHDXW\SHGHJD]YRLUOHWDEOHDXGHOD )LFKHSURGXLWVpSDUpH5HPSODFH]O pWLTXHWWHGXJD]XWLOLVpSDUOD QRXYHOOHpWLTXHWWHIRXUQLHDYHFO LQMHFWHXU 5HPRQWH]OHWRXWGDQVO RUGUHLQYHUVHHWYHLOOH]jLQVWDOOHU FRUUHFWHPHQWOHGpIOHFWHXUVXUOHEUOHXU 5pJODJHGHO LQWHQVLWpPLQLPXPGHVIHX[GHODWDEOHGH FXLVVRQ 3RXUUpJOHUO LQWHQVLWpPLQLPXPGHODIODPPHSURFpGH]FRPPH VXLW • $OOXPH]OHEUOHXUHWWRXUQH]OHERXWRQMXVTX jO LQGLFDWLRQGX PLQLPXP SXLV{WH]OHERXWRQ)LJ (QILOH]XQWRXUQHYLV ILQSUqVGHODEURFKHGXURELQHW)LJ 7RXUQH]ODYLVGHUpJODJHGDQVOHVHQVDQWLKRUDLUHSRXU DXJPHQWHUODIODPPHRXGDQVOHVHQVKRUDLUHSRXUODGLPLQXHU /HUpJODJHHVWFRUUHFWORUVTXHODIODPPHPHVXUHHQYLURQRX PP /DYLVGHUpJODJHGRLWrWUHWRWDOHPHQWYLVVpHSRXUOHEXWDQH SURSDQH $VVXUH]YRXVTXHODIODPPHQHV pWHLQWSDVORUVTXHYRXVSDVVH] UDSLGHPHQWGHODSRVLWLRQJUDQGHIODPPH jODSRVLWLRQSHWLWH IODPPH HWYLFHYHUVD 5HPRQWH]OHERXWRQ (PERXW PpWKDQH )LJ )LJ (PERXWJD] OLTXLGH )LJ 7X\DX )LJ )LJ )LJ 61066041F.fm Page 35 Tuesday, April 19, 2005 3:46 PM &ULWqUHVG DpUDWLRQGHODSLqFH $SSDUHLOVjJD] &HWDSSDUHLOQ HVWSDVUDFFRUGpjXQGLVSRVLWLIG DVSLUDWLRQGHV IXPpHV& HVWSRXUTXRLXQWHOGLVSRVLWLIGRLWrWUHLQVWDOOpHW EUDQFKpFRQIRUPpPHQWDX[UpJOHPHQWDWLRQVHQYLJXHXU 8QHDWWHQWLRQSDUWLFXOLqUHGRLWrWUHDFFRUGpHDX[QRUPHV FRQFHUQDQWO DpUDWLRQGHODSLqFH &ULWqUHVG DpUDWLRQGHODSLqFH / DSSDUHLOQHSHXWrWUHLQVWDOOpHWXWLOLVpTXHGDQVGHVSLqFHVELHQ DpUpHVFRQIRUPpPHQWDX[QRUPHVHQYLJXHXUFHOOHVFLGRLYHQW rWUHPXQLHVG RXYHUWXUHVGDQVOHVPXUVRXGHFRQGXLWHVVSpFLDOHV SHUPHWWDQWXQHYHQWLODWLRQQDWXUHOOHRXIRUFpHDSSURSULpHHW DVVXUDQWO LQWURGXFWLRQSHUPDQHQWHHWDGpTXDWHGHO DLUQpFHVVDLUH jXQHFRPEXVWLRQFRUUHFWHHWjO H[WUDFWLRQGHO DLUYLFLp (QSDUWLFXOLHUV LOV DJLWGXVHXODSSDUHLOjJD]VHWURXYDQWGDQVOD SLqFHLOIDXGUDLQVWDOOHUXQHKRWWHDXGHVVXVGHO DSSDUHLOSRXU DVVXUHUXQHH[WUDFWLRQQDWXUHOOHHWGLUHFWHGHO DLUYLFLp /DFRQGXLWHYHUWLFDOHHWQRQFRXGpHGHYUDDYRLUXQHORQJXHXUDX PRLQVGHX[IRLVVXSpULHXUHjVRQGLDPqWUHHWXQHVHFWLRQ PLQLPDOHGH FP 3RXUO LQWURGXFWLRQLQGLVSHQVDEOHG DLUIUDLVGDQVODSLqFHLOIDXGUD SUDWLTXHUXQHRXYHUWXUHVLPLODLUHG DXPRLQVFP GLUHFWHPHQWVXUOHPXUH[WpULHXUSUqVGXVRO&HWWHRXYHUWXUHQH GRLWrWUHREVWUXpHQLGHO LQWpULHXUQLGHO H[WpULHXUGHIDoRQj JDUDQWLUODFRPEXVWLRQFRUUHFWHGHVEUOHXUVHWO H[WUDFWLRQ UpJXOLqUHGHO DLUYLFLp,OGRLW\DYRLUXQHGLIIpUHQFHGHKDXWHXUG DX PRLQV FPDYHFO RXYHUWXUHG pYDFXDWLRQGHO DLU 'DQVWRXVOHVDXWUHVFDVjVDYRLUV LO\DG DXWUHVDSSDUHLOVGDQVOD PrPHSLqFHRXVLO DpUDWLRQGLUHFWHQDWXUHOOHQ HVWSDVSRVVLEOHHW TX DXFXQV\VWqPHG DpUDWLRQQDWXUHOOHLQGLUHFWHRXG DpUDWLRQ IRUFpHQ DpWpLQVWDOOpFRQWDFWH]XQVSpFLDOLVWHTXDOLILpSRXUIDLUH LQVWDOOHUHWSUpSDUHUXQV\VWqPHG DpUDWLRQVWULFWHPHQWFRQIRUPH DX[UpJOHPHQWDWLRQVHQYLJXHXU /HVFRQGXLWHVXWLOLVpHVSRXUO pYDFXDWLRQGHVSURGXLWVGH FRPEXVWLRQQHGRLYHQWSDVrWUHSDUWDJpHVDYHFG DXWUHVDSSDUHLOV 61066041F.fm Page 36 Tuesday, April 19, 2005 3:46 PM %UDQFKHPHQWpOHFWULTXH $YDQWGHEUDQFKHUO DSSDUHLODVVXUH]YRXVTXH 1. ODWHQVLRQQRPLQDOHGXVHFWHXUGHVVHUYDQWYRWUHKDELWDWLRQFRUUHVSRQGjFHOOHILJXUDQWVXUODSODTXH VLJQDOpWLTXHGHO DSSDUHLO 2. ODOLJQHG DOLPHQWDWLRQGHO DSSDUHLOHVWDGDSWpHjODSXLVVDQFHPD[LPXPDEVRUEpHSDUO DSSDUHLO LQGLTXpHVXUODSODTXHVLJQDOpWLTXH 3. OHFLUFXLWG DOLPHQWDWLRQpOHFWULTXHGRPHVWLTXHHVWFRUUHFWHPHQWUHOLpjODWHUUH • %UDQFKH]O DSSDUHLOVXUOHVHFWHXUDXPR\HQG XQVHFWLRQQHXUDGDSWpD\DQWXQHRXYHUWXUH HQWUHOHVFRQWDFWVTXLSHUPHWWHXQHGpFRQQH[LRQFRPSOqWHHQFDVGHVXUWHQVLRQGH FDWpJRULH,,,FRQIRUPpPHQWDX[UpJOHPHQWDWLRQVG LQVWDOODWLRQ 5HPDUTXHV8QHIRLVO LQVWDOODWLRQWHUPLQpHOHVFRPSRVDQWVpOHFWULTXHVQHGRLYHQWSOXVrWUH DFFHVVLEOHVVLFHQ HVWHQXWLOLVDQWGHVRXWLOVVSpFLDX[ /HFRUGRQG DOLPHQWDWLRQGRLWrWUHGXW\SH+55)FRQIRUPpPHQWDXWDEOHDXFLDSUqV 7\SHG DSSDUHLO 7HQVLRQPRQRSKDVpH9a 7\SHGHFkEOH 6HFWLRQ 7DEOHGHFXLVVRQDXJD] &DRXWFKRXF+ [PPò HWIRXUpOHFWULTXH 55) 7DEOHGHFXLVVRQ &DRXWFKRXF+ [PPò pOHFWULTXHHWIRXU 55) pOHFWULTXH 7\SHG DSSDUHLO 7DEOHGHFXLVVRQ pOHFWULTXHHWIRXU pOHFWULTXH 6HFWLRQ $OLPHQWDWLRQpOHFWULTXHWULSKDVpH 91a 91a 9 &DRXWFKRXF+ &DRXWFKRXF+ 55) 55) [PPò [PPò (QWHQDQWFRPSWHG XQIDFWHXUGHVLPXOWDQpLWpGH 9RXVSRXYH]IDLUHIRQFWLRQQHUFHUWDLQVPRGqOHVPRQRSKDVpVVXUXQHDOLPHQWDWLRQpOHFWULTXHWULSKDVpH HQSURFpGDQWFRPPHVXLW3ODFH]OHVFDYDOLHUVHQIRQFWLRQGXW\SHG DOLPHQWDWLRQpOHFWULTXHYRLUOD )LJ $5DFFRUGH]XQFkEOHG DOLPHQWDWLRQDYHFXQHVHFWLRQVXIILVDQWH ,QVWUXFWLRQVSRXUO LQVWDOODWHXU $YHUWLVVHPHQW • $YDQWWRXWHRSpUDWLRQG HQWUHWLHQGpEUDQFKH]O DOLPHQWDWLRQpOHFWULTXHHWIHUPH]OH URELQHWGXJD] • /HWHFKQLFLHQTXDOLILpHVWUHVSRQVDEOHG XQHLQVWDOODWLRQFRUUHFWHUHVSHFWDQWOHV UpJOHPHQWDWLRQVGHVpFXULWpORFDOHV • /DPLVHjODWHUUHGHO DSSDUHLOHVWREOLJDWRLUHDX[WHUPHVGHODORL /HIDEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpHQFDVG pYHQWXHOVGRPPDJHVLQIOLJpVjGHVSHUVRQQHVGHV DQLPDX[RXGHVREMHWVHWUpVXOWDQWGXQRQUHVSHFWGHVUqJOHVLQGLTXpHVFLGHVVXV/HVFDUDFWpULVWLTXHV WHFKQLTXHVVRQWLQGLTXpHVVXUODSODTXHVLJQDOpWLTXHVLWXpHjO LQWpULHXUGHODSRUWHGXWLURLU/HVFRQGLWLRQV GHUpJODJHVRQWLQGLTXpHVVXUO pWLTXHWWHDSSOLTXpHVXUO HPEDOODJH/DSRUWHGXIRXUQHGRLWSDVrWUH XWLOLVpHSRXUGHVRSpUDWLRQVGHPDQXWHQWLRQRXSRXUVRUWLUO DSSDUHLOGHO HPEDOODJH ,QVWDOODWLRQ ,PSRUWDQW/HVSDURLVGHVpOpPHQWVFRQWLJXVGRLYHQWUpVLVWHUjODFKDOHXU&PLQLPXP6LO DSSDUHLO GRLWrWUHDFFROpjGHVPHXEOHVGHFXLVLQHUHVSHFWH]ODGLVWDQFHPLQLPXPLQGLTXpHVXUODILJXUHFLDSUqV / DSSDUHLOHVWOLYUpDYHFSLHGVTXLSHUPHWWHQWG DOLJQHUVDKDXWHXUVXUFHOOHGHVpOpPHQWVFRQWLJXV 3RXUFHIDLUHLQFOLQH]O DSSDUHLOHWYLVVH]OHVSLHGVGDQVOHVILOHWDJHVVSpFLDX[VLWXpVGDQVOHVFRLQV YRLUOD)LJ 5pJODJHPD[ PP )LJ )LJ )LJ$ 61066041F.fm Page 37 Tuesday, April 19, 2005 3:46 PM $9$17' 87,/,6(5/ $33$5(,/3285/$ 35(0,Ë5()2,6 • 5HWLUH]WRXVOHVDFFHVVRLUHVGXIRXUHWIDLWHVOH FKDXIIHUj&SHQGDQWHQYLURQGHX[KHXUHV DILQGHIDLUHGLVSDUDvWUHOHVRGHXUVGpJDJpHVSDU OHVJUDLVVHVGHSURWHFWLRQHWOHVPDWpULDX[ G LVRODWLRQ0DLQWHQH]ODIHQrWUHRXYHUWH SHQGDQWWRXWHODGXUpHGHFHWWHRSpUDWLRQ • $YDQWODSUHPLqUHXWLOLVDWLRQ{WH] OHVDXWRFROODQWVVLWXpVVXUODIDFHDYDQWGH O DSSDUHLOHWVXUODSRUWHGXIRXUjO H[FHSWLRQ GHODSODTXHVLJQDOpWLTXH ODSURWHFWLRQHQFDUWRQHWOHILOPSODVWLTXH UHFRXYUDQWOHEDQGHDXGHFRPPDQGHVHW G DXWUHVSDUWLHVGHO DSSDUHLO WRXWDXWRFROODQWSUpVHQWVXUOHVDFFHVVRLUHV SDUH[HPSOHVRXVODOqFKHIULWH (PEDOODJH / HPEDOODJHVHFRPSRVHGHPDWpULDX[HQWLqUHPHQW UHF\FODEOHVHWSRUWHOHV\PEROHGHUHF\FODJH &HFLVLJQLILHTX LOGRLWrWUHFRQILpDXFHQWUHGHWUL GHVGpFKHWVOHSOXVSURFKH 3URGXLW / DSSDUHLOHVWPDUTXpFRQIRUPpPHQWjOD'LUHFWLYH HXURSpHQQH&(UHODWLYHDX[GpFKHWV G pTXLSHPHQWVpOHFWULTXHVHWpOHFWURQLTXHV'((( (QSUHQDQWVRLQGHVHGpEDUUDVVHUGHFHWDSSDUHLO FRPPHLOFRQYLHQWO XWLOLVDWHXUpYLWHTX LOQ DLWXQ LPSDFWSRWHQWLHOOHPHQWQXLVLEOHVXU O HQYLURQQHPHQWHWODVDQWpLPSDFWTXLSRXUUDLW GpFRXOHUG XQHJHVWLRQLQDGpTXDWHGHVGpFKHWVLVVXV GHFHSURGXLW /HV\PEROH DSSRVpVXUO DSSDUHLORXVXUOD GRFXPHQWDWLRQTXLO DFFRPSDJQHLQGLTXHTXHOD FXLVLQLqUHQHGRLWSDVrWUHWUDLWpHFRPPHXQGpFKHW PpQDJHUPDLVTX HOOHGRLWrWUHGpSRVpHDXFHQWUH GHFROOHFWHOHSOXVSURFKHFKDUJpGXUHF\FODJHGHV DSSDUHLOVpOHFWULTXHVHWpOHFWURQLTXHV 3RXUODPLVHDXUHEXWUHVSHFWH]OHVQRUPHV UHODWLYHVjO pOLPLQDWLRQGHVGpFKHWVHQYLJXHXUGDQV OHSD\VG LQVWDOODWLRQ 3RXUREWHQLUGHSOXVDPSOHVLQIRUPDWLRQVVXUOH WUDLWHPHQWODFROOHFWHHWOHUHF\FODJHGHFHSURGXLW YHXLOOH]FRQWDFWHUOHVDXWRULWpVORFDOHV FRPSpWHQWHVOHVHUYLFHGHFROOHFWHGHVRUGXUHV PpQDJqUHVRXOHPDJDVLQRYRXVDYH]DFKHWp O DSSDUHLO 0(685(6'(35e&$87,21(7&216(,/6 ' 25'5(*e1e5$/ • / DSSDUHLOHVWXQLTXHPHQWGHVWLQpjXQXVDJH GRPHVWLTXHSRXUODFXLVVRQGHVDOLPHQWV $XFXQHDXWUHXWLOLVDWLRQQ HVWSHUPLVH/H IDEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpHQFDV G XWLOLVDWLRQLPSURSUHRXGHSDUDPpWUDJH LQFRUUHFWGHVFRPPDQGHV • 7RXWHUpSDUDWLRQRXRSpUDWLRQGHPDLQWHQDQFH GRLWXQLTXHPHQWrWUHHIIHFWXpHSDUXQ WHFKQLFLHQTXDOLILp • eYLWH]DEVROXPHQWG H[SRVHUOHIRXUDX[DJHQWV DWPRVSKpULTXHV • eYLWH]GHGpSRVHUGHVREMHWVORXUGVVXUODSRUWH FDULOVULVTXHQWG HQGRPPDJHUODFDYLWpGXIRXU HWOHVFKDUQLqUHVGHODSRUWHeYLWH]GHYRXV DFFURFKHUjODSRUWH • 1HVXVSHQGH]DXFXQREMHWORXUGjODSRLJQpHGH ODSRUWHGXIRXU • eYLWH]GHFRXYULUOHIRQGGXIRXUDYHFGX SDSLHUDOXPLQLXPRXWRXWDXWUHREMHW • /DSRUWHGXIRXUGRLWIHUPHUSDUIDLWHPHQW/HV MRLQWVGHODSRUWHGRLYHQWrWUHSURSUHV • 1HYHUVH]MDPDLVG HDXGLUHFWHPHQWGDQVOHIRXU ORUVTXHFHOXLFLHVWFKDXG9RXVULVTXHULH] G HQGRPPDJHUOHUHYrWHPHQWpPDLOOp • eYLWH]TXHGXMXVGHIUXLWQHV pFRXOHGHODSODTXH jSkWLVVHULHFDUFHW\SHGHWDFKHHVWLQGpOpELOH,O HVWFRQVHLOOpGHQHWWR\HUO DSSDUHLODYDQWGHOH UpXWLOLVHU • eYLWH]GHGpSODFHUOHVFDVVHUROHVHQOHVWUDvQDQW VXUOHIRQGGXIRXUYRXVULVTXH]GHUD\HUOH UHYrWHPHQW 61066041F.fm Page 38 Tuesday, April 19, 2005 3:46 PM • $XILOGXWHPSVODYDSHXUUHVWDQWjODILQGHOD FXLVVRQULVTXHG HQGRPPDJHUOHIRXUHWOHPHXEOH RLOHVWHQFDVWUp1RXVYRXVFRQVHLOORQV GHUpJOHUODWHPSpUDWXUHODSOXVEDVVH GHFRXYULUOHVDOLPHQWV GHUHWLUHUOHVDOLPHQWVGXIRXU GHVpFKHUOHVSDUWLHVKXPLGHVORUVTXHOHIRXU DUHIURLGL • $WWHQWLRQODIDFHDYDQWHWODSRLJQpHGX IRXUVRQWFKDXGHVORUVTXHOHIRXUHVWPLV VRXVWHQVLRQSHQGDQWORQJWHPSVHWjGHV WHPSpUDWXUHVpOHYpHV • eYLWH]GHWRXFKHUO DSSDUHLODYHFGHVSDUWLHV PRXLOOpHVGXFRUSVRXGHO XWLOLVHUSLHGVQXV • 1HWLUH]MDPDLVVXUO DSSDUHLORXVXUOHFRUGRQ G DOLPHQWDWLRQSRXUOHVGpEUDQFKHU • 0DLQWHQH]OHVHQIDQWVjGLVWDQFH GHVFRPPDQGHVHWGHO DSSDUHLOHQJpQpUDO HQSDUWLFXOLHUORUVTX LOHVWHQVHUYLFHRX LPPpGLDWHPHQWDSUqVULVTXHGHEOHVVXUH GHVHPEDOODJHVVDFVHQSODVWLTXHpOpPHQWV HQSRO\VW\UqQHREMHWVPpWDOOLTXHVHWF G XQDSSDUHLOTXLGRLWrWUHPLVDXUHEXW • 9HLOOH]jFHTXHOHVFkEOHVpOHFWULTXHVG DXWUHV DSSDUHLOVpOHFWURPpQDJHUVVHWURXYDQWj SUR[LPLWpLPPpGLDWHQHSXLVVHQWSDVHQWUHUHQ FRQWDFWDYHFOHVSDUWLHVFKDXGHVQLVHFRLQFHU GDQVODSRUWHGXIRXU • 1HSODFH]MDPDLVGHSURGXLWVLQIODPPDEOHVj O LQWpULHXUGXIRXURXjSUR[LPLWpGHFHOXLFLFHV SURGXLWVULVTXHQWHQHIIHWGHV HQIODPPHUVLOH IRXUHVWPLVHQPDUFKHSDULQDGYHUWDQFH • 0XQLVVH]YRXVGHJDQWVSRXUUHWLUHUOHVSODWVHW OHVDFFHVVRLUHVFKDXGVGXIRXU • 6LYRXVDMRXWH]GHVOLTXLGHVDOFRROLTXHVSDUH[ UKXPFRJQDFYLQHWFjGHVJkWHDX[RXGHV YLHQQRLVHULHVGXUDQWODFXLVVRQUDSSHOH]YRXVTXH O DOFRROV pYDSRUHjGHVWHPSpUDWXUHVpOHYpHV/HV YDSHXUVGpJDJpHVSDUO DOFRROSHXYHQWGpFOHQFKHU XQGpEXWG LQFHQGLHHQHQWUDQWHQFRQWDFWDYHFOD UpVLVWDQFHpOHFWULTXHGXIRXU • eYLWH]G XWLOLVHUGHVUpFLSLHQWVHQWHUUHFXLWH IHUPpVSRXUUpFKDXIIHURXIDLUHFXLUHGHV DOLPHQWVDXIRXU/ DXJPHQWDWLRQGHODSUHVVLRQj O LQWpULHXUGHFHVUpFLSLHQWVSHXWOHVIDLUH H[SORVHUHWHQGRPPDJHUOHIRXU • 1 XWLOLVH]HQDXFXQFDVGHVUpFLSLHQWVHQPDWLqUH V\QWKpWLTXHSRXUIDLUHFXLUHGHVDOLPHQWVVDXIVL OHVHPEDOODJHVVRQWVSpFLDOHPHQWFRQoXVSRXU FHW\SHGHFXLVVRQYRLUOHVLQVWUXFWLRQVGX IDEULFDQW&HVUpFLSLHQWVULVTXHUDLHQWGHIRQGUH jGHVWHPSpUDWXUHVpOHYpHV • 6XUYHLOOH]FRQVWDPPHQWYRVSODWVORUVTXHYRXV IDLWHVFXLUHGHVDOLPHQWVjODJUDLVVHRXjO KXLOH / KXLOHHWODJUDLVVHSHXYHQWVXUFKDXIIHUHW SUHQGUHIHX • 1HVRUWH]MDPDLVOHVJUDGLQVTXDQGLOVVRQW FRPSOqWHPHQWFKDUJpV)DLWHVH[WUrPHPHQW DWWHQWLRQ 3RXUOHVWDEOHVGHFXLVVRQHQYLWURFpUDPLTXH $WWHQWLRQ OHSODQGHFXLVVRQHVWWUqVVROLGH1pDQPRLQVLOQ HVW SDVLQFDVVDEOH9RXVGHYH]GRQFpYLWHUG \IDLUH WRPEHUGHVREMHWVSRLQWXVRXGXUV 6LODVXUIDFHYLWURFpUDPLTXHGHYDLWFDVVHURX VHIHQGUHVRXVO HIIHWG XQFKRFYLROHQWQH O XWLOLVH]SOXV&RQWDFWH]LPPpGLDWHPHQWOH 6HUYLFHDSUqVYHQWH • 1HSODFH]MDPDLVGHSURGXLWVLQIODPPDEOHVRX G XVWHQWLOHVHQSODVWLTXHGDQVOHFKDXIIHSODWV VLWXpVRXVODFDYLWpGXIRXU 'e&/$5$7,21'(&21)250,7e • &HIRXUHVWGHVWLQpjHQWUHUHQFRQWDFWDYHF GHVGHQUpHVDOLPHQWDLUHVHWLOHVWFRQIRUPH jOD'LUHFWLYHHXURSpHQQH&(( • &HWDSSDUHLOHVWXQLTXHPHQWGHVWLQpjOD FXLVVRQGHVDOLPHQWV 7RXWHDXWUHXWLOLVDWLRQSDUH[HPSOHSRXU FKDXIIHUXQHSLqFHGRLWrWUHFRQVLGpUpH FRPPHLPSURSUHHWSRWHQWLHOOHPHQW GDQJHUHXVH • &HWDSSDUHLODpWpFRQoXIDEULTXpHWPLV VXUOHPDUFKpFRQIRUPpPHQWDX[ REMHFWLIVGHVpFXULWpGHOD'LUHFWLYH ´%DVVHWHQVLRQµ&(( H[LJHQFHVGHSURWHFWLRQGHOD'LUHFWLYH ´&(0µ&(( H[LJHQFHVGHOD'LUHFWLYH&(( 61066041F.fm Page 39 Tuesday, April 19, 2005 3:46 PM &216(,/63285e&2120,6(5/ e1(5*,( 7DEOHGHFXLVVRQDXJD] • /DWDEOHGHFXLVVRQHVWpTXLSpHGHEUOHXUVGHGLIIpUHQWVGLDPqWUHV8WLOLVH]GHVFDVVHUROHVGRQWOHIRQG DXQGLDPqWUHOpJqUHPHQWVXSpULHXURXpJDOjFHOXLGHVEUOHXUV • 8WLOLVH]XQLTXHPHQWGHVFDVVHUROHVjIRQGSODW • /HVFDVVHUROHVQHGRLYHQWSDVGpSDVVHUVXUOHEDQGHDXGHFRPPDQGHV %UOHXU 'LDPqWUHPD[GH OD FDVVHUROH 5DSLGHPP 6HPLUDSLGHPP $X[LOLDLUHPP 7ULSOHFRXURQQHPP PP PP PP PP 7DEOHGHFXLVVRQYLWURFpUDPLTXH • /DWDEOHGHFXLVVRQHVWpTXLSpHGHIR\HUVDX[GLDPqWUHVSXLVVDQFHVYDULDEOHV/HVIR\HUVVRQW FODLUHPHQWGpOLPLWpVSDUOHVFHUFOHVPDUTXpVVXUODWDEOHGHFXLVVRQ • /HGLDPqWUHGHVFDVVHUROHVGRLWFRUUHVSRQGUHjFHOXLGXIR\HUXWLOLVp • (YLWH]GHYRXVVHUYLUGHUpFLSLHQWVDXIRQGUXJXHX[VRXVSHLQHGHUD\HUODWDEOHGHFXLVVRQ YLWURFpUDPLTXH =RQHGHFXLVVRQHQ YLWURFpUDPLTXH 'LDPqWUHPD[GH OD FDVVHUROH 5DGLDQW 5DGLDQW 5DGLDQW PP PP PP • 'DQVODPHVXUHGXSRVVLEOHODLVVH]OHFRXYHUFOHVXUOHVFDVVHUROHVSHQGDQWODFXLVVRQ • /RUVTXHYRXVIDLWHVFXLUHGHVOpJXPHVGHVSRPPHVGHWHUUHHWFDMRXWH]XQSHXG HDXDILQGHUpGXLUH OHWHPSVGHFXLVVRQ • 8QDXWRFXLVHXUYRXVSHUPHWWUDGHUpGXLUHODFRQVRPPDWLRQG pQHUJLHHWOHWHPSVGHFXLVVRQ 61066041F.fm Page 40 Tuesday, April 19, 2005 3:46 PM $&&(662,5(6'8)285 /HVDFFHVVRLUHVIRXUQLVGpSHQGHQWGXPRGqOH /HVDFFHVVRLUHVIRXUQLVDYHFOHIRXUVRQWpQXPpUpVGDQVOD )LFKHSURGXLWVpSDUpHDXSRLQW$FFHVVRLUHV /qFKHIULWH /RUVTX HOOHHVWSODFpHVRXVODJULOOHODOqFKHIULWHVHUWjUpFROWHU OHVJUDLVVHVHWOHVSDUWLFXOHVG DOLPHQWV9HUVH]XQSHXG HDXGDQV OHIRQGGHODOqFKHIULWHDILQG pYLWHUOHVpFODERXVVXUHVGHJUDLVVH HWODIXPpH 9RXVSRXYH]pJDOHPHQWYRXVHQVHUYLUFRPPHSODWGHFXLVVRQ SRXUGHODYLDQGHGXSRXOHWHWGXSRLVVRQDYHFRXVDQVOpJXPHV )LJ *ULOOH /DJULOOHSHXWrWUHXWLOLVpHSRXUIDLUHJULOOHUGHVDOLPHQWVRX FRPPHVXSSRUWGHSODTXHVjSkWLVVHULHGHPRXOHVjJkWHDX[RX DXWUHVUpFLSLHQWV(OOHSHXWVHSODFHUVXUQ LPSRUWHTXHOJUDGLQGX IRXU )LJ 3ODTXHjSkWLVVHULH ­XWLOLVHUSRXUIDLUHFXLUHGHVELVFXLWVGHVJkWHDX[HWGHVSL]]DV )LJ 61066041F.fm Page 41 Tuesday, April 19, 2005 3:46 PM $&&(662,5(6'(6e&85,7e 6pFXULWpHQIDQWVVHORQOHPRGqOH 3RXUHQOHYHUOHGLVSRVLWLIGHVpFXULWpHQIDQWVSURFpGH]FRPPHOHPRQWUHQWOHVLOOXVWUDWLRQVFLDSUqV 61066041F.fm Page 42 Tuesday, April 19, 2005 3:46 PM &RPPHQWIL[HUODFXLVLQLqUHDXPXU 1. 3HUFH]GHX[WURXVGDQVOHPXUjHQYLURQ PPGXVROFRPPHLQGLTXpjOD)LJ $SRVLWLRQ)GH IDoRQjFHTX LOVVRLHQWDOLJQpVVXUOHVWURXVGHVSRVLWLRQVHW)LJ % 2. ,QWURGXLVH]O pOpPHQW5GDQVOHVRULILFHV)HWYLVVH]OHFURFKHW*GDQVO pOpPHQW5)LJ & 3. )L[H]ODFKDvQHDXFURFKHW*FRPPHLOOXVWUpjOD)LJ 'SRVLWLRQ& )LJ$ )LJ% 3RVLWLRQ ) 3RVLWLRQ FKDvQH 3RVLWLRQ )LJ& )LJ' PXU PXU SRVLWLRQ& 61066041F.fm Page 43 Tuesday, April 19, 2005 3:46 PM (175(7,(1(71(772<$*( $YDQWGHSURFpGHUDXQHWWR\DJHRXjO HQWUHWLHQ GpEUDQFKH]O DSSDUHLOGHO DOLPHQWDWLRQpOHFWULTXH • 1HWWR\H]DYHFXQFKLIIRQLPELEpG HDXFKDXGHVDYRQQHXVHRX G XQGpWHUJHQWOLTXLGHGLOXp • 1 XWLOLVH]HQDXFXQFDVGHVSURGXLWVDEUDVLIVRXFRUURVLIVGHV SURGXLWVFKORUpVRXGHVWDPSRQVPpWDOOLTXHV • 1 XWLOLVH]HQDXFXQFDVGHVDSSDUHLOVG HQWUHWLHQjODYDSHXU • 1 XWLOLVH]HQDXFXQFDVGHVSURGXLWVLQIODPPDEOHV • (VVX\H]LPPpGLDWHPHQWOHVVXEVWDQFHVDFLGHVRXDOFDOLQHV WHOOHVTXHYLQDLJUHVHOMXVGHFLWURQHWFTXLVHVRQWGpSRVpHV VXUODWDEOHGHFXLVVRQ )LJ 6XUIDFHHQDFLHULQR[\GDEOH • 1HWWR\H]ODDYHFXQGpWHUJHQWVSpFLDOHPHQWFRQoXSRXU O DFLHULQR[\GDEOH 1HWWR\DJHGHVEUOHXUV 3RXUQHWWR\HUOHVEUOHXUVGHODWDEOHGHFXLVVRQ{WH]OHVGHOHXUV ORJHPHQWV)LJ HWSODFH]OHVGDQVXQHVROXWLRQG HDXFKDXGH HWGHGpWHUJHQWQRQDEUDVLISHQGDQWPLQXWHVHQYLURQ8QHIRLV QHWWR\pVHWULQFpVOHVEUOHXUVGRLYHQWrWUHVRLJQHXVHPHQW VpFKpV $VVXUH]YRXVWRXMRXUVTXHOHVRXYHUWXUHVVHVRQWSDV ERXFKpHV,OHVWFRQVHLOOpGHUpSpWHUFHWWHRSpUDWLRQDXPRLQV XQHIRLVSDUVHPDLQHRXFKDTXHIRLVTXHFHODHVWQpFHVVDLUH 9HLOOH]jELHQUHPRQWHUOHVEUOHXUVHQOHVIDLVDQWWRXUQHU OHQWHPHQWGHPDQLqUHjFHTXHOHVTXDWUHVHFWHXUVVLWXpVVRXVOH GpIOHFWHXUV HQJDJHQWGDQVOHORJHPHQWGXVXSSRUWGXJLFOHXU VLOHEUOHXUHVWSDUIDLWHPHQWFHQWUpLOV DEDLVVHUDOpJqUHPHQWHW VHEORTXHUDSDUIDLWHPHQW (QWUHWLHQGHVJULOOHV • 1HWWR\H]OHVJULOOHVDYHFXQHpSRQJHHWGXGpWHUJHQWGqV TX HOOHVVRQWVDOHV • /HVJULOOHVFKDQJHQWGHFRXOHXUSUqVGHVEUOHXUV & HVWWRXWjIDLWQRUPDOFHSKpQRPqQHHVWGjODKDXWH WHPSpUDWXUHDWWHLQWHGXUDQWODFXLVVRQ 6XUIDFHYLWURFpUDPLTXH 1HWWR\H]YRWUHWDEOHGHFXLVVRQFRPPHYRXVODYHULH]YRVYLWUHV 9RXVSRXYH]pOLPLQHUOHVWDFKHVRXUD\XUHVOpJqUHVODLVVpHVSDU GHVUpFLSLHQWVDXIRQGHQDOXPLQLXPjO DLGHGHYLQDLJUH (YLWH]GHUHQYHUVHUGXVXFUHVXUODWDEOHGHFXLVVRQORUVTX HOOHHVW HQPDUFKH6LFHODGHYDLWVHSURGXLUHpWHLJQH]OD]RQHGHFXLVVRQ HWQHWWR\H]ODGqVTXHSRVVLEOHDYHFGHO HDXWLqGHDYDQWTX HOOH Q DLWFRPSOqWHPHQWUHIURLGL5HWLUH]OHVXFUHFDUDPpOLVpRXWRXWH DXWUHVXEVWDQFHFDOFLQpHjO DLGHG XQJUDWWRLURXG XQHODPHGH UDVRLUHWFHDYDQWTXHOD]RQHGHFXLVVRQQ DLWFRPSOqWHPHQW UHIURLGLYRLUOD)LJ )LJ 61066041F.fm Page 44 Tuesday, April 19, 2005 3:46 PM 1HWWR\DJHGXIRXU • 8QHIRLVODFXLVVRQWHUPLQpHDWWHQGH]TXHOHIRXUUHIURLGLVVH HWQHWWR\H]OHDILQG pYLWHUO DFFXPXODWLRQGHVUpVLGXVGH FXLVVRQ • (QFDVGHVDOLVVXUHVSDUWLFXOLqUHPHQWWHQDFHVXWLOLVH]XQ SURGXLWVSpFLDOSRXUOHQHWWR\DJHGHVIRXUVHWUHVSHFWH]OHV LQVWUXFWLRQVILJXUDQWVXUO HPEDOODJH • 1HWWR\H]O H[WpULHXUGXIRXUjO DLGHG XQHpSRQJHLPELEpH G HDXWLqGH • 1 XWLOLVH]HQDXFXQFDVGHVSURGXLWVDEUDVLIVRXWDPSRQV PpWDOOLTXHV • 8WLOLVH]XQGpWHUJHQWOLTXLGHSRXUQHWWR\HUODYLWUHGHODSRUWH GXIRXU • /DYH]OHVDFFHVVRLUHVDXODYHYDLVVHOOHRXjODPDLQDYHFXQ SURGXLWVSpFLDOIRXU 'pPRQWDJHGHODSRUWH $WWHQWLRQ/RUVTXHYRXVSURFpGH]DX[RSpUDWLRQV VXLYDQWHVLOHVWFRQVHLOOpGHSRUWHUGHVJDQWVGHSURWHFWLRQ 3RXUpYLWHUWRXWHEOHVVXUHHWRXQHSDVHQGRPPDJHUOD SRUWHHWOHVFKDUQLqUHVLOHVWYLYHPHQWFRQVHLOOpGHVXLYUH DWWHQWLYHPHQWOHVLQVWUXFWLRQVVXLYDQWHV )LJ 3RXUGpPRQWHUODSRUWHGXIRXUSURFpGH]FRPPHVXLW 1. 3RXUFHWWHRSpUDWLRQOHVFKDUQLqUHV$VRQWpTXLSpHVGH YHUURXVDPRYLEOHVHQIRUPHGH8%TXLV DFFURFKHQWDX VHFWHXU&GHVFKDUQLqUHV,OVEORTXHQWODSRUWHGDQVFHWWH SRVLWLRQORUVTX HOOHHVWFRPSOqWHPHQWRXYHUWH)LJ 2. 6DLVLVVH]ODSRUWHGHVGHX[FRWpVSUqVGHVFKDUQLqUHVHWWLUH] ODYHUVYRXVHQUpDOLVDQWOHVGHX[PRXYHPHQWVLQGLTXpVjOD )LJ )LJ 3. 3RXUUHPRQWHUODSRUWHUHSODFH]OHVFKDUQLqUHVGDQVOHXUV ORJHPHQWV1 RXEOLH]SDVG HQOHYHUOHVYHUURXVDPRYLEOHVHQ IRUPHGH8%DYDQWGHUHIHUPHUODSRUWH )DLWHVDWWHQWLRQDX[FKDUQLqUHVGHODSRUWHGXIRXUYRXV ULVTXH]GHYRXVSLQFHUOHVPDLQV 5HPSODFHPHQWGHO DPSRXOHGHO pFODLUDJHDUULqUHGX IRXU 1. 'pEUDQFKH]OHIRXU 2. 'qVTXHOHIRXUDUHIURLGLGpYLVVH]OHFRXYHUFOHGHO DPSRXOH $GDQVOHVHQVDQWLKRUDLUH)LJ 3. 5HPSODFH]O DPSRXOHYRLUODUHPDUTXH 4. 5HYLVVH]OHFRXYHUFOHGHO DPSRXOH 5. 5HEUDQFKH]OHIRXU 5HPDUTXH8WLOLVH]H[FOXVLYHPHQWGHVDPSRXOHVGH :9GHW\SH(7&GLVSRQLEOHVDXSUqVGX 6HUYLFHDSUqVYHQWH ,PSRUWDQW8WLOLVH]OHIRXUXQLTXHPHQWDSUqVDYRLU UpLQVWDOOpOHFRXYHUFOHGHO DPSRXOH )LJ 61066041F.fm Page 45 Tuesday, April 19, 2005 3:46 PM ',$*1267,&'(63$11(6 / DSSDUHLOQHIRQFWLRQQHSDV /HEUOHXUV pWHLQW • 9pULILH]O DOLPHQWDWLRQpOHFWULTXHHWVLO DSSDUHLOHVW EUDQFKpDXVHFWHXU • 0HWWH]O DSSDUHLOKRUVWHQVLRQSXLVGHQRXYHDXVRXV WHQVLRQSRXUYRLUVLOHSUREOqPHDpWppOLPLQp /HEUOHXUQHV DOOXPHSDV • /HURELQHWG DUULYpHGXJD]HVWLORXYHUW" • /DGLVWULEXWLRQGXJD]GHYLOOHPpWKDQHDWHOOHpWp WHPSRUDLUHPHQWFRXSpH" • /DERXWHLOOHGHJD]JD]OLTXLGHHVWHOOHYLGH" • /HVRXYHUWXUHVGXEUOHXUVRQWHOOHVREVWUXpHV" • /HGpIOHFWHXUHWOHEUOHXURQWLOVpWpUHPLVHQSODFH FRUUHFWHPHQWDSUqVOHQHWWR\DJHYRLUOHSDUDJUDSKH ´(QWUHWLHQHWQHWWR\DJHµ" • 5pSpWH]O DOOXPDJHHQSRVLWLRQQDQWOHERXWRQGH FRPPDQGHVXUOHV\PEROHUHSUpVHQWDQWODSHWLWH IODPPH / DOOXPDJHpOHFWURQLTXHQHIRQFWLRQQHSDV • <DWLOHXXQHFRXSXUHGHFRXUDQW" ,03257$17 • 9pULILH]TXHOHERXWRQGHFRPPDQGHGXIRXUQ HVW SDVSRVLWLRQQpVXU´µRXVXUOHV\PEROHGH ´O DPSRXOHµ 6(59,&($35Ë69(17( $YDQWGHIDLUHDSSHODX6HUYLFHDSUqVYHQWH 1. 9pULILH]VLYRXVrWHVHQPHVXUHGHUpVRXGUHOH SUREOqPHSDUYRXVPrPHYRLUOHSDUDJUDSKH ´'LDJQRVWLFGHVSDQQHVµ 2. 0HWWH]O DSSDUHLOKRUVWHQVLRQSXLVGHQRXYHDXVRXV WHQVLRQSRXUYRLUVLOHSUREOqPHDpWppOLPLQp 6LO DQRPDOLHSHUVLVWHDSUqVOHVYpULILFDWLRQV PHQWLRQQpHVFLGHVVXVFRQWDFWH]OH6HUYLFH DSUqVYHQWHOHSOXVSURFKH 3RXUWRXWHUpSDUDWLRQFRQWDFWH]XQ6HUYLFHDSUqV YHQWHDJUppLQGLTXpVXUODJDUDQWLH 6LO LQWHUYHQWLRQHVWHIIHFWXpHSDUGHVWHFKQLFLHQV Q DSSDUWHQDQWSDVDX6HUYLFHDSUqVYHQWHDJUppSDUOH IDEULFDQWYHLOOH]jYRXVIDLUHUHPHWWUHXQHTXLWWDQFH GpFULYDQWOHWUDYDLOHIIHFWXpHWYpULILH]TXHOHVSLqFHVGH UHFKDQJHXWLOLVpHVVRQWGHVSLqFHVG RULJLQH /HQRQUHVSHFWGHVLQVWUXFWLRQVpQRQFpHVFLGHVVXV SHXWFRPSURPHWWUHODVpFXULWpHWODTXDOLWpGXSURGXLW 9HXLOOH]SUpFLVHU • OHW\SHGHSDQQH • OHW\SHH[DFWHWOHPRGqOHGXIRXU • OHFRGHVHUYLFHLOV DJLWGXQXPpURTXLVXLWOHPRW ´6HUYLFHµVXUODSODTXHVLJQDOpWLTXHVLWXpHj O LQWpULHXUGHODSRUWHGXWLURLU/HFRGHVHUYLFHHVW pJDOHPHQWLQGLTXpGDQVOHOLYUHWGHJDUDQWLH • YRWUHDGUHVVHFRPSOqWH • YRWUHQXPpURGHWpOpSKRQH